Source: Icelandair Group hf.

Icelandair Group releases Notice of Written Procedure

Reference is made to the press release by Icelandair Group (the “Company”) dated 30 November 2018 regarding a Notice of Written Procedure

The Company has on the date hereof given instructions to Nordic Trustee & Agency AB (publ), being the agent under the bonds carrying ISIN NO0010776982, to initiate a Written Procedure in order to request that the bondholders vote in favor of a long-term solution which includes, inter alia, certain amendments, including a partial redemption, waivers of certain Covenants and changes to the call structure as further described in the Notice of Written Procedure. Note that there are certain revisions to the repurchase and call prices in the Written Procedure versus what was outlined in the press release dated 30 November.

The Notice of Written Procedure is available on the Company's website (www.icelandairgroup.is) and on Stamdata (www.stamdata.com).

DNB Markets is acting as the Company’s financial adviser

For further information, please contact:

Bogi Nils Bogason, Interim President & CEO
Telephone: +354 5050300
Email: bogi@icelandairgroup.is

DNB Markets
+47 46907424 / bond.syndicate@dnb.no

This information is information that Icelandair Group hf. is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person set out above, at [●] CET on [●] 2018.