Due to organisational changes within Baugur Group hf. Skarphéðinn Berg Steinarsson decided to step down as a chairman of the board of directors of FL Group hf. Skarphéðinn will continue to be a member of the board. Following his decision Jón Ásgeir Jóhannesson was elected as a chairman of the board. FL Group hf. extends its gratitude to Skarphéðinn for his work for the company and whishes the new chairmann all the best in his new role. About FL Group FL Group is an international investment company, focusing its activities on two areas of investments. The company's Private Equity and strategic investments focus on investments in public and private companies and has a long term view. The company's Capital Markets unit oversees the company's short term trading as well as derivative and security trading related to the company's asset portfolio. With its head office in Reykjavik and offices in Copenhagen and London, FL Group invests in companies in Northern Europe, focusing primarily on the Nordics and the UK but also has investments elsewhere. FL Group is listed on the OMX Nordic Exchange in Reykjavik (OMX: FL). At the end of first quarter 2007 FL Group's total assets amounted to ISK 303 billion (EUR 3.4 billion). Its market capitalisation at the end of March 2007 was ISK 236 billion (EUR 2.7 billion). The largest shareholders of FL Group are Oddaflug BV (19.8%), owned by Hannes Smárason, CEO; Gnúpur fjárfestingafélag hf. (19.1%), Baugur Group (18.2%) and Icon and Materia Invest (10.7%). The shareholding can in some cases be in the name of Icelandic financial institutions because of forward contracts. More information on www.flgroup.is