Key Financial Indicators and Balance Sheet Analysis Q1 2023

3 Strong GDP growth amid global turbulence GDP increased by 6.4% in 2022, a result that was in line with Arion Bank's expectations. Growth was driven by exports, namely increased growth in tourism, and record-breaking private consumption. With tourism regaining its former strength, the current account finished the year smaller than expected, despite robust economic activity as reflected in a significant trade deficit. GDP growth in 2022 - YoY %-change Tourist arrivals via Keflavík International Airport 300.000 Current account balance - bn. ISK at constant exchange rate, 150 Portugal Iceland Greece Spain Slovenia Austria Poland Hungary Netherlands UK Italy Denmark Euro Area Canada Norway Belgium Sweden France Czech Republic US Switzerland Finland Latvia Lithuania Germany 0% 1% 2% 3% 4% 5% 6% 7% 8% 15% 10% 5% 0% -5% -10% Employment and GDP - YoY growth -15% 2018 2019 2020 2021 2022 2023 -Total hours worked -GDP 250.000 200.000 150.000 100.000 50.000 30% 20% 10% 0% -10% -20% -30% Sources: Eurostat, Statistics Iceland, Central Bank of Iceland, Icelandic Tourist Board, Arion Research 0 January February March April May June July August September October November December -2019 2020 -2021 -2022 2023 Payment card turnover - YoY growth, growth contributions of underlying components jan.20 mar.20 maí.20 júl.20 sep.20 nóv.20 jan.21 mar.21 maí.21 Domestic júl.21 sep.21 nóv.21 jan.22 mar.22 Abroad -Total maí.22 júl.22 sep.22 nóv.22 jan.23 mar.23 100 50 -50 -100 170 160 150 140 130 120 110 tuhatt 2020 Balance on goods Balance on primary income Current account balance 2021 2022 Balance on services Secondary income, net The ISK against major trade currencies Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 USD EUR

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