Reykjavik, Iceland, 30 November 2007, FL Group (OMX: FL), the international investment company, today announced that it has divested 8.0% of its 9.1% direct and indirect interest in AMR, the parent company of American Airlines. FL Group began its investment in AMR stake in 2006 and since then the company has shown progress on a number of operational fronts, including increased unit revenues and strengthening of its balance. However, FL Group believed there were further opportunities to unlock shareholder value and in September 2007, sent an open letter to the Board of AMR, urging them to immediately consider strategic alternatives that would increase shareholder value. FL Group's suggestions included improving disclosure and monetizing assets, such as AAdvantage, AMR's Frequent Flyer program. While FL Group's proposal received a positive reception from stakeholders, AMR's management has not been able to take advantage, and, combined with the external factors of high fuel costs and a tightening of the U.S. economic environment, the AMR share price has continued to suffer. The proposed spinoff American Eagle is a move in the right direction, but the lack of clarity over timing, terms and valuation has done little to enhance value. In the light of this, FL Group has decided to divest the majority of its stake in AMR and look for other investment alternatives on behalf of its shareholders. Financial impact At the end of the third quarter, the total direct and indirect holding in AMR was valued at ISK 31.2 billion, reflecting mark-to-market valuation. The financial impact of the divestment on fourth quarter earnings is negative of approximately ISK 2 billion (US$32.5 million). A total of 20 million shares were divested and FL Group now holds a 1.1% stake in AMR. The divestment enhances company´s liquidity by ISK 10 billion (US$ 163 million). For further information: FL Group Halldor Kristmannsson Managing Director of Corporate Communications and IR Tel: (+354) 591 4400 / 669 4476 E-mail: halldor@flgroup.is Website: www.flgroup.is About FL Group FL Group is an international investment company focusing on three areas of investment, Financial and Insurance (FIG), Private Equity and Capital Markets. FIG is a special investment function responsible for strategic investments in banking, insurance and other financials. Private Equity oversees FL Group‘s private equity holdings in addition to some listed positions that fit specific investment criteria. The company's Capital Markets function oversees investments in listed securities as well as derivatives and other alternative trading for hedging or investment purposes. With head office in Reykjavik and offices in London and Copenhagen, FL Group invests in companies worldwide. The Company is listed on the OMX Nordic Exchange in Reykjavik, Iceland (OMX: FL), with over 4,000 shareholders. More information on www.flgroup.is