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

Transactions in relation to share repurchase program – repurchase is completed

In Week 19 2017, Icelandair Group hf. (The “Company”) purchased 6,410,318 of
its own shares. The total purchase price is ISK 103,325,111, as detailed below: 



                Own shares at the beginning of                       132,589,682
                 period                                                         
                Purchased at nominal value in week                     6,410,318
                 19                                                             
                Total turnover in week                               103,325,111
                 19                                                             
                                                                                
                                                                                
Date      Time   No. of shares  Sharepri    Turnover     No. of own shares after
                        bought        ce                         the transaction
--------------------------------------------------------------------------------
8/5/201  09:43       1,000,000     16.15  16,150,000                 133,589,682
7                                                                               
8/5/201  10:23         938,000     16.15  15,148,700                 134,527,682
7                                                                               
8/5/201  10:34          62,000     16.15   1,001,300                 134,589,682
7                                                                               
8/5/201  11:10         990,500     16.15  15,996,575                 135,580,182
7                                                                               
8/5/201  14:48           9,500     16.15     153,425                 135,589,682
7                                                                               
8/5/201  15:17       1,000,000     16.00  16,000,000                 136,589,682
7                                                                               
9/5/201  09:54       1,000,000     16.05  16,050,000                 137,589,682
7                                                                               
9/5/201  14:40             500     16.10       8,050                 137,590,182
7                                                                               
10/5/20  09:31         970,000     16.20  15,714,000                 138,560,182
17                                                                              
10/5/20  10:35          30,000     16.15     484,500                 138,590,182
17                                                                              
11/5/20  10:25         409,818     16.15   6,618,561                 139,000,000
17                                                                              



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 place
according to an announcement published in NASDAQ Iceland on the 20th of
February 2017. 

The repurchase is completed.

As stated in an announcement published in NASDAQ Iceland on the 20 February
2017, the Annual General Meeting authorized the Board of Directors permission
to execute a share repurchase program where up to 10% of the Company‘s shares
would be purchased within a period of 18 months. The share repurchase would at
most amount to 114 million shares or 2.28% of the total share capital.  The
Company has acquired 114,000,000 of its own shares under the program, which
corresponds to 2.28% of the total share capital and the total value of
repurchased shares amounts to ISK 1,661,829,569. The Company’s share repurchase
based on the share repurchase program is now completed. 

The share repurchase program was 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.