Arion Bank hf. - Other information disclosed according to the rules of the Exchange

Arion Bank completes commercial papers offering

Today Arion Bank completed an offering of 18-, 12-, 6- and 5-month commercial
papers. In total, 30 bids were received for the total amount of ISK 5,360
million and offers worth ISK 3,260 million were accepted. 

The 5-month series attracted 7 bids totaling ISK 900 million at a flat rate of
4.85% - 5.15%. Bids amounting to ISK 460 m at 5.02% flat rates were accepted. 

The 6-month series attracted 13 bids totaling ISK 3,000 million in total at a
flat rate of 4.85% - 5.15%. Bids amounting to ISK 2,300 m at 5.10% flat rates
were accepted. 

The 12-month series attracted 8 bids totaling ISK 1,300 million in total at a
flat rate of 5.09% - 5.30%. Bids amounting to ISK 500 m at 5.17% flat rates
were accepted 

The 18-month series attracted 2 bids totaling ISK 160 million in total at a
flat rate of 5.44% - 5.45%. All bids were rejected at this time. 

The commercial papers are scheduled to be admitted to trading on Nasdaq Iceland
19 May. 

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