Directors Dealings Name of insider: Hermann S. Guðmundsson Relations with the issuer: Member of the Board Date of transaction: 11.7.2007 Buy or Sell: Sala / Sale Type of instrument: Hlutabréf / Equities Number of shares: 3.600.000 Price: 30,7 Primary insider's holdings after the transaction: 0 Primary insider's option holdings after the transaction: 0 Related parties holdings after the transaction: 160.992.759 Date of settlement Comments: Hermann Guðmundsson is Director for BNT hf., which owns 12.844.611 shares in Icelandair Group hf., BNT also owns 49,9% of the shares in Naust hf. which owns 148.148.148. shares in Icelandair Group hf.