Audit and Compliance

Auditors
A state authorised public accountant or accounting firm is elected as the auditor at each annual general meeting of Icelandair Group hf. for a term of one year. The Auditor examines the Company's accounts and all relevant accounts documents for each year of operation and has access to all the Company's books and documents for this purpose. Auditors are not elected from among the members of the board of directors of the Company or employees. The qualifications and eligibility of the Auditor at elections are in other respects governed by law.

The chartered accountants and registered auditor of Icelandair Group hf. Are KPMG Endurskodun hf.
ID-no. 590975-0449
Borgartún 27
IS-105 Reykjavik
Iceland.

Compliance Officer
As provided for by law a compliance officer is employed within the Company. The compliance officer is directly responsible to and appointed by the Board of directors and is independent in his or her duties. The compliance officer monitors the implementation of insider rules adopted by the Company, including rules regarding securities trading by employees and primary insiders. The compliance officer is responsible for interpreting the rules, and makes decisions based on the rules. The compliance officer makes proposals for improved working procedures for various positions within the Company and helps develop and maintain the compliance monitoring system. A substitute compliance officer has been appointed by the Board of directors.

In accordance with applicable regulations and recommendations of the Icelandic Financial Supervisory Authority (FME) the Company has introduced the rules set out by the FME on the handling of inside information and insider trading.

Should any questions arise regarding Icelandair Group compliance please contact compliance@compliance.is or by telephone: 354-505 0227.