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

Transactions in relation to share repurchase program

In Week 8 2017, Icelandair Group hf. (The “Company”) purchased 11,000,000 of
its own shares. The total purchase price is ISK 176,654,401, as detailed below: 



                Own shares at the beginning of                        25,000,000
                 period                                                         
                Purchased at nominal value in week 8                  11,000,000
                Total turnover in week 8                             176,654,401
                                                                                
                                                                                
Date     Time    No. of shares  Sharepri    Turnover     No. of own shares after
                        bought        ce                         the transaction
--------------------------------------------------------------------------------
21/2/20  10:16         500,000     16.65   8,325,000                  25,500,000
17                                                                              
21/2/20  11:00         500,000     16.50   8,250,000                  26,000,000
17                                                                              
22/2/20  10:02       1,000,000     16.40  16,400,000                  27,000,000
17                                                                              
22/2/20  10:12         226,000     16.25   3,672,500                  27,226,000
17                                                                              
22/2/20  10:15         774,000     16.20  12,538,800                  28,000,000
17                                                                              
22/2/20  14:55       1,000,000     16.40  16,400,000                  29,000,000
17                                                                              
23/2/20  10:40       1,000,000     16.35  16,350,000                  30,000,000
17                                                                              
23/2/20  12:04         493,500     16.25   8,019,375                  30,493,500
17                                                                              
23/2/20  15:11         506,500     16.15   8,179,975                  31,000,000
17                                                                              
23/2/20  15:13         373,024     16.10   6,005,686                  31,373,024
17                                                                              
23/2/20  15:13         626,976     16.05  10,062,965                  32,000,000
17                                                                              
23/2/20  15:16       1,000,000     15.90  15,900,000                  33,000,000
17                                                                              
24/2/20  09:33       1,000,000     15.60  15,600,000                  34,000,000
17                                                                              
24/2/20  10:40           2,000     15.50      31,000                  34,002,000
17                                                                              
24/2/20  11:22         998,000     15.45  15,419,100                  35,000,000
17                                                                              
24/2/20  13:53       1,000,000     15.50  15,500,000                  36,000,000
17                                                                              
--------------------------------------------------------------------------------



Prior to the aforementioned share repurchase, the Company owned 25,000,000 of
its own shares but now owns 36,000,000 of its own shares, corresponding to
1.72% 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 11,000,000 of its own shares under the
program which corresponds to 0.22% of the total share capital and the total
value of repurchased shares amounts to ISK 176,654,401. 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. 



For further information, please contact:

Bogi Nils Bogason, CFO
bogi@icelandairgroup.is
Tel: +354 665 8801