Landic Property hf. - Decisions of extraordinary general meeting

Results of Landic Property hf's shareholders meeting held 29 January 2009

The Landic Property hf shareholders meeting was held today, 29 January 2009. 

The following proposals were submitted to the meeting and approved:

1:  Proposal to amend article 4.1., changing the number of Landic Property´s
Board of Directors members from seven to five; and 

2:  Proposal to grant the Board of Directors of Landic Property authorization
to continue the strategic review and a restructuring of the company. 
As stated in the announcement from Landic Property on the 5 December 2008, the
company is conducting a strategic review in light of the continuing adverse
market conditions. Following conclusions from the strategic review to date, the
shareholders meeting of Landic Property hf., held of 29 January 2009 resolves
to grant the Board of Directors of Landic Property authorization to continue
the strategic review and a restructuring of the company. Such a restructuring
may, amongst other options, involve a sale of assets that do not fit within the
new strategy of the company. This authorization will be effective until year
end 2009.