Arion Bank hf. - Other information disclosed according to the rules of the Exchange

Arion Bank completes commercial papers offering

Today Arion Bank completed an offering of 12-, 6- and 5-month commercial
papers. In total, 26 bids were received for the total amount of ISK 3,580
million and offers worth ISK 1,360 million were accepted. 

The 5-month series attracted 9 bids totaling ISK 1,240 million at a flat rate
of 5.19% - 5.29%. Bids amounting to ISK 540 m at 5.20% flat rates were
accepted. 

The 6-month series attracted 11 bids totaling ISK 1,480 million in total at a
flat rate of 5.15% - 5.34%. Bids amounting to ISK 480 m at 5.20% flat rates
were accepted. 

The 12-month series attracted 6 bids totaling ISK 860 million in total at a
flat rate of 5.40% - 5.55%. Bids amounting to ISK 340 m at 5.45% flat rates
were accepted 

The commercial papers are scheduled to be admitted to trading on Nasdaq Iceland
20 March. 

For further information please contact Haraldur Gudni Eidsson of Arion Bank's
Communications division at haraldur.eidsson@arionbanki.is, or tel. +354 856
7108.