Public Interim Report of 3 Months 2005 (Act No 25, of the President of Bank of Estonia, dd. October 19, 1999)

Contents

Introduction________________________________________________________________________________ 2Statement of the Management Board___________________________________________________________ 31. Operating review_____________________________________________________________________ 41.1. Bank and consolidated group___________________________________________________________ 41.1.1. Consolidated group____________________________________________________________________ 41.1.2. Changes in the consolidated group during the accounting period and projects for year 2005___________ 41.1.3. Strategy and organisation_______________________________________________________________ 51.1.4. Development Costs____________________________________________________________________ 51.2. Highlights of SEB Eesti Ühispank in 3 Months of 2005_____________________________________ 61.3. Standard ratios_______________________________________________________________________ 71.3.1. Capital adequacy______________________________________________________________________ 71.3.2. Net currency position___________________________________________________________________ 81.3.3. Liquidity (assets and liabilities by remaining maturity)________________________________________ 91.3.4. Risk concentration_____________________________________________________________________ 91.4. Key Figures__________________________________________________________________________ 101.5. Ratings_____________________________________________________________________________ 131.6. Legal Disputes_______________________________________________________________________ 13

2. Financial Statements__________________________________________________________________ 142.1. Balance sheet, Group__________________________________________________________________ 142.2. Balance sheet, Bank___________________________________________________________________ 152.3. Off-Balance sheet items________________________________________________________________ 172.4. Income Statement, Group______________________________________________________________ 182.5. Income Statement, Bank_______________________________________________________________ 192.6. Changes in Shareholders' Equity________________________________________________________ 202.7. Cash Flow Statement__________________________________________________________________ 212.8. Annexes to Cash Flow Statement________________________________________________________ 21

Note 1 Changes in accounting principles_________________________________________________________ 22Note 2 Concentration of loans and advances from customers by countries_______________________________ 23Note 3 Concentration of loans and advances from customers by economic sector_________________________ 24Note 4 Overdue_____________________________________________________________________________ 25Note 5 Value adjustments of loans and advances___________________________________________________ 25

Introduction

Credit institutionCompany name AS SEB Eesti ÜhispankAddress Tornimäe Str.2, Tallinn 15010, EstoniaRegistred in Republic of EstoniaRegistry date 08.12.95Registry code 10004252 (Estonian Commercial Register)Phone +372 665 5100 Telex 173 006 UNION EEFax +372 665 5102SWIFT EEUH EE2Xe-mail postkast@seb.ee Internet homepage http://www.seb.ee

AuditorAuditor's company name AS PricewaterhouseCoopers Registry code 10142876Address Pärnu str. 15, 10141 Tallinn, Estonia

Report balance sheet date 31.03.05Reporting period 01.01.2005 - 31.03.2005Report currency Estonian kroon (EEK), millions

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Statement of the Management Board After having been introduced to the Public Interim Report of 3 Months 2005, the Management Board of SEB Eesti Ühispank is on the following opinion on May 3, 2005, the date of publishing the Public Interim Report of 3 Months 2005: 1. The Public Interim Report of 3 Months 2005 consists of the following parts and reports: Introduction Operating Review Financial Statements Notes The Report also includes the information in accordance with the requirements for Public Interim Reports, as stipulated by the Act No 25, dd. October 19, 1999 of the President of the Bank of Estonia. 2. The financial and other additional information published in the Public Interim Report of 3 Months 2005 is true and complete. 3. The financial and other information, published in the Public Interim Report of 3 Months 2005, is not missing anything, which could affect the meaning or contents of the report. 4. Financial reports have been compiled in accordance with the international general accounting and reporting principles, as stipulated in § 16 and section 2 of § 17 of the Accounting Law. The Public Interim Report of 3 Months 2005 has been completed in accordance with the requirements of Estonian laws. 5. SEB Eesti Ühispank and subsidiaries of the consolidated group is assumed to continue their activities indefinitely. Public Interim Report of 3 Months 2005 is not audited. Mart Altvee Chairman of the Management Board

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1. Operating review

1.1. Bank and consolidated group

1.1.1. Consolidated group 31.03.05

Company name

Reg. No. Reg.date Address Activity Owner- ship (%)

At an acquisition cost (EEK

mio)

AS SEB Ühisliising 10281767 03.10.1997 Tallinn, Tornimäe 2 Leasing 100.0% 23.4HF Liisingu AS* 10304592 07.11.1997 Tallinn, Tornimäe 2 Leasing 100.0% -AS SEB Ühisliisingu Kindlustusmaakler* 10723587 16.01.2001 Tallinn, Tornimäe 2 Insurance brokerage 100.0% -AS Rentacar* 10303546 20.10.1997 Haapsalu, Karja 27 Leasing 100.0% -

SEB Russian Leasing R-6603.16 19.06.1997 St.Petersburg, Pl.Konstitutsii 2 Leasing 100.0% 1.9AS Ühisinvesteeringud 10282152 06.10.1997 Tallinn, Tartu mnt 13 Investment banking 100.0% 34.0AS SEB Ühispanga Fondid 10035169 22.05.1996 Tallinn, Tornimäe 2 Asset management 100.0% 42.5AS SEB Ühispanga Elukindlustus 10525330 21.01.1999 Tallinn, Tornimäe 2 Insurance 100.0% 30.0AS Bangalo 10088272 18.10.1996 Tallinn, Tornimäe 2 Real estate 100.0% 47.0AS Tornimägi 10198768 05.05.1997 Tallinn, Tornimäe 2 Real estate 100.0% 132.9OÜ Strongler 10141919 23.04.1997 Tallinn, Tornimäe 2 Real estate 100.0% 35.0SEB IT Partner Estonia OÜ** 10002566 20.11.1995 Tallinn, Tartu mnt 13 Consulting, programming 35.0% 0.3AS Sertifitseerimiskeskus** 10747013 27.03.2001 Tallinn, Pärnu mnt 12 Data communication services 25.0% 8.0AS Intergate** 10705049 13.10.2000 Tallinn, Tornimäe 2 Information technology 50.0% 15.1Pankade Kaardikeskuse AS** 10452335 19.05.1998 Tallinn, Laki 12 Card centre 41.52% 4.0AS Eesti Liisingukeskus** 10325921 17.11.1997 Tallinn, Liivalaia 12 Leasing centre 33.33% 0.4

374.5SEB Russian Leasing registered in Russian Commercial Register, all other enterprises registered in Estonian Commercial RegisteGroup's parent company is AS SEB Eesti Ühispank, it's activity is banking (information on page 2 )* consolidated sub-subsidaries** associatesThe ‘consolidated group’ and the ‘Group’ are identicalFor all investments the percentage of holding equals to both, the holding from the number of shares as well as from the number of votes

1.1.2. Changes in the consolidated group during the accounting period and projects for year 2005At the beginning of April the business name of the parent company and of several subsidiaries was changed.The new name of AS Eesti Ühispank is AS SEB Eesti Ühispank, Ühisliisingu AS was changed into AS SEB Ühisliising, the new name of AS Ühispanga Elukindlustus is AS SEB Ühispanga Elukindlustus, AS Ühispanga Varahaldus was changed intoAS SEB Ühispanga Fondid and Union Kindlustuskonsultatsioonid was changed into AS SEB Ühisliisingu Kindlustusmaakler

No such events or trends have occurred by the time of publishing the Interim Report, which would affect the economisituation and financial strategy of the group in 2005.

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1.1.3. Strategy and organisation SEB Eesti Ühispank Group, being a member of SEB Group, is an Estonian financial group that serves private individuals, companies and public sector. SEB Eesti Ühispank is a universal bank that offers its customers all financial services. The biggest and the most important area is commercial banking together with leasing, with not least important priorities of long term saving products that we offer via our asset management and insurance facilities. SEB Eesti Ühispank Group carries out the vision of SEB Group that is to be a customer a leading driven North-European bank based on long-term relationships, competence and e-technology. The sub-goals for implementing this vision are sustainable growth, improving cost efficiency, increasing client satisfaction, improving co-operation and cross-selling inside the organisation, improving the quality of loan portfolio and increasing the motivation of employees. The activities that we undertake for achieving these sub-goals include continuous development of our service network (branches, ATM-s and electronic channels), more active sales activities, development of new products, continuous cost control, control of credit portfolio quality, training of employees and management development programs. In long term perspective the priorities of SEB Eesti Ühispank Group are efficient growth and gaining market share in Estonia, including sales of III pillar long term saving products, developing the activities of SEB Russian Leasing in St. Petersburg, and the SEB Groups' East-European Competence Centre will be established in Estonia on basis of the SEB Eesti Ühispank Asset Management. The main strengths of SEB Eesti Ühispank Group are client orientation and flexible client servicing, professional staff, innovative products and product development, high info-technology level, SEB as an owner of high credibility, as well as the client base, market position and brand of SEB Eesti Ühispank. The number of employees in the SEB Eesti Ühispank group increased by 42 employees compared to the 2004 year-end. The number of employees at the March 31, 2005 was 1438. 1.1.4. Development costs Establishment and development costs are not capitalised. A advertising expenses and the launch of new products, services and processes are expensed. Expenditures related to trademarks, etc., to be developed inside the company are also expensed at the moment of their occurrence.

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1.2. Eesti Ühispank highlights for 3 months 2005 At the general meeting of shareholders SEB, the owner of Eesti Ühispank, appointed Ain Hanschmidt, the former chairman of the bank’s management board, the chairman of the bank’s supervisory board, Mart Altvee, former head of Ühisliising was elected the new chairman of the management board of Ühispank, assuming the office as of February 1st 2005.

The supervisory board of Ühisliising elected Indrek Julge from the previously nominated candidates as the new chairman of the management board to replace Mart Altvee. In January Eesti Ühispank and KfW signed a 15-million euro credit line agreement, partially financed by the Council of Europe Development Bank (CEB). The credit line enables to finance the long-term investment projects of the Estonian local governments, related to the construction, improvement or renovation of the infrastructure objects of the local governments. Eesti Ühispank and Rural Life Development Foundation (MES) signed a co-operation agreement, which should improve the condition of all those rural entrepreneurs, who so far had insufficient loan collateral for making the investments. In course of the re-branding process, which lasted over a year, Eesti Ühispank introduced on April 11 a new name format, emphasizing the relationship of the bank with SEB. Together with the new name SEB Eesti Ühispank, also a novel visual identity was applied, similar to that of the SEB parent bank. The change concerns all the Baltic banks of the SEB Group - Latvijas Unibanka in Latvia will become SEB Unibanka, Vilniaus Bankas in Ltihuania will become SEB Vilniaus Bankas. Fitch affirmed SEB Eesti Ühispank’s at Support '1' Fitch Ratings, the international rating agency, has affirmed the Estonia-based SEB Eesti Ühispank’s ("SEB EÜP") Support rating at ‘1’.

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1.3. Standard ratios

1.3.1.Capital adequacy(millions of EEK) Group Bank

31.03.05 31.03.04 31.03.05 31.03.041. Tier 1 own funds 3,346.5 2,620.0 2,708.9 2,277.21.1 Paid in share capital 2,012.3 2,012.3 2,012.3 2,012.31.2 General banking reserves 298.5 298.5 298.5 298.51.3 Other reserves 0.0 0.0 0.0 0.01.4 Retained earnings / loss 1,431.2 701.9 793.6 359.21.5 Profit/loss for the period 0.0 0.0 0.0 0.01.6 Other primary own funds 0.0 - 0.0 -1.7 Minority interest (only in consolidated statement) 0.0 0.0 - -1.8 Unrealised rate differences (only in consolidated statement) 0.0 0.2 - -1.9 Treasury stock (less) 0.0 0.0 0.0 0.01.1 Intangibles (less) -395.5 -392.9 -395.5 -392.81.11 Actual period loss (less) 0.0 0.0 0.0 0.02. Tier 2 own funds 266.0 266.0 266.0 266.03. Total gross own funds (1+2) 3,612.5 2,886.0 2,974.9 2,543.24. Deductions from own funds 2.4 2.4 75.6 69.05. Total net own funds (3-4) 3,610.1 2,883.6 2,899.3 2,474.26. Tier 3 own funds 0.0 0.0 0.0 0.07. Risk weighted assets 27,231.7 21,039.1 22,607.5 20,383.37.1 I category 0.0 0.0 0.0 0.07.2 II category 777.6 399.2 709.8 393.17.3 III category 3,486.0 2,709.8 3,479.9 2,509.57.4 IV category 22,968.1 17,930.1 18,417.8 17,480.78. Risk weighted off-balance sheet commitments 2,842.7 1,918.4 2,728.9 1,875.88.1 I Group 2,806.6 1,905.5 2,692.2 1,862.68.2 II Group 36.1 12.9 36.7 13.29. Capital requirement for covering foreign currency risk 24.7 14.2 7.4 0.010. Capital requirement for covering trading portfolio risks 2.4 3.3 2.4 3.310.1 Capital requirement for covering interest position risks 1.9 1.2 1.9 1.210.2 Capital requirement for covering equity position risks 0.5 2.1 0.5 2.110.3 Capital requirement for covering commodity risks - - - -10.4 Capital requirement for covering option risks - - - -10.5 Capital requirement for covering trading portfolio transfer risk - - - -10.6 Capital requirement for covering trading portfolio credit risk - - - -11.

0.0 0.0 0.0 0.012. Total capital adequacy (5.+6.)/(7.+8.+9.×10,0+10.×12,5+11.×12,5) 11.89 12.46 11.40 11.09

Tier 1 Capital Ratio % (5.+6.-2.)/(7.+8.+9.×10,0+10.×12,5+11.×12,5) 11.02 11.31 10.35 9.90Tier 2 Capital Ratio % (2.)/(7.+8.+9.×10,0+10.×12,5+11.×12,5) 0.88 1.15 1.05 1.19

Capital requirement for covering open positsion of trading portfolio credit risks, exceeding limitation on concentration of exposures

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1.3.2. Net currency positionExceeding 1% level of net equity 31.03.05(millions of EEK)

Group1 % from net equity (EEKmio): 36.2

Currency Position in balance sheet Off-balance sheet position NetAdvances Commitments Advances Commitments position

RUB 141.4 17.6 32.5 48.2 108.2USD 2,067.4 2,893.3 1,062.3 289.7 -53.2

Bank1 % from net equity (EEKmio): 29.0

Currency Position in balance sheet Off-balance sheet position NetAdvances Commitments Advances Commitments position0.0 0.0 0.0 0.0 0.0

Bank' net position of every currency is under 1 % level of net equity.

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1.3. Liquidity (assets and liabilities by remaining maturity) 31.03.05(millions of EEK)

Assets; Liabilities:Demand deposits Overdue

< 1 month

1 < 3 months

3 < 12 months

1 < 2 years

2 < 5 years

over 5 years Total

1.Bank assets 1,609.8 87.2 1,050.1 2,882.9 5,842.5 3,494.9 7,008.5 8,964.1 30,940.02.Group assets 1,937.8 118.9 2,128.7 3,501.7 6,441.2 4,567.6 7,531.7 9,245.0 35,472.6

cash & due from credit institutions 1,594.6 0.0 3.4 1,843.8 0.0 0.0 0.0 0.0 3,441.8due from customers 0.2 117.2 1,394.8 1,630.2 6,422.0 4,532.8 7,376.8 8,972.2 30,446.2securities 291.8 0.0 0.2 0.5 0.6 34.4 154.5 193.4 675.4other assets 51.2 1.7 730.3 27.2 18.6 0.4 0.4 79.4 909.2

1.Bank liabilities 10,538.4 0.0 7,060.5 3,063.4 2,972.6 286.1 3,707.0 825.3 28,453.32.Group liabilities 10,419.4 0.0 7,293.6 3,073.1 2,974.5 300.6 7,261.5 1,274.0 32,596.7

due to credit institutions 276.4 0.0 3,028.3 916.5 391.2 0.0 7,097.1 0.0 11,709.5due to customers 10,129.0 0.0 3,096.5 1,966.5 2,289.3 291.1 134.0 557.8 18,464.2issued debt securities 0.0 0.0 288.8 159.8 263.5 6.0 0.0 0.0 718.1other liabilities 14.0 0.0 880.0 30.3 30.5 3.5 30.4 716.2 1,704.9

The column of overdue indicates the (net) amount of claims and liabilities overdue.

1.3. Risk concentration 31.03.05

(millions of EEK)

Group Bank

number/ amount

% from net equity

number/ amount

% from net equity

1.Number of customers with high risk concentration 7 72.Due from customers with high risk concentration 3,420.2 94.74 2,708.7 93.433.Due from related persons and shareholders 7.8 0.22 1.8 0.06

3,428.0 94.96 2,710.5 93.49

High credit risk exposure is the total exposure of one party or related parties to the group which exceeds 10% of the group's/bank´s net equity.All instruments where credit risk may arise to the group/bank are taken into consideration. The maximum rate of total high exposureallowed is 800%. The limit of the total exposure of one party or related parties is 25%. As of 31.03.2005 the group had 7 and thebank had 7 high risk exposures. Total exposure of any group of related parties did not exceed the limit of 25%.

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1.4. Key Figures

3 Months Group Bank31.03.05 31.03.04 31.03.05 31.03.04

Profit (loss) 200.1 195.0 116.8 116.1Average equity 3,860.3 3,114.5 3,167.9 2,728.1Return on equity (ROE), % 20.73 25.04 14.75 17.02

Average assets 35,645.5 26,539.8 32,615.2 25,730.4Average equity 3,860.3 3,114.5 3,167.9 2,728.1Equity multiplier (EM) 9.23 8.52 10.30 9.43

Profit (loss) 200.1 195.0 116.8 116.1Total income (EEKmio) 589.6 503.4 469.7 400.6Profit margin (PM), % 33.94 38.74 24.87 28.98

Total income 589.6 503.4 469.7 400.6Average assets 35,645.5 26,539.8 32,615.2 25,730.4Asset utilization (AU), % 6.62 7.59 5.76 6.23

Profit (loss) 200.1 195.0 116.8 116.1Average assets 35,645.5 26,539.8 32,615.2 25,730.4Return on assets (ROA), % 2.25 2.94 1.43 1.80

Net interest income less futures 211.8 212.2 159.8 157.3Average interest earning assets 32,867.2 23,793.7 30,592.8 23,677.8Net interest margin (NIM), % 2.58 3.57 2.09 2.66

Interest income less futures 366.8 321.5 308.2 266.2Average interest earning assets 32,867.2 23,793.7 30,592.8 23,677.8Yield on interest earning assets 4.46 5.41 4.03 4.50

Interest expenses less futures 155.0 109.3 148.4 108.9Interest bearing liabilities, average 30,460.2 22,321.5 28,793.9 22,369.9Cost of interest bearing liabilities 2.04 1.96 2.06 1.95

SPREAD, % 2.43 3.45 1.97 2.55

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I Quarter Group Bank31.03.05 31.03.04 31.03.05 31.03.04

Return on equity (ROE), % (quarter basis) 5.18 6.26 3.62 4.17Equity multiplier (EM) 9.23 8.52 9.82 9.55Profit margin (PM), % 33.94 38.74 24.87 28.98Asset utilization (AU), % (quarter basis) 1.65 1.90 1.48 1.51Return on assets (ROA), % (quarter basis) 0.56 0.73 0.37 0.44

Net interest margin (NIM), % (quarter basis) 0.64 0.89 0.54 0.64SPREAD, % (quarter basis) 0.61 0.86 0.51 0.61

Share information Bank31.03.05 31.03.04

Number of shares at end of period 66,562,381 66,562,381Average number of shares, adjusted with issues 66,562,381 66,562,381Net Profit/Loss, EEKmio 116.8 116.1Earnings per share (EPS), EEK 7.02 6.98Diluted earnings per share (EEK) 7.02 6.98

As the bank did not have potentially issued common stock in 3 Months 2005 and 3 Months 2004,the common net profit per share equals the diluted net profit per share.

Book value of shares, EEK 42.53 35.96

Assets quality Group Bank(millions of EEK) 31.03.05 31.03.04 31.03.05 31.03.04

Assets 36,557.8 27,499.2 31,680.4 26,613.0Overdue 143.2 157.7 111.7 113.3 overdue/assets, % 0.39% 0.57% 0.35% 0.43%Provisions 271.4 265.6 209.5 191.0(uncollectible debt)

Equity after deductions 3,610.1 2,883.6 2,899.3 2,474.2Capital adequacy, % 11.89 12.46 11.40 11.09Tier 1 Ratio (%) 11.02 11.31 10.35 9.90Tier 2 Ratio (%) 0.88 1.15 1.05 1.19

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ExplanationsReturn on equity (ROE), % Profit(loss) / Average equity * 100Equity multiplier (EM) Average assets / Average equityProfit margin (PM), % Profit(loss) / Total income * 100Asset utilization (AU), % Total income / Average assets *100Return on assets (ROA), % Profit(loss) / Average assets * 100Net interest margin (NIM), % Net interest income less futures / Average interest earning assetsCost of interest bearing liabilities Interest expenses less futures / Interest bearing liabilities, averageSPREAD, % Yield on interest earning assets - Cost of interest bearing liabilitiesEarnings per share (EPS), EEK Net profit (loss) / Average number of sharesBook value of shares, EEK (Equity - Intangible assets) / Number of shares at end of period

Interest earning assets: Interest bearing liabilities:Balances with the central bank Due to central bankLoans and advances to credit institutions Due to credit institutionsLoans and advances to customers of credit institutions Due to clients of credit institutionsDue from customers of leasing enterprises Due to clients of insurance institutionsDue from insurance institutions Other commitmentsDebt securities and other fixed income securities Issued debt securities-Uncollectible debt Subordinated liabilities

Total income includes the following items (Act No 25 of President of the Bank of Estonia, dd. October 19, 1999 andAct No 3 of President of the Bank of Estonia, dd. February 4, 1999):For Group:

Interest incomeInsurance premiumIncome from securitiesProfit/loss from equity method (+)Fees and commissions receivedNet profit/loss from financial activities (+)Value adjustments of real estate investments, tangible and intangible assets (+/-)Value adjustments of advances and off-balance sheet commitments (+/-)Value adjustments of long term investments (+)Other incomeExtraordinary income/expense (+)

For Bank:Interest incomeProfit/income from currency dealingIncome from fees and commisionsIncome from financial investmentsProfit/income from adjustmsnts of real estate, tangible and intangible assets (+)Profit/income from value adjustments of advances and off-balance sheet commitments (+)Income from value adjustemsnts of long term financial investments (+)Other operating incomeExtraordinary income

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1.5. Ratings 18.02.04 10.01.03 12.12.02

Moody’s Investor ServiceDeposit rating (Long term / Short term) A1/P-1 A2/P-1 A3/P-2Financial strength rating C– C– C–Rating descriptions in Internet:http://www.moodys.com

Standard & PoorsPublic information rating - BBBpi BBBpiRating descriptions in Internet:http://www.standardpoor.com

1.6. Legal Disputes

There are no outstanding legal disputes from which SEB Eesti Ühispank could suffer major losses.

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2. Financial Statements2.1. Balance sheet, Group Grupp

(millions of EEK) 31.03.05 31.12.04 31.03.04ASSETS1. Cash 444.7 443.5 386.32. Loans and advances 33,443.2 31,692.7 24,489.42.1. Balances with the central bank 952.8 1,701.4 571.52.2. Loans and advances to credit institutions 2,046.8 2,119.0 1,708.62.3. Loans and advances to customers of credit institutions 24,337.4 22,148.4 17,481.82.4. Due from customers of leasing enterprises 6,376.2 6,001.2 4,991.92.5. Due from insurance institutions 1.4 1.3 1.22.6. Other loans and advances 0.0 0.0 0.02.7. Uncollectible debt -271.4 -278.6 -265.63. Debt securities and other fixed income securities 302.6 295.9 221.54. Shares and other securities 388.3 370.0 298.54.1. Shares and participations in affiliates 40.3 33.6 29.94.2. Other shares and participations 332.5 330.6 259.54.3. Derivate securities 15.5 5.8 9.15. Intangible assets 395.5 397.6 392.95.1. Consolidated goodwill 379.1 379.1 379.15.2. Other intagible assets 16.4 18.5 13.86. Tangible assets 581.0 593.8 603.57. Real estate investments 108.8 108.8 110.88. Subscribed capital unpaid 0.0 0.0 0.09. Other assets 323.7 221.8 326.110. Accruals and prepaid expenses 570.0 609.1 670.211. TOTAL ASSETS 36,557.8 34,733.2 27,499.2

LIABILITIES AND SHAREHOLDERS' EQUITYPASSIVLiabilities 30,173.7 28,739.5 22,298.51.1. Due to central bank 0.0 0.0 0.01.2. Due to credit institutions 11,709.5 10,088.4 7,967.71.3. Due to clients of credit institutions 18,312.0 18,482.3 14,133.01.4. Due to clients of insurance institutions 1.1 1.0 0.91.5. Other commitments 151.1 167.8 196.92. Securities 723.9 777.5 490.72.1. Issued debt securities 718.1 757.1 477.12.2. Derivate securities 4.6 14.0 7.02.3. Other debt securities 1.2 6.4 6.63. Other liabilities 587.5 389.0 591.44. Accrued expenses and deferred income 396.8 398.2 358.85. Provisions 449.5 402.9 281.85.1. Insurance technical provisions 448.7 402.1 279.25.2. Long term pension provisions 0.0 0.0 0.05.3. Other provisions 0.8 0.8 2.66. Subordinated liabilities 266.0 266.0 266.07. Minority interest 0.0 0.0 0.08. TOTAL LIABILITIES 32,597.4 30,973.1 24,287.29.1. Paid up capital 665.6 665.6 665.69.2. Share premium 1,346.6 1,346.6 1,346.69.3. General banking reserve 298.5 298.5 298.59.4. Revaluation reserve 8.9 0.0 0.09.5. Reserve capital 9.5 4.6 4.29.6. Other reserves 0.0 0.0 0.09.7. Unrealized rate differences 0.0 0.0 0.29.8. Profit/Loss retained 1,431.2 701.6 701.99.9. Profit for the reporting period 200.1 743.2 195.09.10. Own shares 0.0 0.0 0.011. TOTAL SHAREHOLDERS' EQUITY 3,960.4 3,760.1 3,212.012. TOTAL LIABILITIES AND CAPITAL 36,557.8 34,733.2 27,499.2

14

2.2. Balance sheet, Bank(millions of EEK)ASSETS 31.03.05 31.12.04 31.03.04

1 Cash 444.8 443.5 386.3 2 Due from central bank 952.8 1,701.4 571.5 2.1 Demand deposits 952.8 1,701.4 571.5 2.2 Other deposits 0.0 0.0 0.0 2.3 Debt securities guaranteed and issued by central bank 0.0 0.0 0.0 3 Due from credit institutions 2,037.2 2,105.1 1,701.0 3.1 Demand deposits 187.4 342.0 287.0 3.2 Time deposits 14.7 23.1 2.2 3.3 Overdrafts 1.8 0.5 0.2 3.4 Other due 1,833.3 1,739.5 1,411.6 4 Due from customers 26,653.9 27,796.6 22,283.4 4 A incl. overdrafts 2,072.2 1,635.9 1,623.6 4 B incl. loans collateralised by mortgage 15,580.5 0.0 10,845.2 4.1 Loans to government 1,539.4 1,466.1 1,262.3 4.1.1 Loans to central government 283.4 288.5 219.9 4.1.2 Loans to state social insurance funds 0.2 2.6 0.0 4.1.3 Loans to non-budgetary funds 19.8 20.6 41.7 4.1.4 Loans to local authorities 1,236.0 1,154.4 1,000.7 4.2 Loans to financial institutions 2,757.2 5,998.0 5,118.9 4.2.1 Deposits in financial institutions 0.2 0.1 0.1 4.2.2 Loans to insurance institutions and pension funds 0.0 0.0 0.0 4.2.3 Loans to other financial institutions 2,757.0 5,997.9 5,118.8 4.3 Loans to state and local authorities enterprises 458.1 457.6 421.4 4.4 Loans to other business enterprises 12,240.9 11,185.2 9,228.5 4.5 Loans to non-profit associations 231.3 191.2 74.5 4.6 Loans to individuals 9,427.0 8,498.5 6,177.8 5 Uncollectible debt -209.5 -219.3 -191.0 5.1 Credit institutions -2.6 -2.6 -2.6 5.2 Customers -206.9 -216.7 -188.4 5.3 Other uncollectible debt 0.0 0.0 0.0 6 Securities 627.2 666.5 703.0 6 A incl. repurchase agreements 0.0 0.0 0.0 6.1 Debt securities and fixed income securities 178.2 189.2 211.0 6.2 Shares and participations 433.5 471.4 482.2 6.2.1 Shares in subsidaries 346.7 346.7 346.7 6.2.2 Shares in affiliates 27.4 27.4 27.4 6.2.3 Other sharers and participations 59.4 97.3 108.1 6.3 Derivative securities 15.5 5.9 9.8 7 Intangible assets 395.5 397.6 392.8 8 Tangible assets 259.3 269.0 275.0 9 Real estate investments 85.6 85.6 87.210 Other assets 289.5 180.4 278.910A incl. transit items 286.8 177.6 275.311 Accruals and prepaid expenses 144.1 123.5 124.911A incl. accrued interest 85.5 78.8 77.912 TOTAL ASSETS 31,680.4 33,549.9 26,613.0

LIABILITIES AND CAPITAL 31.03.05 31.12.04 31.03.04

1 Due to central bank 0.0 0.0 0.02 Due to credit institutions 8,230.5 10,088.4 7,967.62.1 Demand deposits 276.4 355.6 94.62.2 Time deposits 7,954.1 9,732.8 7,873.02.3 Overdrafts 0.0 0.0 0.02.4 Other due 0.0 0.0 0.03 Due to customers 18,445.0 18,692.3 14,306.53.1 Due to government 2,695.4 3,021.5 1,949.83.1.1 Central government 1,637.7 1,831.0 1,207.93.1.1.1 Demand deposits 454.7 322.7 254.73.1.1.2 Time and saving deposits 1,181.8 1,506.3 934.93.1.1.3 Other debt 1.2 2.0 18.33.1.2 State social insurance funds 310.2 444.2 11.03.1.2.1 Demand deposits 124.9 80.9 11.03.1.2.2 Time and saving deposits 185.3 363.3 0.0

15

3.1.2.3 Other debt 0.0 0.0 0.03.1.3 Non-budgetary funds 281.5 327.2 372.23.1.3.1 Demand deposits 105.9 76.0 150.13.1.3.2 Time and saving deposits 175.6 251.2 222.13.1.3.3 Other debt 0.0 0.0 0.03.1.4 Due to local authorities 466.0 419.1 358.73.1.4.1 Demand deposits 425.7 380.1 308.13.1.4.2 Time and saving deposits 40.3 39.0 50.63.1.4.3 Other debt 0.0 0.0 0.03.2 Due to financial institutions 734.6 981.4 804.63.2.1 Due to insurance intitutions and pension funds 173.4 197.8 172.73.2.1.1 Demand deposits 85.1 28.8 114.73.2.1.2 Time deposits 88.3 169.0 58.03.2.1.3 Saving deposits 0.0 0.0 0.03.2.1.4 Other debt 0.0 0.0 0.03.2.2 Due to other financial institutions 561.2 783.6 631.93.2.2.1 Demand deposits 308.6 315.1 245.23.2.2.2 Time deposits 251.6 468.5 386.73.2.2.3 Saving deposits 0.0 0.0 0.03.2.2.4 Other debt 1.0 0.0 0.03.3 Due to state and local authorities enterprises 1,416.3 1,278.2 1,055.03.3.1 Demand deposits 355.8 760.7 163.13.3.2 Time deposits 1,060.5 517.5 891.93.3.3 Savings deposits 0.0 0.0 0.03.3.4 Other debt 0.0 0.0 0.03.4 Due to business enterprises 6,621.1 6,943.1 4,909.43.4.1 Demand deposits 4,238.2 4,346.8 3,579.33.4.2 Time deposits 2,302.6 2,510.4 1,231.23.4.3 Savings deposits 28.8 22.7 20.53.4.4 Other debt 51.5 63.2 78.43.5 Due to non-profit assotiations 485.5 449.9 372.03.5.1 Demand deposits 390.7 356.4 312.63.5.2 Time deposits 86.9 86.6 53.93.5.3 Savings deposits 5.7 4.5 3.63.5.4 Other debt 2.2 2.4 1.93.6 Due to individuals 6,492.1 6,018.2 5,215.73.6.1 Demand deposits 3,772.5 3,509.9 3,013.83.6.2 Time deposits 2,015.8 2,044.7 1,778.93.6.3 Savings deposits 459.0 450.0 410.53.6.4 Other debt 244.8 13.6 12.5 4 Government lending funds and counterpart funds 58.9 65.4 81.7 5 Debt securities 724.8 778.1 491.05.1 Issued debt securities 718.1 757.1 477.15.2 Derivative securities 5.5 14.6 7.35.3 Other debt securities 1.2 6.4 6.6 6 Other liabilities 509.1 305.9 529.3 6 A incl. transit items 509.1 305.9 529.3 7 Accrued expenses and deferred income 219.0 243.5 182.2 7 A incl. interest debt 119.9 134.6 93.0 8 Provisions for taxes 0.8 0.8 2.6 8.1 Short term provisions 0.8 0.8 2.6 8.2 Long term provisions 0.0 0.0 0.0 8.3 Other provisions 0.0 0.0 0.0 9 Subordinated liabilities 266.0 266.0 266.010 TOTAL LIABILITIES 28,454.1 30,440.4 23,826.911 Paid up capital 665.6 665.6 665.612 Share premium 1,346.6 1,346.6 1,346.613 General banking reserve 298.5 298.5 298.514 Revaluation reserve 5.2 0.0 0.015 Other reserves 0.0 0.0 0.016 Profit/loss retained 793.6 359.3 359.317 Profit/loss for the financial year 116.8 439.5 116.118 Own shares 0.0 0.0 0.019 SHAREHOLDERS' EQUITY 3,226.3 3,109.5 2786.120 TOTAL LIABILITIES AND CAPITAL 31,680.4 33,549.9 26,613.0

16

2.3. Off-Balance sheet items(millions of EEK) 31.03.05

Group BankAssets Liabilities Assets Liabilities

1.Irrevocable transactions 295.4 6,271.0 295.4 6,042.21.1.Guarantees and pledges 1.9 1,848.0 1.9 1,886.0 incl.financial guarantees 0.0 391.8 0.0 391.81.3.Stand-by Loans 293.5 4,423.0 293.5 4,156.22.Derivatives 3,956.6 3,947.6 4,018.0 4,008.12.1.Currency Rate based Derivatives 3,133.5 3,124.5 3,194.9 3,185.0

incl Forwards 558.8 555.0 563.6 559.7Swaps 1,167.1 1,161.9 1,223.7 1,217.7Others (Spots) 1,407.6 1,407.6 1,407.6 1,407.6

2.2.Interest Rate based Derivatives 823.1 823.1 823.1 823.1

17

2.4. Income Statement, Group 3 Months(millions of EEK) 31.03.05 31.03.04

1. Interest income 368.2 320.91.1. Interest income from banking activities 269.2 229.61.2. Interest income from leasing activities 90.5 84.61.3. Other interest income 8.5 6.72. Interest expenses 155.0 109.32.1. Interest expenses from banking activities 147.9 108.32.2. Interest expenses from leasing activities 7.1 1.02.3. Other interest expenses 0.0 0.03. Net Interest Income (+/-) 213.2 211.64. Income and expenses from insurance activities (+/-) 0.0 0.04.1. Insurance premium (net) 0.0 0.04.2. Insurance compensations and changes in provisions (net) 0.0 0.05. Income from securities 6.7 0.25.1. Profit/loss from equity method (+/-) 6.7 0.25.2. Profit/loss from sale of long term investment (+/-) 0.0 0.05.3. Dividends from long term securities 0.0 0.06. Net income from fees and commissions 113.5 93.16.1. Fees and commissions received 158.4 130.16.2. Fees and commissions paid 44.9 37.07. Net profit/loss fom financial activities (+/-) 22.1 20.97.1. Profit/Income 22.1 20.97.2. Loss/Expense 0.0 0.08. Administrative expenses 153.5 133.48.1. Salaries 71.3 63.78.2. Social insurance tax, unemployment insurance tax 24.3 22.08.3. Pension expense 0.0 0.08.4. Other adminastrive expenses 57.9 47.79.

-19.6 -20.09.1. Profit/Income 0.0 0.09.2. Loss/Expense 19.6 20.010. Value adjustments of advances and off-balance sheet commitments (+/-) 2.8 0.910.1. Profit/Income 11.4 9.510.2. Loss/Expense 8.6 8.611. Value adjustments of long term investments (+/-) 0.0 0.711.1. Income 0.0 0.711.2. Expense 0.0 0.012. Other income and expense (+/-) 15.7 21.012.1. Other operating income 31.4 29.712.2. Other operating expense 15.7 8.713. Extraordinary income/expense (+/-) 0.0 0.013.1. Extraordinary income 0.0 0.013.2. Extraordinary expense 0.0 0.014. Profit before taxation (+/-) 200.9 195.015. Income tax expenses 0.8 0.015.1. Income tax of financial period 0.8 0.015.2. Change of potential income tax commitment 0.0 0.016. Minority interest 0.0 0.017. Net profit for reporting period 200.1 195.0

Value adjustments of real estate investments, tangible and intangible assets (+/-)

18

2.5. Income Statement, Bank 3 Months(millions of EEK) 31.03.05 31.03.04

1 Interest income 309.6 265.7 1.1 Loans 300.7 260.3 1.2 Deposits 5.9 3.6 1.3 Bonds and fixed income securities 1.6 2.3 1.4 Futures 1.4 -0.5 1.5 Oter interet income 0.0 0.0 2 Interest expenses 148.4 108.9 2.1 Loans 45.3 45.0 2.2 Demand deposits 23.6 18.8 2.3 Time deposits 71.1 38.3 2.4 Bonds and fixed income securities 6.4 4.8 2.5 Equity loans 2.0 2.0 2.6 Futures 0.0 0.0 2.7 Other interest expenses 0.0 0.0 3 Net interest income (+/-) 161.1 156.8 4 Net profit/loss from financial investments (+/-) 0.0 0.0 4.1 Income from shares of subsidaries (+/-) 0.0 0.0 4.1.1 Dividends 0.0 0.0 4.1.2 Income from equity method 0.0 0.0 4.1.3 Expenses from equity method 0.0 0.0 4.1.4 Other (+/-) 0.0 0.0 4.2 Income from shares of affiliates (+/-) 0.0 0.0 4.2.1 Dividends 0.0 0.0 4.2.2 Income from equity method 0.0 0.0 4.2.3 Expenses from equity method 0.0 0.0 4.2.4 Other (+/-) 0.0 0.0 4.3 Income fom other shares (+/-) 0.0 0.0 4.3.1 Dividends 0.0 0.0 4.3.2 Other (+/-) 0.0 0.0 5 Income from fees and commisions 120.6 98.1 6 Expenses to fees and commissions 36.8 30.7 7 Net profit/loss from currency dealing (+/-) 22.2 20.1 7.1 Profit/Income 24.3 20.7 7.2 Loss/Expense 2.1 0.6 8 Administrative expenses 135.5 120.0 8.1 Salaries 60.5 54.2 8.2 Social tax and unemployment insurance tax 20.7 18.6 8.3 Pensions (non-state) 0.0 0.0 8.4 Other administrative expenses 54.3 47.2 9 Value adjustments of real estate investments, fixed and intangible assets (+/-) -16.0 -16.6 9.1 Profit/Income 0.2 0.0 9.2 Loss/Expense 16.3 16.610 Value adjustments of advances and off-balance sheet commitments (+/-) 4.5 4.410.1 Profit/Income 9.8 8.510.2 Loss/Expense 5.2 4.110.3 incl. expenses/loss from value adjustments of off-balance sheet commitments 0.0 0.011 Value adjustments of long term financial investments (+/-) 0.0 0.011.1 Income 0.0 0.011.2 Expense 0.0 0.012 Other operating income 5.2 7.613 Other operating expense 8.5 3.614 Extraordinary income 0.0 0.015 Extraordinary expense 0.0 0.016 Profit/loss before taxes (+/-) 116.8 116.117 Income tax 0.0 0.018 Net profit for reporting period 116.8 116.1

19

2.6. Changes in Shareholders' Equity(millions of EEK)

Group

Year beginning 31.12.04

Revaluation of securities

Profit/ loss of reporting period

Reserve capital

Final balance 31.03.05

Paid up capital 665.6 665.6Share premium 1,346.6 1,346.6General Banking reserve 298.5 298.5Revaluation reserve 0.0 8.9 8.9Reserve capital 4.6 4.9 9.5Retained profit/loss 1,444.8 0.2 200.1 -13.8 1,631.3Total shareholders' equity 3,760.1 0.2 200.1 0.0 3,960.4

Bank

Year beginning 31.12.04

Revaluation of securities

Profit/ loss of reporting period

Reserve capital

Final balance 31.03.05

Paid up capital 665.6 665.6Share premium 1,346.6 1,346.6General Banking reserve 298.5 298.5Revaluation reserve 0.0 5.2 5.2Retained profit/loss 798.8 116.8 -5.2 910.4Total shareholders' equity 3,109.5 0.0 116.8 0.0 3,226.3

20

2.7. Cash flow statement(millions of EEK) Grupp Pank

31.03.05 31.03.04 31.03.05 31.03.04I. Cash flows from operating activities

Interest 270.9 236.8 224.1 187.8Interest payments -28.9 -16.3 -28.5 -15.9Fee and commission receipts 158.4 130.1 120.6 98.1Net trading income and other income 4.3 14.4 -18.0 -6.6Administrative expenses -153.5 -133.4 -135.5 -120.0Income taxes paid -0.8 0.0 0.0 0.0

250.4 231.6 162.7 143.4

Changes in operating assets:Net increase-/decrease+ of advances to banks -94.8 -8.5 -102.0 -34.3Net increase-/decrease+ of loans and advances to customers -2,579.9 -1,814.9 1,137.4 -1,910.7Net increase-/decrease+ of other assets 126.7 -70.8 55.3 77.5

Changes of operating liabilities:Net increase+/decrease- of deposits from other banks 1,819.6 2,255.8 -1,654.7 2,251.4Net increase+/decrease- of customer deposits -170.2 -586.2 -247.3 -567.1

-16.7 -32.0 -6.5 -33.3Net increase+/decrease- of other liabilities -95.5 -45.9 -158.7 -133.9Net cash from operating activities -760.4 -70.9 -813.8 -207.0

II. Cash flows from investing activities

Net increase-/decrease+ of investment portfolio securities 1.2 -7.2 43.8 114.3Purchase of real estate, tangible and intangible assets -6.0 -17.6 -4.5 -18.7Proceeds from sale of real estate, tangible and intangible assets 1.3 5.2 0.3 2.9Net cash used in investing activities -3.5 -19.6 39.6 98.5

III. Cash flows from financing activitiesProceeds from debt securities (issuing) 1.0 39.0 1.0 39.0Repurchasing of debt securities -40.0 0.0 -40.0 0.0Net cash from financing activities -39.0 39.0 -39.0 39.0Corrections 0.2 -0.1 0.0 0.0Effect of exchange rate changes on cash and cash equivalents -14.8 -12.6 0.0 -0.4

Net increase in cash and cash equivalents -817.5 -64.1 -813.2 -69.9

Cash and cash equivalents at beginning of period 4,270.2 2,756.7 4,256.4 2,754.9

Cash and cash equivalents at end of period 3,452.7 2,692.6 3,443.2 2,685.0

Grupp PankCash and cash equivalents includes 31.03.05 31.03.04 31.03.05 31.03.04(millions of EEK)Cash on hand 444.7 386.3 444.8 386.3Balances with the central bank 952.8 571.5 952.8 571.5Liquid deposits in other credit institutions 2,030.3 1,706.2 2,020.7 1,698.6Trading- and liquidity portfolio 24.9 28.6 24.9 28.6Total 3,452.7 2,692.6 3,443.2 2,685.0

2.8. Annexes to Cash Flow Statement

1. AS SEB Eesti Ühispank has not paid income tax.2. Financial transactions that are not reflected on the Cash Flow Statement:2.1. AS SEB Eesti Ühispank has not made investments with nonmonetary payment.2.2. AS SEB Eesti Ühispank has not received nonmonetary dividends paid in other assets. 3. AS SEB Eesti Ühispank and his subsidaries have not bought assets, which acquired with Estonian Privatisation Vouche

Cash flows from operating profits before changes in the operating assets and liabilities

Net increase+/decrease- of amounts due to customers and government lending funds

21

Note 1 Changes in accounting principles According to Article 17 (2) of the Accounting Act SEB Eesti Ühispank implemented, starting from January 1st 2005, the international financial reporting standards (IFRD) for preparing its financial accounts. Upon first time implementation of the international financial reporting standards (IFRS) or upon implementing the changes of IFRS the accounting standards were to be changed since 2005. To ensure comparability of reporting after change of accounting principles, the opening balances of 2005 have been re-valued and the retained earnings of 2004 adjusted pursuant to the new accounting principles. The unrealised profit/loss from the change of fair value of commercially disposable financial assets is presented in equity as a value adjustment reserve of financial assets in the amount of 8.6 million kroons and the retained earnings of previous periods were reduced by 8.6 million kroons. The income/loss received from the sale of the mentioned financial assets and discount due to decrease in value is presented in income statement. Due to implementation of the harmonised accounting principles of the parent company, the principle of accounting for investments has been changed. As of 01.01.2005 the real estate investments are booked in their fair value. The profit/loss due to value adjustments is reported in the in the income statement of the accounting period. Until 2004 the real estate investments were booked at their acquisition cost, from which the accumulated depreciation and possible write-downs due to decrease in value had been deducted. The following changes were made to the 2004 income statement and balance sheet: Investments into subsidiaries and related companies, which previously were booked at equity method, are now presented in the separate accounting statements of the parent company at acquisition cost. Accordingly, the value of investments into subsidiaries and related companies was reduced by 651.8 million kroons and the 2004 income calculated at equity method by 303.7 million kroons (incl. I quarter 78,9 million kroons), the retained earning for previous periods were reduced by 348.1 million kroons. Goodwill is not depreciated and a test of decrease in the value of goodwill is compiled. Accordingly, the goodwill depreciation cost of 2004 was reduced by 31.2 million kroons (incl. I quarter 7,8 million kroons) and the value of goodwill in balance sheet was increased by 31.2 million kroons. Accumulative unrealised exchange rate difference between the equity entries has been reclassified, accordingly, the row of unrealised exchange rate differences has been reduced by 1.3 million kroons and retained earnings has been increased by 1.3 million kroons. In 2004 the life insurance profit as booked as one row in the income statement under other operating income. In 2005 the result of life insurance is consolidated row by row in the income statement, whereas intra-group transactions have been eliminated. The income statement indicators of comparable period have been adjusted to correspond to the method of presentation of the reporting year.

22

Note 2Concentration of loans and advances from customers by countries(millions of EEK)

Group 31.03.05In balance sheet

Country Loans Securities Other

incl. total outstanding of overdue and uncollectible

debt and loans

off-balance sheet

commitments

% from total

Cyprus 74.1 0.0 0.6 0.0 0.1 0.2Denmark 0.1 25.3 0.0 0.0 0.0 0.1Estonia 30,243.7 308.8 91.1 786.9 8,542.3 89.5Finland 52.3 7.8 2.1 2.7 10.2 0.2Germany 3.0 9.1 0.0 0.0 90.3 0.2Latvia 20.8 15.8 0.0 0.1 30.0 0.1Lithuania 23.5 11.6 0.0 0.0 6.3 0.1Luxembourg 24.3 94.4 0.0 0.0 0.0 0.3Netherlands 1.4 24.3 0.0 0.0 0.0 0.1Poland 2.8 43.1 0.0 0.0 0.5 0.1Russia 269.0 49.0 0.1 0.0 17.2 0.8St. Vincent 46.7 0.0 0.0 0.0 0.0 0.1Sweden 1,866.7 22.3 3.2 0.0 1,370.8 7.4Switzerland 1.9 0.1 0.0 0.0 79.1 0.2United Kingdom 7.4 0.0 0.0 0.9 53.3 0.1United States 22.0 18.2 0.0 0.0 4.6 0.1Unallocated 102.1 61.1 0.2 5.5 13.9 0.4TOTAL 32,761.8 690.9 97.3 796.1 10,218.6 100.0

Bank 31.03.05In balance sheet

Country Loans Securities Other

incl. total outstanding of overdue and uncollectible

debt and loans

off-balance sheet

commitments

% from total

Cyprus 66.5 0.0 0.6 0.0 0.1 0.2Estonia 26,347.6 614.5 79.1 506.5 8,374.9 89.8Finland 51.4 6.7 2.1 2.6 10.2 0.2Germany 3.0 0.0 0.0 0.0 90.3 0.2Latvia 20.0 0.0 0.0 0.0 30.0 0.1Lithuania 23.5 0.0 0.0 0.0 5.5 0.1Luxembourg 24.3 0.0 0.0 0.0 0.0 0.1Russia 196.0 3.8 0.4 0.0 17.2 0.6Sweden 1,866.7 1.8 3.2 0.0 1,370.8 8.2Switzerland 1.9 0.1 0.0 0.0 79.1 0.2United Kingdom 4.9 0.0 0.0 0.9 53.3 0.1United States 20.3 0.0 0.0 0.0 4.6 0.1Unallocated 65.0 0.3 0.1 5.1 14.3 0.1TOTAL 28,691.1 627.2 85.5 515.1 10,050.3 100.0

The columns of outstanding amounts indicate the balance (gross) of these claims and loans that are overdue and/or written down, including not overdue.

23

Note 3Concentration of loans and advances from customers by economic sector(millions of EEK)

Group 31.03.05

In balance sheet

Economic sector Loans Securities Other

incl. total outstanding of overdue and

uncollectible debt and loans

off-balance

sheet commit- ments

% from total

Agriculture, hunting, forestry 894.5 0.2 2.2 24.0 134.6 2.4Construction 392.5 0.0 0.9 14.8 594.1 2.2Derivatives 0.0 15.5 0.0 0.0 0.0 0.0Education 54.1 0.0 0.6 0.1 7.2 0.1Energy, gas and water plants 405.7 9.1 1.0 1.1 222.1 1.4Exterritorial organisations 0.2 0.0 0.0 0.0 0.0 0.0Finance 1,647.5 375.9 2.7 2.6 3,737.8 13.2Fishing 24.7 0.0 0.1 2.4 8.2 0.1Government, soc.insurance 1,684.9 99.2 4.1 0.6 301.7 4.8Health services, social work 481.7 3.2 0.9 0.1 248.1 1.7Home services 2.2 0.0 0.0 0.0 0.0 0.0Hotels, restaurants 453.7 0.0 1.5 24.5 268.7 1.7Individuals 9,428.4 0.0 38.0 271.0 773.3 23.4Industry 3,159.4 78.9 8.1 148.2 920.9 9.5Mining 15.5 0.0 0.0 0.2 2.9 0.0Real estate 5,625.9 50.1 10.7 80.9 1,045.2 15.4Trading 4,684.6 6.7 14.4 165.9 1,293.6 13.7Transport 3,146.4 36.0 10.6 40.2 469.8 8.4Other gov. & social services 659.9 16.1 1.5 19.5 190.4 2.0TOTAL 32,761.8 690.9 97.3 796.1 10,218.6 100.0

Bank 31.03.05

In balance sheet

Economic sector Loans Securities Other

incl. total outstanding of overdue and

uncollectible debt and loans

incl. uncollec-

tible overdue

off-balance

sheet commit- ments

% from total

Agriculture, hunting, forestry 438.0 0.0 1.0 12.3 0.0 0.0 80.7 1.3Construction 139.2 0.0 0.4 1.9 0.0 0.0 589.6 1.9Derivatives 0.0 15.5 0.0 0.0 0.0 0.0 0.0 0.0Education 44.9 0.0 0.6 0.0 0.0 0.6 7.2 0.1Energy, gas and water plants 313.6 0.0 0.8 0.0 90.2 25.6 222.1 1.4Exterritorial organisations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Finance 4,794.4 116.2 7.8 2.6 0.0 5.3 3,972.6 22.5Fishing 18.7 0.0 0.1 1.2 0.0 12.3 3.0 0.1Government, soc.insurance 1,424.0 2.7 3.7 0.6 0.0 35.0 301.7 4.4Health services, social work 379.4 0.0 0.7 0.1 0.0 0.0 247.9 1.6Home services 0.0 0.0 0.0 0.0 4.3 10.5 0.0 0.0Hotels, restaurants 416.2 0.0 0.9 23.1 22.4 42.7 268.6 1.7Individuals 9,427.0 0.0 38.0 269.7 1.9 269.7 773.3 26.0Industry 2,174.8 53.7 5.8 108.2 0.0 0.0 808.9 7.7Mining 6.2 0.0 0.0 0.0 0.0 1.2 2.9 0.0Real estate 5,000.8 416.6 9.6 35.0 2.6 2.6 1,037.9 16.4Trading 2,337.3 6.7 8.4 42.7 0.0 1.9 1,085.1 8.7Transport 1,497.7 15.5 7.0 5.3 0.0 23.1 461.7 5.0Other gov. & social services 278.9 0.3 0.7 12.4 0.0 0.1 186.9 1.2TOTAL 28,691.1 627.2 85.5 515.1 121.4 430.6 10,050.3 100.0

The columns of outstanding amounts indicate the balance (gross) of these claims and loans that are overdue and/or written down, including not overdue.

24

Note 4OverdueBy overdue maturity(millions of EEK)

31.03.05

Group BankOverdue: < 30 30 < 60 over 60 < 30 30 < 60 over 60

days days days Total days days days TotalLoans 444.5 108.2 157.6 710.3 268.8 41.1 120.7 430.6Securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Other 1.0 0.5 0.0 1.5 0.0 0.0 0.0 0.0Total 445.5 108.7 157.6 711.8 268.8 41.1 120.7 430.6

The table indicates the balance (brutto) of overdue claims.

Note 5Value adjustments of loans and advances(millions of EEK)

Group Bank2005 2004 2005 2004

At 1 January 278.6 281.3 219.2 200.5Loan provisions 9.4 9.0 5.3 4.1Reversals of provisions -9.4 -6.8 -7.8 -5.8Loans and advances written off -8.0 -18.2 -8.0 -8.1Exchange rate adjustments 0.8 0.3 0.8 0.3At 31 March 271.4 265.6 209.5 191.0

Recoveries from write-offs 2.0 2.7 1.9 2.7

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