– Entire proceeds of sale will accrue to pension funds and other owners of the Fund

The Iceland Enterprise Investment Fund has sold a 7% share in Icelandair Group, totalling 350 million shares. The average price per share was ISK 7.5 placing the total selling price of the shares at ISK 2,625 million. Following the sale, the Iceland Enterprise Investment Fund will retain approximately 600 million shares in Icelandair Group, or about 12% of the total.

The Fund negotiated the acquisition of a 30% share in the company about mid-year 2010. The Fund bought a total of about 1450 million shares in two offers for sale for a total of ISK 3.6 billion. The proceeds from the sale will accrue directly to the pension funds and other owners of the Fund in accordance with the Fund’s terms.

The sale of the shares was managed by Straumur Investment Bank.