Arion Banki

Arion Bank hf. (the “Bank”) hereby gives notice to holders of the subordinated NOK 300,000,000 Floating Rate Tier 2 Notes, ISIN: XS2025568846, due July 2029 (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, 9 July 2024, pursuant to Condition 5.3 of the Notes. Following such redemption of the Notes, the Notes will be cancelled pursuant to Condition 5.6 of the Notes.