FL GROUP hf. - Company Announcement

Statement from FL Group

Reykjavik, Iceland 21 May 2008: With refferral to a Statement from OMX Nordic
Exchange, Iceland, in relation to FL Group‘s disclosure of information, FL
Group hereby states the following: 

FL Group disagrees with the Statement from OMX in relation to both incidents
and is of the opinion that OMX decision is based on a misunderstanding and weak
arguments. 

In relation to the disclosure of the sale of the AMR shares a decision was
taken to disclose on New York Stock Exchange and OMX at the same time. In
relation to sale of shares in Commerzbank the sale was concluded in many small
transactions in a period of several weeks. The sale was disclosed in compliance
with law and regulations. 

FL Group is of the opinion that its disclosure in both incidents was perfectly
sensible and in line with law and regulations and in line with the interest of
its sharesholders. 

FL Group is of the opinion that OMX has no authority to issue a „public
reprimand“. OMX has the authority to issue a statement in relation to a certain
matter and publish such a statement but has no authority to issue a „public
reprimand“. Nowhere in OMX regulations or agreements about admission to trading
of shares, is OMX granted the authority to issue a public reprimand. 

For more information please contact:
Julius Thorfinnsson
Head of Corporate Communications
Tel: +354 591 4400
julius@flgroup.is
About FL Group:

FL Group is an international investment company with core investments in
banking, insurance and property, along with a number of private equity
investments. FL Group's core investments include Glitnir bank (32% stake),
Tryggingamidstodin (99% stake) and Landic Property (39.8% stake. The Company's
headquarters are in Reykjavik and it also has an office in London. For more
information visit www.flgroup.is.