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