#1Arion Bank Investor Presentation March 2024#2Operating in an attractive market With a unique position And a track record of delivering#3Opportunities for growth in a dynamic business climate ● Operating in an attractive market With a unique position And a track record of delivering 3 Dynamic business climate Iceland is among the top 15 most educated countries in the world Strong culture of innovation and economic engagement Top 3 on the Human Development Index 3rd in digital sales to customers in Europe Over 95% of people use digital IDs, among the highest in Europe 4th in digital public services and 1st in eDocuments in Europe Opportunities for growth Record growth of the Icelandic population in 2022, growing by 3.1% We are positioning ourselves to capitalize on substantial growth opportunities within our target client segments Arctic region presents significant long-term opportunities 1.3% 0.6% 3.1% Europe Nordics Iceland Premia client segment Revenue 2023 Bancassurance YE2023 +34% ~40% of farmed salmon and related species One third of rare earth metals and materials Customers 2023 +11% Plenty of sustainable energy resources ~12% of fish caught in the world are in the North Atlantic Ocean 40% Opportunities to develop further as a tourist destination ~10% of total aluminum production Source: Iceland Chamber of Commerce, UNDP, Statistics Iceland, European Commission, Government of Iceland, Eurostat, International-Aluminium, FAO, Financial Times#4Track record of solid economic growth Iceland's thriving economy attracts an international workforce which has led to one of the highest rates of population growth in Europe contributing to robust and consistent economic growth Population growth 2013-2023 Real GDP - Index (Jan 2006 = 100) ● Operating in an attractive market With a unique position And a track record of delivering 4 Malta Luxembourg Iceland Türkiye Ireland Sweden Switzerland Norway Austria Cyprus Netherlands Denmark Belgium Germany France Estonia Czechia Spain Slovenia Finland Slovakia Portugal Italy Montenegro Hungary Poland Lithuania Albania Romania Latvia Serbia Croatia North Macedonia Bulgaria -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% Sources: OECD, Arion Research 150 140 130 120 110 100 90 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Denmark Finland Iceland Norway Sweden#5LO 5 Working age population Share of total population (%) 68% 67% 66% 65% 64% 63% 62% 61% 60% 1990 1991 1992 1993 Favorable demographics foster growth With largest generation aged between 25-35, the demographics are deemed to be favorable for the foreseeable future ● Operating in an attractive market With a unique position And a track record of delivering -Denmark 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 -Finland -Iceland Source: OECD, Statistics Iceland, Arion Research Norway 2013 2014 2015 OECD members 2016 2017 2018 2019 2020 2021 2022 -Sweden Population age distribution Number of inhabitants by age 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 0 6 6 12 15 18 21 24 27 30 33 36 σε 42 45 48 51 54 57 09 63 69 99 72 75 78 81 84 87 06 93 66 96 102 105 108#6Strong financial standing of private and public sectors provides fertile ground for continued entrepreneurship and innovation Households' financial assets and liabilities ISK bn (Jan 2024 prices) Household and non-financial corporate debt % of GDP ● Operating in an attractive market With a unique position And a track record of delivering Debt of central government % of GDP 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -BF90 Net financial assets FLO Total financial liabilities -FAO Total financial assets 6 Source: Central Bank of Iceland, Statistics Iceland, Arion Research 400% 350% 300% 250% 200% 150% 100% 50% 0% ■ Households Companies 2017 2018 2019 2020 2021 2022 Q2 2023 140% 120% 100% 80% 60% 40% 20% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Gross debt 100 Net debt#7Exports remain robust as tourism bounces back, fostering economic vitality • Operating in an attractive market With a unique position And a track record of delivering Number of foreign tourists 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 7 Source: Statistics Iceland, Arion Research Air travel Cruises Exports -ISK bn per quarter, seasonally adjusted (Jan 2024 price levels) 600 500 400 300 200 100 0 2014 2016 Tourism 2018 2020 2022 Aluminium ■Marine Products ■ Other#8Arion is positioned in the most attractive customer segments with a strong and diversified product offering Operating in an attractive market With a unique position And a track record of delivering Integrated model with diverse key products in-house, offering strong opportunities for synergies Known for innovation - digital at the core and a customer first focus Top corporate and institutional bank in Iceland with a clear focus on capital efficient operations Mandatory pensions Supplementary pensions Pension fund operations 、 Pension Retail Banking Mortgages Car loans Consumer lending Deposits Individuals SMEs Stefnir Corporate & UCITS funds Institutional investor funds Private equity funds 自 Investment Banking Corporate banking Corporate finance Investment banking SMEs Private debt funds Specialized lending Corporates Institutional investors 387,758 Servicing half of the Icelandic population 190,000 Arion customers and over half of Icelandic corporations 29,000 Arion customers 49,826 8 Sources: Statistics Iceland YE 2023, Iceland Revenue and Customs Private insurance Corporate insurance Vörður Markets Brokerage Asset management Private banking Premia#9Strong financial and risk profile 9 Diverse income mix Operating income 2023 Corporate & Investment Banking (incl. insurance) 10% Markets (incl. Stefnir) 41% ISK 64.2bn 40% Retail Banking (incl. insurance) Other 9% Diverse loan book Loans to customers YE 2023 Corporate ISK 1,153bn 47% 5% 48% Mortgages Operating in an attractive market • With a unique position And a track record of delivering CET1 19.7% Leverage ratio 12.4% LCR 192% Individuals other Problem loans 1.7%#10Focused strategic direction has enabled us to significantly exceed our medium-term targets ROE target of > 10% reached in 2021 – revised target of >13% reached in 2022 and 2023 Operating in an attractive market With a unique position And a track record of delivering 10 >10% Target 0.6% 2019 >10% 6.5% 2020 14.7% 14.1% 13.6% >13% >13% >10% 2021 Cost to income target of 50% reached in 2020 - revised target of <45% reached in 2021 and 2022 56.0% ~50% 2019 ~50% 48.1% 2020 Income to REA of >6.5% reached in 2020, revised target of >6.7% reached in 2021 6.4% 2019 7.0% >6.5% 2020 <45% 44.4% 2022 <45% 44.0% 2021 2022 7.6% >7.3% 6.7% >6.7% 2021 * Core income: Net interest income, Net fee and commission income and Insurance service results (excluding operating expenses from insurance.) Operating expenses from insurance are included in cost when calculating cost to core income ratio 2023 Target revised to cost to core income of <48% and reached in 2023 <48% 44.7% 2023 Target revised to core income to REA of >6.7% and reached in 2023 7.1% >6.7% 2022 2023#112019 strategic focus areas remain the guiding light 11 Capital Markets Day 2019 2019-2023 Updated strategic priorities Increased operational efficiency through key cost initiatives Increased revenues from RWAs through capital velocity and capital light revenue growth Focus on capital optimization Exit from non-core assets Strong delivery 2019 2021 2023 ROE 0.6% 14.7% Cost-to-core income 62.3% 51.6% 13.6% 44.7% Core Income / REA 5.7% 6.5% 7.1% Commitment to return surplus capital Important milestones in simplifying the balance sheet through divestments ISK 96.2bn Dividend / Buy-backs 2019-2023 Bravo Tours E LANDEY VALITOR Bancassurance emphasis vörður Next steps.... Strategic refinements to secure long-term success The strategic priorities laid out in 2019 remain the guiding light, with continued emphasis on operational efficiency, capital velocity and capital optimization, and we have identified three main focus areas going forward: Target client segments Financial health Arctic#12The Arctic offers significant potential in the long term 12 • One third of rare earth metals and materials ~40% of farmed salmon and related species Plenty of sustainable energy resources Opportunities to develop further as a tourist destination ~10% of total aluminum production ~12% of fish caught in the world are in the North Atlantic Ocean Continued measured and deliberate steps to position ourselves to play a key role in the Arctic region Arion is in a unique position to become the financial hub of the Arctic Arctic strategy does not significantly impact our near-term business plan, while providing long- term upside potential Ongoing process of mapping out and initiating. long-term strategy for Arion in the region Ongoing loan book growth but next phase of our Arctic strategy will mostly focus on capital light products and services Key focus sectors Fishing Tourism Shipping Financial services Source: Statistics Iceland, International-Aluminium, FAO, Financial Times#13Continued focus on sustainability The Bank received strong ESG ratings and aims to be net zero by 2040 AS SUSTAINALYTICS ESG 2024 INDUSTRY TOP RATED Reitun Sustainalytics places Arion Bank in the top 5% of banks (around 1,000 banks globally) and the top 3% of regional banks (around 400 banks). On a scale of 0-100, Arion Bank received 10.5 points, with fewer points signifying lower risk which places the Bank in the low-risk category Arion Bank has achieved the score "outstanding" in Reitun's ESG rating, scoring 90 out of 100 possible points and placing it in category A3. The rating is based on the Bank's performance in environmental, social and governance (ESG) issues in its operations. This is the third year in row the Bank has achieved this score UN environment finance programme initiative Principles for Responsible Banking net-zero banking alliance 1= BUSINESS 1.5°C O AMBITION FOR SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION ■ Within next two years the Bank will work towards getting SBTI to validate its science-based climate targets Next steps in our sustainability journey Aim to reduce financed emissions in the sectors which have the most impact in line with net zero target by 2040 Have targets on financed emissions validated by SBTi within two years Increase percentage of investment by women A harmonized risk assessment for different sectors and regions with respect to ESG risk and the financial impact on the Bank Implementing CSRD legislation and report on sustainability according to ESRS standards Further engagement with customers regarding sustainability Work according to Arion Bank's Sustainability Policy for the Arctic 13#14Operating in an attractive market Robust Icelandic economy with strong foundations for future growth Strong long-term potential with Arctic position With a unique position Broad product offering with an integrated banking model Product-relationship with half of the Icelandic population Strong market share in most attractive customer segments Digital leader And a track record of delivering ROE above local competitors for past 4 years Delivered on all key targets and strategic priorities outlined in 2019 and 2021 CMD Demonstrated commitment to optimize capital position over medium-term Medium term targets * >13% Return on equity >7.2% Core income over REA <45% Cost to core income >3% Insurance revenue growth of Vörður in excess of market growth <95% Insurance combined ratio of Vörður 50% Dividend payout ratio CET1 ratio of regulatory requirement of with additional 150-250bps buffer *Medium term targets are reviewed annually and the underlying horizon is up to 3 years#15Appendix#16Blikastadir is a part of Landey portfolio and is one of the Bank's non-strategic assets (Book value ISK 6.7bn) O 675 44 B 43 Local planning in progress This first phase area is expected to be approximately 30-35 ha. with around 1,200 units, divided between family housing and apartments. A new school will also be constructed in this phase. Our role Arion's development role is to focus on coordination and to ensure leading standards throughout the process. A mix of local and internationally renowned design teams work closely with the municipality. The municipality of Mosfellsbær promotes the importance of nature and a healthy lifestyle in the community. The aim of the design team is to ensure those values through a "nature-based design❞ approach, while pursuing BREEAM Communities certification. Next steps Local plan for this first part of the land is expected to be finalized and approved in the second half of 2025. We are now in the process of exploring multiple options regarding future ownership of the land. 16 1. Blikastaðir - 1st phase#17A new approach to our development assets A combination of local market expertise and deep sector know-how creating a real estate "one-stop-shop" Arion Bank is exploring the option of creating a new local real estate company focusing on development, construction and aftermarket leasing Robust real estate company A strong real estate and development company that covers the entire real estate process from start to finish • This includes a potential listing 17 . Land Portfolio Unbuilt or planned land Development projects in planning Rental Units Residential apartments Commercial buildings Service apartments 正 Contractors Ground operators Construction companies Trade services Unique consolidation domestically Development and construction operations combined with rental company Suppliers Material production companies . Import suppliers Social commitment Contribution to housing development in harmony with evolving social needs, with significant involvement from pension funds and municipalities Listing on Nasdaq Iceland Listing on the stock market a possible scenario, offering more flexibility and maximizing the value for Arion shareholders#18Net interest margin Stability through the cycle and near-term tailwind Evolution of NIM . Stability in net interest margin through the cycle around 3% area 9.0% 8.0% 7.0%- Near-term NIM outlook Repricing of the fixed rate mortgages will be a material tailwind (c. ISK 150bn of loans that currently have a negative NIM) High deposit beta in Iceland has been a headwind during the rate hiking cycle but can support the NIM as rates come down Examples of strategic initiatives impacting NIM Loyalty projects support customer retention and an enhanced resilience in the NIM and provide growth opportunities in higher margin lending Broadening wholesale funding options aims to lower volatility in the funding spreads 18 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2013 2014 2015 2016 2017 NIM Source: Central Bank of Iceland ☐ 3.2% ◄ 2.7% 2018 2019 2020 2021 2022 2023 Average policy rates Strategy focused on ROE and not on absolute growth. Net loan book growth in general however expected to broadly follow economic growth Capital velocity provides more efficient balance sheet management In general, expected reduction in policy rates are an initial headwind Focusing on stable deposits that provide stable loan book funding will support the resilience of the margin through the cycle Capital optimization plans will increase percentage of funding with interest bearing liabilities while enhancing ROE Arctic opportunities create lending opportunities in FX and over time could broaden funding options in FX Positive impact Negative impact#19Net fee and commission income Continued momentum Evolution of fee and commission income . 19 Robust growth over past five years with increase of 65% from 2019 Diverse fee generating businesses support resilience through the cycle CAGR +13% ISK 16.4bn 0.5 ISK 16.4bn 0.5 ISK 14.7bn 2.3 2.9 1.3 1.3 1.4 ISK 11.6bn 1.5 1.4 ISK 10.0bn 4.3 1.2 4.7 4.0 1.3 1.4 4.1 3.1 2.1 2.5 2.6 1.6 1.4 4.9 4.8 4.9 3.4 3.7 2019 2020 Other 2021 Cards and payment solution Collection and payment services Captial markets and corporate finance 2022 2023 Near-term outlook Strategic initiatives impacting fee generation Slower economic growth outlook is a near term headwind Reduced policy rates should however support capital markets, and deal activity in Markets and CIB Policy rate reduction is also expected to increase lending fees from refinancing activity Capital velocity enhanced utilization of the balance sheet and supports further opportunities for fee generation Loyalty / Family / Rewards / Premia / Bancassurance projects support customer retention and resilience around fee generation while also supporting growth opportunities in high value client base Lending and guarantees Asset management Positive impact Negative impact Arctic opportunities increases the size of market for potential long term fee generation#20Vörður Expected to deliver up to ISK 5bn in pre-tax profit, at a high return on capital employed The road to enhanced profitability of insurance • . • Vörður's combined ratio was 97% in 2023 which is high in a historical perspective. At the same time, return on investments was below normalized expectations Vörður's targets should result in annual profit before tax reaching up to ISK 5bn in the next 5 years Current Group capital requirements from Vörður's holding is around ISK 7bn Outlook 1 Strategic initiatives impacting net insurance and financial income Revenue increasing in line with target and combined ratio to normalize at below 95% is expected to result in ISK ~1bn in improved insurance results Bancassurance strategy, including loyalty and rewards system, expected to drive continued growth momentum at a comparably low cost-ratio ISK 1bn 1 2 ISK ~5bn 2023 profit before Improved insurance Investment income tax increase results 20 5-year target 2 Normalization of investment income in line with expected policy rate decrease over medium term, combined with growth in investment portfolio, anticipated to trend towards ISK 4bn annually in coming years, compared with ISK 1.4bn in 2023 Risk diversification with increasing corporate business and emphasis on life insurance Bancassurance cooperation around investment in claims prevention initiatives and risk assessment models Insurance is also to an extent countercyclical, gaining from lower economic activity Positive impact Negative impact#21Operating expenses Ongoing efficiency drive 21 Evolution of OPEX Cost increase in recent years been below inflation and held relatively stable while supporting significant increase in revenues -9% ISK 26.9bn Operating expenses* +6% +7% +4% ISK 28.7bn ISK 27.0bn ISK 25.9bn ISK 24.4bn 5.1% 3.6% 2.0% 9.6% 7.7% Near term OPEX outlook General inflationary pressures expected to continue near term with overall pressure on costs Growth in capital light businesses such as asset management and corporate finance is generally at a relative high Cost/Income while strong in terms of ROE Significant improvement in cost to core income in recent years supported by income increase at relatively stable cost base. Current level targeted to continue over medium term 62.3% Cost to core income Examples of strategic initiatives impacting operating expenses IT investment commitment supporting ongoing digital leadership. Near term headwind, longer term efficiencies Ongoing efficiency opportunities from synergies across the group and capital velocity, delivering higher income from our infrastructure and distribution channels 2019 2020 2021 Operating expenses* 2022 2023 Inflation *Including operating expenses from insurance operations in 2023 and 2022 for comparative purposes Source: Central Bank of Iceland 51.6% 53.3% 45.0% 44.7% 2019 2020 2021 2022 2023 Positive impact Negative impact#22Cost of Risk Solid position Evolution of Cost of Risk Near term Cost of Risk outlook Strategic initiatives impacting Cost of Risk • . Current expected credit loss levels predict 30bps cost of risk in the near term, impacted by conservative IFRS 9 assumptions that reflect on current economic conditions Through-the-cycle cost of risk between 20-25bps given the current portfolio composition and risk profile High interest rates are a near term headwind for borrowers 22 1.50% 1.00%- 0.50% 0.00% -0.50% 2018 2019 2020 2021 - - Cost of risk (net impairment / LTC) Cost of risk-average 2018-2023 - Cost of risk average 2020-2023 Close dialogue with borrowers around mitigating options in current rate environment Expected reduction in policy rates and inflation will provide relief Impairments in 2024 are likely to be impacted by the seismic events near Grindavík, while exposure is limited. Ongoing evaluation and dialogue with borrowers • Exposure ISK 8.3bn to corporates and ISK 2.0bn to individuals ISK 6.0bn of corporate exposure is secured by fishing vessels and quotas not impacted by the events. The Bank is participating in government actions to assist the people of Grindavík Credit syndication as an important risk management tool, providing feedback from other credit participants Credit models are under continuous development. The models have been successfully applied for years for automatic credit-decisions for individuals and the Bank plans to develop similar solutions for SME lending Data initiative will further strengthen credit risk assessment Rolling out a cyber-security education program for customers. Frauds and cyber attacks 0.425% • 0.235% 2022 2023 Positive impact Negative impact#23Funding Enhanced stability and diversity Near-term funding considerations Deposits • High growth in deposits in past years during and after COVID expected to slow and approach pre-COVID growth rate Continued focus on growth in more stable categories of deposits Deposits by LCR outflow weight (ISK bn) Covered bonds • . Established domestic investor base and inaugural euro covered bond in 2021 with strong Aa2 Moody's rating received in December Continued evaluation of establishing a stronger Icelandic FX swap market which would support a more diversified and attractive funding for Icelandic residential mortgages Senior preferred . EUR credit spreads have tightened considerably in recent months Regular issuer in the euro market, strong investor base in the Nordics with NOK/SEK public and private placements and focus on growing the domestic market Senior non-preferred . With a capital stack managed towards a more optimal structure the need for SNP emerges as MREL subordination requirement becomes effective in 2026 Subordinated . Medium-term plan to maintain optimum T2 and AT1 levels to support target capital structure 795 +12% 767 70 . 98 +6% 581 63 660 89 470 475 499 57 420 78 71 62 726 669 571 518 442 391 404 358 2016 2017 2018 2019 2020 2021 2022 2023 Low LCR outflow High LCR outflow* *Deposits with LCR outflow weight above 40% 23 Navigating through multiple. capital and funding constraints Regulatory constraints ● MREL requirements MREL-subordination requirement • Liquidity coverage ratio • Net stable funding ratio ● Capital requirements Rating agency constraints ● Different thresholds around composition of ● funding (wholesale vs deposits) Capital thresholds Management constraints Asset encumbrance • Capital and MREL management buffers#24Capital and credit rating Medium term capital target unchanged S&P Global Issuer rating Covered bond Outlook 24 Target capital structure over the medium term 24.1% 2.9% 1.5% c. ISK 20bn 2.5% 19.7% 1.9% 2.5% 1.9% Tier 2 AT1 CET1 19.7% C. 17-18% 15.3% Capital ratios 31.12.2023 Surplus capital Structure assuming Capital requirement 150-250bp mgmt buffer Historical capital distribution to shareholders (ISK bn) Net earnings 12.4 12.5 1.1 2019 4.4 2020 Source: Moody's, S&P global 31.5 32.3 28.6 26.0 25.7 • Capital distribution 15.6 2021 2022 2023 BBB A+ Stable Ongoing strategic review on Arion's optimal credit rating coverage • The agency's increasingly constructive view on the economic risks facing Icelandic banks means that the temporary capital constraint could be resolved to converge to management buffer over regulatory requirements This is potentially supportive of a one-notch upgrade once S&P concludes its ongoing review MOODY'S Issuer rating Covered bond Outlook A3 Aa2 Stable Upgraded by one notch in September in recognition of robust financial performance and strong balance sheet fundamentals Comfortable headroom to current ratings across key credit metrics, including asset quality and capital The agency's constructive view on the Icelandic sovereign is also indirectly supportive of future rating trajectory Arion is currently undertaking a review of the appropriate number of credit rating agencies going forward. This review will consider among other factors: Strategic fit given our size and business model . . The issuance plan and quality of market access Ensuring that Arion's investors continue to have access to quality and independent credit assessments from highly credible credit global rating agencies We will communicate the outcome of this review and any potential impact it might have on the Group's capital flexibility and targets in the near term The Bank is committed to maintaining the required capital levels of the current ratings and regulatory thresholds#25Increased investment in and higher productivity of digital development organization Mid '23 Agile@Scale transformation already delivering im proved productivity # of tech development initiatives delivered Continued investment in IT development planned for '24-'26 % IT Investment and Expense relative to Core Income 25 2022 +23% +100% 2023 2026 Target 20.4 19.3 Investment Expense 6.7 4.6 15.7 2.3 14-14.5 12.2 0.8 12.5 0.9 14.7 13.7 13.4 11.4 11.6 2019 2020 2021 2022 2023 2024-2026 Acceleration of Data ambitions with new Data organization reporting to CDAO IT organizational chart CDAO CIO Arion Way of Working comprised of 13 Core Teams and 3 Centers of Excellence ~20% of Arion FTEs actively involved in AwoW Target to double AWOW initiative delivery in 2026 vs. 2022 baseline IT costs relative to core income have decreased after a period of core systems modernization 2024-2026 increase in IT development investment targeting Customer Experience and Front-to-Back digitization IT development outsourcing expected between 20% and 25% All data development capabilities centralized under new Chief Data and Analytics Officer ~17% of IT FTEs working purely on Data development Implementation of next generation data infrastructure started#26Key initiatives to drive continued financial momentum Projects outlined in earlier presentations have clear positive impact to financial performance 26 Strategic projects with clear positive financial impact, around resilience, efficiency and growth opportunities Resilience IT Investment commitment Data and AI Cybersecurity and customer education AWOW Retail Banking Rewards / Family Market segmentation Bancassurance Stable deposit strategy Women invest Vörður Corporate insurance Life and health Digital channels Bancassurance Efficiency Growth Markets Wealth management and Premia New asset management system Arctic opportunities Operations & Culture Transformation Cross functional cooperation Automation of processes Attraction and retention of top talent Funding and Treasury Stable deposit strategy Broadening wholesale funding options Capital optimization Risk Credit models development Data and AI cyber-security education CIB Capital velocity and syndication Bancassurance Combining SME business from Retail to CIB Arctic opportunities#27Disclaimer 27 This document has been prepared for information purposes only and should not be relied upon, or form the basis of any action or decision, by any person. Nothing in this document is, nor shall be relied on as, a promise or representation as to the future. In supplying this document, Arion Bank does not undertake any obligation to provide the recipient with access to any additional information or to update this document or to correct any inaccuracies herein which may become apparent. The information relating to Arion Bank, its subsidiaries and associates and their respective businesses and assets contained in, or used in preparing, this document has not been verified or audited. Further, this document does not purport to provide a complete description of the matters to which it relates. Some information may be based on assumptions or market conditions and may change without notice. Accordingly, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, forecasts, opinions and expectations contained in this document and no reliance should be placed on such information, forecasts, opinions and expectations. To the extent permitted by law, none of Arion Bank or any of their affiliates or advisers, any of their respective directors, officers or employees, or any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. This presentation contains forward-looking statements that reflect management's current views with respect to certain future events and potential financial performance. The information in the presentation is based on company data available at the time of the presentation. Although Arion Bank believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors. The most important factors that may cause such a difference for Arion Bank include but are not limited to: a) the macroeconomic development, b) change in inflation, interest rate and foreign exchange rate levels, c) change in the competitive environment and d) change in the regulatory environment and other government actions. This presentation does not imply that Arion Bank has undertaken to revise any forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes after the date when this presentation was made. Arion Bank assumes no responsibility or liability for any reliance on any of the information contained herein. It is prohibited to distribute or publish any information in this presentation without Arion Bank's prior written consent. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. This document should not in any way be regarded or interpreted as investment advice by the Bank By accepting this document, you agree to be bound by the foregoing instructions and limitations.