Arion Bank hf. - Company Announcement

Amended and Restated Final Terms for Covered Bonds ARION CBI 34

Please find attached announcement regarding the Amended and Restated Final
Terms for ARION CBI 34. Amendments were made to Part A, section 34 f. due to a
typing error in the previously published Final Terms related for covered bonds
issued by Arion Bank hf. under its €1,000,000,000 covered bond programme and
admitted to trading on NASDAQ OMX Iceland hf. Further changes have been made
regarding the admission to trading on the NASDAQ OMX Iceland hf. 22 February
2012. 

For further detail please find attached the announcement and Amended and
Restated Final Terms for Covered Bonds ARION CBI 34

Bifogade filer:

Announcement_Amended and Restated Final Terms.pdf

Arion CBI 34 Amended and Revised Final Terms_signed.pdf