13. March 2018

Publication of Kvika Bank's Company Description

Kvika banki has published a company description in relation to the proposed admission to trading of all of the issued shares of the Company (the "shares") on First North Iceland. Following the publication of the Company Description all conditions for admission of the shares to trading on First North Iceland have been fulfilled and Nasdaq Iceland hf. has approved their application for admission to trading.

The total number of the Company's issued shares is ISK 1,835,017,630. Each share in the Company corresponds to one Icelandic króna in nominal value or multiple thereof. The Company's shares are registered electronically at Nasdaq CSD Iceland hf. The ISIN number for the shares is IS0000020469. The shares' symbol on First North Iceland is KVIKA.

For further information on Kvika and Kvika's shares, a reference is made to the Bank's Company Description, dated 12 March 2018, published on the Company's website under Investor Relations.

Nasdaq First North

Nasdaq First North is regulated as a multilateral trading facility, operated by the different exchanges within Nasdaq Nordic (Nasdaq First North Denmark is regulated as an alternative marketplace). It does not have the legal status as an EU-regulated market. Companies on Nasdaq First North are subject to the rules of Nasdaq First North and not the legal requirements for admission to trading on a regulated market. The risk in such an investment may be higher than on the main market.

Certified Adviser

Kvika, which is a member of and has an agreement with Nasdaq Iceland hf., has been granted an exemption from the condition of obtaining a third party Certified Adviser. Kvika holds an operating licence to operate as a commercial bank under the Icelandic Act on Financial Undertakings, no. 161/2002 and is regulated by the Icelandic Financial Supervisory Authority (hereafter also referred to as the "FSA"). Kvika is approved by Nasdaq Iceland as a First North Certified Adviser. Due to these circumstances, Nasdaq Iceland has agreed to exempt the Issuer from obtaining a third party Certified Adviser, during the application process, while simultaneously taking on a more prevalent surveillance role in the listing of the Issuer. The Issuer has also chosen to be fully Exchange-monitored after the shares have been admitted to trading, meaning that it will not have a Certified Adviser on a continuous basis.