Icelandair Group hf.: Transactions in relation to share repurchase program - week 14

In Week 14 2017, Icelandair Group hf. (The "Company") purchased 11,683,301 of its own shares. The total purchase price is ISK 159,800,159, as detailed below:

Own shares at the beginning of period 99,321,344 Purchased at nominal value in week 14 11,683,301 Total turnover in week 14 159,800,159 Date Time No. of shares Sharepri Turnover No. of own shares after bought ce the transaction -------------------------------------------------------------------------------- 3/4/20 09:59 4,107 13.93 57,211 99,325,451 17 3/4/20 11:42 59,000 14.00 826,000 99,384,451 17 3/4/20 14:01 995,893 13.90 13,842,913 100,380,344 17 3/4/20 15:23 1,000,000 13.85 13,850,000 101,380,344 17 4/4/20 10:58 1,000,000 13.85 13,850,000 102,380,344 17 4/4/20 12:06 1,000,000 13.81 13,810,000 103,380,344 17 5/4/20 13:49 990,000 13.75 13,612,500 104,370,344 17 6/4/20 09:30 1,000,000 13.70 13,700,000 105,370,344 17 6/4/20 09:36 1,000,000 13.55 13,550,000 106,370,344 17 6/4/20 10:03 1,000,000 13.54 13,540,000 107,370,344 17 6/4/20 10:23 1,000,000 13.54 13,540,000 108,370,344 17 6/4/20 14:03 670,000 13.47 9,024,900 109,040,344 17 7/4/20 10:20 1,000,000 13.54 13,540,000 110,040,344 17 7/4/20 14:26 928,301 13.54 12,569,196 110,968,645 17 7/4/20 14:26 36,000 13.54 487,440 111,004,645 17 --------------------------------------------------------------------------------

Prior to the aforementioned share repurchase, the Company owned 99,321,344 of its own shares but now owns 111,004,645 of its own shares, corresponding to 2.22% 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 86,004,645 of its own shares under the program which corresponds to 1.72% of the total share capital and the total value of repurchased shares amounts to ISK 1,254,243,681. 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.