Arion Bank hf. - Company Announcement

Arion Bank completes bill offering

Arion Bank hf. completed an offering of 6-month bills yesterday. Offers
totalling ISK 1,580 million were received and offers of ISK 680 million were
accepted at 5.25% flat rates. The bills are scheduled to be admitted to trading
on Nasdaq Iceland at the end of April. 



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