Following are the decisions of the shareholdersmeeting of Icelandair Group, 6 August 2009: 1) Proposal relating to amendment to the Articles of Association of the company. The following Article will be added to the Articles of Association as Article 5. a.: The Board of Directors of the company is authorized to increase the share capital in the following manner: (i) The share capital of the company may be increased by up to ISK 4.000.000.000 - four billion Icelandic Kronas nominal value- by means of subscription to new shares. (ii) This authorization is valid until July 1st 2010. (iii) The nominal value of shares that the shareholders can subscribe to is one ISK. The subscription rate can be decided by means of invitation to tender for new shares. (iv) The priority rights of sharholders to subscribe to new shares shall be limited to the proportion of their ownership in the company. (v) Shareholders may pay, partially or in full, for the shares that they subscribe to, by means of set-off of indebtedness, as may be further decided by the Board of Directors. A specialized report due to payment by means of set-off of indebtedness shall not be prepared. Instead the Board of Directors shall prepare a statement regarding the value of the payment, in accordance with Article 6 c of Act no. 2/1995 respecting Public Limited Companies. (vi) The new shares shall grant rights within the Company as of the date of registration of the increase of share capital. The Board of Directors shall lay down further rules relating to respite for subscription and payments for shares. A decision of the Board of Directors to increase the share capital shall be approved by an increased majority of the board - four out of five members. 2) Elections to the Board of Directors. Board members: Finnur Reyr Stefánsson, id. 141069-3659 Jón Ármann Guðjónsson, id. 060468-3039 Katrín Olga Jóhannesdóttir, id. 010862-7369 Pétur J Eiríksson, id. 050550-7969 Sigurður Helgason, id. 010546-2069 Alternate board members: Kristín Einarsdóttir, id. 110149-4179 Magnús Magnússon, id.160965-4799 Tómas Kristjánsson, id. 151165-3389 The board has not yet met to elect Chairman of the Board and Vice-Chairman.