EESTI ÜHISPANK

ANNOUNCEMENT



COMMENT TO BNS NEWS



Comment to BNS news "Ühispank  will have to review its  annual results

due to Saules Banka"



The  shares  of  Saules  Banka  were  in the year-end balance sheet of

Eesti Ühispank among  the investments  which are  reflected in   lower

value, either in market   value or purchase value. Thus  the execution

of a sales transaction  does not  influence  the value  of  investment

of   the bank.   From the  group view  point, according  to the  sales

agreement   concluded  at  the  end   of  1999,  Saules  Banka was not

consolidated  starting  from  December    1999.   Thus   the    income

statement   of   the   group does  not reflect  the year-end profit of

Saules Banka neither was Saules   Banka consolidated into the  balance

sheet as a subsidiary.



Thus the fact that the agreement  about the sales of Saules Banka  did

not come into force,  has no effect on  the 1999 financial results  of

the Ühispank group.



Ülo Suurkask

Vice-President

Eesti Ühispank

Tel: +372 66 57 200





Urmas Neetar

head of reporting dept.

6 656 390