Correction: Headline was missing from previous announcement Icelandair Group will publish its interim financial statements for the first quarter of 2009 on 8 May. The operational result of Icelandair Group was better in the first quarter of 2009 than the Company‘s plans had anticipated. The biggest contributors to this outcome are the results of the largest companies in the Group, Icelandair and Travel Service, which were substantially better than expected. Icelandair itself returned the best EBITDA for the first quarter since the establishment of the company in its present form in 2001. Furthermore, cash flow from the Groups operations has been stronger than expected, and the company did not require additional funding from its commercial bank, as had been expected. Ever since Icelandair Group was listed on the Icelandic Stock Exchange at the end of 2006, the short term debt on the balance sheet has been too high and the key ratios of the balance sheet have not changed substantially from year end 2006. As previously stated in an announcement from the company on 26 January 2009, notes amounting to ISK 2.5 billion were refinanced short term, i.e. for three months. From that time the Company has worked closely with its commercial bank with the aim to restructure the capital profile of the Company. This work has progressed quite well. The objective is to adapt the repayment schedule of the company's debts into line with its long-term payment capacity. This work is scheduled to be completed in the next few weeks and the notes, amounting to ISK 2.5 billion have been extended in accordance with the work schedule. For further information: Björgólfur Jóhannsson, CEO Icelandair Group tel: +354 896-1455 Bogi Nils Bogason, CFO Icelandair Group tel: +354 665-8801