- Changes to the Board of Directors of FL Group


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