FL GROUP hf. - Decisions of extraordinary general meeting

Conclusions from FL Group's shareholder meeting on 14 December 2007

Resolutions from FL Group's shareholder meeting

Reykjavik, Iceland, 14 December, 2007 - FL Group (OMX: FL), the international
investment company today announced that the proposals submitted at its
shareholders meeting today, 14 December were approved unanimously. 

1.	The Shareholders Meeting resolved to authorize the Board of Directors to
increase the share capital by issuing up to ISK 3,659,265,291 new shares of
nominal value ISK 1 each to finance the purchase of a Property Portfolio from
Baugur Group and affiliates. 

It was resolved that Paragraph 2 of Article 4 of the Company's Articles of
Association will be as follows: 
„The Board of Directors may increase the share capital of the company by up to
ISK 5,675,999,576 of nominal value with sale of new shares as follows: 
[Items a-c will be unchanged, but new item will be added, item d, that will be
as follows:] 

d.	The company's Board of Directors is authorized to increase the company's
share capital by issuing up to 3,659,265,291 new shares of nominal value 1 ISK
each at the rate 14.7. The shares may only be used to finance a purchase of a
Property Portfolio from Baugur Group hf. and affiliates and allotted to Baugur
Group hf., in accordance with an agreement as of December 4, 2007. The Board of
Directors is authorized to issue the new shares without the peremptory purchase
provisions of Article 34 of Act Respecting Public Limited Liability Companies
No. 2/1995 and the provisions of Article 4 of the company's Articles of
Association being applicable. In accordance with the above the company's Board
of Directors decides on the issues stipulated in Article 36 of the Act
Respecting Public Limited Liability Companies, i.e. the subscription period and
payment method and from which time the new shares are granted rights in the
company. In accordance with the above it shall be permitted to pay for the
shares by the means of other valuables than cash.“ 

2.	The Shareholders Meeting resolved to change the Address of the Company.

It was resolved that Article 2 of the Articles of Association will be as
follows: 
”The address of the company is Sidumuli 24, 108 Reykjavík.”

3.	The Shareholders Meeting resolved to change the Object of the Company.

It was resolved that Article 3 of the Articles of Association will be as
follows: 

"The purpose of the company is to act as an investment company, that is to earn
interest on money that shareholders have tied to activities in the operation of
the company, investments, including those in subsidiaries and associated
companies." 
 

4.	Election of Board of Directors.

The following persons will be members of the Board of Directors until next
Annual General Meeting: 
Board Members:
Gunnar Sigurðsson, ID no 091169-3559
Hannes Smárason, ID no 251167-3389
Jón Ásgeir Jóhannesson, ID no 270168-4509
Kristín Edwald, ID no 150471-5329   
Pálmi Haraldsson, ID no 220160-3789  
Þórður Már Jóhannesson, ID no 080773-5529
Þorsteinn M. Jónsson, ID no 180263-3309 

Alternates:
Peter Mollerup, ID no 220173-2759 
Smari S. Sigurdsson, ID no 030847-3349 




Further information: 

Halldór Kristmannsson
Managing Director of Corporate Communications, FL Group
Telephone: +354 591 4400
E-mail: halldor@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
an office in London, FL Group invests in companies worldwide.  The Company is
listed on the OMX Nordic Exchange in Iceland (OMX: FL), with over 4,000
shareholders. 

More information on www.flgroup.is