FL GROUP hf. - Articles of association

- 14.12.2007

Enclosed are new Articles of Association for FL Group following the
Share Capital Increase approved on a meeting of the Board of Directors of FL
Group on December 14, 2007. 

The Share Capital of FL Group was increased by issuing ISK 680,272,109 new
shares of nominal value ISK 1 each, according to authorization in Item b of
Article 4 of the Articles of Association. The total nominal value of shares in
FL Group is ISK 9,925,000,682 after the increase.

Viðhengi:

20071214_flarticles_english_after increase.pdf