Fly Play hf.

Major Shareholding Notification • Jan 21, 2008

Disclosure 252998

FL GROUP hf. - Company Announcement

FL Group divests part of its holdings in Commerzbank

Reykjavik, Iceland, 21 January 2008, FL Group (OMX: FL), the international investment company, announces that it has divested part of its holding in Commerzbank. In the light of recent share price fluctuation in Commerzbank, FL Group states that its current holding in Commerzbank is approximately 1.15% (as of end of trading 18 January). The divestment is part of FL Group's regular review of its investment trading portfolio. For further information: FL Group Halldor Kristmannsson Managing Director of Corporate Communications and IR Tel: (+354) 591 4400 / 669 4476 E-mail: halldor@flgroup.is Website: www.flgroup.is About FL Group FL Group is an international investment company focusing on three areas of investment, Financial and Insurance (FIG), Private Equity and Capital Markets. FIG is a special investment function responsible for strategic investments in banking, insurance and other financials. Private Equity oversees FL Group‘s private equity holdings in addition to some listed positions that fit specific investment criteria. The company's Capital Markets function oversees investments in listed securities as well as derivatives and other alternative trading for hedging or investment purposes. With head office in Reykjavik and an office in London, FL Group invests in companies worldwide. The Company is listed on the OMX Nordic Exchange in Reykjavik, Iceland (OMX: FL), with over 4,000 shareholders. More information on www.flgroup.is