Landic Property has signed agreement with NBI, Nyja Kaupthing, Islandsbanki and Glitnir Bank regarding the financial restructuring of the Icelandic property operations. This agreement strengthens the operations of the Icelandic subsidiaries that specialises in leasing and operating Landic Property´s commercial properties in Iceland. The Icelandic property operation is doing well and is performing according to plan. The Icelandic property portfolio consists of 120 properties totalling more than 400 thousand squares meters of retail and office premises. Landic Property has for the past few months been working on the sale of its non-Icelandic subsidiaries and financial restructuring of the parent company Landic Property hf. Landic Property will in the future focus on its Icelandic operations. The company is finalizing the sale of the properties in the Landic Property II A/S portfolio (Magasin and Illum properties) and the sale of Atlas I portfolio is in progress. Vidar Thorkelsson, CEO of Landic Property: “This agreement with the Icelandic banks will strengthen the Icelandic property operations. Co-operation with the Icelandic banks has been good which has led to these domestic assets being saved. This shows that the banks are able to solve complex issues in the current difficult economic environment. “ For further information please contact: Landic Property hf Vidar Thorkelsson, CEO Phone +354 575 9000 E-mail: vth@landicproperty.is