The Company's share capital amounts to ISK 28,437,661 thousand. Each share carries one vote at shareholders' meetings. The shares are freely transferrable unless otherwise stipulated by law. All shareholders hold equal rights to dividend payments as declared from time to time. In accordance with a resolution passed at a shareholders' meeting on 22 May 2020, the Company's share capital was increased by 23 billion new shares following a public share offering in September. In addition, investors who were allocated new shares in the offering were issued warrants to subscribe to further new shares in the Company that may be exercised at certain dates over the next two years. The warrants amount to 25% of the nominal value of the new shares issued as a result of the offering. If all warrants are exercised they will raise an additional ISK 5,750 million in equity for the Company. New shares issued as a result of the warrants being exercised will be issued within the same share class as all existing Icelandair Group shares. The Company held no treasury shares at year end 2020.

The Icelandair Group’s shares were affected by the COVID-19 virus which put a strain on the share price development in 2020. The share stood at ISK 7.55 at the beginning of 2020. The shares reached a high of ISK 8.82 at 7 February 2020. Over the year Icelandair Group’s share price decreased by 78% in 2020. The widespread availability of vaccines and implementation of successful testing regimes will be key for the recovery in travel demand and share prices in the coming year.

Icelandair Group has entered into an agreement with Islandsbanki hf. regarding market-making for the issued shares of Icelandair Group. The agreement is of unspecified duration and may be terminated with one month's notice. The purpose of the agreement is to improve liquidity and to enhance transparent price formation for the Company’s shares on NASDAQ OMX Iceland.

Shares in Icelandair Group were traded 17,218 times in 2020 (2019: 7,428 times) for a total market value of ISK 26.0 billion (ISK 32.8 billion in 2019). The average number of shares traded was 53.7 million. Icelandair Group’s market capitalisation at the end of 2020 was ISK 46.6 billion.

At the end of 2020 the number of shareholders was 13,508, as compared to 3,017 at the beginning of the year. Main reason for the large increase in the number of shareholders is the successful public share offering in September 2020 whereby the number of shareholders increased by around 7,000. Of the total shareholder base, 0.3% of the total shareholder base held 53.3% of the shares in the Company.

Icelandair Group's goal is to pay 20-40% of each year's net profit in dividends. Final annual dividend payments will be based on the financial position of the Company, operating capital requirements and market conditions. Icelandair Group’s Board of Directors proposes that no dividends will be paid out to shareholders for the year 2020.

Icelandair Group’s objective is to ensure that timely and correct information about the Company is made available to all stakeholders simultaneously, regularly and consistently. All press releases, financial disclosures and Company announcements are published through GlobeNewswire, a NASDAQ company. Icelandair Group strives continuously to improve the quality, transparency and consistency of its information disclosures.

The investors’ website at www.icelandairgroup.com/investors/ provides extensive news and background information on Icelandair Group for both analysts and investors. The site contains archived regulatory announcements, financial reports and presentations, shareholder information, share price information, dividend policy and the financial calendar.