Icelandair Group Annual Results 2008 -The total turnover was ISK 112.7 billion as compared to ISK 63.5 billion , increasing by 77% from the corresponding quarter of last year - EBITDAR was ISK 17.2 billion, as compared to ISK 11.1 billion in the corresponding period last year -EBITDA was ISK 4.8 billion, as compared to ISK 5.5 billion in the corresponding period of last year -Impairment of intangible assets was ISK 6.4 billion -EBIT was negative by ISK 5.7 billion, as compared to ISK 2.3 billion in the corresponding period of last year -Net loss after taxes was ISK 7.5 billion, as compared to a net profit of ISK 0.3 billion in 2007 -Total assets amounted to ISK 98.8 billion at year-end 2008, as compared to ISK 66.8 billion at year-end 2007 -The equity ratio was 20.3% at year-end 2008, as compared to 37.5% at the end of 2007 -Net cash from operations was ISK 2.9 billion at during 2008, as compared to ISK 3.9 in 2007 -Profits from the sales of aircraft amounted to ISK 0.2 billion, as compared to ISK 1.8 billion in 2007 Icelandair Group results for the fourth quarter of 2008 -Total turnover was ISK 28.3 billion, as compared to ISK 15.3 billion in the corresponding quarter last year, increasing by 85% from last year -EBITDAR was ISK 2.4 billion, as compared to ISK 2.1 billion in the corresponding quarter last year -EBITDA was negative by ISK 2.3 billion, as compared to ISK 0.5 billion in the corresponding quarter last year -Impairment of intangible assets was ISK 6.4 billion -EBIT was negative by ISK 10.0 billion, as compared to a negative EBIT of ISK 0.3 billion in the corresponding quarter of 2007 -Net loss after taxes 2008 was ISK 10.6 billion, as compared to a net loss of ISK 0.8 billion in the corresponding quarter of 2007 For further information, please contact: Björgólfur Jóhannsson CEO of Icelandair Group Tel.:+354-896-1455 Bogi Nils Bogason, Chief Financial Officer, Icelandair Group Tel.:+354-665-8802