FL GROUP hf. - Company Announcement

Opinion of the Takeover Panel concerning FL Group's potential de-listing.

On 25 April, FL Group sent a letter to the Takeover Panel (is. Yfirtökunefnd),
concerning a proposal by FL Group's Board of Directors to have its shares
removed from trading. The letter requested the opinion of the Takeover Panel as
to whether a takeover obligation would arise, based on the premises stated in
the letter. FL Group received a reply 8 May 2008 where the Takeover Panel
stated that no takeover obligation would arise in the process. 

For further information please contact:
Julius Thorfinnsson
Head of Corporate Communications 
tel. +354 591 4400
julius@flgroup.is