Arion Bank hf.: Arion Bank: Transactions in relation to a share buyback programme

In week 11 Arion Bank purchased own shares on Nasdaq Iceland and Swedish Depository Receipts (SDR) on Nasdaq Stockholm. See further details below.

Share buyback on Nasdaq Iceland:

Week	Date	Time	Number of shares	Share price	Purchase price (ISK)
11	09.03.2020	09:30	200,000	74.00	14,800,000
11	09.03.2020	09:31	300,000	73.90	22,170,000
11	09.03.2020	09:36	300,000	73.25	21,975,000
11	09.03.2020	09:43	200,000	73.10	14,620,000
11	09.03.2020	12:05	200,000	72.50	14,500,000
11	09.03.2020	13:08	63,404	72.00	4,565,088
11	09.03.2020	13:44	136,596	72.00	9,834,912
11	09.03.2020	13:50	8,200	71.80	588,760
11	09.03.2020	13:52	141,800	71.80	10,181,240
11	10.03.2020	10:21	200,000	74.00	14,800,000
11	10.03.2020	11:35	500,000	74.50	37,250,000
11	10.03.2020	11:42	300,000	74.00	22,200,000
11	10.03.2020	11:49	200,000	73.70	14,740,000
11	10.03.2020	11:51	250,000	73.50	18,375,000
11	10.03.2020	15:24	190,000	73.00	13,870,000
11	11.03.2020	09:37	500,000	75.50	37,750,000
11	11.03.2020	09:50	200,000	74.50	14,900,000
11	11.03.2020	09:53	300,000	74.00	22,200,000
11	11.03.2020	12:44	300,000	75.20	22,560,000
11	11.03.2020	13:00	200,000	75.00	15,000,000
11	11.03.2020	13:39	200,000	74.50	14,900,000
11	12.03.2020	10:23	400,000	66.00	26,400,000
11	12.03.2020	11:32	100,000	65.80	6,580,000
11	12.03.2020	11:33	100,000	65.80	6,580,000
11	12.03.2020	14:55	200,000	65.40	13,080,000
11	13.03.2020	09:31	200,000	64.00	12,800,000
11	13.03.2020	09:31	200,000	63.90	12,780,000
11	13.03.2020	09:32	75,775	63.50	4,811,713
11	13.03.2020	09:33	124,225	63.50	7,888,288
11	13.03.2020	09:40	16,775	63.20	1,060,180
11	13.03.2020	11:36	5,000	63.80	319,000
11	13.03.2020	14:48	200,000	64.30	12,860,000
Week 11 Total			6,511,775		466,939,180

Buyback of SDR's on Nasdaq Stockholm

Week	Date	Time	Number of SDR's	Price per SDR	Purchase price (SEK)
11	02.03.2020		39,599	6.01	238,152
11	03.03.2020		42,144	6.00	252,822
11	04.03.2020		46,507	5.98	278,103
11	05.03.2020		37,429	5.94	222,347
11	06.03.2020		140,667	5.78	813,435
Week 11 Total			306,346		1,804,859

The transactions are carried out in accordance with the Bank's share buyback programme that was announced on both stock exchanges on 31 October 2019 and initiated on the same day.

The Bank held 87,199,637 of own shares and SDRs prior to the transactions in week 11 and holds 84,582,427 shares and SDRs by the end of the same week. The Bank currently holds 5.21% of issued shares in the Bank. Since the launch of the share buyback programme the Bank has bought in total 81,833,309 shares and 12,369,898 SDRs.

In accordance with the buyback programme a maximum of 100,000,000 shares/SDRs in total will be purchased, corresponding to 5.5% of the current issued share capital. It is planned to purchase up to 17,000,000 SDRs in Sweden, corresponding to 0.9% of the current issued shares, and up to 83,000,000 shares in Iceland, corresponding to 4.6% of the current issued shares. The total consideration for purchased SDRs shall not exceed ISK 1,360,000,000 in Sweden and ISK 6,640,000,000 for purchased shares in Iceland (ISK 8.0 billion total). The Programme shall end when the aforementioned conditions are met but no later than 17 March 2020. The CEO of Arion Bank is entitled to discontinue the Programme at any time.

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 [e-mail] or Theodor Fridbertsson, Head of Investor Relations, [phone].