Letter of Intent regarding transferring of rights to purchase three B787 Dreamliner aircraft

IG Invest, an affiliate of Icelandair Group, has signed a Letter of Intent with
Norwegian Air Shuttle, aimed at transferring it´s rights to purchase three B787
aircraft IG Invest has on order with the Boeing Company. When completed the
transaction will not impact Icelandair Group‘s Income Statement. However, when
completed the transaction with Norwegian Air Shuttle will relieve Icelandair
Group from it‘s role as guarantor under the purchase agreement between Boeing
and IG Invest.

IG Invest is a holding company of aircraft and aircraft related assets, and has
one further B787 on order from Boeing.

For further information please contact:
Bogi Nils Bogason, CFO Icelandair Group, tel: +354 665 8801