28.12.2007

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| Source: FL GROUP hf.
multilang-release
FL Group hf. (FL) has on 27 December 2007 implemented a new share option plan
in relation to options granted to employees. The new plan consists of up to 361
million shares at nominal value ISK 1 each. At the same time options for 136
million shares have been terminated. The options granted under the plan are
exercisable in a three years period on 1 March each year from 2009 until 2011,
and 1/3 of the options can be executed annually. 

On the basis of the new plan options to 342 million shares have been granted to
employees at the rate 14.7. The options have i.e. been granted to the following
employees: 

Jón Sigurðsson, CEO, 150 million shares. Already Jon has options to buy 51.5
million shares granted by the company. Neither Jon nor any financially related
party owns shares in FL. 

Benedikt Gíslason, managing director, 35 million shares. Previously, Benedikt
had no options to buy shares in FL granted by the company. Neither Benedikt
Gíslason nor any financially related party owns shares in FL. 

Örvar Kærnested, managing director, 80 million shares. Previously, Örvar had no
options to buy shares in FL granted by the company. Örvar Kærnested holds no
shares in FL but parties financially related to him hold 5,000 shares in FL. 

As of from today FL has in total granted employees options to 501 million
shares at the weighted average price of 15.29. “