Icelandair Group hf. - Company Announcement

Changes in Excecutive Committee of Icelandair Group

The CEO and CFO of Icelandair Group hf. (the Group) have been the only members
of the Group's Executive Committee since Sigthor Einarsson, former Deputy CEO
of the Group, left the Group. Two members have now been added to the Executive
Committee. The members of the Executive Committee are therefore as follows: 

Bjorgolfur Johannsson has been the CEO of the Group since the beginning of 2008.

Bogi Nils Bogason has been the CFO of the Group since October 2008.

Birkir Holm Gudnason, Managing Director of Icelandair ehf., has been at
Icelandair since 2000 and Managing Director since May 2008. 

Magnea Thorey Hjalmarsdottir, Managing Director of Icelandair Hotels, has been
at Icelandair Hotels since 1994 and Managing Director since 2005.