EESTI ÜHISPANK

ANNOUNCEMENT



EESTI ÜHISPANK SOLD ITS SHAREHOLDING IN LEKS INSURANCE



Today, on December 15th 1999, the representatives of Eesti Ühispank and

the Baltic Insurance Company (BICO) signed an agreement according to which

Eesti Ühispank will sell its 47.7% shareholding (1,895,193 shares) in Leks

Insurance Company to the Baltic Insurance Company, an Estonian subsidiary

of Alte Leipziger Europe, at the price of 24 Estonian kroons per share.



Baltic Insurance Company aquired also the shares of several other major

shareholders of Leks Insurance .



The aforementioned transaction can not be considered as a transaction

between related parties



Eero Raun

Head of PR-dept.

Eesti Ühispank

Tel. 6 655 256





Urmas Neetar

head of reporting dept.

6 656 390