During financial restructuring of Icelandair Group the management of SmartLynx Airlines has used an opportunity to acquire 100% of the Company’s shares.

Icelandair Group and SmartLynx Airlines will, however, maintain a mutually supportive relationship for the near future.

SmartLynx Airlines itself has undergone an internal restructuring in the last few years resulting in a smaller aircraft fleet and severe reduction of operating costs.

The management of SmartLynx Airlines is confident that this evolution of the company will enable it to take on new markets and show a healthy performance for the year 2012 and onwards.