DEED OF COVENANTDecember 15th, 2023
FiledDecember 15th, 2023THIS DEED OF COVENANT is made on 14 December 2023 by ARION BANK HF. (the Issuer) in favour of the account holders or participants specified below of Clearstream Banking, SA (Clearstream, Luxembourg), Euroclear Bank SA/NV (Euroclear) and/or any other additional clearing system or systems as is specified in the Final Terms relating to any Covered Bond (as defined below) (each a Clearing System).