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    Strategic stake in Hagar hf. for sale
    25.10.2010

    Strategic stake in Hagar hf. for sale

    Arion Bank hf. - Corporate Advisory is arranging the sale of up to 99.5% of outstanding shares in Hagar hf. The shares are held by the Bank’s subsidiary Eignabjarg ehf. The intention is to request that Hagar‘s shares be admitted to trading on the main market of Nasdaq OMX Iceland hf., and to offer professional investors and public investors the opportunity to buy shares in the company prior to the listing.

    Hagar is expected to have a broad shareholder base, but before public investors are offered shares in the company, it is important that information is available on who the strategic investors will be when the company is listed. Therefore the first part of the sales process of the Bank‘s share in Hagar relates to a sale of a strategic stake. The possibility of selling the entire 99.5% stake to a single investor will also be examined.

    Sale process - First stage

    In the first stage of the sale process a strategic stake (estimated 15-29%) in Hagar will be offered for sale. During this stage of the process offers for the Bank‘s entire shareholding, approximately 99.5% of outstanding shares in Hagar, can also be submitted.

    The first stage of the sale process is open to all interested investors who possess the requisite financial strength. The seller reserves the right to restrict participation in this stage of the process, if there are any legal obstacles which prevent an investor from obtaining a controlling share in the company, e.g. relating to anti-trust regulations.

    Investors interested in participating in the first stage of the sale process are asked to contact Arion Bank - Corporate Advisory. A special Non-Disclosure Agreement must be signed no later than Wednesday 3 November 2010.

    Sales material will be presented and handed over to participants during the next few weeks. Indicative offers can be submitted until Monday 15 November 2010. Offers shall be submitted on special forms.

    The offers will then be evaluated, and selected investors will be invited to continue in the first stage of the sale process. These investors will receive more information on the operations and financials of Hagar before binding offers are requested and final agreements are reached on the sale and purchase of a strategic stake (or the Bank‘s entire share) in Hagar.

    The seller reserves the right to i) amend the terms and/or criteria of the sale process, and/or ii) enter into agreements with any offeror of its choice, or to reject all offers.

    Further information

    Information on the sale process can be obtained from Arion Bank - Corporate Advisory by tel. +354 444 6805 or by email at fyrirtaekjaradgjof.hagar2010@arionbanki.is.