Share Offering


Attached is the Icelandair Group Securities Note and Summary both dated 7
December 2010.The Company's Prospectus comprises of a Registration Document
dated 28 October 2010 and a Securities Note and Summary dated 7 December 2010.

Disclaimer:  

Icelandair Group (“the Company”) would like draw attention to the terms and
conditions regarding the Company‘s public offering (“the Offering”) which will
commence at 10 am on 8 December 2010 and end at 4.00 pm on 23 December 2010. As
stated in the Icelandair Group Securities Note dated 7 December 2010 this
public offering is directed to three particular tranches: 

1.	Shareholders' in the Company as registered at the end of 17 November 2010
(record date) with the Icelandic Securities Depository, the ex-date being 15
November 2010, 

2.	Icelandair Group's and its subsidiaries employees, except Bluebird Cargo
ehf. and SmartLynx AOC, as of 31 October 2010, 

3.	The general public and legal entities in Iceland.

The offer described in the Securities Note will constitute a public offering
pursuant to Article 43 of the Securities Transaction Act No. 108/2007. The
share offer will only take place in Iceland. 

Among the conditions to participate in this Offering is that a person or legal
entity must belong to any of the abovementioned tranches and have an Icelandic
ID Number. 

Anyone who wishes to subscribe for new shares in the Company in this Offering
is advised to familiarize himself/herself thoroughly with the Icelandair Group
Prospectus which consists of a Registration Document dated 28 October 2010 and
a Summary and Securities Note dated 7 December 2010. 

This disclaimer is in conformity with section 2 of Article 29 of the EU
commission regulation No. 809/2004. 

Icelandair Group hf. would like to make the following correction. The
announcement made public by the Company on 7 December 2010 in Icelandic stated
that shares bought after 15 November 2010 would not be allowed to participate
in the Offering. That statement was miswritten. It should have stated that
those shares bought on 15 November and thereafter are not allowed to
participate in the Offering.

Attachments

2010 12 7 icelandair sec note final.pdf - adobe acrobat professional.pdf 2010 12 7 icelandair - summary final.pdf - adobe acrobat professional.pdf