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Shareholder Infomation

Share Capital

The share capital of the Icelandair Group as of 31 December 2007 is ISK 1,000,000,000 in nominal value, divided into an equal number of shares, each with a nominal value of ISK 1.0. Each issued share carries one vote. Icelandair Group holds 19,200,000 shares in itself or 1.92% of the total shares

Icelandair Group has been listed on the Iceland Nordic Exchange since December 2006, therefore 2007 being the first whole year of the company‘s listing. The ticker symbol for Icelandair Group is ICEAIR.

Share Performance

At the end of 2007, the market capitalisation of Icelandair Group was ISK 27.75 billion. The share price of Icelandair Group in 2007 took some change. The share price started out at 27.4 and the year closed at 27.75, this is an increase of 1.28%. In comparison the OMXI15 fell by 3.22% in 2007. During the year 2007, the high and low share prices were. 22.3 and 31.05 respectively. Total turnover in 2007 amounted to ISK 3.2 billion, corresponding to a turnover rate of 116%. Average monthly trading volume was ISK 2.8 billion on 2007.

Dividend Policy

The Board of Directors of Icelandair Group will propose to the Annual General Meeting that no dividends should be paid with respect to the financial year 2007.

Shareholders

At the end of 2007 Icelandair Group shares were held by a total of 1,271 shareholders. A total of 417 employees held shares in Icelandair Group at the end of 2007. 1.2% of the totals shares in Icelandair Group were held by foreign investors. Ownership in Icelandair Group is considerably tight, three shareholders hold more than 10% of the total shares and the same three hold 61.76% of the total shares.

financials_2007shareprice_d

Stock Option Plan

In the beginning of 2007 a stock option plan was implemented in Icelandair Group. The purpose of the stock option plan is to enable Icelandair Group to attract and retain qualified employees through an attractive system of remuneration and at the same time provide employees with an opportunity to acquire an interest in the Company and thereby contribute to increased incentives and rewards for promoting the increased growth and prosperity of the Company in the long term. At the end of 2006, a shareholders meeting agreed two motions for empowerment of the Board of Directors, on the one hand by an authorisation to approve a stock option scheme for key managers of the Company and/or its subsidiaries, including authorisation for the issue and sale of new shares in connection with the stock option scheme and, on the other hand, by an authorisation to buy treasury shares in the Company.

The authorisation of the Board of Directors to issue stock options is limited, so that the outstanding options at any time must never amount to a proportion greater than 6% of the total shares in the Company at any time. The amount of the stock option of any single employee must not exceed 10% of the total issued stock options, although this rule does not apply to the CEO of the Company. The Company is permitted to use its own shares, purchase shares, or issue new shares as authorised by a shareholders’ meeting, in order to meet Company obligations pursuant to stock option contracts.

On the delivery of stock options to employees, the Company enters into a written stock option contract with the employee. The terms and conditions of stock option contracts need not be uniform, and options may be adapted to the needs of individual employees.

The selling price of shares in the Company to holders of stock options is decided by the Board of Directors of the Company at any time; the price must not be lower than 27 times the nominal value, but is in other respects determined by the average price of market trading in the Company‘s stock ten days prior to the signature of each stock option contract. The authorisation granted to the Board of Directors to increase the Company’s share capital is effective for five years from its approval and may be exercised by the Board in part or in full, at the discretion of the Board.

Shareholders’ pre-emptive rights pursuant to the Company’s Articles of Association do not apply to increases in share capital pursuant to the authorisation held by the Board of Directors. In the event that the share capital of the Company is increased during the period of the authorisation beyond ISK 1,000,000,000 the authorisation will be increased so as to remain always at the level of 6% of the total share capital of the Company at any time. Shares acquired through the exercise of options are not subject to any trading restrictions. New shares carry rights in the Company from the date of their listing.

20 LARGEST SHAREHOLDERS AS OF 31.12.2007

Shareholder Holdings Share
Langflug ehf 238,350,000 23.80%
Fjárfestingafélagið Máttur ehf 231,101,393 23.10%
Naust ehf 148,148,148 14.80%
Urður ehf 55,555,556 5.60%
Alnus ehf 26,022,831 2.60%
Saga Capital Fjárfestingarbanki hf 26,000,000 2.60%
Glitnir banki hf 25,471,077 2.60%
Sigla ehf 20,000,000 2.00%

Icelandair Group hf

19,200,000 1.90%

Flugval ehf

18,518,519 1.90%

Arkur ehf

17,500,000 1.80%

Stafir lífeyrissjóður

14,317,038 1.40%

N1 hf

12,844,611 1.30%

Lífeyrissjóður verslunarmanna

11,616,111 1.20%

BK-42 ehf

10,000,000 1.00%

GLB Hedge

9,992,231 1.00%

Landsbanki Luxembourg S.A.

8,510,000 0.90%

Almenni lífeyrissjóðurinn

6,571,047 0.70%

Fluglind ehf

5,555,556 0.60%

Glitnir Sjóðir hf. sjóður 10

5,494,954 0.60%
Total 910,769,072 91.08%

Investor Relations

It is the aim of Icelandair Group to provide investors, analysts and other stakeholders with current and detailed information on the activities and operations of the Company. This is executed through a variety of channels.

The Company‘s website provides access to all press releases, presentations and financial accounts published by Icelandair Group, as well as live share price data. In addition to that all information regarding Icelandair Group is available through RSS feed, and emails. Subscription to these services is available at the Icelandair Group website.

To strengthen even further the Investor Relations Icelandair Group hosted Capital Markets days in Prague in October. The aim was to introduce the Groups‘ growth into Central and Eastern Europe. The event had a good and broad attendance, encouraging the Company to host such events again in the future in order to keep investors and analysts up date on Company matters.

The Annual Report of Icelandair Group is published in English only, it is available in Web and PDF format. A printed copy of the Annual Report is available upon request.

Along with the publications of Annual and interim accounts a briefing is held for investors and analysts. After the briefing the presentation is available on the Company‘s website as well as a web cast of the presentations.

Financial Calendar for 2008

Publishing dates for the financial reports of Icelandair Group are as follows.

1st quarter results 2008
Tuesday 20 May 2008

2nd quarter results 2008
Tuesday 19 August 2008

3rd quarter results 2008
Tuesday 18 November 2008

4th quarter and Annual Results 2008
Week 9 2009

Shareholders Holding Percent of Shares Number of Shareholders Percent of Shareholders
Over 10,000,000 864,645,284 86.46% 14 1.1%
1,000,001-10,000,000 95,756,852

9.57%

28

2.20%

100,001-1,000,000

25,630,053

2.57%

79

6.20%

10,001-100,000

11,309,759

0.43%

573

45.10%

0-10,000

2,658,052

0.97%

577

45.40%

Total

1,000,000,000

100,00% 1,271 100,00%
 


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