Arion Bank hf. - Company Announcement

Reitun updates its credit rating for Arion Bank’s covered bonds

Reitun has given the covered bonds issued by Arion Bank an A rating, the same
rating granted to the Icelandic sovereign. The highest achievable rating
according to Reitun's rating scale is A+. This is the same rating as last year.
The credit rating for the bonds is based both on the credit rating of Arion
Bank and the collateral portfolio risk. 

In Reitun's opinion Arion Bank has strong liquidity and a robust capital base
which should enable it to withstand shocks. The collateral securing the covered
bonds is also robust and the likelihood of default is therefore low. 

The outlook is stable.

For further information please contact: Bára Mjöll Þórðardóttir, Corporate
Communications, Arion Bank bara.thordardottir@arionbanki.is; Tel: (+354) 856
7159.

Attachments:

Arion Sertrygg lanshfismat juli 2013.pdf