Kvika banki hf. initiates the sales process of TM tryggingar hf.

Following the decision of the board of directors of Kvika bank hf. ("Kvika" or "the bank") regarding the sale or listing of its insurance subsidiary TM tryggingar hf. ("TM" or "the company"), which was announced on the 3^rd of October, it is hereby informed that the bank will start the sales process today.

It is Kvika's intention to sell all outstanding shares in TM or sell shares in the company to cornerstone investors, which may result in a listing.

Kvika's Corporate Finance division has been engaged to oversee the sales process and BBA//Fjeldco has been hired as a legal advisor in the process.

Further updates on the sales process will be provided in due course.

For further information regarding the process please contact Kvika's Corporate Finance through the email address tm@kvika.is.

Please note that this notice is a disclosure of inside information per article 17 of regulation (EU) No 596/2014 on market abuse ("MAR"), which is implemented into Icelandic law with the act on measures against market abuse No 60/2021.