Icelandair Group hf. - Changes in company's own shares

Transactions in relation to share repurchase program – week 18

In Week 18 2017, Icelandair Group hf. (The “Company”) purchased 8,590,837 of
its own shares. The total purchase price is ISK 129,527,198, as detailed below: 



                 Own shares at the beginning of period               123,998,845
                 Purchased at nominal value in week 18                 8,590,837
                 Total turnover in week 18                           129,527,198
                                                                                
                                                                                
Date       Time       No. of shares  Shareprice    Turnover    No. of own shares
                             bought                                    after the
                                                                     transaction
--------------------------------------------------------------------------------
2/5/2017  11:24             970,000       14.21  13,783,700          124,968,845
3/5/2017  14:01             925,200       14.25  13,184,100          125,894,045
4/5/2017  12:39             117,637       14.22   1,672,798          126,011,682
4/5/2017  15:05           1,978,000       14.70  29,076,600          127,989,682
5/5/2017  09:50           1,000,000       15.65  15,650,000          128,989,682
5/5/2017  09:54             975,000       15.60  15,210,000          129,964,682
5/5/2017  10:55              25,000       15.60     390,000          129,989,682
5/5/2017  10:55           1,000,000       15.60  15,600,000          130,989,682
5/5/2017  11:37           1,600,000       15.60  24,960,000          132,589,682

Prior to the aforementioned share repurchase, the Company owned 123,998,845 of
its own shares but now owns 132,589,682 of its own shares, corresponding to
2.65% of the Company‘s total share capital. 

The trade is in accordance with a share repurchase program authorized by the
Annual General Meeting on the 10th of March 2016 and has been put in motion
according to an announcement published in NASDAQ Iceland on the 20th of
February 2017. 

Icelandair Group hf. has acquired 107,589,682 of its own shares under the
program which corresponds to 2.15% of the total share capital and the total
value of repurchased shares amounts to ISK 1,558,504,459. According to the
program, The Company may not purchase more than 114,000,000 of its own shares,
corresponding to 2.28% of the total share capital. The total consideration for
shares under the program shall not exceed ISK 1,700 million. The share
repurchase program is valid until September 8th 2017 or until the total allowed
amount of shares are purchased by the Company, whichever happens first. 

The share repurchase program is executed in accordance with Chapter VIII. of
Act No. 2/1995 on Public Limited Companies and Chapter II of the Annex to
Regulation No. 630/2005 on Inside Information and Market Abuse, with later
amendments.