Vidar Thorkelsson has been hired as CEO of Landic Property and will replace Skarphéðinn Berg Steinarsson, effective today. Vidar Thorkelsson was the CFO of Stoðir (previously FL Group) from February 2008. Before joining Stodir, Mr. Thorkelsson was the managing director of finance and IT at the media company 365 from 2006- 2008. Before he joined 365, he worked at Vodafone in Iceland and Landsbanki. He graduated with a B.Sc. in Business from the University of Iceland in 1988 and graduated with a MBA degree from the Peter F. Drucker Management Center in 1993. Kristín Jóhannesdóttir, Chairman of Landic Property says; "I thank Skarphéðinn Berg Steinarsson for successful and good co-operation. Under Mr. Steinarsson's management Landic Property grew significantly through acquisitions and mergers of property companies in the Nordic countries. Landic Property´s board of directors has high anticipation of Mr. Thorkelsson and believes that his experience and expertise will be a great asset to the company at these challenging times." Vidar Thorkelsson, new CEO of Landic Property says; "It is a great pleasure to get an opportunity to lead Landic Property, which is a large company with high quality portfolios and a highly experienced group of staff. This will be an exciting and demanding task." Skarphéðinn Berg Steinarsson, former CEO of Landic Property says;"My co-operation with the board of directors and shareholders has been extremely good and there has never been any disagreement about the company´s strategy. I would also like to thank the staff of Landic Property for a very pleasant and successful teamwork." For further information please contact: Páll Benediktsson, Director of Corporate Communications, tel. + 354 895 6066 pabe@landicproperty.com