A meeting of bondholders of bond category ICEAIR 15 1 with ISIN IS0000025427 was held at Icelandair Hotel Reykjavík Natura at 4:30 pm on 15 November 2018.

The attendance of bondholders was 96.15%.

The only agenda of the meeting was to decide on a change of the bond’s terms & conditions which will grant a temporary waiver until November 30th 2018 for certain financial covenants of the bond. The bond contains the following acceleration clause: “In case of a breach of these covenants or other terms of the bond may be accelerated by bondholders.”

It was suggested that the clause will be amended as follows: “In case of a breach of these covenants or other terms of the bond may be accelerated by bondholders. However, right to acceleration due to a breach of financial covenants on September 30th 2018 regarding gross leverage and gross leverage II will become applicable on November 30th 2018 if these covenants have not been fulfilled by that time.”

The proposal was accepted unanimously.