Arion Banki

On 12 February 2024 the Issuer gave notice to the Covered Bondholders of a meeting of the Covered Bondholders (the “Meeting”) for the purpose of soliciting a consent to modify (i) the final terms of the Covered Bonds through a supplemental agency agreement and (ii) the deed of covenant executed by the Issuer on 16 July 2021 in favour of the Covered Bondholders through a supplemental deed of covenant, to give effect to the following:

• the Covered Bonds will no longer be rated by S&P Global Ratings Europe Limited (“S&P”); and
• the covenants relating to the credit ratings provided by S&P in respect of the Covered Bonds shall cease to apply,

all as proposed by the Issuer for approval by extraordinary resolution of the Covered Bondholders of the Covered Bonds and all as further described in the consent solicitation memorandum dated 12 February 2024. Results of the Meeting have been received and the Issuer refers to the attached notice and the disclaimers therein in respect of those results.

S&P Global Ratings today withdrew its 'A+' credit ratings on Arion Bank's mortgage covered bond program at the issuer's request as further noticed in attachment. At the time of the withdrawal, the rating was A+ with stable outlook. For avoidance of doubt the covered bonds will continue to be rated by Moody’s.