Arion Banki

Arion Bank hf. (the “Bank”) hereby gives notice to holders of the subordinated ISK 880,000,000 Fixed Rate Tier 2 Notes, ISIN: IS0000031326, due January 2030 (the “Notes”) that, having obtained the prior approval of the Financial Supervisory Authority of the Central Bank of Iceland, the Bank will redeem the Notes in full on the first optional redemption date, 4 January 2025, pursuant to Condition 7.6 of the Notes. Following such redemption of the Notes, the Notes will be cancelled pursuant to Condition 7.11 of the Notes.