Maputo, Mozambique: fastjet, the low-cost African airline, and LAM - Mozambique Airlines, S.A. ("LAM") announce that they have entered into a Memorandum of Understanding (MoU) to explore long-term commercial cooperation.

The MoU was signed yesterday and outlines several areas of cooperation between the airlines which are expected to significantly enhance commercial aviation in Mozambique. The MoU sets out code-share and interline agreements between the two carriers, optimised network synergies to accommodate these, and details of cooperation on commercial systems, cargo, engineering and maintenance.

"This approach to commercial cooperation is the first of its kind on the African continent," said fastjet Chief Executive Nico Bezuidenhout. "It presents a significant opportunity to stimulate not only commercial aviation but also up and downstream economic growth through key initiatives. fastjet is committed to exploring and leveraging this agreement to the benefit of the people of Mozambique and both airlines. This MoU provides a strong foundation for us to meet the Government of Mozambique's Whole of State Aviation objectives."

LAM Chief Executive Antonio Pinto commented: "The MoU signed today will not only further strengthen Mozambique's flag carrier as a regional air-services provider but will also contribute significantly to initiatives that promote tourism, economic development and trade.

"This is an exciting and industry-leading public-private partnership," added Mr. Pinto. "It supports Mozambique's greater economic growth objectives through the efficient and affordable movement of people and goods, and also supports the longer-term Whole of State Aviation strategy."

fastjet, which also operates in Tanzania, Zambia, Zimbabwe and South Africa, is the first low-cost carrier brand to enter the Mozambique market. Since fastjet launched its network in Mozambique last November, the airline has achieved strong load factors on its initial routes between Maputo and Beira, and Nampula and Tete, and an on-time performance record of over 85%.