Arion Bank hf. - Company Announcement

Offer to buy back ARION CB 15

Arion Bank is offering to buy back non-indexed covered bonds in the series
ARION CB15, which matures on 16 May 2015, whereby the Bank will pay the 5.0%
yield or the net price 100.1888 (102.608244 with accrued interest) of the
bonds, with a settlement date of 31 March 2015. 

Bondholders wishing to accept this offer are required to inform Arion Bank
Capital Markets before 16:00 on 26 March 2015. 

Fees are as stipulated in the tariff of charges.



For further information please contact Haraldur Guðni Eiðsson of Arion Bank's
Communications department at haraldur.eidsson@arionbanki.is, or tel. +354 444
7108.