- The Annual General Meeting of Landic Property hf. will be held on Tuesday, 22 April 2008

The Annual General Meeting of Landic Property hf. will be held on
Tuesday, 22 April 2008, at 4 p.m., at Hilton Reykjavík Nordica hotel,
Suðurlandsbraut 2, 108 Reykjavík.

AGENDA:
•  The Board of Directors' report on the activities during the previous year of
   operation. 

•  Submission of the Financial Statements for the preceding operational
   year,together with the Auditors' Report, for approval.
 
•  Decision on the disposal of the of the company's earnings in the accounting
   year. 

•  Decision on remuneration to the Board of Directors for the preceding
   operational year. 

•  Proposal on the company's remuneration policy.

•  Election of members of the Board of Directors.

•  Election of an auditor or auditing firm.

•  Proposal on the following amendment to the Articles of Association of the
   company: 

   Amendment to article 2.1 to raise the authorization to the Board of Directors
   to enter into a loan agreement and issue convertible bonds from ISK
   1.383.116.455 to ISK 1.956.968.155 (or the equivalent amount in Euros, should
   the Board of Directors decide to use the aforementioned authorisation to
   convert the share capital of the company into Euros) to fulfil conditions of
   the acquisition of shares in real estate companies and funds, and commitments
   related to them, in accordance with Sale and Purchase agreement, dated
   February 13th 2008. The conversion right shall be valid as follows: From
   February   13th 2010 of up to ISK 533.255.477 kr. at the rate of 15,4350,
   from February 13th 2011 for up to ISK 497.904.275 in addition at the rate of
   16,2068, from February 13th 2012 for up to ISK 474.194.548 kr. in addition at
   the rate of 17,0171 and from February 13th 2013 for up to ISK 451.613.855 in
   addition at the rate of 17,8679. The current shareholders have waived their
   pre-emptive rights to subscription of the new shares. This authorisation
   shall remain in force until February 13th 2013 but expire at that time to
   such extent as it has not been used. 

•  Proposal for renewed authorization to increase the share capital of the
   company to meet payments in connection with other investments by the
   company,and to fulfil share option agreements.
 
•  Proposal for renewed authorization to raise the share capital of the company
   by means of subscription to new shares due to the public offering of shares
   and listing of the company. 

•  Proposal for renewed authorization for the company to buy own shares.

•  Discussion and voting on any other business lawfully submitted.

The agenda, final submissions and financial statements will be available for
inspection by shareholders at Landic Property hf. headquarters seven days
before the annual meeting. 

Ballots and other documents will be available at Hilton Reykjavík Nordica
hotel, from 3 p.m. on the day of the Annual General Meeting. 

The deadline for declaring candidacy for election to the Board of Directors
expires five days before the general meeting. 

Those who wish to stand for election to the Board of Directors are reminded
that they must submit written notification to that effect to the Board, at
least five days before the annual meeting. Only those who have submitted such
notice are eligible for election to the Board. The notification shall include
the following information, in addition to the name of the shareholder,
identification number, address, information on main occupation, other
engagements as a board member, education, experience and shareholdings in the
company. Information shall furthermore be given on connection with main
business partners, competitors and shareholders holding more than 10% shares of
the company. 

Shareholder's proposals must be submitted to the board at least seven days
before the general meeting. 

Board of Directors of Landic Property hf