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Company presentation 15 February 2017 Iceland at glance strong and modern economy Strong economy with further upsides Central location Iceland became fully independent from 1944 Denmark in 1944 Full independence from The

  1. Experienced management team  Proven track record in Höskuldur H. Ólafsson – Chief Executive Officer Freyr Thórdarson – MD of Corporate Banking  Former CEO at Valitor hf. – Visa Iceland (2006-2010)  Senior Director Nordic Credit Portfolio at Kaupthing Bank’s Resolution strategy execution Committee  Previously Deputy CEO at Eimskip (listed, Iceland) after different  Served on the boards of directors of several companies in Iceland and management positions within the group abroad and served on the board of directors of Arion Bank from 2012 to  Served on the boards of directors of numerous institutions in  Low turnover rate 2013 and was a member of the Board Credit Committee Iceland and abroad  MBA (Reykjavík Univ.)  Cand. oecon. degree in business administration (Univ. of Iceland)  Use of available Stefán Pétursson – Chief Financial Officer Ida B. Benediktsdóttir – MD of Investment Banking incentivisation to create  Previously Head of Private Banking, Head of Corporate Communications  Previously CFO of Landsvirkjun (listed bonds, Lux and Iceland) 2002-2010 where he worked for almost 20 years incl. as at Arion Bank and divisional head in Treasury at Kaupthing Bank (joined in treasurer and head of funding 1999) value  Served on the boards of directors of numerous companies (incl. AFL –  Currently a member of the board of directors of Valitor savings bank and HB Grandi hf.)  MBA (Babson College), cand.oecon in business administration  Management and  B.Sc. in business administration (Univ. of Iceland). M.Sc. in financial (Univ. of Iceland) management (Rotterdam School of Mgt.), certified stockbroker supporting team to execute Sigurjón Pálsson – Chief Operating Officer Jónína S. Lárusdóttir – MD of Legal Division  Previously Director of the General Office and Permanent Secretary at the  Head of the Work-Out team at Arion Bank (2009-2011) on proposed strategy Ministry of Commerce (served for 10 years)  M&A in Kaupthing Bank’s Investment Banking division  Currently a member of the board of directors of Valitor  Currently the Chairman of the board of both Landey ehf. and  Served on and chaired numerous committees Stodir hf.  Master’s degree incl. European competition law (LSE), faculty of law  Served on the boards of directors of various companies in Iceland (Univ. of Iceland), qualified district court attorney and abroad  M. Eng. in supply chain mgt. (MIT), M. Sc. in construction mgt. (KTH Stockholm), civil engineeri (Univ. of Iceland), certified stockbroker Helgi Bjarnason – MD of Retail Banking Gísli S. Óttarsson – Chief Risk Officer  Managing Director of Sjóvá Almennar, life insurance company (2006 -  Previously Head of Research and Dev. at Kaupthing Bank's risk 2010) mgt. division (joined in 2006)  Currently chairman of the board of directors of Vördur insurance  Formerly software designer and adviser for various engineering company and Vördur life (served as actuary for ten years), served on companies in the United States various boards of directors  PhD in mechanical engineering (Univ. of Michigan), certified  Cand. act. degree in actuarial mathematics (Univ. of Copenhagen) stockbroker Rakel Óttarsdóttir – Chief Information Officer Margrét Sveinsdóttir – MD of Asset Management  30+ years experience in the financial sector (various positions  Joined Kaupthing Bank in 2005 as an account manager in IT division and later head of Arion Bank’s Project Office and then MD of Corporate within banking and asset management)  Served on a number of boards of directors Development and Marketing.  Software designer and Head of Dev. at TM Software – Libra  Currently chairman of fund companies in Luxembourg  MBA (Duke Univ.), B.Sc. in computer science (Univ. of Iceland)  MBA (Babson College), cand.oecon degree in business administration (Univ. of Iceland) and certified stockbroker 8

  2. Fully restructured bank, with potential for further value creation 2010-2012: 2013-2014: 2015+ 2010 2016 “Restructuring of the bank and “Streamlining and building of the “Strengthening market leadership Loan portfolio composition its customers” business” and harvesting full value 25 potential” 47 % 53 • • • Operations consolidated under Launched “lean banking Further strengthening market % % 75 Arion Bank initiative ” and implemented leadership and scaling of % • changes to core banking presence Clean and newly valued • Individuals Corporates & other operations balance sheet post crisis Harvesting value from • • Problem loans Optimised branch network operational efficiency and Acquired loan portfolios from • scaling of digitalisation the old bank (fair value was a Built Icelandic market • discount to the face value of leadership in core products Continued investments in IT 54 1.6% • the loans) infrastructure Further improvements in % • • Discount of loan portfolios underlying asset qualities Driving commercial excellence progressively released in business divisions and Loans in >90 days facility default and other problem loans • actively exploring new business Restructuring and Funding composition opportunities systematically driven 8%7% 3% 7% 0% • improvements in underlying Optimising capital structure 16% asset quality 40% 14% 68% 17% Loans to customers ISKbn 20% Deposits Covered bonds 712 680 648 636 Equity Other liabilities 567 562 Other borrowings Subordinated loans 451 Net fee and commission income ISK Bn 14.5 14.0 13.3 11.2 10.7 10.7 6.9 2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016 9 Source: Company information

  3. Strategic and innovative approach – proven track record Driving Efficiency First Mover in the Industry Diversified Portfolio of Businesses and Digitalisation  Pioneer on the Icelandic capital markets,  Clear leadership in rolling out new  Long-standing leadership in asset leading 8 out of 13 IPOs since 2011 digital intiatives, enhancing and management enabling further streamlining of  Early adopter of next generation  Four key subsidiaries complementing operations personal online and mobile banking business divisions  Strengthened customer focus and  Leader in mortgage product innovation  Operating independently with their decentralised credit decisions supported by selective portfolio products also partly distributed by other  Innovator for personal online and acquisitions banks mobile banking  First Icelandic bank to issue a  Arion Bank offers now a comprehensive  Extensive CRM system use by staff benchmark euro bond since 2008 financial products and services portfolio to both individuals and corporations  Leader in project financing (silicon  Lean banking programme (A plus) plants, tourism)  Enabler of growth Card payments Life insurance – Founder of business accelerator initiative - Startup Reykjavik – Host of fintech hackathon – Fund management Universal insurance innovate financial solutions company 10 Source: Company information

  4. Retail bank

  5. Retail bank overview A leading and innovative Retail bank in Iceland 2016 Description Strong market share in the retail business 29% 3 (individuals)  Retail Bank provides comprehensive financial services to individuals and small- and medium-sized companies (SMEs) 1 • Market share during the past three years ranges from 28% to 31%  Offering includes mortgage loans, savings and checking accounts, vehicle and equipment financing, payment cards, pension services, Large number of customers (individuals & 124,622 4 insurance and funds SMEs)  358 FTEs 2 across 24 locations around the country Branches to cover key economic regions and 24 client needs Key Strengths  Strong market position with particular strength in the important Total lending volume to retail customers in ISK 460 Bn mortgage loans segment 2016  Integrated banking and insurance business  Decentralised decision making close to the customer ISK 300 Bn Deposits from retail clients in 2016 1930 2008-2016 Arion Bank‘s heritage 1800‘s 2003 Source: Company information 1. SMEs are defined as corporates in Retail Bank with loans up to ISK 2 Bn Numerous savings funds The Agricultural 3 savings funds 2. . Including HQ retail support units. Excluding summer FTEs in year end of 2016 founded Bank and Kaupþing merge and 12 3. Capacent. Based on monthly customer survey (individuals) in 2016 12 Agricultural Bank is merge (later 4. Finalta, Mckinsey and company definition of active customers. Arion Bank 2016 Kaupthing Bank) founded

  6. Key financials 1 Growing portfolio and improving bottom line Balance sheet Operating income ISK Bn ISK M Growth in loans partly due to acquisitions of AFL, Drómi and loan transfers from Corporate Bank 18,670 16,346 141 15,277 3,537 14,565 332 2,656 460 232 413 443 2,333 2,275 382 300 269 264 257 14,992 13,877 12,612 12,058 (187) 2013 2014 2015 2016 2013 2014 2015 2016 Loans Deposits Net interest income Net fee and commission income Other operating income Improved operating efficiency Earnings before tax ISK M / % ISK M Acquisition of AFL influenced cost side in 2015 Including KEF branch Increase between 2015 and 2016 mainly due to revaluation of mortgage portfolio 18,093 37.9% 39.6% 36.8% 32.9% 6,134 6,047 6,011 5,518 8,193 8,077 3,353 367 358 355 343 2013 2014 2015 2016 2013 2014 2015 2016 Operating expenses FTEs Cost-to-income ratio Source: Company information 1. Including ABMIIF (Arion Bank Mortgages Institutional Investor Fund) 13

  7. Retail bank in group context Largest group contributor and well diversified loan book Loan book split Deposits split Arion Bank Arion Bank Retail Bank ISK Bn Retail Bank 460 2016 2016 25% 6% 16% Real estate 25% 34% Wholesale and retail trades 35% 18% 333 Households Seafood 66% 78% Services 17% Industry, energy and manufacturing 11% Financial sector 1 65% 9% Retail Bank Other CPI linked ISK FX SMEs 6% 127 14% Retail Bank Operating income contribution Retail Bank % of the Group Product split Net interest income split 2016 % 2016 % 2016 2% 1% 83% 80% 15% 35% 19% Net interest income (credit risk) Retail Bank ISK CPI linked FX Net fee and commission income (services) Other income Arion Bank: ISK 53,439 M Retail Bank: ISK 18,670 M 14 Source: Company information 1. Loans in this category are largely to holding companies that own shares or other assets. No loans in this category come under the definition of a financial institution as defined by Icelandic legislation

  8. Flexible and optimised branch network Optimisation in the branch network is an ongoing project Tourism hot spots in Iceland 1 Arion Bank branches around Iceland  Arion Bank branch locations have an agricultural heritage background - Strategic positioning in key tourism areas  In 2009 Arion Bank had branches in 40 locations - in 2017 the locations are 24  Arion Bank is the only bank in rural areas in 11 out of 16 locations - 8 branches in the greater Reykjavík Area Key tourism area - 16 branches in rural areas - 9 branches are located in major tourist towns Branch customer satisfaction 2 Reduction in branch size - Recently launched the only branch at Keflavik airport 4% 2% m 2 reduction  Emphasis on decentralisation to bring % 8% decision power closer to the customer 1,786  Focus on customer relationships – addressing different areas with different 1,063 needs  Self-service implementation through 48 ATMs, Arion Bank app and online banking have been successful 86% (126)  Since 2013, total branch sq. meters have 2013 2014 2015 2016 been reduced by 2,771 Very Positive Positive Negative Very Negative - 1,063 sqm. in 2016  Optimisation in the branch network is an ongoing project Source: Company information 15 1. Icelandic Tourist Board, report 2016 2. Customer satisfaction in Arion Bank branches 2016. Customer ranks service before leaving the branch

  9. Channel diversification Digitalisation driving efficiency Active Arion Bank app users 1 Opening account – digital sales Active online bank users 1  Major changes in customer behaviour in +4% +6% +5% +20% +40% 73,769 77,178 +27% recent years 2,948 +29% 69,299 34,232 66,788  Full upside potential to be unlocked +64% +18% 28,519 2,111 through changing customer mindset 22,099 1,656 transitioning away from branches as the 1,404 13,467 preferred channel  The plan is to produce a steady decline in low value transactions handled in the branches 2013 2014 2015 2016 2013 2014 2015 2016  Focus on using channels to further 2013 2014 2015 2016 increase efficiency Number of interactions Number of calls  The new generation of ATMs is enabling through ATMs to the call centre Number of visits to branches customers to save time by depositing and 000s 000s 000s withdrawing cash as well as paying bills themselves (3%) +5% +15% (11)%  Greater emphasis on customer (8)% (14)% experience through Arion Bank app 1,751 427 (21)% 804 (3)% 1,506 1,523 381 742 (3)% 1,457  By focusing on digitalising processes, 328 319 611 593 Arion Bank has reduced internal lead time in customer onboarding by 88%  New digital initiatives launched in Q4 2016, i.e., mortgage process 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 16 16 Source: Company information 1. 90 day active customers, counted on June 30 th each year. Definition by Finalta

  10. Strategic initiatives Good track record and successful implementation  Focus on good customer service with less cost and adjusting to rapid changes in customer needs  Recent actions to reduce opening hours and the total size of branches by either moving to smaller branches, Retail branch renting out part of the excess space, closing or merging certain branches optimisation  Implementation of multipurpose ATMs in branches and staff to direct customers to either branch staff or ATM depending on intended transaction  New branch opened at the Keflavik airport − the only bank branch at the airport New branches in  Flagship branch opened in Borgartún financial area by merging two branches strategic locations  Developed a new digital branch concept for Kringlan mall branch  Digitalising processes, such as customer onboarding and mortgage loans  European Investment Fund cooperation in SME lending at lower rates Initiatives  Market leader for new developments in mortgage loans  Synergies of Vörður, a universal insurance company in Iceland Further expansion of wide product offerings  Enlargement of vehicle and equipment financing 17 17

  11. Capture market opportunities based on leading franchise Strong customer focus and diverse product offerings Objectives  Retain leading position among the three largest banks and pension funds by market Mortgages share  Continue growth in market share SME  Better service at lower costs Decreasing cost  Reduce low value transactions in branches and in call centre and encourage Digitalisation customers to use self-service channels (save time and money)  Diversified offerings from Arion Bank  Give customers tailored choices Product offerings  Revamp existing loyalty programs 18 Source: Company information

  12. Key take-aways  Strong and stable market position with particular strength in the mortgage loans segment  Full market coverage with good opportunities ahead, i.e., insurance products  Solid income base – new income opportunities through Keflavik airport branch (tourism)  Investing in advanced digital solutions for clients – omni-channel, service and cost goals  Efficiency through lean banking (A plus)  Strong growth in SME lending – opportunities ahead in vehicle and equipment financing  Experienced management team with success in executing challenging projects 19 19

  13. Valitor

  14. Valitor snapshot A growth company in the international markets Overview  Established in 1983, Valitor is the 2nd largest card payments 270 m 2 company in Iceland 1 , providing both card acquiring and issuing  Transactions processed in 2016 services  Transactions run-rate  Expanded internationally since 2003 as one of the first companies to 350 m 2 receive European cross-border licence in card payments - Acquiring: Offer e-commerce and card present merchant payment solutions through direct channel and partner channel ISK 650 Bn 2  Of acquiring transactions processed in 2015 - Issuing: Offer issuing and payment processing solutions to  Of acquiring transactions processed in 2016 domestic and international partners ISK 1,100 Bn 2  Developed proprietary payment software solutions from an early stage enabling differentiation strategy in acquiring and issuing  Merchants and corporate customers in acquiring 17,000  Valitor has delivered double digit growth annually by following a clear strategy implemented in 2012  Group member of Visa EU since 1983 and principal member of  Payment facilitators sub-merchants 362,000 MasterCard since 2009  PCI-DSS level 1 security certification since 2011  Issuing partners 10  Over 250 committed, service-oriented and experienced employees  Acquiring partners 15 Source: Company information 21 1. Based on operating income from 2015 annual accounts (Valitor, Borgun and Kortaþjónustustan) 2. Numbers are derived from Valitor’s three core systems (VAS, VIS, Sölvi) and reports from payment facilitators

  15. Successful international strategy driving growth Significant, but selective European penetration Partner channel Direct channel Iceland Total Coverage  Principal partner to fintech  End-to-end e-commerce and card Dir. Par. Direct channel Partner channel Description leaders and renowned payment present solutions  Iss.  Issuing companies  Full-service one-stop payment    Acq. Acquiring  Valitor typically supplies back-end solutions processing both in acquiring and Nordics issuing Dir. Par. UK & Ireland  Dir. Par. Iss.  Enables fast growth in processing  AltaPay: e-commerce payment    Acq. Iss. volume and revenue platform in the Nordics   Acq. Other markets  Scale benefits enhances position  Markadis: direct channel in the UK Dir. Par. in competitive market and Ireland Iss. Characteristics  Focus on innovative partners,  Leverage end-to-end value chain  Acq. offer complex and flexible to maximise margin and customer solutions and nurture long-term retention relationships  Develop and offer differentiating Partner channel Direct channel  Recognised brand in the European solutions to merchants International Acquiring Turnover Altapay volume payments industry  Supported by acquisition strategy ISK Bn EUR M 93 758 606 517 Partners Valitor Brands Partners 341 256 162 2.3 Feb Dec H1 H2 H1 H2 H1 H2 2013 2016 2014 2014 2015 2015 2016 2016 22

  16. Corporate banking

  17. Corporate banking overview A well-positioned Icelandic corporate bank 2016 Description Strong market share in corporate lending incl. SME 2016 (1) Stable market share over the last three years with 24%  Full service corporate bank, targeted at larger corporates across all 22%-24% share industry sectors through dedicated industry sector teams  Relationship based model benefiting from and providing synergies across 165 (2) Large customers serviced from the branch in HQs Arion Bank’s divisions (e.g., investment banking and private banking)  Well-diversified lending portfolio across all main Icelandic industries with emphasis on top 100 companies in Iceland Size of the team (FTEs) working out of HQs 28  Long-standing relationships with leading corporate clients enable a strong competitive position  Team of experienced banking professionals working out of HQ (28 FTEs) Number of branches with a dedicated corporate service organised by product and industry coverage to ensure strong expertise 13 presence (out of 24 branches in total) Key Strengths Total lending to corporate banking clients 2016 ISK 248 Bn (3)  Intimate, long-standing relationships and exposure to growing sectors, such as energy, real estate and trade and services  Proven ability to handle large and complex deals (clubs / syndicates) Deposits from corporate banking clients across all divisions ISK 30.4 Bn of Arion Bank 2016 bringing the whole bank to the table  Established positioning in the seafood industry 1. Source: Interim financial statements and company information on total domestic corporate lending in Iceland. SMEs are covered by Retail Bank but included in Corporate Bank market share 2. Counted by customer groups (as opposed to company identification number) 24 3. Including bond instruments

  18. Arion Bank’s Corporate Bank is trusted by market leaders Credentials in major industry sectors and across clients 1 Retail and Services Clients Food retailer Telecom operator Largest private IT company #1 #1 #1 #2 media company (Largest out of 2 majors) (Largest out of 3 majors) (Second largest out of 2 majors) Airline and travel Largest online gaming company Shipping company Automotive distributors #2 #3 #1 #1 2 companies (Largest out of 2 majors) (2 out of 5 majors) (Out of 5 majors) Seafood Clients Largest seafood quota Largest seafood trading / Major vessel newbuilds 7 #1 3 holders and vessel owners (2) export company (Lead on 3 out of 5 projects) (7 out of top 10) Real Estate, Energy and Project Finance Real estate Silicone smelter projects Largest hotel deal #1 #2 2 #1 companies #3 (Out of 3 majors) (House bank to 2 out of 3 majors) (In the past 4 years) Major biotech Energy power company #1 #1 facility (Largest lender 3 ) (Sole facility in Iceland) 1. Company information (Corporate Bank) 25 25 2. Source: Directorate of Fisheries 3. Without state recourse

  19. Key financials 1 Steady increase of loan volume, platform stabilised in 2015 and ready for future growth Balance sheet 2 Operating income ISK Bn ISK M Driven by valuation change 271 on investment properties 248 239 240 Margin and prepayment fees closely 9,481 9,315 managed. Operating 7,798 685 7,012 Results and 2,480 income is 1,362 actions mainly 989 reflected in driven by 8,630 a gradual net interest 6,436 7,001 6,023 30 30 turnover of income 21 17 the loan book 2013 2014 2015 2016 2013 2014 2015 2016 Net interest income Other operating income Loans Deposits Operating expenses Earnings before tax ISK M ISK M 658 605 12,445 570 12,303 547 Stable Low EBT in operation 2015 due to 7,226 where salaries write-down account for of oil and over 70% of 3,391 gas operating 29 28 exposure 26 23 expenses 2013 2014 2015 2016 2013 2014 2015 2016 Operating expenses FTEs Source: Company information 1. Arion Bank on a standalone basis, including loans to subsidiaries 2. Including lending to independent subsidiaries and bond instruments 26

  20. Corporate Banking in group context Well diversified corporate loan book Loan book split Deposits split Arion Bank, 2016 Corporate Banking Arion Bank, 2016 Corporate Banking 4% 10% 12% 34% 7% 5% 20% 34% 66% 7% 93% 21% 7% 15% 9% 6% 24% 27% Real estate Financial services Seafood Real estate Industry, energy and manufacturing Financial services Corporate Banking Corporate Banking Seafood Wholesale and retail trades Industry, energy and manufacturing Technology Wholesale and retail Other Technology Other Operating income contribution Corporate Banking % of the Group Product split Net interest income split 2016 % % 20% 15% 14% 15% 86% 65% Corporate Banking NII (credit risk) NCI (services) ISK CPI linked FX Total: ISK 53,439 M Total: ISK 7,518 M Total: ISK 6,436 M 27 Source: Company Information

  21. Corporate Banking in Iceland Stable market share Growing Icelandic total bank corporate lending 5 Corporate lending demand at high levels ISK Bn  Iceland is a relatively young and growing economy with a projected average GDP growth of 4% 1 and increasing investment demand 1,797 1,595  Icelandic corporates are healthy with improving credit scores (corporate sector 1,517 1,399 debt represented 93% of GDP 2 ) 24% 22% 22% 23%  But margin pressures over the past 3 years 3 , driven by competition from local pension funds, following a yield reduction in the local real estate backed bond market 4,8 2013 2014 2015 2016  Foreign banks increasingly consider entering the Icelandic corporate banking Arion Bank market share market, especially in the seafood industry Decreasing corporate debt as % of GDP 6  Positive outlook given current consumer and business confidence at the highest levels post crisis, followed by stronger corporate earnings and a growing demand for credit 120% 107%  FX lending only offered from banks with FX funding access 93% Implications for Arion Bank  Benefits expected from growth in energy related and seafood industries (which 2013 2014 2015 require FX that Arion Bank can offer), easing of capital controls and continued consolidation trends in seafood, commercial real estate and tourism industries Improving clients internal credit scores 7  Corporate demand for credit extension expected to outstrip supply in 2016 and Excl. non-rated loans 2017, resulting in less margin pressure in the short term 25%  Credit quality improving as shown by strong reduction trends in problem loans 20% and defaults (improved internal credit ratings of clients) 15%  Further opportunities in the niche international seafood lending space expected 10% to emerge with a beneficial risk-reward profile 5% 0% 1. Source: Arion research – economic forecast issued 15 March 2016 2. Central Bank of Iceland 3. Company information 4. Lower bond yields and limited issuance of government debt make corporate debt more attractive for the pension funds, which compete with a cost structure very different 2016 2015 2014 2013 to the banks 5. Company information. Total numbers include Arion Bank, Landsbankinn, Islandsbanki, Housing Financing Fund, Kvika and pension funds 6. Central Bank of Iceland 28 7. Company information from internal credit rating 8. There are two main reasons for the decrease in the interest margin: 1) price competition on the market and 2) changes to the loan book where loans with higher margins were paid off or transferred to other divisions of the Bank. It should be noted that the Bank's net interest margin has remained relatively stable in recent years and the total margin is hedged.

  22. Leveraging universal relationship banking services Leadership in complex transactions Enterprise Successful Description Cross-selling approach Key achievement Value cross-selling  $78 m  Silicon smelter and silicon metal  Successful win of equity raise and  CB and IB  Deliver the whole bank and deploy plant identified hedging needs entire product suite  Over the course of the arrangement process demand for FX services and further financing was identified   The largest fishing and fish  The syndicate offered significant  CB and IB  Leverage strong relationship to € 77 m processing company in Iceland reduction in interest cost to the react to market developments  Listed on Nasdaq Iceland  Maintain Arion Bank’s position in client while maintaining  Financing new-build of two multi- acceptable margins for Arion Bank the local market purpose vessels and partly  Cross-selling of FX products refinancing existing debts  $110 m  Project finance of a 5 star  IB executed equity raise  CB, IB and  Ability to handle large volume boutique hotel by Marriott next to Stefnir transactions with complicated  Stefnir formed an investment Harpa, the concert hall and financing structures conference centre in Reykjavík consortium and FX trades in addition to hedging instruments were required  € 170 m  In 2013, Scandinavian banks  Arion Bank, alongside DNB, started  Syndicate  The syndicates offered significant began targeting Icelandic seafood offering club/syndicated facilities reduction in interest cost to the  As a result 3 deals were closed corporations client while maintaining  Foreign banks with competitive  Incl. 1 new major seafood client acceptable margins for Arion Bank  Arion Bank turned a real advantage in form of significantly and 2 refinancings for existing lower funding cost clients competitive threat into an  3 transactions with the total opportunity, resulting in win-win amount of € 170 m situation for parties involved  Inc. 3 new build of vessels 29

  23. Strategy and focus areas Objectives  Be the logical first call when it comes to large transactions due to integrated, tailored Lead in large transactions services offering Further diversify loan  Keep client retention rates high (currently over 80% 1 ) and be selective when sourcing portfolio deals and managing loan book growth Optimise margins and  Target profitable growth and increase commission income increase commission income  Seize key business opportunities in new/ growing sectors (energy and industry and Bring customer service to the highest level food production)  Understand current client needs to grow beyond Iceland Provide services outside local market cautiously  Build key international relationships 30 1. Company information. Retention rate defined as current customer share of loan book

  24. Key take-aways  Proven ability to deliver large and complex deals  Loyal customer base  Strategy for profitable growth  Successful cross-selling  Dedicated and experienced team  Leadership positioning across sectors 31

  25. Investment bank

  26. Leading full service investment banking franchise Service large corporates, institutions and individuals Description # 1 Equity brokerage (trading volumes)  Offers full spectrum of investment banking services and is a leading Icelandic broker, IPO and M&A advisor and securities trading house Managed all Icelandic IPOs on the Main Market  Managed the only IPO listed on the Main Market Nasdaq Iceland stock 100% in 2015 & 2016 exchange in 2016 Key Highlights and Strengths 8/13 Managed majority of Icelandic IPOs since 2011  Solid track record and reputation  Strong balance sheet to engage in transactions and support clients  Forward contracts in capital markets ISK 1.8 Bn Fee and commission income generated in 2016  Significant cross-divisional cooperation allowing to leverage customer relationships across Arion Bank  Capable staff with low turnover Best investment bank in Iceland 2016  Good and trusted relations with the Icelandic investors #1 according to Euromoney  Key ingredient for Arion Bank’s placement power along with dealflow 33 Source: Company information, Nasdaq Iceland, www.nasdaqomxnordic.com, Euromoney

  27. Investment banking business subdivisions Full Service offering with strong team of banking professionals Capital markets Corporate finance Research  Securities brokerage: equity, fixed income, swaps and  M&A advisory: acquisitions, takeovers, divestitures,  Macro and equity research forwards as well as related derivatives mergers, corporate restructurings, spin-offs and LBOs  Publish forecasts and updates regularly on key  Foreign exchange: spot, forwards, money market,  Capital markets advisory: IPOs and listing, follow on economic issues as well as cover companies listed on options, swaps, advisory in relation to CBI FX auctions offerings, private placements, block trades, share buy the Nasdaq Iceland stock exchange backs, delistings, bond issues  Icebreaker in meetings for other divisions  Supports the fee generating units 30 Banking professionals 13 years Average relevant experience 13 Average number of projects in corporate finance per year 2013-2016 60% Of IB employees have completed post graduate studies 34 34 Source: Company information

  28. Key financials 1 Balanced income stream with consistent growth Operating income Net fee and commission income ISK M ISK M High return from sale of 2,160 2,050 27,180 legacy 1,872 1,698 holdings 1,043 928 1,059 791 11,167 1,121 2,534 1,117 4,326 907 813 2013 2014 2015 2016 2013 2014 2015 2016 Corporate finance Capital markets Operating expenses Earnings before tax ISK M ISK M 31,023 809 780 722 596 9,948 5,468 33 32 31 30 3,458 2013 2014 2015 2016 2013 2014 2015 2016 Operating expenses FTEs Source: Company information 35 35 1. Arion Bank on a standalone basis

  29. Leveraging universal relationship banking services Arion Bank’s Investment Bank leverages bank infrastructure, service offerings and balance sheet to enable projects Company Products sold Participation in Advisory buy side Securing credit Sales advisory IPO and listing acquisition through SF IV Skeljungur : One of Iceland’s key petroleum retailer Refinancing and Rights issue Bond issue and IPO and M&A Bond program restructuring advisory listing listing advisory issue and listing Reitir: Iceland’s largest real -estate company Securing Funding of Securing lead Securing Securing Marriott for Hotel equity Residential initial plot developer of hotel credit residential hotel raising equity raising purchase hotel facility credit facility operations Project Plaza/Project East: luxury hotel & high-end apartments adjacent to Harpa Conference Center 36 36 Source: Company information

  30. Capture market opportunities based on leading franchise Strong customer focus and diverse product offerings Objectives  Utilise entire Arion Bank’s customer network to market Arion Bank’s product offerings unavailable to Leverage the universal relationship smaller boutiques banking model  Offer unique product offerings by leveraging Arion Bank’s balance sheet Leading research with  Maintain leading status of independent research team that plays a vital role in the generation of strong reputation business ideas  Maintain leading position in equity brokerage Continuous strong volume growth  Strengthen Arion Bank’s position in secondary bond market in key capital markets  Maintain a strong position in FX brokerage and bond issuances M&A activity foreseen to increase  Focus on large fee paying clients and products with lower interest rates and debt  Consistent increase in M&A market share with +30% as a target levels Diverse and increased capital  Maintain Arion Bank’s leading position in IPOs and listing activities markets advisory based on  Be first choice for secondary market offerings economic growth and investment needs  Increase foreign ownership of listed equities Attract foreign investors  Capture opportunities arising from easing of capital controls in M&A and capital markets activities 37 Source: Company information

  31. Key take-aways  Experienced employees with a good track record  Increased opportunities in M&A and capital markets are expected from easing of the capital controls  Leading player in IPOs and equity brokerage with a strong position in FX brokerage and fixed income  Diverse product range and able to utilise Arion Bank’s financial strength and infrastructure  Well-known and respected research unit that supports the investment banking business  Large and reliable customer base with strong relationships 38 38 Source: Company information

  32. Asset management & Stefnir

  33. Introduction 2 pillar Asset management  Established in 1980s with ISK 1,055 billion in AuM in 2016 Combined Group  Composed of 2 distinct legal entities, Arion Bank Asset Management Division and Stefnir, a fund management company  Leading asset management franchise in Iceland1  Core focus on pension funds, institutional investors and High Net Worth Individuals / Investors (“HNWI”)  Strong team, good reputation and strong track record make Arion Bank well-positioned to take part in the local dealflow  Operational strength to meet increasing risk management, transparency and regulatory requirements  Well-positioned for easing of the capital controls with strong expertise and product range in global funds 100% Independent Subsidiary Stefnir Asset Management Division  ISK 408 billion in AuM in 2016  ISK 646 billion in AuM in 2016 Asset class (AuM)  Sourced from Arion Bank AM as well as from Product offering (AuM)  82% growth in AuM from 2011 to 2016  Asset management for institutional external investors YE 2016 YE 2016  Emphasis on independence and corporate investors Cash ABMIIF 6% 10% 9%  Full services for pension funds from 1994 governance Fixed income 28% Fixed income 14% 31% ISK bn  More than 40 funds  Private Banking for HNWI, family offices ISK bn 646 Equity 408  High penetration covering 5 out of 5 major Equity and legal entities 19% 56% Private equity 27% domestic, universal insurance companies and  Strong relationships with other divisions Alternative Balanced funds 20 out of 20 largest domestic pension funds  Main distributor of Stefnir funds investments  Provides fund management services to Arion Client split (AuM) Client split (AuM)  Partnership with three major global asset Bank AM as well as external parties and fund managers YE 2016 YE 2016  Wide range of products offered: fixed income,  More than 100,000 customers 3 17% equities, private equity, balanced funds, 22%  33 employees Institutional Institutional ISK bn ABMIIF 2 ISK bn 646 408 Others  Approximately 11,500 owners in mutual funds Others 78% 83%  21 employees  2015 ROE of 51.2% 1. Viðskiptablaðið, September 8, 2016 (24-25) 40 2. Arion Bank Mortgages Institutional Investor Fund 3. Pension fund members, mutual fund members, institutional investors, private banking customers etc.

  34. Key financials (incl. Stefnir) Increasing assets under management and profitability Assets under Management Operating income ISK Bn ISK M 4,882 1,055 997 4,345 924 4,144 895 3,701 408 400 404 414 646 597 520 482 2013 2014 2015 2016 2013 2014 2015 2016 Asset Management Stefnir (1) Stefnir 1 Operating expenses Earnings before tax ISK M ISK M 66 70 67 79 CAGR 0% 1,451 1,422 1,409 3,431 1,274 2,924 2,923 2,735 500 57 56 53 54 2013 2014 2015 2016 2013 2014 2015 2016 Operating expenses Legal provisions FTEs PBT Margin (%) 3 Source: Company information 1. Outflow from Arion Bank Mortgages Institutional Investors Fund (ABMIIF): ISK 20 Bn in 2014 and ISK 25 Bn in 2015 2. Computed with legal provisions taken into account, see note 36 in Arion Bank 2013 annual report 41 3. PBT Margin computed as PBT over Operating Income

  35. Icelandic asset management market National savings largely within the pension system Competitive landscape Market characteristics  Stefnir is the largest fund management company in Iceland 2 with ISK 408  Savings in Iceland dominated and driven by pension funds  Expected continued inflow into pension schemes billion in AuM at year end 2016  Main trends and key drivers:  Arion Bank‘s Asset Management division is the leader in the market - Continued growth since financial crisis - Well-positioned to benefit from changes in regulations and capital - Broadening of product offering control easing to maintain leading position in the pension market - International investing  Pension funds assets now thirty times larger than financial assets managed  Significant number of competitors with pressure on fees by insurance companies - Increasing cost pressure and regulations on funds have driven  Capital controls easing expected to shift focus to more international consolidations in the pension market – expected to continue in the investing future  Total AuM in the domestic market estimated to be approx. ISK 2,400 billion 1 at year end 2015 (including fund management companies) Fund management companies by AuM at H1 2016 Institutional investors – investable assets as % of GDP ISK Bn 180% Stefnir (Arion Bank) 264 124 Landsbréf (Landsb.) 152 135% Íslandssjódir (Íslandsb.) 97 Gamma 65 90% ÍV sjódur (Ísl.verdbréf) 50 Júpiter rekstrarfélag (Kvika) 33 45% Alda sjódir 26 Rekstrarfélag Virdingar 26 0% Summa 24 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 Straumur sjódir (Kvika) 2 Pension funds Insurance companies Funds Arion Bank Mortgages Institutional Investor Fund (ABMIIF) Source: Central Bank of Iceland. Source: Semi-annual Financial Statements. 1. The estimation is based on Arion Bank´s assumptions on fund management companies and asset management services from annual reports, news, etc. 42 2. FME

  36. A unique service offered to pension funds Long track record of managing funds Comparison of Frjalsi 1 pension fund with peers Geometric average returns 2 (annualised) as of YE 2015  Extensive services in branches and service centres Services  Own website  Marketing and sales 9.3% 9.0%  Team-based approach 8.5% 8.4% 8.4% 8.3%  Supporting board of directors in setting IPS Investing  Extensive processes and access to dealflow 7.3% 7.0% 6.2%  Effective operational team Administration and  Experienced back office risk management  Risk management reports  Extensive resources to meet regulatory requirements 3Y 5Y 10Y Regulatory  Strong compliance and legal advisory teams Peer 1 Peer 2 Frjalsi Pension Fund Source: Peers’ and Frjalsi Pension Fund annual reports Arion Bank institutional AM compared to the Awards won by Frjalsi 1 pension fund Icelandic pension system Net assets. Index, 31/12/2009 = 100 Investment & Pensions Europe (IPE) Awards for Pension Funds 250  2014 – 2015 – Best Small Pension Fund in Europe 200  2013 – 2014 – Best Pension Fund in Small Countries  2014 – Best Institutional Real Estate Investor 150  2009 – 2010 – 2011 – Best Pension Fund in Iceland 3 100  2005 – Best European Pension Fund in the category DB/DC Strategy 50 2009 2010 2011 2012 2013 2014 2015 2016 The Icelandic Pension System Arion Bank Institutional AM Source: Central Bank of Iceland, Arion Bank Asset Management 1. The sixth largest pension fund in Iceland (source: FME) with assets of ISK 174 Bn at year end 2015. In full operations at Arion Bank 2. Composite returns computed by asset-weighting individual sub-funds/portfolios 43 3. No specific award category for Iceland from 2012 and onwards

  37. International cooperation Capital controls easing creates new opportunities • Asset management and Stefnir are well-positioned to capture AuM allocated to international investments opportunities resulting from the easing of capital controls As of 31/12/2016 • Institutional investors and retail clients alike will likely increase their exposure to foreign assets. Currently, pension 21% funds have only 22% of their assets outside Iceland. 1 Arion Domestic Bank Asset Management and Stefnir expect this ratio to International gradually increase to around 40% over the next 15-20 years 79% • Stefnir has a long history of managing international equity funds, both funds of funds and actively managed stock picking funds. Most of the funds are domiciled in Luxembourg Source: Company information. • Stefnir has the largest team of investment professionals Icelandic pension funds – share of foreign assets dedicated to international markets 35% • Through its 3rd party fund business, Arion Bank has a 30% reselling agreement with three of the top 10 largest asset management companies in the world 2 25% 20% 15% 10% 5% 0% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Source: Central Bank of Iceland. 1. Central Bank of Iceland 44 2. IP&E Reference Hub: Total Global AuM Table 2016

  38. Icelandic Pension System Robust growth expected to continue Development of the pension system’s size 1 % of GDP  Strong organic growth in pension funds due to favourable demographics 500%  New legislation could further increase inflow and postpone outflow 375%  Second largest pension funds system in the world in relative GDP terms 250% (149% of GDP)  Number of pension funds in Iceland has decreased in recent years due to 125% consolidations 0% 2015 2025 2035 2045 2055 2065  Consolidation likely to continue due to regulatory changes 2 Assuming increases in contributions (SALEK agreement) 2 Assuming no increases in contributions (no SALEK agreement) Pension fund consolidation in Iceland Net inflow to the pension system 1 EUR M 65 544 528 515 57 474 149% 439 425 411 411 405 46 375 348 39 318 31 115% 115% 80% 62% 2015 2016E 2017E 2018E 2019E 2020E 1996 2000 2005 2010 2015 2 Assuming increases in contributions (SALEK agreement) # Pension funds Pension funds assets as a % of GDP 2 Assuming no increases in contributions (no SALEK agreement) Source: Icelandic FSA, Statistics Iceland, Central Bank of Iceland 1. Based on Arion Bank AM in-house study 45 2. The cooperation agreement between the employers’ and employees’ associations relating to the salary information and economic forecasts for wage increases

  39. Clear strategy and focus areas Main drivers of future results Objectives Retain close  Maintain market position and prudent growth in AuM client relationship  Highly skilled people in each position continuously motivated Maintain employee motivation Capture investments  Prudent investment results according to risk levels opportunities Strong focus on digitalisation  Improved efficiency and increased sales opportunities Strong capabilities to benefit  Seize opportunities through changes in regulations from increasing regulatory complexities 46

  40. Key take-aways  Experienced employees with team approach to investment decisions  Long-term relationships with our clients  Long-term track record in generating returns and in products and services offering  Largest player in the Icelandic asset management industry  Increased inflow from existing clients, particularly from pension funds  Well-positioned in local dealflow  Well-positioned to benefit from easing of the capital controls 47

  41. Financial Performance

  42. Summary of financial performance Diversified income streams and healthy margins  Diversified business model across a Net interest margin 1 Total operating income (adjusted) wide spectrum of comprehensive Total operating income (adjusted) financial product and services ISK Bn offering 3.0% 2.9% 2.9% 2.9% 2.8% 2.7% 2.6% 2.6% 50.8  Stable and diversified income 48.8 46.4 41.5 streams, comprising high and 8.0 4.3 5.8 3.0 growing portion of fee and commission income 28.3 30.4 26.9 26.9 14.5 14.1 13.7 11.6  Competitive cost-to-income ratio temporarily increased by mainly 2013 2014 2015 2016 2013 2014 2015 2016 lower other revenues, salary  Reported  Adjusted NCI NII Other increases under wage agreements and growth initiatives at Valitor and Net fee and commission income (reported) Cost-to-income ratio at the Keflavik international airport ISK Bn 14.5 14.0 13.3  Cost efficiency measures driving 3.0 11.2 3.7 2.7 58% 58% improvements in the cost-to-income 57% 57% 54% 54% 1.7 50% ratio going forward 2.6 1.8 1.0 1.1 4.2 4.0 3.7 33% 3.3  Adjustments relate to one-off items, primarily impacts from non-core 5.6 5.3 5.1 4.2 assets and legacy equity holdings 2013 2014 2015 2016 2013 2014 2015 2016  Reported  Adjusted Cards Asset management Investment banking Other 49 Source: Company information 1. Net interest margin calculated on average total assets

  43. Summary of financial performance Good profitability underpinned by strong fundamentals Net earnings Total equity  Substantial growth of equity due to profit generation as well as one ISK Bn ISK Bn off income items  Dividend payments have been 211.4 49.7 201.9 modest as the majority owner has 162.2 not had an economic benefit from 144.9 receiving dividends 28.6 21.7  Return on equity has been 14.1 12.7 11.6 9.7 8.3 relatively stable since 2013 despite higher earnings due to higher CET1 2013 2014 2015 2016 2013 2014 2015 2016  Reported  Adjusted Dividend payments Return on equity ISK Bn 28.1% 12.8 18.6% 7.8 10.5% 9.2% 8.7% 7.9% 6.2% 4.7% 0.0 0.0 2013 2014 2015 2016 2013 2014 2015 2016  Reported  Adjusted 50 Source: Company information

  44. Summary of financial performance Good profitability underpinned by strong fundamentals  Total operating income growth driven Income statement (adjusted) 1 by strong growth in fee and ISK Bn commission income coupled with 2013 2014 2015 2016 stability in net interest income Net interest income 27.0 26.9 28.3 30.4  Volatility in financial income relating to Net fee and commission income 11.6 13.7 14.5 14.1 MTM of listed equity holdings acquired as legacy loans and some FX volatility Financial income 0.5 1.7 5.3 0.9 at subsidiary level Other operating income 2.4 4.1 2.7 3.4  Substantial increase in staff expenses Total operating income 41.5 46.4 50.8 48.8 due to Valitor international expansion, Staff expenses the new branch at Keflavik airport and (13.4) (13.9) (14.9) (16.3) a national wage round in 2016 Operating expenses (10.6) (10.9) (12.6) (12.4)  Unusually high bank levy affects pre- Bank levy (2.9) (2.6) (2.8) (2.9) provision profit levels Pre-provision profits 14.5 18.9 20.5 17.2  Loan loss impairments relatively stable, Net impairment (3.5) (3.7) (3.9) (4.0) but offer possibilities for improvement Earnings before taxes 11.0 15.2 16.7 13.1 Income tax (3.1) (4.1) (2.9) (4.3) Net gain from disc. op. 0.4 0.5 0.4 0.9 Net earnings 8.3 11.6 14.1 9.7 Source: Company information 51 1. Adjustments relate to one-off items, primarily impacts from non-core assets, operating expenses and legacy equity holdings

  45. P&L details: net interest income Stable margins driven by disciplined lending as well as funding and liquidity management -  Emphasis on margins rather Interest income Interest expense than volumes in lending ISK Bn ISK Bn activities 56.9 61.7 54.5 50.9 9.7  8.0 5.1 Increased focus on funding 5.1 31.8 33.1 and liquidity management 27.6 0.6 26.7 1.4 0.8 has supported the 1.4 12.6 51.9 14.9 49.4 48.9 45.8 9.3 11.3 development of the net 19.1 16.0 15.5 16.3 interest margin  2013 2014 2015 2016 2013 2014 2015 2016 New funding during 2016 = Lending Other Deposits Borrowings Other funding mostly issued covered and senior bonds while deposits remain stable 30.4 29.9 28.3  Inflation, which has been 27.0 26.9 27.0 24.2 23.8 low in Iceland since 2013, generally has a positive Net interest income (adjusted) 1 effect on margins Net interest income – 2 Positive CPI imbalance Net interest margin (adjusted) 3.0% 2.9% 2.9% 2.8% of ISK 116 billion at year end 2013 2014 2015 2016 Source: Company information 52 1. Adjustments to net interest income includes interest on non-core assets earned in Treasury 2. Net interest margin calculated on average total assets

  46. P&L details: net fee and commission income Emphasis on commission income growth in all lines of business  High growth in net fee and Net commission income breakdown Net fee and commission income commission income from cards since 2013 relating to expansion 2016 ISK Bn of Valitor in the Nordics and the UK 14.5 14.0 13.3  4% Strong performance in asset 3.0 management, partially linked to 12% 3.7 market performance 11.2 2.7  1.7 Good progress in investment 38% 2.6 1.8 1.0 banking for the past few years 7% ISK which has led the re- 1.1 14.0 Bn establishment of the Icelandic 4.2 4.0 10% 3.7 equity capital markets 3.3 – Investment Banking managed three IPOs in 2015 and one IPO in 2016 5.6 (all IPO’s in Iceland in both 5.3 28% 5.1 4.2 years) – Good progress in capital markets in equities, bonds Cards and payment solutions Asset management 2013 2014 2015 2016 and FX trading Collection & payment services Investment banking  No adjustments are impacting net Asset management Investment banking Other Total Lending & guarantees Other fee and commission income 53 Source: Company information

  47. P&L details: Valitor financials 1 Offering diversification and international growth opportunities  30 years of payments tech International acquiring volume Operating profit (EBITDA + net interest) competence in a highly competitive market ISK Bn, 2015 ISK Bn, 2015  Tech platform strength  International operations focusing 390.0 on e-commerce and online 0.8 0.7 payment solutions 142.8 0.3 47.5  Substantial recent growth in Denmark and the UK 2013 2014 2015 2013 2014 2015  Star customers include Stripe and Revenues Valitor group profit before tax Klarna  ISK Bn, 2015 ISK Bn, 2015 Substantial pipeline of growth initiatives Iceland International 11.0  Recent infrastructure and 8.2 scalability investments with 6.8 5.9 significant outlook for revenue 2.3 0.5 1.3 growth and increased profitability 0.1 5.8 5.5 5.0 (0.3) 2013 2014 2015 2013 2014 2015 Source: Valitor information 54 1. Valitor accounts have not been published for 2016

  48. P&L details: Net financial income Net financial income largely relates to divestitures of holdings  Sequity trong investment Net financial income Bond holdings return on positions following ISK Bn ISK Bn listing of several companies 80.3  Equity holdings decreased 76.9 12.8 69.6 during the year, mainly due to 62.7 21.1 10.9 25.0 sale of equity holding in Visa 7.7 Europe and sale of listed and unlisted holdings 58.7 59.2 55.0 51.9  Financial instruments increased with the acquisition 7.3 2013 2014 2015 2016 of Vördur at the end of Q3, ISK Government Other 4.5 billion in bond holdings and ISK 4.2 billion in equity 5.3 5.2 Equity holdings holdings ISK Bn  The Icelandic stock market 50.5 underperformed during 2016 1.7 1.7 with OMXI8 dropping 9.0% 15.0 35.4 31.1 0.9 during the year 0.5 8.4 22.8 5.9 19.5  The ISK continued to 5.4 15.0 16.6 strengthen during the year 13.2 16.0 12.1 resulting in a FX loss at 8.6 4.3 subsidiary level 2013 2014 2015 2016 2013 2014 2015 2016 Listed Unlisted Used for hedging Net financial income Adjusted Source: Company information 55

  49. P&L details: Total operating expenses Increase in expenses relating to increased salaries and activities  Increase in salaries and related Total operating expense Cost-to-income ratio expenses due to expansion of ISK Bn Bank’s operations, by opening a major new branch at Keflavík 30.5 28.2 International Airport, increased 27.0 25.4 58% 58% 57% 57% 54% 54% activities at Valitor and the 13.9 50% incorporation of the insurance 13.3 13.0 11.9 33% company into the Group in Q4. New collective wage 16.7 agreements and the cost 14.9 14.0 13.5 associated with the reduction of FTEs at the end of September 2013 2014 2015 2016 2013 2014 2015 2016 also had a major impact  Reported  Adjusted Staff costs Other  Increase in professional services, marketing expenses Number of employees Operating expenses breakdown and IT expenditures compared with prior years # 2016 1,239 1,145 1,147 1,120  Cost-to-income ratio volatile 9% 370 mainly due to large one-off 234 271 255 Salaries income items  Administrative There will be cost increase, 55% 37% 911 865 876 869 although not fully quantified Other yet, relating to the implementation of upcoming 2013 2014 2015 2016 regulation including MiFID II, EMIR, Short selling, MAR, BRRD, Parent company Subsidiaries PSD II and GDPR. Source: Company information 56

  50. Tax expense Financial institutions in Iceland face a stringent tax burden  Icelandic corporate income tax Taxes Effective income tax rate rate is 20% ISK Bn  Financial institutions pay additional taxes: 10.1  6% additional income tax on taxable income above ISK 1 Bn 0.8  Bank levy of 0.376% on total debt above ISK 50 Bn 7.8 2.9  0.5 5.5% tax on employee salaries 23.5% 6.6 6.6 (6.75% in 2013) 0.6 0.7  The bank levy was introduced in 2.6 20.0% 1.4 2010 at 0.041% and subsequently increased in 2013. 17.7% 2.9 17.2% 2.8 It was expected that bank levy 0.9 would be lowered in 2017 but the long-term budget of the Icelandic Ministry of Finance 0.6 0.9 5.0 indicates it is not the case 3.8  The historically lower effective 2.5 6.0% 2.3 income tax rate primarily driven by tax exempt income relating to equity positions 2013 2014 2015 2016 2013 2014 2015 2016 Income tax Additional 6% Tax Effective income tax rate Corporate income tax rate Bank levy Tax on salaries Source: Company information 57

  51. Strong balance sheet Strong, simple and high quality balance sheet ISK Bn, 2016 Total assets: ISK 1,036 Bn Total liabilities & equity Other 1 27 Other and intangibles: 3% Intangibles 11 Cash & cash 88 211 equivalents Equity ISK 285 Bn, of which Financial assets 117 ISK 193 Bn liquidity reserve (47% of customer deposits) 73 Other 2 Loans to credit 80 institutions 39% Borrowings 339 8% Loans to customers 712 69% of total assets 53% Deposits from 412 customers Individual, mortgages Individual, other Corporate and other Source: Company information 58 1. Other assets include ISK 5.4 Bn investment property, ISK 0.8 Bn investment in associates, ISK 0.3 Bn tax assets and ISK 20.9 Bn other 2. Other liabilities include ISK 8.0 Bn due to credit institutions and Central Bank of Iceland, ISK 3.7 Bn financial liabilities at fair value, ISK 7.3 Bn tax liabilities and ISK 54.1 Bn other

  52. Balance sheet development Strong, simple and high quality balance sheet ISK Bn  Good liquidity position 2016 2015 2014 2013 2012 Assets  Positive increase in loans to Cash & balances with CB 88 48 21 38 30 customers Loans to credit institutions 80 87 109 102 101  Investments in associates Loans to customers 712 680 648 636 567 decreased due to sale of Financial assets 117 133 102 87 138 Bakkavor Group Ltd. Investment property 5 8 7 29 29  Decrease in deposits mainly Investments in associates 1 27 22 18 7 due to funding agreement Other assets 32 27 26 30 30 with Kaupthing Total Assets 1.036 1.011 934 939 901  Continued increase in borrowings to fund loan Liabilities and Equity growth and prepayments of Due to credit institutions & CB 8 11 23 28 33 debt facilities Deposits from customers 412 469 455 472 449  Strong equity position Other liabilities 65 62 61 58 59 Borrowings 339 256 201 205 195 Subordinated loans - 10 32 32 34 Shareholders Equity 211 193 161 140 127 Non-controlling interest 0 9 2 5 4 Total Liabilities and Equity 1.036 1.011 934 939 901 Source: Company information 59

  53. Loan portfolio overview Well balanced between loans to individuals and corporates  Loans to individuals Continued growth in customer loans Mortgage loan-to-value ratio represent 47% of total loans ISK Bn Reducing average LTV to customers % Total 712 680  Corporate loans are 648 2015 2016 636 35% diversified across a broad 30% 375 25% 356 set of industries and types 326 53% 325 20% 15% – Small international corporate 10% portfolio in the seafood sector 337 310 321 325 5% 47%  Diversification of the 0% 0% - 20% 20% - 40% 40% - 60% 60% - 80% 80% - 100% > 100% Not classified corporate loan book of 2013 2014 2015 2016 Arion Bank mirrors the Individuals Corporate activities in the Icelandic economy Diversified across sectors Domestically focused loan book  Loan demand looks Customer loans by sector Customer loans by geography 2016 2016 favourable, especially on the corporate side of the Individuals 14% business 4% Real estate & construction 5%  Demand for mortgage loans 47% Seafood 8% Domestic is also high but pension Wholesale & retail services International funds, who operate in a 11% Finance & insurance different regulatory 16% 96% Other environment, are currently competing through direct lending 60 Source: Company information

  54. High quality mortgage portfolio Full range of mortgage products with strong position in the market  Offers full range of Mortgage loans by region Improving credit quality mortgage products and Mortgage loans in +90 days default (%) 2016 maintains a strong position in the market 2% 7%  The quality of the mortgage Reykjavik area 9% 6.7% 5.9% South portfolio is good and 10% North continues to improve 3.5% West through amortisations as East 72% 1.8% well as increasing housing prices 2013 2014 2015 2016  Leading innovator in the mortgage market, being the Mortgage loans first to introduce new ISK Bn products such as fixed rate non-CPI linked mortgages 282 285 299 266  Successful acquisitions of mortgage portfolios at the end of 2011 and 2013  Arion Bank was the first of the three banks to return to the mortgage market after 2013 2014 2015 2016 the crisis 61 Source: Company information

  55. Overview of the corporate & SME loan book Good diversification in the corporate & SME loan book  Good pipeline for corporate Strong growth in corporate lending Loans to corporate by sector loans ISK Bn 2016, %  Strong demand from export Real Estate & Construction  SME industries that generally 375  Corporate 5 6 Fishing 356 favour loans in FX 8 31 Wholesale & Retail 8 325 326  New lending for corporate Finance & Insurance 9 and SME´s in the year 2016 127 Industry, Energy & Manufacturing 121 amounted to ISK 166 Bn 67 20 14 85 Information & Communication according to definition from Services the Central Bank and repayment of total ISK 99 Bn Other Loan commitments – ISK 82 Bn 2016, % Real Estate & Construction 258 3 3 248 241 235 Fishing 1 19 16 Wholesale & retail Finance & insurance 9 20 Industry, Energy & Manufacturing 29 Information & Communication Services 2013 2014 2015 2016 Transportation 62 Source: Company information

  56. Asset quality improvements High quality credit profile and problem loan ratios now narrowing in on the Nordic banks  Much effort has been made Continuously improving credit quality… …and strong coverage since 2010 to improve asset Problem loans Coverage ratio quality resulting in % (%) continued improvements in Loans in >90 days facility default problem loans Other problem loans  6.3% Ongoing improvements and work proactively to further 4.4% 1.8% 77% 76% 63% 0.8% enhance the credit quality 58% 2.5% 1.6% profile 0.4% 4.5% 3.6% 0.4% 2.1% 1.2%  Strong coverage ratio 2013 2014 2015 2016 2013 2014 2015 2016  Cost of risk is high Cost of risk compared with Nordic banks. The objective is to Bps Breakdown of problem loans by status further narrow in on the 58.0 58.0 46.5 11.3 58.0 58.0 Nordic banks acknowledging -33.3 that special Icelandic issues, 2.1% 0.4% Individuals Corporates such as loan indexation, will 15% 21% Due to revaluation of probably result in higher 32% 22% mortgage loans default ratios in Iceland than -994.0 84% 2.5% 16% in the Nordics 2013 2014 2015 2016 57% 53% – Collateral –  Reported  Adjusted Improved lending – Early intervention 63 Source: Company information

  57. Simple and solid balance sheet Diversified funding platform with high degree of equity ISK Bn, 2016 Total assets Total liabilities & equity: ISK 1,036 Bn Other 1 27 Intangibles 11 Cash & cash 88 Large equity base 211 equivalents Equity 20% of the total balance sheet Financial assets 117 73 Other: 7% Other 2 Loans to credit 80 institutions 4% Borrowings Covered bonds 48% 33% of the total 339 Bonds issued 48% balance sheet Other 712 Loans to customers Deposits from 32% 47% customers 412 40% of the total 21% Retail balance sheet Pension funds & domestic financial institutions Corporates & other Source: Company information 64 1. Other assets include ISK 5.4 Bn investment property, ISK 0.8 Bn investment in associates, ISK 0.3 Bn tax assets and ISK 20.9 Bn other 2. Other liabilities include ISK 8.0 Bn due to credit institutions and Central Bank of Iceland, ISK 3.7 Bn financial liabilities at fair value, ISK 7.3 Bn tax liabilities and ISK 54.1 Bn other

  58. Conservative maturity schedule Focus on introducing Arion Bank to new investors  Arion Bank concluded a EUR International funding Limited near-term re-financing needs 300 M EMTN benchmarks in • ISK Bn, 2016 Two new Euro benchmarks (EUR 300M April and November 2016 Covered bonds, other borrowings and subordinated loans each) in April and November  EMTN private placements in • EMTN private placements (EUR 5-25 M 102.5 US Dollars, Romanian Leu, ISK FX offered to EMTN dealers) Norwegian krone and Swedish – Diversification of funding – krona competitive funding spreads  It is Arion Bank's policy to – Increased awareness of Arion Bank as 48.0 47.4 promote transparency and 42.3 issuer 31.9 equality towards investors 23.6 • Increased emphasis on debt investor 21.9 15.9  Arion Bank endeavors to make relations 2.9 3.0 public, in accordance with the – Investor base concentrated in the principle of equal treatment, 2017 2018 2019 2020 2021 2022 2023 2024 2025 >2025 Nordics and UK as soon as possible, any – Non deal roadshows information necessary for investors to evaluate the Domestic funding Ratings - S&P Bank's financial standing, • Monthly issuance of covered bonds – earnings and outlook, and to target of ISK 20 Bn per year evaluate financial instruments issued by the Bank and • Continued issuance of short term bills Senior unsecured BBB A- admitted to trading on a – Capitalise on demand for covered regulated market, and related bonds Short term debt A-2 A-2 financial instruments. Outlook Positive Stable Source: Company information 65

  59. Recent issue in the Eurobond market Successful EUR benchmark transactions Senior unsecured bonds Distribution by geography  On 3 March 2015, Arion Bank Spread (bps) over Mid-Swaps 2016 launched its inaugural euro 100% 300 Arion 3.125% 2018 12% Other senior unsecured benchmark Landsbanki 3% 2018 7% transaction, the first from an 80% 250 7% Islandsb. 2.875% 2018 Switzerland 7% Icelandic bank since 2008 Arion 2.50% 2019 200 60%  Arion 1.625% 2021 In April 2016 Arion Bank issued 27% Benelux a second 300mn EUR 150 40% transaction Germany & Austria 100  40% In December 2016 Arion Bank 20% Nordics returned to the international 50 capital market for the 2 nd time 0% UK in 2016. Arion issued EUR 300 0 million, 5-year at MS+165bps. 01-Jul 01-Aug 01-Sep 01-Oct 01-Nov 01-Dec 01-Jan Distribution by investor type This deal represents the 1 st 5yr Issue Details 2016 2017 Tap EUR senior transaction from Other Issue rating (S&P): BBB (positive) BBB (Positive) 100% Icelandic Bank since 2008. In 2% 6% Format: Senior Unsecured Senior Unsecured January 2017 Arion Bank did a 8% 80% Pricing date: 24 November 2016 5 January 2017 200 million tap at MS+155bps. 16% Banks / PBs Settlement date: 1 December 2016 10 January 2017 60% Maturity date: 1 December 2021 1 December 2021 Central Banks Size: EUR 300 M EUR 200 M & Official 40% Coupon: 1.625% 1.625% 68% instituions Issue price: 99.534 99.831 Insurance / 20% Initial spread guidance: MS + 165 bps area MS + 155 bps area PFs Launch spread MS + 165 bps MS + 270 bps 0% Fund Lead managers: DB, MS, Citi, Barclays Barclays, JPM, Nomura Managers Source: Barclays & Deutsche Bank 66

  60. Overview of deposits  Stable deposit base as Arion Deposits development Average deposit yields Bank continues to diversify its ISK Bn Deposit interest expense % avg. deposits funding base  Reduced concentration of 472 469 455 demand deposits 412 3.8%  Kaupthing moved ISK 41 Bn 3.4% 3.2% 3.3% equivalent of FX deposits into long-term EMTNs in January 2016 explaining the reduction year-on-year 2013 2014 2015 2016 2013 2014 2015 2016 – As per agreement between Kaupthing and the Icelandic government Concentration of demand deposits – Affected the average Demand deposits within 30 days deposit yields in 2016 Retail  An element of pension fund 6% 50% related deposits flowing into SME 61% 62% 21% money market funds Corporates 47% 32% Pension funds & domestic 23% 23% financial institutions 15% 19% 17% 16% Other 11% 2013 2014 2015  Largest depositors (1-10)  Largest depositors (11-100)  Remaining Source: Company information 67

  61. Solid capital adequacy and strong liquidity position  Strong capital position and Capital adequacy ratio Leverage ratio leverage ratios %, ISK Bn % 17.9%  Diversified funding platform 16.7% 721 696 808 753 15.4% with high degree of equity 14.5% 27.1% 26.3% 24.2% – 23.6% First mover in re-entry 0.6% 0.8% 4.5% into international debt 4.4% 0.2% 1.1% 0.2% markets 27% 22% 22%  Operates with a robust 19% liquidity position with limited near-term refinancing needs 2013 2014 2015 2016 2013 2014 2015 2016 – Strong liquidity reserve RWAs CET 1 Tier 1 Tier 2 and ratio – High degree of stickiness Diversified funding profile Liquidity coverage ratio in deposit base Liquidity reserve (ISK Bn) %, 2016  7% 0% Significant dividend capacity Deposits n.a. 180 192 183 – 16% Solid profit generation Equity 174% 171% – Target reduction of Other borrowings 40% 134% ISK 1,036 123% excess capital Covered bonds m – Further capital 17% Other liabilities optimisation 20% 2013 2014 2015 2016 68 Source: Company information

  62. Capital structure and requirements  The Bank’s total capital ratio was 27.1% at year end 2016. Final CRD IV adoption in the fall of 2016 had limited effects  At Q4 of 2017, the combined capital buffer requirement will reach 8.4%, with a recent add-on from the Financial Stability Board to the countercyclical buffer, which increases from 1.0% to 1.25%  With FME’s SREP result, the regulatory capital requirement is 20.7% , including fully-implemented buffers (CET1 requirement without management buffer is 15.3%)  Including a management buffer of 1.5%, the Bank had a surplus capital of ISK 37 billion at year end 2016 27.1% 0.6% 22.2% 22.2% Management buffer 1.5% 3.1% CRD IV buffers 2.3% 8.4% Pillar 2 26.5% Pillar 1 4.3% 16.8% Tier 2 8.0% AT1 CET1 Arion 2016 Optimal capital structure Capital requirement with management buffer 69 Source: Company information

  63. Capital management strategy and dividend policy ARION BANK‘S DIVIDEND POLICY • Based on the Arion Bank‘s expected financial performance over the medium term, Arion Bank aims to pay an annual dividend before special distributions, in line with a payout ratio around 50% of net earnings attributable to shareholders ARION BANK‘S CAPITAL MANAGEMENT • Arion Bank ‘s objective is to maintain a capital adequacy ratio that is 1.5% above total FME requirements, including Pillar 1, 2 and combined capital buffers • Irrespective of the objective, the capital adequacy ratio should not be lower than 20% • Current capital adequacy ratios are in excess of the targets, and Arion Bank aims to distribute surplus capital to shareholders • However, the speed and quantum would depend on a number of factors, including (but not exclusively) FX imbalances management, capital optimisation strategy and regulatory consent, and is likely to take place over a number of years 70 Source: Company information

  64. Medium term targets CET 1 Ratio Decrease to circa 17% (Subject to regulatory requirements) Prudent lending to outpace economic growth Loan Growth in the next few years RoE Reach double digit returns Dividend Payout ratio of circa 50% of net earnings Policy attributable to shareholders Cost to Income Decrease to circa 50% Ratio 71

  65. Arion Bank strategic path The path to double digit return on equity in the medium term  Further grow loan portfolio on the back of  Commission income growth through Valitor’s the underlying growth in the Icelandic Card Loan growth international expansion economy payments  Continued implementation of digitalisation  Dividend payments and the release of surplus across both client-facing offerings and Capital Digitalisation capital to shareholders automation to further increase efficiency release %  Further implementation of efficiency  Move in the direction of Nordic levels Reduce cost measures through lean banking, operational Efficiency improvements and outsourcing of risk  Realisation of synergies from integration of Universal insurance the non life insurance company offering 72 Source: Company information

  66. Arion Bank in a nutshell Icelandic focused universal relationship bank Track record and Long-standing history established platform to with client base build on Progressive approach Good profitability with first mover underpinned by strong attitude fundamentals 73 Ability to pay dividends

  67. Appendix 74

  68. Appreciation of the ISK caused by underlying macro-economic factors Growth in tourism, increased FX inflow, current account surplus and positive IIP drives the appreciation  The Icelandic krona strengthened EUR/ISK vs USD/ISK FX market turnover considerably last year Bn ISK monthly basis 160 – Increased export especially 100 driven by tourism 150 – Macro-economic factors 80 140 driving the appreciation of 60 the ISK: 130 – Increased FX inflow 40 120 – Current account 20 110 surplus 100 – Positive international 0 01.2015 07.2015 01.2016 07.2016 01.2017 2009 2010 2011 2012 2013 2014 2015 2016 investment position Other market participants Central bank of Iceland FX intervention EUR/ISK USD/ISK  The Central Bank of Iceland has responded with added FX reserves of the Central Bank of Iceland The real exchange rate of the Icelandic krona intervention on the FX market (ISK 386 bn. in 2016) % of GDP Yearly average 2005 = 100 60%  120 FX reserves of the Central Bank of Iceland 37% of GDP at year end 100 40% 2016 80  The real exchange rate of the 20% 60 Icelandic krona is now slightly 40 above historical averages 0% 20 0 -20% 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2009 2010 2011 2012 2013 2014 2015 2016 Net FX reserves Total FX reserves 75 Source: Central Bank of Iceland

  69. RETAIL BANKING 76 15.02.2017

  70. Introduction to Icelandic retail banking market Characteristics of the mortgage loans market Description Mortgage loans market ISK Bn The Icelandic mortgage loans market  Iceland is and is expected to remain a homeowner ´ s market. Rent prices have been 637 599 on the rise, pushing more people into buying, thus increasing investment demand in 518 479 the market  Housing prices are going up (expected until 2018). Real estate index currently above 280 267 268 258 228 the CPI 216 213 205 197 187 176 176 173 165 171 123  Historically, CPI linked mortgage loans have been the most popular and keep growing in popularity in 2016  Government supported initiatives in recent years 2013 2014 2015 9M 2016 Arion Bank Landsbankinn Íslandsbanki Housing Financing Fund* Pension funds ₋ Tax benefits to home buyers on allocation of private saving ₋ First time home purchases after the financial crisis Icelandic market Competition  Historically, large government participation through the Housing Financing Fund, Index=100, 2000 however limited activity today 500  Main competition comes from Landsbankinn and Islandsbanki  In 2016, pension funds have been aggressive in lending rates and gained market share 333 167 Quality portfolios 0  Strict government rules in credit rating and payment plans for mortgage loans 2000 2002 2004 2006 2008 2010 2012 2014 2016  Maximum loan-to-value ratio up to 80% (up to 85% for first-time home buyers) Consumer price index Salaries index Real estate index  Low default rates in mortgage loans 77 77 Source: Statistics Iceland, Central Bank of Iceland *Housing Financing Fund only publishes 1H 2016, has not published YE2016 yet

  71. Mortgage loans to individuals Split of new mortgage loans in Maintaining market share in an increasingly competitive market 2016 ~69% CPI linked vs. ~31% non- CPI linked Arion Bank initiatives Arion Bank mortgage loans volume – individuals  Arion Bank has a full range of mortgage products and strong position in the ISK Bn 283 268 267 258 market  Arion Bank was the first to offer ISK – CPI linked mortgage loans at competitive rates in 2004. Gained large market share with that offer 213 198 205 204  Since 2011, further strengthened first mover advantage by offering mixed CPI linked /non-CPI linked mortgage loans  Arion Bank was the first to introduce fixed 5 year interest rates on non-CPI 70 70 61 54 linked mortgage loans in 2011 2013 2014 2015 2016  Digitalisation in mortgage loan process underway ISK ISK - CPI linked  Further opportunities with acquisition of Vörður, insurance company Development of key ratios in Arion Bank mortgage loans portfolio 1,2 % Healthy portfolio 81 80 80 70  Weighted average LTV for the retail mortgage portfolio of 61,6% as of 2016 62 68  Low default rate as Arion Bank is conservative regarding LTV 58 49  ISK – CPI linked loans have an early prepayment fee attached to them (0-2%)  Circa 90% of properties owner occupied 1 6.7 5.9 3.5 1.8  Strong positioning in the mortgage loans market leading to high cross-selling 2013 2014 2015 2016 potential (for example, deposit products) WALTV LTV<80% >90d defaults [%] Source: Company information 1. Company Information 2. After Q3 2016 LTV bucket allocation is calculated using the face value of loans and the property assessment value (FMR) or market value within two years old of the collateral. Prior to that, the book value of loans and property assessment value (FMR) of the collateral were used 78 78

  72. Focus on SME s Significant growth profile driving portfolio diversification SME loans by geographic area and industry sector 1 Key highlights ISK Bn 2016  Significant rise in SME loan volumes from ISK 67 Bn in 2013 to ISK 127 Bn in 2016 31,276  SME loan book in Arion Bank traditionally relatively small in comparison with competitors 22,481 22,118 18,399  Appetite to grow in the SME space for further diversification and deliver 13,687 growth in the loan book 11,567  Three sectors drive growth in the SME loan market 7,746 ₋ The real estate and construction sector has increased from ISK 18 Bn in 2013 to ISK 31 Bn in 2016 Real estate Wholesale Seafood Services Industry, Financial and Other ₋ The wholesale and retail trades industry has increased from ISK 12 Bn and and retail energy and ins. services in 2013 to ISK 22 Bn in 2016 construction trades manuf. Capital area North South West Other ₋ The seafood industry has increased from ISK 5 Bn in 2013 to ISK 22 Bn in 2016 Arion Bank initiatives Loan volume development 2  Decentralisation strategy creating SME units in branches has driven growth ISK Bn in SME loans by moving credit authority closer to customer 127 121  Initiatives in new products in the last 5 years 85 67 ₋ Factoring ₋ Vehicle and equipment financing ₋ Cooperation with the European Investment Fund in SME lending at lower rates with focus on start-ups and development projects 2013 2014 2015 2016 Source: Company information 1. SME loan book 79 79 2. Loan volume development. In 2014 / 2015 SME loans were moved from Corporate Bank to Retail Bank ~22 Bn

  73. Deposits from customers Opportunity to grow through leveraging strong mortgage loans customer base Key highlights Total deposits volume in Retail Bank ISK Bn 300 269 264  Bank customers in Iceland are accustomed to keeping deposits with 257 19 249 20 20 22 their main bank 26 ₋ Opportunity to attract deposits from customers who have their 233 198 193 186 mortgage loans with Arion Bank but deposits with another bank 173  The new online onboarding platform is a key catalyst for attracting new customers, along with the comprehensive digital offering 51 51 50 50 47  Relatively stable market for individual deposits. SMEs’ deposits are 2012 2013 2014 2015 2016 CPI linked ISK FX more price sensitive  Government recently cancelled the state guarantee on deposits. No Arion Bank’s share of the total deposits market – individuals effect expected %  Good cooperation with Asset Management division of Arion Bank enables many opportunities ₋ Retail offering combined with insurance and pension products 73.0% 76.1% 75.3% 74.3% ₋ The growing SME activity also provides cross-selling opportunities 27.0% ₋ Increase the retail deposits market share 24.7% 25.7% 23.9%  Smaller market share in deposits, as compared to the other large 2013 2014 2015 2016 Arion Bank Total deposits banks  CPI linked deposits sticky due to regulations 80 80 Source: Company information Central Bank

  74. Loan portfolio management A conservative loan portfolio management Limited exposure to holding companies  Retail Banking provides, and has in its loan book, loans to holding companies.  Holding companies are categorized under "Financial Sector“ with other loans. Loans classed under “Financial Sector” represent 4.9% of loans to customers A very small percentage of Retail Banking's loan book has collateral in listed or unlisted securities  The Bank’s credit rules specify benchmarks for collateral coverage in listed and unlisted securities and Retail Banking adheres to them  Recognized valuation methods are used when collateral is taken in securities, such as discounted cash flow, comparisons of valuations of comparable companies or the liquidation value in valuations of private equity Limited concentration risk and well secured portfolio  10 largest loan a fraction of the loans to customers  Majority of loans secured by real estate or directly by underlying operations and assets Prudent lending in foreign currencies  The majority of companies with loans in foreign currencies are seafood companies  Loans in foreign currencies are restricted by the conditions on such loans stipulated in the Icelandic Foreign Exchange Act. The Bank also operates in accordance with credit rules and internal benchmarks which are not public Unsecured overdrafts are insignificant part of the Retail Banking loan portfolio  Unused overdraft (including unused credit card limits) total ISK 46 billion at YE 2016 and is almost entirely related to customers of Retail Banking. Loan commitments for the bank in total amounted to ISK 82 billion, retail banking share in this is a minority 81

  75. CORPORATE BANKING 82 15.02.2017

  76. Corporate banking market and competition Proactive and successful Approach to market developments Key highlights Credit risk analysis Weighted net interest rate Corporate Banking Post crisis material margin pressure in high quality credits unfolded due to increased Stabilised period Adjustment period competition from pension funds as yields on government bonds decreased and credit 4.00% 4.50% quality of companies improved 4.00% 3.50% – Deleveraging and steep repayment profiles imposed by banks post 3.50% 3.00% financial crisis 3.00% 2.50% – Shortening maturity profiles across the corporate banking industry were a 2.50% 2.00% response to increased competition as long-term financing of the banks was 2.00% still expensive 1.50% 1.50%  Corporate banking has managed to stabilise its margins and to extend maturity 1.00% 1.00% profiles in 2015 and 2016 after realigning operations in 2013 and returning to a 0.50% 0.50% proactive approach in 2014: 0.00% 0.00% – Corporate Banking balanced decreasing margins with large, less price 2013 2014 2015 2016 sensitive infrastructure and energy projects as well as international seafood NIM CB credit (L.sc) Probability of default (Internal) (R.sc) – Teamed up with foreign players in syndicated deals where Arion Bank took Increasing loan book maturity the second lien due to better market knowledge, thereby maintaining margins (while foreign players took lower yielding first lien) Weighted maturity in years – Customer base defence through focus on longer dated credits and by 3.3 3.1 employing full product range (thereby cross – selling) which kept revenues up – Increased focus on customer retention and relationship development by 1.7 organising and increasing focus on the relationship management role in 1.3 Corporate Banking  Successful increase in average loan book maturity, thereby materially reducing prepayment risk and risk of client losses on small price differentials benefitting from better access to long-term funding (especially FX) 2013 2014 2015 2016 Source: Company Information 83

  77. Product offering overview Diversified book Key highlights – term loans Term loans outstanding Outstanding in ISK Bn 2  Term loans are the highest volume product in all client sectors and drives both income and NIM 238.1 210.3 203.5 202.1  Competitive and price sensitive market 38.9%  New investment in the economy expected to drive current demand in 35.1% 39.1% 36.6% general, as do expected consolidation trends in commercial real estate, 24.8% tourism and seafood 18.5% 33.7% 28.7%  Increasing dealflow in large scale project finance deals (energy intensive, 36.2% 42.4% 34.7% 31.2% real estate, etc.) as economy recovers  Customer segment redefinition in 2014 (handover to retail bank in 2014 2013 2014 2015 2016 and 2015 1 ) and NIM preservation ISK CPI linked FX  New large scale project finance deals sourced in 2015, expected to be realised in 2017-2020 Key highlights – revolving credit facilities Revolving credit facilities Outstanding in ISK Bn 2  A lower volume core product business 45.8 53.0 56.6 53.1  Characterised by seasonality and high price sensitivity 35.3  Seafood is key industry for RCF demand 32.6 32.4 31.0  Current accounts, overdrafts and trade finance activity covered 61.1% 62.0% 56.0% 74.4%  Lower margin business 38.9% 44.0% 38.0% 25.6% 2013 2014 2015 2016 ISK FX Committed amounts Source: Company information 1. Corporate Bank redefined its customer segment from Iceland 300 largest to Iceland 100 largest companies resulting in a successful SME customer handover to the Retail Bank 84 2. Including lending to Arion Bank ´ s independent subsidiaries

  78. Product offering overview Services growing and complementing credit risk Commissions income breakdown Key highlights %, M 38.9 38.6  Focus on commission income has resulted in a clear positive trend of 32.5 increasing commission income per FTE as well as its relative contribution 22.7 11.7% 16.3%  Clear responsibilities with relationship managers spending their whole 22.9% 29.3% 71.5% time serving clients better with a profound understanding of client needs 75.6% 62.7% 52.2% and requirements 16.7% 18.6% 14.4% 8.1% 2013 2014 2015 2016  Better digital solutions are expected to increase customer stickiness 1 Guarantees Transaction / arrangement services Electronic services Commission per FTE (ISK m)  Digital services are scalable and allow for income growth per FTE Guarantees outstanding  Corporate Banking has the ability to capitalise on strong large corporate ISK Bn 14.3 relations to bid for digital services in conjunction with regular lending 10.1 activity 5.6 5.2  Guarantee business as a growing product, both in terms of volume and income contribution 2013 2014 2015 2016 − Traditionally confined to import/export and trade finance Product income split − Growing imports support demand as well as large project finance % deals where Arion Banks is lead and “house bank” 15% 14% 7% 16%  Further investments in a corporate digital platform on the horizon to 93% 86% 84% 85% improve service and gain increased share in digital services 2013 2014 2015 2016 Credit risk Services Source: Company information 1. Transaction / arrangement services include prepayment fees which were a substantial part of fee and commission income in 2014, amounting to 44.1% of total fee and commission income. 85 Prepayment fees are not a sustainable income source and are mainly relevant during time of rapid prepayments and short loan book

  79. Corporate Banking and risk management Low risk profile Loans secured with listed or unlisted securities  Loans secured by listed securities  Collateral value of the cash and securities securing loans to customers amounts to approximately ISK 20 billion  Majority of loans are to corporates and only a minor proportion to individuals  In the cases where collateral is taken in securities, it involves almost exclusively listed securities  The Bank’s credit rules, specify benchmarks for collateral coverage in listed and unlisted securities  Loans to holding companies with collateral in listed securities are categorized under Financial and insurance activities with other loans  The average collateral coverage of the underlying securities is deemed sufficient by the Bank  Loans with their main collateral in unlisted securities are virtually unknown in the Corporate banking unit  Unlisted securities are in some instances taken as collateral to facilitate collection  The Bank’s credit rules, specify benchmarks for collateral coverage in listed and unlisted securities and Corporate Banking adheres to them  Recognized valuation methods are used when performing valuations of unlisted companies , such as discounted cash flow, comparisons of valuations of comparable companies or the liquidation value in valuations of private equity Loans in foreign currencies  Loans in foreign currencies are restricted by the conditions on such loans stipulated in the Icelandic Foreign Exchange Act  The Bank also operates in accordance with credit rules and internal benchmarks which are not public Large exposures  Largest risk exposure represents less than 10% of the risk base  In the 2015 risk report, figure 4.2 on page 40, it states that risk exposures which make up more than 2.5% of the capital base totaled 99% of the capital base – 2016 risk report will be published in March 86

  80. INVESTMENT BANKING 87 15.02.2017

  81. Introduction to Icelandic Investment banking market Recent strong IPO market driving trading volume Bonds new issues and market share 1 Highlights ISK Bn, %  Small and geographically isolated with few local competitors 35 60 43 33  Iceland’s investment banking market is comprised of the three 205 187 largest banks in Iceland (Arion Bank, Islandsbanki and 150 108 Landsbankinn) with a few smaller boutiques  Arion Bank has managed 8 of the last 13 IPOs since 2011 with the intention to facilitate further trading volumes in the 2013 2014 2015 2016 Icelandic stock market whereby the investor base is a Arion Bank’s market share (%) combination of institutional investors, such as pension funds, Total trading volume in equities and number of IPOs on and HNWI Nasdaq Iceland stock exchange  Activity in new bond issues has increased in recent years ISK Bn, # whereby the real estate companies along with the Bank’s 3 1 3 2 covered bond issues have been the key drivers with 560 institutional investors driving the demand 391 276 251  Traditional companies have relied to a greater extent on credit facilities from banks, but developments in corporate bond market are expected to fuel growth 2013 2014 2015 2016 Number of IPOs 88 88 Source: Company information and Nasdaq OMX 1 Exclude government bonds and corporate includes both corporate and municipality

  82. Corporate Finance Leading advisory track record Highlights Involved in 8 out of 13 IPOs since 2011 Description 2011 2013 2014 2015 2016  Focus on large fee paying clients  Leading player in building up the equity market  Strategic initiatives in terms of focus on product and sector mix in accordance with regular analysis of micro- and macroeconomic trends Key Strengths  Being a part of universal relationship bank ensures: - Dealflow M&A Track Record - Distribution capabilities  Highly capable and experienced staff  Strong balance sheet - Underwriting capabilities Buy-side Advisory Buy-side Advisory Buy-side Advisory Sales Advisory 2016 2015 2015 2014  Strong infrastructure and lean management help focus on customer relations, pipeline and dealflow Magn P/F Equity Raising Sales Advisory Buy-side Advisory Buy-side Advisory 2014 2013 2013 2013 89 89 Source: Company information

  83. Capital markets Leading market position in equity and strong market position in FX and bonds Nasdaq Iceland: Equities 2016 Description  Leading in equity brokerage and strong position in FX brokerage and % of market turnover bond issuances market  Equity and bond desks servicing pension funds, AM companies and 23.8 22.1 professional investors 17.2 16.7  FX desk providing services to corporates in spot, forward, swap and 9.3 8.4 option products. Only Icelandic bank that provides oil hedging products 1.5 1.0 Key Strengths  Leading in equity brokerage in Iceland  Leading player in restoring the equity market in Iceland  Strong position in FX brokerage and bond issuances  Strong relationship with all major investors in capital markets Market share in brokerage on Nasdaq Iceland Nasdaq Iceland: Fixed income 2016 % % of market turnover 26.8 30 20.2 20.1 23.8 23.0 18.3 17.3 25 12.5 16.7 20 15.0 6.7 19.7 2.2 15 1.4 0.9 0.4 17.3 16.2 16.1 10 13.6 5 0 2012 2013 2014 2015 2016 Equities Fixed income 90 90 Source: Nasdaq Iceland, www.nasdaqomxnordic.com

  84. Research team Leading research capabilities Team Publications # of publications Independent research team of six strong analysts covering 6 the Icelandic economy and securities markets 217 207 187 2 Meetings per week with clients 130 118 104 89 87 83 7 Industries covered 2014 2015 2016 Market briefings Equity reports Products & services External publications Conferences & presentations Internal support  Morning Briefings  Open Conferences at Arion Bank HQ  Arion Bank´s divisions increasingly seek short reports, Daily notes covering the most prominent news and research issues Regular presentation sessions & conferences on key economic presentations, opinions, memos or data analysis regarding  Market Briefings topics such as housing market, tourism industry and equity specific economic issues or client pitches Brief reports highlighting current domestic economic issues. markets. Annual conferences when leading research reports Over 2,000 subscribers. MBs are followed by Icelandic media are published and are regularly cited in media articles  Private Meetings  Equity Reports Tailored for specific clients of Asset Management, Retail Regular reporting on 12 listed companies in Iceland Banking, Investment Banking or Corporate Banking  Special Market Reports  Internal Morning Briefings Tailored for key clients of Arion Bank’s Investment Banking Morning briefings held for internal staff to brief on current  Economic Outlook market issues Monthly publications on Iceland’s economic issues and outlook 91 91 Source: Company information

  85. Swap agreements and equity holdings Forwards and swaps 1 Shareholdings and equity instruments with variable income  The Bank's total assets in listed shares which are not in the trading book amounts to ISK 9.1 billion and private equity is ISK 10.6 billion at the end of 2016. In addition the Bank owns units in bond funds amounting to ISK 2 billion.  The largest unlisted asset is a 16.3% shareholding in Stoðir hf. and the holding of EAB subsidiary EAB1 ehf. in Ferskur holding. Both of these companies own underlying holdings in Refresco Gerber BV, which is a listed company on Euronext in Amsterdam. In other respects the Bank refers to its website for information on assets and holdings for sale: https://www.arionbanki.is/bankinn/almennar-upplysingar/eignir-til-solu/  Proprietary trading at Arion Bank, which is responsible for market making and is on the active market, is not included in these shareholdings. Those shares are in the first column in the table above and are active on the market while those shares in the orange box are considered more as a long-term investment although the Bank does not plan to hold them for an extended period. Source: Company information 1. Overview from the consolidated financial statements. For bonds the collateral coverage is 2.5% to 15% and depends on the duration of the bond and issuer, for shares the collateral coverage is around 25 to 50%. 92 Bond and share swap agreements are relatively small compared to Arion’s shareholder’s equity and/or total assets

  86. Equity holdings contd. Listed equities  Four of the largest listed shareholdings are administered by the CEO’s office and are the responsibility of the Bank's investment board, see table below. Company Shares Book value as of YE2016 Reitir fasteignafélag hf. 42,864,221 4,007,804,664 HB Grandi hf. 91,789,601 2,386,529,626 Síminn hf. 160,444,804 502,192,237 Skeljungur hf. 119,033,542 805,857,079 Total 7,702,383,606 Unlisted securities  With regard to the valuation of unlisted securities held by the Bank, please also refer to note 23 in the annual financial statement – this contains a description of the methods used, which are generally recognized methods of valuation and have been checked by the Bank's auditors. 93

  87. ASSET MANAGEMENT AND STEFNIR 94 15.02.2017

  88. A comprehensive Product and Services offering  Full range of investment products and services for clients with varying investment objectives  Core focus on pension funds, institutional investors and HNW clients  Largest number of investment professionals in Iceland 1  Dedication to long-term client relationships Other Institutional Investors Full Service Pension Funds Alternative Investments Portfolio Management Institutional Investors Own Pension Funds 3rd Party Funds Retail Investors Fixed Income Balanced Advisory Equity Institutional Investors Private Banking Investment Services Stefnir Fund Management Company Full Service Asset Management House 95 1. Company information. Asset management

  89. Stefnir Fund overview and performance UCITS, non-UCITS and instit. investor funds (AuM ISK 352 Bn) 1 Private equity and real estate funds (AuM ISK 56 Bn) 1  Funds: 6  Fund size at inception (ISK Bn): 3.4  AuM (ISK Bn): 83  Exits: 3 (2 IPOs and one trade sale)  Wide fund range Fixed income SIA I (PE)  Co- investments: 2, adding ISK 6.8 Bn in AuM  Oldest incorporated UCITS fund in Iceland (inception in 1986)  Funds: 2 domestic; 4 intl.; 3 intl. domiciled in Lux.  Fund size at inception (ISK Bn): 7.5  AuM (ISK Bn): 78  Exits: 1 IPO Equities SIA II (PE)  Domestic and international equities  Co- investments: 3, adding ISK 15.8 Bn in AuM  Consistent growth in AuM since 2008  Funds: 6  Fund size at inception (ISK Bn): 12.8 / raised spring  AuM (ISK Bn): 37 2016 Balanced funds  Oldest incorporated non-UCITS fund in Iceland SIA III (PE)  Largest PE fund raised in Iceland by any investment (inception in 1996), highly distributed retail and PB manager ownership  SRE I at inception (ISK Bn): 1.6  Funds: 9 Institutional  SREI II at inception (ISK Bn): 4.9 SRE I and SRE II  AuM (ISK Bn): 154 (ABMIIF; 126 ISK Bn) investor funds/ (real estate)  All investments sold in autumn 2015 and summer other  Market leading product development 2016 to a listed REIT 96 Source: Company information 1. YE 2016

  90. Stefnir Strategic growth and customer satisfaction • Stefnir has achieved financial and market share growth through long- Preferred partner of institutional clients term strategic planning by its board of directors implemented since 2009 with emphasis on a healthy revenue mix 2016 Client Survey Results 1 • Product development and AuM diversification have led to new income Would you recommend Stefnir to other institutional investors? sources as well as higher income yielding products 4% Yes 96% Don't want to answer 4% No 0% Don´t know 0% Stefnir AuM development and split 96% ABMIIF Only 6% of ISK Bn 300 revenues Stefnir offers a comprehensive product range that meets needs of institutional investors 4% 200 Highly agree 50% Agree 46% 100 50% Neutral 4% 46% Disagree 0% 0 Highly disagree 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 Non-ABMIIF How is professional knowledge of Stefnir employees in your opinion? ISK Bn 300 4% Above average 80% 200 Average 16% 16% Don´t know 4% 100 Below average 0% 80% Don´t want to answer 0% 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 International Equities Icelandic Equities Fixed Income Private Equity Balanced Funds Source: Company information 97 1. 50 institutional investors outside Arion Bank were invited to take part, 52% response ratio

  91. Private banking Tailor made personal service to clients 2016 client survey results 1  Special focus on Ultra High Net Worth (UHNW) clients in Iceland  Healthy growth in PB AuM All things considered, how satisfied or unsatisfied are you with Arion Bank Private  Tailor made and highly personal service Banking services? 2% 1%  Discretional and non-discretional asset management Very satisfied 47% 11%  Experienced account managers – average 18 years in the financial market Rather satisfied 39% 47% Neutral 11%  Team-based approach to investments and services, working closely with 39% Rather unsatisfied 2% other divisions of the Bank Very unsatisfied 1%  Good access to local dealflow due to the size of Arion Bank’s AM  Specialised balanced portfolios Do you feel the employees of Arion Bank Private Banking give you a personal or impersonal services? 3% Very personal 44% 14% Rather personal 39% Portfolio 2 development Growth in PB AuM 44% Neutral 14% 39% Rather impersonal 3% Index, 2012 = 100 Index, 2012 = 100 Very impersonal 0% 160 160 How good or bad is the access to your Account Manager? 140 140 120 120 5% 2% 100 100 Very good 69% 80 80 Rather good 24% 24% 60 60 Neutral 5% 69% 40 40 Rather bad 2% 20 20 Very bad 0% 0 0 2012 2013 2014 2015 2012 2013 2014 2015 Source: Company information 1. 583 of Arion Bank Private Banking clients were invited to take part, 71% response ratio 98 2. YoY change in number of customer accounts in excess of ISK 100 M

  92. FINANCIAL PERFORMANCE 99 15.02.2017

  93. Overview of covered bonds Arion Bank’s covered bonds programme Covered bonds development ISK Bn  Arion Bank has set up a EUR 1 Bn programme for the issuance of covered bonds  161 In 2011, Arion Bank was licensed by the Icelandic Financial Supervisory Authority to issue covered bonds 136 133 129 – Icelandic covered bond regulation is very similar to Swedish covered bond regulation  Investors include pension funds, mutual funds and insurance companies Legislative Contractual covered bonds covered bonds 2013 2014 2015 2016 Currency Multi currency Icelandic krona Description Covered bonds issued Covered bonds issued prior Maturity profile of covered bonds according to Icelandic to 2008. legislation Contractual ISK Bn, 2016 Rating Not rated Not rated Outstanding ISK 64.1Bn ISK 101.4 Bn 57.1 42.3 Cover Pool Information 33.7 28.2 Asset balance ISK 70.6 Bn ISK 126.0 Bn Number of loans 5,786 7,188 Pool LTV 55.5% 60.6% < 5 years 5-10 years 10-20 years > 20 years Over-collateralisation 13.8% 24.3% Source: Company information 100

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