  Continuous photometric observations of the visible component of the
single-line, K2IV spectroscopic binary II Peg carried out by the MOST satellite
during 31 consecutive days in 2008 have been analyzed. On top of spot-induced
brightness modulation, eleven flares were detected of three distinct types
characterized by different values of rise, decay and duration times. The flares
showed a preference for occurrence at rotation phases when the most spotted
hemisphere is directed to the observer, confirming previous similar reports. An
attempt to detect a grazing primary minimum caused by the secondary component
transiting in front of the visible star gave a negative result. The brightness
variability caused by spots has been interpreted within a cold spot model. An
assumption of differential rotation of the primary component gave a better fit
to the light curve than a solid-body rotation model.
