0ERU Icelandair Group Hf

Icelandair Group (the “Company”) issued warrants to all investors who received shares in the Company’s share offering that concluded on 17 September 2020. The warrants consist of three separate classes, each with a different ticker symbol and exercise period, as described in the prospectus, dated 8 October 2020 (the “Prospectus”).

Holders of warrants with ticker symbol ICEAIRW180222 and ISIN IS0000032258 (the “Warrant Class”) have now exercised their subscription rights.

Icelandair Group will, in accordance with article 15.2 of the Articles of Association, issue new shares corresponding to the total exercised warrants, amounting to ISK 1,869,618,075 nominal value, thereby bringing the Company’s share capital to ISK 37,828,049,830 nominal value. The exercise price is ISK 1.22 per share, thus the proceeds to the Company amount to ISK 2,281 million. The exercised warrants represent 97.5% of the Warrant Class.

The share capital increase will be registered by the Register of Undertakings of Iceland Revenue and Customs and issued by Nasdaq CSD. Delivery of the new shares along with admittance to trading on Nasdaq Iceland‘s regulated market is expected to take place on or before Friday 4 March 2022.

Landsbankinn Corporate Finance is Icelandair Group’s advisor regarding the warrants and issuance of new shares.

For further information regarding the warrants reference is made to the full Prospectus and to an earlier stock exchange release dated 20 July 2021.

Contact information Investors: Iris Hulda Thorisdottir, Director Investor Relations. E-mail: iris@icelandairgroup.is Media: Asdis Petursdottir, Director Communications. E-mail: asdis@icelandair.is

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