Icelandair Group hf. - Changes board/management/auditors

Icelandair Group hf.- Sigthor Einarsson resigns as Deputy CEO

Sigthor Einarsson has decided to resign as Deputy CEO of Icelandair Group, and
intends to become active in the field of aircraft trading and leasing. Sigthor
will however continue to be involved with Icelandair Group on a consultancy
basis. "I have spent 15 great years with Icelandair Group and it's predecessors. For
some time now I have been contemplating a change of scenery, and it feels right
to do so now when the Group is at crossroads. We have brought a very tough
restructuring process to a happy end, and the business has excellent foundation
going forward. The company can rely on world-class staff and management team,
and will continue to return excellent results in the future."