FL Group sells all its shares in Bang & Olufsen A/S

5/30/2007, 11:28 AM (Source: GlobeNewswire)
FL Group has sold all its shares in the Danish high end audio
manufacturer Bang & Olufsen A/S (B&O), corresponding to 10.76% of the
company's issued share capital. The buyers represent a number of
Danish and international institutional investors. The proceeds from
the sale amount to approximately ISK 10.2 billion (EUR 121 million).
FL Group has been a shareholder in B&O since January 2006.

The sale of the B&O shares is a logical step in FL Group's strategy
and following it a reallocation of funds is possible given the number
of attractive investment opportunities available to FL Group. Lately
the company's investment activities include the European financial
sector, notably an investment of 2.99% of shares in the German
Commerzbank AG, investments in the leisure industry in the UK and the
continued support of Refresco's buy and build strategy, which has
resulted in four acquisitions in recent weeks. Furthermore FL Group
has taken a significant step into the real estate market, by forming
an alliance with Bayrock Group LLC, a US based real estate company.
Together the companies are already exploring a few major development
projects around the world.

Hannes Smarason, CEO of FL Group commented on the sale: "FL Group's
investment strategy is charcaterized by flexiblility and the urge to
constantly explore value enhancing opportunities. Being a shareholder
in a worldwide leading company in its field like B&O has been a
valuable experience for FL Group and we wish B&O all the best for the
future. However, we now feel that in the interest of our
shareholders, it's the right time to move on."

Further information:
FL Group
Kristján Kristjánsson
Director Corporate Communications
Tel: +354 591 4427

Notes to Editors:

About FL Group

FL Group is an international investment company, focusing its
activities on two areas of investments. The company's Private Equity
and strategic investments focus on investments in public and private
companies and has a long term view. The company's Capital Markets
unit oversees the company's short term trading as well as derivative
and security trading related to the company's asset portfolio.

With its head office in Reykjavik and offices in Copenhagen and
London, FL Group invests in companies in Northern Europe, focusing
primarily on the Nordics and the UK but also has investments
elsewhere. FL Group is listed on the OMX Nordic Exchange in Reykjavik
(OMX: FL). At the end of first quarter 2007 FL Group's total assets
amounted to ISK 303 billion (EUR 3.4 billion). Its market
capitalisation at the end of March 2007 was ISK 236 billion (EUR 2.7
billion). The largest shareholders of FL Group are Oddaflug BV
(19.8%), owned by Hannes Smárason, CEO; Gnúpur fjárfestingafélag hf.
(19.1%), Baugur Group (18.2%) and Icon and Materia Invest (10.7%).
The shareholding can in some cases be in the name of Icelandic
financial institutions because of forward contracts. More information
on www.flgroup.is

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