FL GROUP hf. - Changes board/management/auditors

FL Group announces management changes

Reykjavik, Iceland 13 February 2008 - FL Group (OMX: FL), the international
investment company, today announces changes in its management board. Sveinbjorn
Indridason, managing director of finance and Halldor Kristmannsson, managing
director of Corporate Communications have resigned. Both directors will fulfill
all outstanding commitments and complete certain projects in the next few
weeks. 

Vidar Thorkelsson has been appointed as Sveinbjorn's successor. From 2006-2008,
Vidar has been the managing director of finance and IT at the media company
365. Before he joined 365, he had worked at Vodafone in Iceland and other
Icelandic companies. 

In addition, Halldor Kristmannsson, managing director of Corporate
Communications and Investor Relations has also resigned from the management
team to pursue other business interests. Julius Thorfinnsson, which has been
the director of Corporate Branding will head the corporate communication team
and will going forward, be reporting to managing director of finance. 


For further information contact:
Jon Sigurdsson
Chief Executive Officer 
Tel: (+354) 591 4400
E-mail: halldor@flgroup.is

Julius Thorfinnsson 
Corporate Communications
Tel: (+354) 896 6612
julius@flgroup.is