Insider Trading Name of insider: Finnur Ingólfsson Relations with the issuer: Chairman of the Board of ICEAIR Date of transaction: 31.8.2007 Buy or Sell: Sala / Sale Type of instrument: Hlutabréf / Equities Number of shares: 154.990.282,- Price: 31,5 Primary insider's holdings after the transaction: 0 Primary insider's option holdings after the transaction: 0 Related parties holdings after the transaction: 240.320.000 Date of settlement: 11.9.2007 Comments: FS7 ehf., a private limited company owned by Finnur Ingólfsson, the chairman of the Board of Icelandair Group hf., has sold all of its shares in ICEAIR at the nominal value of ISK 154.990.282, which constitutes 15,499% of the total share capital of the company. After the transaction, FS7 ehf. is no longer owner of any shares in Icelandair Group hf.