As previously announced Landic Property is conducting a financial restructuring of the business. As part of the financial restructuring, the company is currently in discussions with its largest creditors including the holders of bonds STOD 03 1, STOD 06 1, STOD 06 2 and STOD 09 0306. The company has been in discussions with these bondholders about changes to the bond terms. Therefore the company will postpone the February and March 2009 payments on bonds issued by the company. The company intends to provide a further update on these discussions by the end of February 2009. For further information please contact: Vidar Thorkelsson, CEO Landic Property Tel: +354 669 4444