Arion Bank hf. - Company Announcement

Arion Bank completes commercial papers offering

Yesterday Arion Bank completed an offering of 6-month commercial papers. Offers
totalling ISK 2,280 million were received and offers worth ISK 1,320 million
were accepted at 6.44% flat rates. 

The commercial papers are scheduled to be admitted to trading on NASDAQ OMX
Iceland at the end of the month. 

For further information please contact Kristín Erla Jónsdóttir, Funding,
kristin.erla.jonsdottir@arionbanki.is, Tel: +354 856 6272