Flaga Group hf. - Managers' transactions

- Date of transaction 20 May 2008

Trade ticker:
FLAGA

Issuer:
Flaga Group hf.

Date of announcement:
20 May 2008

Name primary insider:
Criss Sakala

Insider's relation with the issuer:
CFO

Date of transaction:
20 May 2008

Type of financial instrument:
Shares

Buy or Sell:
Buy

Number of shares:
3,350,000

Price per share:
0.95

Primary insider's holdings after the transaction:
12,475,000,-

Primary insider's option holdings after the transaction:
0,-

Related parties' holdings after the transaction:
0,-

Date of settlement*:

Comments*: