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

Transactions in relation to share repurchase program – week 16 and 17

In Week 16 and 17 2017, Icelandair Group hf. (The “Company”) purchased
8,994,200 of its own shares. The total purchase price is ISK 121,413,580, as
detailed below: 



                  Own shares at the beginning of period              115,004,645
                  Purchased at nominal value in week 16 and            8,994,200
                   17                                                           
                  Total turnover in week 16 and                      121,413,580
                   17                                                           
                                                                                
                                                                                
Date        Time       No. of shares  Shareprice    Turnover   No. of own shares
                              bought                                   after the
                                                                     transaction
--------------------------------------------------------------------------------
21/4/2017  14:13           1,000,000       13.22  13,220,000         116,004,645
24/4/2017  11:54              11,200       13.50     151,200         116,015,845
25/4/2017  09:33           1,000,000       13.42  13,420,000         117,015,845
26/4/2017  09:31           1,000,000       13.41  13,410,000         118,015,845
27/4/2017  09:40             520,000       13.40   6,968,000         118,535,845
27/4/2017  10:55             480,000       13.40   6,432,000         119,015,845
27/4/2017  11:32             159,990       13.35   2,135,867         119,175,835
27/4/2017  11:48             840,010       13.32  11,188,933         120,015,845
27/4/2017  14:30           1,000,000       13.20  13,200,000         121,015,845
27/4/2017  14:31           1,000,000       13.12  13,120,000         122,015,845
28/4/2017  09:54           1,000,000       14.15  14,150,000         123,015,845
28/4/2017  15:19             983,000       14.26  14,017,580         123,998,845



Prior to the aforementioned share repurchase, the Company owned 115,004,645 of
its own shares but now owns 123,998,845 of its own shares, corresponding to
2.48% 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 98,998,845 of its own shares under the
program which corresponds to 1.98% of the total share capital and the total
value of repurchased shares amounts to ISK 1,428,977,260. 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.