Arion Bank hf. - Company Announcement

Arion Bank completes bill offering

On Friday Arion Bank completed an offering of 6-month bills. Offers totalling
ISK 480 million were received and all offers were accepted at 5.80% flat rates.
It is intended to admit this series to trading on Nasdaq Iceland before the end
of November. 



For further information please contact Haraldur Gudni Eidsson of Arion Bank's
Communications division at haraldur.eidsson@arionbanki.is, or tel. +354 856
7108.