- Landic Property - Announcement concerning bond STOD 09 0306


Landic Property is conducting a strategic review of the company in light of
recent developments in the global financial market. UBS Investment Bank and
Catella Corporate Finance have been retained as advisers in relation to the
strategic review.  The review is in cooperation with the company's creditors.
This review focuses on Landic´s current operations as well as its balance sheet
with the goal to strengthen the company´s financial position. Results are
expected within few weeks. 

Part of Landic Property´s financial restructuring is negotiations with bond
holders of STOD 09 0306 that had a coupon payment in December 2008. Landic
Property is currently in discussions with the bond holders about delaying the
December 2008 coupon payment and that it will be paid with the principal on 6
March 2009. Landic Property is in the process of getting a formal approval from
the bond-holders of these changes of terms. 

For further information please contact:
Vidar Thorkelsson, CEO Landic Property
Tel: +354 669 4444