Arion Bank hf. - Company Announcement

Arion Bank completes bill offering

Arion Bank completed an offering of 6-month bills yesterday. Offers totaling
ISK 680 million were received and offers of ISK 460 million were accepted at
5.25% flat rates. The bills are scheduled to be admitted to trading on Nasdaq
Iceland at the end of February. 

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