Icelandair Group Annual Results 2008

-The total turnover was ISK 112.7 billion as compared to ISK 63.5 billion ,  
increasing  by 77% from the corresponding quarter of last year 
- EBITDAR was ISK  17.2 billion, as compared to ISK 11.1 billion in the
corresponding  period last year 
-EBITDA was ISK 4.8 billion, as compared to ISK 5.5 billion in the
corresponding  period of last year 
-Impairment of intangible assets was ISK 6.4 billion 
-EBIT was negative by ISK 5.7 billion, as compared to ISK 2.3 billion in the
corresponding period of last year 
-Net loss after taxes was ISK 7.5 billion, as compared to a net profit of ISK
0.3 billion in 2007 
-Total assets amounted to ISK 98.8 billion at year-end 2008, as compared to ISK
66.8 billion at year-end 2007 
-The equity ratio was 20.3% at year-end 2008, as compared to 37.5% at the end
of 2007 
-Net cash from operations was ISK 2.9 billion at during 2008, as compared to
ISK 3.9  in 2007 
-Profits from the sales of aircraft amounted to ISK 0.2 billion, as compared to
ISK 1.8 billion in 2007 

Icelandair Group results for the fourth quarter of 2008

-Total turnover was ISK 28.3 billion, as compared to ISK 15.3 billion in the
corresponding quarter last year, increasing by 85% from last year 
-EBITDAR was ISK 2.4 billion, as compared to ISK 2.1 billion in the
corresponding quarter last year 
-EBITDA was negative by ISK 2.3 billion, as compared to ISK 0.5 billion in the
corresponding quarter last year 
-Impairment of intangible assets was ISK 6.4 billion 
-EBIT was negative by ISK 10.0 billion, as compared to a negative EBIT of ISK
0.3 billion in the corresponding quarter of 2007 
-Net loss after taxes 2008 was ISK 10.6  billion, as compared to a net loss of
ISK 0.8 billion in the corresponding quarter of 2007 

For further information, please contact:
Björgólfur Jóhannsson CEO of Icelandair Group 		Tel.:+354-896-1455
Bogi Nils Bogason, Chief Financial Officer, Icelandair Group	Tel.:+354-665-8802