Document:

<PAGE>   1
                                                                   EXHIBIT 10.15

                              OFFICER'S CERTIFICATE

         I, the undersigned, do hereby certify and represent that:

         1. I am the duly elected Senior Vice President and Chief Business
Officer of deCODE genetics, Inc., a Delaware Corporation.

         2. Pursuant to Rule 306(a) of Regulation S-T, the following exhibit
10.15 to deCODE genetics, Inc.'s Registration Statement on Form S-1 is a fair
and accurate English translation of a document prepared in the Icelandic
language.

         IN WITNESS WHEREOF, I have signed this Officer's Certificate in my
capacity as Senior Vice President and Chief Business Officer of deCODE genetics,
Inc. on this 7th day of March, 2000.

                       By:     /s/  Hannes T. Smarason
                               ----------------------------------

                       Name: Hannes T. Smarason
                       Title: Senior Vice President and Chief Business Officer

<PAGE>   2

[NOTE: CERTAIN PORTIONS OF THIS DOCUMENT HAVE BEEN MARKED TO INDICATE THAT
CONFIDENTIALITY HAS BEEN REQUESTED FOR THIS CONFIDENTIAL INFORMATION. THE
CONFIDENTIAL PORTIONS HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION.]

                             COLLABORATION AGREEMENT
                                     BETWEEN
                   THE RESEARCH GROUP ON ARTERIAL HYPERTENSION
                         AND ISLENSK ERFDAGREINING EHF.

The Research Group on arterial hypertension (hereinafter "RA,") and Islensk
erfdagreining ehf. (hereinafter "IE") hereby enter into the following

                                    Agreement

on research into the heredity of arterial hypertension.

I.       SUBJECT OF THE COLLABORATION

RA and IE agree to work together on searching for genetic factors contributing
to arterial hypertension. The proposed collaboration of the parties is
hereinafter referred to as the "Research Project".

II.      CONTRIBUTION OF THE PARTIES

RA will supply the Research Project with biological samples (blood samples),
other clinical information and research data which RA possesses or has access to
regarding patients afflicted with arterial hypertension and their relatives
which are not afflicted with arterial hypertension.

RA will be in charge of relations with the individuals intended for
participation in the research, or their legal guardians, including calling them
in for blood samples and obtaining the informed consent of the participants.
Furthermore, RA will contribute its specialised knowledge and expertise
regarding diagnosis of disorders, experimental design, conduct of experiments
and interpretation of their results.

IE will contribute its expertise in experimental design, conduct of experiments,
assessment of the heredity of the disorder and interpretation of the results of
research.

IE will also contribute equipment, research supplies, reagents and staff to
conduct experiments. IE will pay all reasonable costs of the Research Project,
including the material and wage costs of calling in participants for examination
and sampling. RA will submit a financial plan following the signature of this
Agreement when there is sufficient information to assess the scope of the
Project.

III.     RIGHTS OF THE PARTIES

IE will own all financial and commercial rights to the Research Project and its
conclusions. IE will have the right to sell to a third party the conclusions of
the Research Project or its results and to utilise the Research Project
financially in any other manner consistent with recognised ethical standards,
before or after the Research Project is concluded.

IE and its parent company, deCODE genetics Inc., has contracted with a third
party on the sale of the Research Project, its possible conclusions and results.
The amount of the payment of such third party to IE and deCODE genetics Inc.
will depend on the success of the Research Project. RA will receive as its share
[CONFIDENTIAL TREATMENT REQUESTED] of all payments by the third party to IE or
to deCODE genetics Inc., as applicable, during the term of

                                                                             -1-

<PAGE>   3

such contract with the third party less the deduction of the financing by the
third party of the research costs and investment in IE or deCODE genetics Inc.

IE will pay to RA [CONFIDENTIAL TREATMENT REQUESTED] on signature of this
Agreement, and thereafter an annual amount of [CONFIDENTIAL TREATMENT REQUESTED]
during the course of the Research Project, the total amount never to exceed
[CONFIDENTIAL TREATMENT REQUESTED]. In the event that the Research Project is
concluded in a shorter time than five years by achieving the objective of the
Research Project, RA will be paid on such conclusion the amount which remains
unpaid of the [CONFIDENTIAL TREATMENT REQUESTED] pursuant to this Paragraph.
Payments pursuant to this Paragraph shall be used by RA to finance its own
research and purchase equipment for research. All payments will, following
deduction of the cost of the research, will go to the Equipment and Scientific
Research Fund of the Department of Internal Medicine of the National Hospital.
Payments pursuant to this Paragraph are in addition to and independent of the
[CONFIDENTIAL TREATMENT REQUESTED] payment pursuant to Paragraph 2 of this
Chapter III. IE is granted full authorisation by all the individuals engaged in
RA to deliver to the party accepting the initial payment of IE to RA on behalf
of RA any payments which may be subsequently payable by IE pursuant to the terms
of this Agreement. RA will employ a chartered accountant with full authority to
monitor payments, finances and reception of payments in respect of the Research
Project on behalf of RA, provided that IE receives verifiable notification
thereof with reasonable notice.

The right of RA to payments pursuant to Paragraphs 2 and 3 of this Chapter III
is based on the understanding that IE will not need to pay other parties for the
data and information which RA has undertaken to supply pursuant to Paragraph 1
of Chapter II, and that it will not be necessary for IE to enter into further
collaboration with other parties in Iceland regarding the study of arterial
hypertension in order to achieve the objectives of the Research Project. In the
event that it proves necessary for IE to negotiate payments to a third party in
order to ensure access to the data and information referred to in Paragraph 1 of
Chapter II, or if it proves necessary for IE to take up collaboration with other
parties in Iceland to achieve the objectives of the research, then the
provisions of Paragraphs 2 and 3 of this Chapter III shall be reviewed so that
the total payments of IE to RA and the third party remain the same as the
payments specified in Paragraphs 2 and 3. RA is not financially liable to IE for
the achievement of the scientific or commercial objectives of the research. In
the event that a third party effects the discontinuation of the research, RA
shall not be liable to IE in respect of such discontinuation, provided that all
payments to RA which have not been disposed of for the payment of research costs
are returned to IE.

IV.      MANAGEMENT

Decisions regarding the Research Project will be taken by RA and IE jointly, and
a Steering Committee will be formed composed of two representatives from each
party to this Agreement in order to formulate rules on the arrangement, control
and implementation of the Research Project. The Co-ordinator of the Research
Project shall be selected from among the members of the Steering Committee
nominated by RA.

The Steering Committee is also responsible for defining the objectives of the
Research Project and establishing the professional requirements which the
parties to this Agreement approve as adequate to the conduct of the research.

                                                                             -2-
<PAGE>   4

The Steering Committee is responsible for the processing of data and publication
of results pursuant to the rules of Chapter V hereof.

V.       HANDLING, PROCESSING AND DISSEMINATION OF INFORMATION

The parties to this Agreement undertake to treat all personal information as
confidential. The parties to this Agreement undertake to observe the guidelines
of the Data Protection Commission and, as applicable, the specially appointed
representative (observer) of the Data Protection Commission regarding the
handling and processing of such information as well as the guidelines and
conditions of the Science Ethics Committee, which is constituted pursuant to Act
No. 74/1997 on Patients' Rights.

The results of the Research Project will be published as soon as they fulfil
academic requirements and are fit for publication. However, IE may postpone such
publication by a maximum of 90 days to secure property rights relating to any
invention arising out of the research. In the event that a third party submits
to IE a request for postponement of the publication of results when they are
ready for publication pursuant to the above, the publication may be delayed for
a maximum of 90 days.

VI.      LIMITATIONS ON COLLABORATION WITH OTHER PARTIES

RA and individuals within the group covenant not to work, jointly or separately,
with others on research into the heredity of arterial hypertension during the
course of the Research Project. RA and individuals within the group covenant not
to enter into collaboration with other parties on the part of the Research
Project which led to a discovery for five years following the conclusion of the
Research Project pursuant to this Agreement. However, if the Research Project
does not lead to a discovery, individual parties within RA are entitled to take
up collaboration with other parties regarding research into the heredity of
arterial hypertension following the conclusion of the Research Project. This
limitation does not, however, apply to the collaboration of RA with a Canadian
party.

IE covenants that during the course of the Research Project, IE will not take up
collaboration with other parties on research into the heredity of arterial
hypertension unless the Steering Committee regards such collaboration as
necessary in order to achieve the objectives of the Research Project. In the
event that it should prove necessary to add new partners to the Research
Project, the Steering Committee shall decide on the choice of such partner. In
the event of a dispute within the Steering Committee, RA will decide on the
choice of additional partners. Notwithstanding the above, the provisions of this
Paragraph shall not preclude collaboration by IE in the area of the Research
Project with the parties who have negotiated the purchase of the Research
Project, its conclusions or results, provided that such collaboration does not
prejudice the rights of the research group pursuant to Paragraphs 2 and 3 of
Chapter III.

Subject to the provisions of Paragraphs 1 and 2 of Chapter III, the parties to
this Agreement agree that this agreement is not transferable, partly or wholly,
to other legal entities or individuals without the consent of both parties to
this Agreement.

VII. TERM AND CONCLUSION OF PROJECT

The Research Project shall continue for a term of five years following the
signature of this Agreement unless the Project is concluded earlier. In the
event of substantial

                                                                             -3-
<PAGE>   5

default by either party to this Agreement the other party may terminate this
Agreement. In the event of a dispute regarding the termination rights of a
party, such dispute shall be resolved pursuant to the terms of Chapter VIII.

At the conclusion of the Project, all clinical data (blood samples and clinical
information) shall be returned to RA.

In the event that one or both parties see reason to continue their collaboration
following the agreed term, such continuation shall be considered independently.

In the event that a third party effects the discontinuation of this research, RA
may terminate this Agreement with IE without compensation except as provided for
in Paragraph 4 of Chapter III hereof.

VIII  SETTLEMENT OF DISPUTES

In the event of a dispute between the parties regarding the implementation of
this Agreement or performance which cannot be resolved within the Steering
Committee, two parties, one from each party to this Agreement, shall attempt to
reach a consensus on settlement of the dispute. In the event that no settlement
can be reached by these two parties within two weeks from the time that the
dispute was submitted to them, each party to this Agreement shall appoint one
arbitrator and the parties to this Agreement shall then jointly request the
appointment of a neutral third arbitrator by the District Court of Reykjavik to
participate in the resolution of the dispute, and the three parties shall
constitute an arbitration tribunal. The tribunal shall conclude their resolution
of the dispute within one month from the time that the tribunal is fully
constituted.

The cost of the work of the arbitration tribunal shall be subject to the
decision of the tribunal at each time. The work of the tribunal, procedure and
conclusions before the tribunal shall in other respects be governed, as
applicable, by Act No. 53/1989 on Contractual Arbitration.

Notwithstanding the above provisions on arbitration, issues involving the
collection of payments under this Agreement which are not in dispute between the
parties to this Agreement may be submitted to the courts, as well as any
disputes regarding financial claims which either party may make against the
other party on the basis of the decision of the arbitration tribunal regarding
the default or breach by the other party to this Agreement, provided that the
claim has not previously been submitted to the arbitration tribunal. Such issues
shall be submitted to the District Court of Reykjavik.

This Agreement is in 8 chapters on five pages. It is done in two copies, one to
be held by each party to this Agreement.

Reykjavik 3 June 1998

For the Research Group on arterial     For Islensk erfdagreining ehf.
hypertension:

Thordur Hardarson, Physician [sign.]    Kari Stefansson, Managing Director
                                       [sign.]

                                                                             -4-
<PAGE>   6

Arni Kristinsson, Physician [sign.]

                                                                             -5-<PAGE>   1
                                                                   EXHIBIT 10.16

                              OFFICER'S CERTIFICATE

         I, the undersigned, do hereby certify and represent that:

         1. I am the duly elected Senior Vice President and Chief Business
Officer of deCODE genetics, Inc., a Delaware Corporation.

         2. Pursuant to Rule 306(a) of Regulation S-T, the following exhibit
10.16 to deCODE genetics, Inc.'s Registration Statement on Form S-1 is a fair
and accurate English translation of a document prepared in the Icelandic
language.

         IN WITNESS WHEREOF, I have signed this Officer's Certificate in my
capacity as Senior Vice President and Chief Business Officer of deCODE genetics,
Inc. on this 7th day of March, 2000.

                        By:     /s/  Hannes T. Smarason
                                --------------------------

                        Name:   Hannes T. Smarason
                        Title:  Senior Vice President and Chief Business Officer

<PAGE>   2

CONTRACT ON SALE AND LEASEBACK
8 June 1998

ISLENSK ERFDAGREINING EHF.
AND
THE ICELANDIC INVESTMENT BANK

The Icelandic Investment Bank (Fjarfestingarbanki atvinnulifsins hf). ID no.
501097-2179, Armuli 13, Reykjavik, hereinafter termed the lessor, and Islensk
erfdagreining ehf., Lynghals 1, Reykjavik, hereinafter termed the lessee, have
made an agreement that the lessor shall purchase from the lessee the property
Lynghals 1, Reykjavik, pursuant to the attached contract of sale and transfer of
title marked Appendix I (hereinafter "contract of sale") and that the lessee
lease the property for the lessee's business, from the date of the contract of
sale. The lessor and lessee have thus made the following.

                          SALE AND LEASEBACK AGREEMENT
                           ON THE PROPERTY LYNGHALS 1

1.       PROPERTY

The lessee leases from the lessor the property Lynghals 1, Reykjavik, together
with the concomitant land-lease rights (hereinafter "the property.") This
consists of industrial and office accommodation as described more fully in
Appendix 1.

2.       AMOUNT OF LEASE

The purchase price of the property pursuant to the contract in Appendix 1 is a
total of ISK170,000,000 (one hundred and seventy million ISK). The amount of the
lease comprises the purchase price, contract charge and lessor's costs due to
registration and stamp duty on the contract in Appendix 1. Details of the
composition of the amount of the lease are to be found in Appendix II (summary
of conditions).

3.       INITIAL LEASE PERIOD

The agreed period of the lease begins on 5 June 1998 and ends without formal
notice on 4 June 2008.

4.       CONDITION OF PROPERTY

The lessee is familiar with the condition of the property and is satisfied with
it in every way.

5.       LEASE PAYMENTS

Payments on the lease shall be made monthly in arrears, the date of payment
being the 5th day of each month for the prior month. The first date of payment
is 5 July 1998, and the last date of payment 5 June 2008. Payment dates thus
total 120. If the date of payment is not a banking day, the due date shall be
transferred to the next banking day following. A banking day shall be regarded
as a day when banks are open both in Iceland and in the country of origin of the
foreign currency in which the lease is denominated.

The monthly lease payment agreed is USD 26,671.25, which shall be raised or
lowered in accord with changes in LIBOR interest rates (London Inter Bank
Offered

                                                                             -1-
<PAGE>   3

Rate) on the inter-bank market in London for one-month USD loans, vis-a-vis the
interest rate plus interest supplement stated in Appendix II of this contract.
The lease payment each month shall be a sum equivalent to payments on a 10-year
annuity loan with 12 repayments per year. When LIBOR interest is calculated,
this shall be done on the basis of the interest rates published on Reuters BBA
page at 11 am (GMT) two days before the due date, and this shall apply to the
next period.

Should the lease payment or other payments covered by this contract not be paid
on the due date, the debt shall be subject to the highest legal penalty interest
rates from due date to date of payment.

The lessee shall pay, during the period of the lease, fees/costs due to
collection and receipt of individual lease payments.

All payments covered by his contract shall be made at a place to be decided by
the lessor, who shall inform the lessee of this.

6.       OPERATIONAL COSTS, ETC.

The lessee shall, in addition to lease payments pursuant to Art. 5, pay all
operational costs of the property, including all property taxes, contributions
to joint maintenance work, costs due to improvements to the plot or the
property, and cost of a managing committee for the building if applicable.

Should the lessor pay operational costs payable by the lessee under the terms
above, this amount is payable at the next due date for lease payments.

The lessee shall reimburse the lessor for all taxes and duties that may be
imposed upon this contract or in connection with it, including those due to the
lessor's ownership of the property. The same applies to compensation that the
lessor may be required to pay as owner of the property, not covered by ordinary
property-owners' insurance, pursuant to Art. 7, para. 4. This does not, however,
apply to taxes that may be levied on the lessor's revenue from this contract, or
property tax that may be levied on the lessor's assets.

7.       MAINTENANCE OF PROPERTY

The lessee shall treat the property with care, and in keeping with the agreed
use.

The lessee shall be responsible, at the lessee's own expense, for all
maintenance of the property, inside and out. The property shall be maintained in
good condition, by such measures as painting the property and renewing flooring
and other surfaces, in keeping with good practice regarding the maintenance of
leased property.

Should the property or its appurtenances be damaged, the lessee shall take
measures to repair the damage at the lessee's own expense and as soon as
possible.

The lessee shall purchase property-owner's insurance in the name of the lessor
with regard to the property, and continue this throughout the period of the
lease.

Should the lessee not fulfil the above obligations regarding maintenance and
repair as specified above, the lessor may have maintenance or repairs carried
out at the lessee's expense, and require reimbursement of the cost on the next
due date of the lease.

                                                                             -2-
<PAGE>   4

8.       ADDITIONS AND CONSTRUCTION

The lessee has the lessor's full permission to carry out those improvements and
additions to the property that are necessary in order to make it suitable for
the research work in human genetics and information technology that the lessee
carries out, and is known to the lessor. Those changes or improvements made by
the lessee to the property itself will automatically and without special
reimbursement become the property of the lessor, in keeping with practice in the
leasing and sale of commercial premises. The lessee shall seek the lessor's
consent for all changes which may be regarded as unusual for the activity of the
lessee. Should such changes or additions be made without the lessor's consent,
the lessor may require the property to be restored to its original condition,
without cost to the lessor.

The lessor is aware that the lessee plans to extend the property at Lynghals 1
within a few years. Permission has been obtained from municipal authorities for
an extension with a ground area of 1,500 sq.m. The lessor grants permission for
this extension to be carried out, should the lessee decide to undertake it. All
extensions to the existing property become the property of the lessee.
Concomitant land-lease rights, in keeping with the proportional size of the
present building and the extension to be constructed, will also become the
property of the lessee. The lessor undertakes to agree to the making of a new
agreement on the division of the property pursuant to the above, without any
special fee being paid. Costs of making the contract of division are to be paid
by the lessee.

Should the lessee intend to transfer property rights in an extension to Lynghals
1 to a third party, the lessor shall have preemptive rights to equal the offer
of the third party, whether this consists of sale, rental or sale and leaseback
of the extension. The lessor's pre-emptive right is contingent upon the lessor
still being owner of the property and payment of the outstanding amount of the
lease not having taken place pursuant to Art. 12.

9.       OWNERSHIP, TRANSFER OF RIGHTS, ETC.

The lessor has, during the term of the lease, direct right of ownership in the
property.

The lessee shall, if liens should be imposed upon business equipment or other
chattels located on the property, whether as collateral or for attachment of
debts, ensure that the lien does not apply to the property. If any doubt exists
about this at the time of the lien being imposed, the property shall be clearly
excepted from the lien.

The lessor may transfer rights and obligations under the terms of this lease,
provided such as transfer does not in any way affect the rights of the lessee.
The lessee may not transfer the right to use of the property without the written
consent of the lessor. The lessor shall grant the lessee the right to sublet the
property, if it is certain that this will in no way affect the interests of the
lessor.

Direct ownership of the property and other ownership rights are transferred at
the end of the lease period to the lessee, or to a party nominated by the
lessee, provided the lessee has in every way fulfilled the obligations on the
lessee under the terms of this contract.

                                                                             -3-
<PAGE>   5

10.      INFORMATION

The lessee must submit to the lessor, no later than 6 months after the end of
the accounting year, a copy of the lessee's annual accounts.

11.      RESCISSION AND SETTLEMENT

The lessor may rescind this contract if the lessee defaults seriously on
obligations under this contract.

Examples of serious default are:

1.   The lessee neglects maintenance or repair to the property, so that it is at
     risk of deterioration, or does not comply with the lessor's instructions to
     rectify matters within four weeks from receipt of the notice.

2.   The lessee sublets rights under the lease or sublets the property without
     the consent of the lessor, and does not comply with the lessor's
     instructions to rectify matters within four weeks of receipt of the notice.

3.   The lessee does not make payments due on the lease, or other payments
     payable to the lessor by the terms of this contract, on the due dates, and
     remains in default for more than four weeks.

4.   The lessee requests a moratorium on debts, an unsuccessful attempt is made
     at attachment or impounding regarding the lessee, or liquidation
     proceedings are requested by the lessee or creditors of the lessee, on the
     basis of an unsuccessful attempt at attachment, the lessee seeks
     composition of debts, or a decision is made to cease trading.

5.   The lessee's financial position deteriorates so seriously after the signing
     of the contract that it must be regarded as highly likely that the lessee
     cannot fulfil obligations to the lessor, and the lessee does not comply
     with the lessor's instruction to rectify the financial position within four
     weeks of receipt of the notice.

Notices requiring rectification sent by the lessor to the lessee under the terms
of this article shall be sent by provable means, and the rectification required
shall be clearly stated.

Notice of rescission of the contract shall be in writing, and sent by provable
means.

Should the lessor rescind the contract due to default by the lessee, the lessee
shall within four weeks of the receipt of written notice of rescission pay to
the lessor all due but unpaid lease payments and other payments covered by this
contract which remain unpaid on the day of rescission, and all lease payments
not yet due, calculated to current value on the basis of the contract's interest
rate, minus half a percent (0.5% rescission supplement). The lessee's debt, thus
calculated, shall be subject to the highest legal penalty interest rates from
the above-mentioned due date until date of payment. In addition the lessee shall
pay the lessor, based upon invoices submitted by the lessor, all the lessor's
costs due to the default and rescission, including legal costs.

When the settlement has been completed as stated above, and the lessee shall be
free of all debt to the lessor, title to the property shall be transferred to
the lessee pursuant to Art. 9, para. 4.

                                                                             -4-
<PAGE>   6

If settlement to the lessor is not carried out within the time stated above, the
lessor shall as soon as possible attempt to sell the property on the free
market. In such attempts to sell, the lessor shall take into account the
interests of the lessee.

If the property is sold, the sales price, minus sales costs, shall be deducted
from the lessee's debt as stated above, if and when the lessor has received the
sales price in money. Payment by cheque, bank draft or bond is not regarded as
payment in money. Attempt at sale does not affect the lessee's obligation to
pay.

12.      LESSEE'S RIGHT TO PAY OFF REMAINDER OF LEASE

The lessee has the right to terminate this contract and reacquire the property
and all rights pertaining to the plot and other rights specified in the contract
of sale in Appendix I, at any time during the period of the lease, by paying off
all due lease payments and those not yet due, together with interest accruing,
in keeping with the provisions of the contract, calculated to present value on
the basis of the interest rate of the contract, on the day of settlement. In the
case of such a settlement, all ownership rights in the property are transferred
to the lessee, pursuant to Art. 9, para. 4.

13.      RETURN OF THE PROPERTY

Should the period of the lease expire without transfer of rights pursuant to
Art. 9 para 4, the lessee shall return the property to the lessor in the same
condition as when it was received. The lessee bears sole and unlimited
responsibility for compensation for deterioration of the property or damage to
it, insofar as this is not classifiable as fair wear and tear due to normal or
agreed use. Should a dispute arise between the lessor and lessee on the amount
of compensation due to damage to the leased property, it shall be decided by the
decision of one court-appointed assessor, whose decision shall be final. The
assessor shall be appointed, and work, on the basis of laws on courts of
arbitration.

14.      NOTICE

All notices to the lessee may be given at the address stated on the front of
this contract, unless the lessee has provably informed the lessor of a new
address.

15.      APPENDICES

The Appendices especially mentioned in the this contract and/or signed as
appendices to the contract, are a part of the contract.

16.      JURISDICTION

Should a dispute arise from this contract, the case may be conducted in the
Reykjavik District Court.

17.      HEADINGS

Headings of articles 1-17 form no part of the content of the contract.

Reykjavik 8 June 1998

On behalf of the Icelandic Investment Bank
(signed) Bjarni Armannsson

                                                                             -5-
<PAGE>   7

On behalf of Islensk erfdagreining ehf.
(signed) Kari Stefansson

Appendices:
I Contract and transfer of title dated 8 June 1998 II Summary of conditions
dated 8 June 1998

Witness to correct date, signature and financial competence of the parties
(signed) Tomas Sigurdsson, District Court Attorney
ID no. 180966-3159

                                                                             -6-
<PAGE>   8

CONDITIONS OF SALE AND LEASEBACK AGREEMENT ON THE PROPERTY LYNGHALS 1, REYKJAVIK

08.06.1998

<TABLE>
<CAPTION>
<S>                                         <C>

Lessee                                      Islensk erfdagreining ehf.

Lessor                                      Icelandic Investment Bank

Leased item                                 Property Lynghals 1, Reykjavik

Amount in ISK                               170,000,000
Amount in USD                               2,403,846.15
Exchange rate ISK/USD                       70.72
Libor interest rate, BBA                    5.65625%
Interest supplement                         1.15%
Contract charge %                           0.5%
Contract charge, USD                        12,019.23
Stamp duty on sales contract, ISK           453,776.00

Cost due to registration of sale, ISK       3,600.00

Lease payment per month, USD                27,671.25
Payable, USD                                2,385,359.50

Date of payment                             09.06.1998
Paid into account no.                       115-38-129228

Frequency of lease payments                 monthly

No. of lease payments                       120

First due date                              5.7.1998
Final due date                              5.6.2008

                                            Appendix I with sale and leaseback contract
</TABLE>

                                                                             -7-
<PAGE>   9

                                                           Document drawn up by:
                                       Tomas Sigurdsson, District Court Attorney
                                                              ID no. 180966-3159
                                                       Armuli 13a, 155 Reykjavik

CONTRACT OF SALE AND TRANSFER OF TITLE

Islensk erfdagreining ehf., ID no. 691295-3549, Lynghals 1, Reykjavik,
hereinafter termed the seller, hereby sells and transfers to the Icelandic
Investment Bank (Fjarfestingarbanki atvinnulifsins hf.), ID no. 501097-2179,
Armuli 13a, Reykjavik, hereinafter termed the buyer, to full ownership and right
of disposal of the property specified below.

I. THE ITEM TRANSFERRED.

The seller transfers to the buyer full ownership and right of disposal of the
property Lynghals 1, Reykjavik, together with all appurtenances, including the
appurtenant plot of land in keeping with land lease document numbered
E-12887/1981.

More precisely this consists of the following parts of the property, classified
by the numbering system of the Evaluation Office of Iceland.

<TABLE>
<CAPTION>
Evaluation no.    Ev. Part    Use              Area              Property
                                                                 evaluation
<S>               <C>         <C>              <C>               <C>

204-4238          01 0001     warehouse        1,113.1m2         33,613,000
204-4239          01 0101     industrial       1,241.2m2         48,071,000
204-4240          01 0201     offices          965.2m2           31,760,000
                                               3,319.5m2         113,444,000

</TABLE>

II. DELIVERY - CONDITION

The property transferred is delivered to the buyer today. The buyer has examined
the condition of the property and is entirely satisfied with it.

III. SALES PRICE AND PAYMENT

The agreed purchase price, ISK170,000,000, one hundred and seventy million ISK,
has been paid in full.

IV. OBLIGATIONS AND LIENS

The property is sold free of all liens with the exception of the above.

V. PROFITS AND COSTS

The purchaser shall receive the profits and pay the expenses of the property
sold from the day of delivery, but the seller until that time. The property is
leased back to the seller by a sale and leaseback agreement dated today, under
whose terms the seller shall pay all operational costs of the property.

                                                                             -8-
<PAGE>   10

Should a dispute arise from the transfer of title, the case may be conducted in
the Reykjavik District Court.

In confirmation of which, signatures of the buyer and seller in the presence of
witnesses.

Reykjavik 8 June 1998
Seller
On behalf of Islensk erfdagreining hf.
(signed) Kari Stefansson

Buyer
On behalf of the Icelandic Investment Bank
(signed) Bjarni Armannsson

Witnesses to the correct date, signature and financial competence of the
parties.

(signed) (illegible)
ID no. 080263-2289
(signed) Tomas Sigurdsson, district court attorney
ID no. 180966-3159

                                  Appendix II with sale and leaseback agreement.

                                                                             -9-

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