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Fly Play hf. Board/Management Information 2008

May 16, 2008

6604_iss_2008-05-16_0ec419c0-7b70-4778-8b06-2fe7a15eb8fe.html

Board/Management Information

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Disclosure 258887

FL GROUP hf. - Changes board/management/auditors

FL Group announces Management changes

Reykjavik, Iceland 16may 2008 - FL Group (OMX: FL), the investment company, today announces changes in its management board. An agreement has been reached between the Company and Benedikt Gislason, Managing Director of Capital Markets, that Benedikt will resign from his position at FL Group. Benedikt has been appointed Managing Director at Straumur-Burdaras Investment Bank. The Capital Markets division will from now on be overseen by FL Group's CEO. Members of FL Group´s Management Board are Jon Sigurdsson, Chief Executive Officer (CEO), Vidar Thorkelsson, Chief Financial Officer (CFO), Orvar Kaernested, Managing Director of Private Equity and Bernhard Bogason, Managing Director of Legal. For further information contact: Julius Thorfinnsson Head of Corporate Communications [email protected] ph. + 354 591 4400