FL GROUP hf. - Company Announcement

Stodir´s composition proposal approved

Yesterday, on 26 May 2009, the supervisor of Stodir´s composition held a
meeting with Stodir´s creditors. At the meeting, Stodir's composition proposal
was approved by all votes casted. The supervisor then declared that Stodir´s
composition proposal was approved. The composition proposal will now be sent to
the District Court of Reykjavik for confirmation.