Icelandair Group — Major Shareholding Notification 2020

Sep 29, 2020

SLOLABANI I.L. SLANDS

FINANCIAL SUPERVISORY AUTHORITY

Standard form – Notification of the acquisition or disposal of major proportions of voting rights

Voting rights attached to shares – article 85 of the act on securities transactions no. 108/2007

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached i: Icelandair Group hf. (ICEAIR – ISIN IS0000013464)
2. Reason for the notification (please tick the appropriate box or boxes):

☐ an acquisition or disposal of voting rights
☐ an acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
☑ an event changing the breakdown of voting rights

1. Full name of person(s) subject to the notification obligation ii: PAR Investment Partners, L.P.
2. Full name of shareholder(s) (if different from the person mentioned in point 3.) iii: N/A
3. Date of the transaction and date on which the threshold is crossed or reached iv: 29 September 2020
4. Threshold(s) that is/are crossed or reached: Going below 10% and 5%
5. Notified details:

A) Voting rights attached to shares
Class/type of shares (if possible using the ISIN CODE)	Situation previous to the Triggering transaction		Resulting situation after the triggering transaction vi
	Number of Shares	Number of Voting rights vii	Number of shares	Number of voting rights viii		% of voting rights
			Direct	Direct ix	Indirect x	Direct	Indirect
ISIN IS0000013464	543,881,750	543,881,750	543,881,750	543,881,750	0	543,881,750	0
SUBTOTAL A (based on aggregate voting rights)			543,881,750	28,437,660,653		1.91%

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FINANCIAL SUPERVISORY AUTHORITY

B) Financial Instruments
Resulting situation after the triggering transaction^{a)}
Type of financial instrument	Expiration Date^{a)}	Exercise/Conversion Period/ Date^{a)}	Number of voting rights that may be acquired if the instrument is exercised/converted	% of voting rights
		SUBTOTAL B (in relation to all expiration dates)
Total (A+B) [if applicable]	number of voting rights	% of voting rights
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1. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable $^{a)v}$: N/A
2. In case of proxy voting: [name of the proxy holder] will cease to hold [number] voting rights as of [date].
   N/A
3. Additional information: N/A

Done Boston, Massachusetts on 29 September 2020.

For and on behalf of

PAR Investment Partners, L.P.

Steven M. Smith

Chief Operating Officer and General Counsel