Landic Property is in the process of conducting a strategic review of the company in light of recent developments in the global financial market. This review focuses on the company´s current operations as well as its balance sheet with the goal to strengthen Landic Property´s financial position. Landic Property has retained UBS Investment Bank and Catella Corporate Finance as advisers to the group. Results are expected before the end of January 2009. Vidar Thorkelsson, CEO of Landic Property says: “After the initial discussions with the company´s stakeholders I am optimistic that the strategic review will be a success and Landic Property will emerge from it as a strong real-estate company.” According to Mr. Thorkelsson, investors have shown interest in the company. For further information please contact: Vidar Thorkelsson, CEO, Landic Property Tel: +354 669 4444 Sebastiaan van Loon, UBS Investment Bank Tel: +44 207 568 0944 Jesper Bo Hansen, Catella Corporate Finance Tel: +45 3393 7593