Icelandair Group hf. - Decisions of extraordinary general meeting

Annual General Meeting 2011

The following proposals were approved by the Icelandair Group Annual
General Meeting 18 March 2011:


Proposals

a. Annual Accounts (Item 1)

The Board of Directors proposes to the Annual General Meeting that the Annual
Accounts of the company for 2010 will be approved. 

b Dividends payments (Item 1)

The Board of Directors proposes to the Annual General Meeting that no dividends
will be paid in respect of profits for the year 2010. 

c. Remuneration to Board Members (Item 3)

The Board of Directors proposes to the Annual General Meeting that remuneration
to Board Members will be as follows: Each Board Member will receive ISK 160,000
per month, the Chairman of the Board of Directors will receive ISK 320,000 per
month and Alternate Board Members will receive ISK 80,000 for each meeting
attended. Alternate Board Members will however not receive more than Board
Members each month. 

d. Remuneration Policy (Item 4)

The Board of Directors proposes to the Annual General Meeting that the
following Remuneration Policy will be approved. 

e. Auditors (Item 6)

The Board of Directors proposes to the Annual General Meeting that KPMG hf.
will be the company's auditors and that Alexander Edvardsson and Gudny Helga
Gudmundsdottir will audit the company on behalf of KPMG. 

f. Purchase of treasury shares (Item 7)

The Board of Directors proposes to the Annual General Meeting that the company
will be authorized to purchase up to 10% treasury shares, with reference to
Article 55 in Act No. 2/1995. The share price shall be the same as the last
price in the stock exchange the day before the purchase. 



In an election to the Board of Directors of Icelandair Group the following were
elected:


Finnbogi Jónsson, id.no: 180150-2429
Herdís Dröfn Fjeldsted, id.no: 210971-4329
Katrín Olga Jóhannesdóttir, id.no: 010862-7369
Sigurður Helgason, id.no: 010546-2069
Úlfar Steindórsson, id.no: 030756-2829

Candidates to the Alternate Board of Dircectors

Anna Guðný Aradóttir, id.no: 110156-7669
Auður Björk Guðmundsdóttir, id.no: 150866-4059
Magnús Magnússon, id.no: 160965-4799

The Board of Directors has met and appointed Sigurdur Helgason Chairman of the
Board and Finnbogi Jónsson as Vice Chairman of the Board.

Attachments:

Icelandair Group hf_remuneration_policy.pdf