Arion Bank hf. - Changes board/management/auditors

Monica Caneman leaves the board of Arion Bank

Monica Caneman has decided to step down from the board of directors of Arion
Bank. Monica has been chairman of the board since 2010. Gudrún Johnsen, who has
been vice-chairman of the board during the same period, takes over the
responsibilities of chairman of the board of directors. 

Monica Caneman:

“I have served as chairman of the board of Arion Bank since 2010. It has been a
pleasure to participate in the positive development of Arion Bank over the last
seven years and witness the changes that have taken place at the Bank. It has
been an eventful time and Arion Bank, just as the Icelandic economy, has become
stronger in all respects. Today Arion Bank enjoys a solid position in the
markets it operates in and is financially robust. The Bank’s greatest asset is
its excellent employees, who have done a remarkable job in building up this
good bank. 

Recent changes in ownership represent a watershed for the Bank. Further changes
in the ownership will follow in the near future as the Bank ventures into this
new era. I feel that now is the right time to step aside and leave the role of
chairman of the board of directors. 

I want to thank the members of the board of Arion Bank, the management team and
the Bank’s employees for their dedication and outstanding cooperation during
the last seven years and I wish Arion Bank a bright future.” 

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