Correction - Date of transaction 31.8.2007 - Published 2007-08-31 17:54:40 CET

| Source: Icelandair Group hf. Icelandair Group hf. 

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:	
238.350.000
	
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.