Arion Bank hf. - Company Announcement

Arion Bank completes commercial paper offering

Yesterday Arion Bank completed an offering of 6-month commercial papers. Offers
were accepted for ISK 540 million at flat rates of 6.50%. 

The commercial papers are scheduled to be admitted to trading on NASDAQ Iceland
at the end of August. 

For further information please contact Haraldur Gudni Eidsson of Arion Bank´s
communications division at haraldur.eidsson@arionbanki.is, or tel: +354 444
7108.