Icelandair Group hf. – Results from written procedure

ISIN: NO0010776982 –Senior Unsecured Callable Bonds 2016/2021 with an aggregate outstanding amount of USD 190,000,000.

Terms defined in the terms and conditions of the abovementioned bond issue (the "Terms and Conditions") shall have the same meaning when used in this notice, unless otherwise defined herein.

On 3 December 2018, a notice of written procedure was sent to the Bondholders, regarding a Request (as defined therein) for amendment and restatement of the Terms and Conditions. The voting period expires on 4 January 2019, however, a sufficient number of votes have now been obtained in order to form a quorum, and all of the Bondholders that have voted in the written procedure voted in favor of the Request. It is therefore resolved that the Request has been approved.