Reference is made to the Bank’s announcement concerning the Bank’s share buyback programme published on 31 October 2019. As set out in the announcement, the Bank is allowed to purchase up to 20,650,000 SDRs in Sweden, corresponding to 1.14% of issued shares, and up to 38,350,000 shares in Iceland, corresponding to 2.11% of issued shares. The total consideration for purchased SDRs should not exceed ISK 1,575,000,000 in Sweden and ISK 2,925,000,000 for purchased shares in Iceland (ISK 4.5 billion total).

The Bank has now decided to change the allocation between markets under the share buyback programme. It is now allowed to purchase up to 11,800,000 SDRs in Sweden, corresponding to 0.65% of issued shares, and up to 47,200,000 shares in Iceland, corresponding to 2.6% of issued shares. The total consideration for purchased SDRs shall not exceed ISK 900,000,000 in Sweden and ISK 3,600,000,000 for purchased shares in Iceland.

The programme will be carried out in accordance with applicable laws and regulations in Iceland and Sweden, including Regulation No. 596/2014 of the European Parliament and of the Council on market abuse (“MAR”), Icelandic acts on limited liability companies, No. 2/1995 and on securities transactions, No. 108/2007, and Icelandic regulation on insider information and market manipulation, No. 630/2005.

For further information please contact Arion Bank’s Investor Relations at ir@arionbanki.is or Theodor Fridbertsson, Head of Investor Relations, +354 856 6760.