The following individuals have been nominated for the Board of Directors of Icelandair Group hf. in the elections taking place in the Company's Shareholder's Meeting on September 12th 2007, given that the Board's motion on the decrease of the number of board members from seven to five will be approved. Board Members: Ásgeir Baldurs, kt.171172-5439, Lómasölum 13, Kópavogi Einar Sveinsson, kt. 030448-2789, Bakkaflöt 10, Garðabæ. Finnur Reyr Stefánsson, kt: 141069-3659, Brekkuási 11, Garðabæ Gunnlaugur M. Sigmundsson, kt. 300648-3719, Þverárseli 20, Reykjavík. Ómar Benediktsson, kt. 221059-4689, Ægisíðu 58, Reykjavík. Alternate Board Members: Martha Eiríksdóttir, kt. 251257-5159, Vesturbrún 33, Reykjavík. Jón Benediktsson, kt. 161064-3359, Hæðarbyggð 23, Garðabæ Sigurður Atli Jónsson, kt.040268-5299, Ystaseli 19, Reykjavík Further information on the candidates for the Board of Directors will be available at Icelandair Group's headquarters at Reykjavíkurflugvöllur. According to the Articles of Association of the Company, given the approval of the aforementioned motion of the Board, five board members shall be elected and three reserve board members. Accordingly it is evident that the aforementioned board members and substitutes will be chosen without election, in the event of elections to the Board on the meeting.