At the shareholdersmeeting held on 12 September 2007 the articles of association of Icelandair Group were changed, in the manner that from now on the board of directors will consist of five board members and three alternate mebers. The election of the board of directors was executed at the meeting in accordance with newly approved articles of association. The board was chosen without election. Gunnlaugur M. Sigmundsson is the newly electectd chairman of the board of Icelandair Group.

On the board of directors are, after the shareholdermeeting

Alternate members:

   Jón Benediktsson
   Martha Eiríksdóttir
   Sigurður Atli Jónsson