Arion Bank hf. - Company Announcement

Arion Bank completes bill offering

Arion Bank completed an offering of 6-month bills today. Offers totalling ISK
1,240 million were received and offers of ISK 640 million were accepted at
5.25% flat rates. The bills are scheduled to be admitted to trading on Nasdaq
Iceland at the end of December. 



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