As revealed in notices from Icelandair Group in connection with the publication of its interim financial statements in 2008, the Group had notes amounting to ISK 2.5 billion with payment due last 23 January. In co-operation with its partner bank, New Glitnir, Icelandair Group has completed its refinancing of the notes for the short term, i.e. for three months. Work has been in progress in recent weeks on restructuring the company's finances, with this work scheduled for completion within the next three months. The purpose of the restructuring is to bring the repayment schedule of the company's debts into line with its long-term payment capacity. For further information, please contact: Björgólfur Jóhannsson, CEO of Icelandair Group, tel.: 896-1455 Bogi Nils Bogason, Chief Financial Officer, Icelandair Group, tel.: 665-8801