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Endorsement and Signatures

Endorsement and Signatures

Icelandair Group hf. was a subsidiary of FLGROUP hf. until October 2006, when it was acquired by Icelandair Group Holding hf., a company incorporated in Iceland in October 2006. The acquisition of Icelandair Group hf. is accounted for by applying the purchase method, where Icelandair Group hf. is the acquiree and Icelandair Group Holding hf. is the acquirer. After the acquisition, Icelandair Group hf. legally merged with Icelandair Group Holding hf. on 1 November 2006, with Icelandair Group hf. as the continuing company. The acquisition and subsequent merger result in that the consolidated income statement and statement of cash flows only cover the three months period from 1 October 2006 to 31 December 2006. To provide users of the Group´s consolidated financial statements with more appropriate information of the Group‘s operations and cash flows, audited pro forma figures based on audited financial statements of all subsidiaries of Icelandair Group hf. for the whole year 2006 are presented in the income statement and statement of cash flows with relevant disclosures in the notes. The basis for preparation of the pro forma figures is described further in note 2e.

The consolidated financial statements of Icelandair Group hf. for the period from 1 October to 31 December 2006 have been prepared in accordance with International Financial Reporting Standards (IFRS s) as adopted by EU . The financial statements comprise the consolidated financial statements of Icelandair Group hf. and its subsidiaries, which were fourteen at the end of December 2006. According to the income statement net loss for the period from 1 October to 31 December 2006 amounted to ISK 550 million. According to the balance sheet, equity at the end of the year amounted to ISK 26,004 million, including share capital in the amount of ISK 1,000 million. At year-end the shareholders were 1,507 and three of them held more than 10% in the Company, Langflug ehf. 32.0%, Naust ehf. 14.8% and Fjárfestingafélagið Máttur ehf. 11.1%. The Board of Directors proposes that no dividend will be paid to shareholders in the year 2007. The Board of Directors and the CEO of Icelandair Group hf. hereby confirm the Company‘ s consolidated financial statements for the period from 1 October to 31 December 2006 by means of their signatures.

Reykjavík, 20 February 2007

Board of Directors:
Finnur Ingólfsson
Ómar Benediktsson
Helgi S. Guðmundsson
Hermann S. Guðmundsson
Jóhann Magnússon
Jón Benediktsson
Martha Eiríksdóttir

CEO :
Jón Karl Ólafsson



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