Marketmaking agreement with Arion Bank hf. and Landsbankinn hf.

Fly Games hf. has entered into a market making agreement with Arion Bank hf. for shares issued by Fly Play hf. listed on the Nasdaq OMX Iceland Stock Exchange.

Under the agreement, Arion Bank will submit bids and bids for the company’s shares in the exchange’s trading system on all trading days. The number of bids and offers must have a nominal value of at least ISK 200,000. If Arion Bank’s bids are accepted, Arion Bank will make a new bid within 10 minutes of the last transaction. The maximum difference between bid and ask bids is 2.0% and the deviation from the last transaction price must not exceed 3%. If Arion Bank trades the company’s shares for 800,000 shares with a nominal value or more in automatic pairing (“Automatch”) within a trading day, the obligation to make a maximum difference between bids and bids within that day lapses.

Fly Play’s agreement with Arion Bank will take effect on July 9, 2021 and is for an indefinite period of time, but may be terminated by either party upon 14 days’ notice.

In addition, Fly Play hf. entered into an agreement with Landsbankinn hf. on market making for shares issued by Fly Play listed on the Nasdaq OMX Iceland exchange.

Landsbankinn hf. undertakes as a market maker to make daily bids and offers on the Company’s shares for a minimum of 5,000,000 ISK. at market value. Bids and offers must be renewed as soon as possible, but always within 15 minutes after full acceptance. The maximum net amount that Landsbankinn must buy or sell on a daily basis is ISK 10,000,000. calculated as the difference between accepted bids and offers via auto-match trading. When the net maximum amount of the day is reached, the market maker’s obligation on the filled side expires until the net amount is again below the daily maximum net obligation.

The maximum spread between bid and ask price is volume weighted and determined by the 10-day volatility in Fly Play hf’s share price. as it appears in Bloomberg’s information system at any time. If the 10-day volatility is less than or equal to 20%, the maximum volume-weighted spread is 1.5%, if the 10-day volatility is greater than 20% but less than 35%, the maximum volume-weighted spread is 2 , 5% and finally if the 10-day volatility is equal to or above 35% then the maximum volume weighted spread is 4%.

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The agreement will enter into force on 9 July 2021 and is for an indefinite period, but can be terminated by either party with 7 days’ notice.

For more information, please contact ra Eggertsdttir, CFO of Fly Play hf. phone +354 861 7777