As previously announced Landic Property is conducting a financial restructuring of the business. On 16 April 2009 the company announced that it had completed the sale of Finnish subsidiaries and signed agreement for sale of Danish and Swedish subsidiaries. Subsequently, the company filed for a temporary suspension of payments to protect the interests of all creditors and stakeholders of Landic Property whilst the ongoing restructuring of Landic Property, including the sale of a majority stake in the company's activities in Denmark and Sweden, is completed. Landic Property hf. announced on 29 April 2009 that the company will not publish its annual results for 2008 before the end of April 2009. However, the company would like to inform the market that according to a draft of un-audited annual results for 2008 the company´s equity is negative. The company´s restructuring proposal aims to restore the equity. Furthermore, it is assumed that holders of un-secured bonds issued by Landic Property hf. will convert their claims into equity in the company. Landic Property hf. has issued un-secured bonds with following tickers STOD 031, STOD 06 1, STOD 06 2 and STOD 09 0306. For further information please contact: Vidar Thorkelsson, CEO Landic Property hf. Tel: +354 575 9000