Arion Bank - Full Exercise Over-Allotment Option

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. Full Exercise of the Over-Allotment Option and Post-Stabilization Notice 20 June 2018 Full Exercise of the Over-Allotment Option In connection with the initial public offering of shares in Arion Banki hf (the "Company") by the Selling Shareholders, Citigroup Global Markets Limited hereby announces that it has fully exercised the Over-