AS Sampo Pank                  NEWS RELEASE                           02.11.2004



Moody's upgrades the long-term and short-term deposit ratings of AS Sampo Pank

to A2/P-1 from A3/P-2



On 1 November 2004 Moody's upgraded the long term and short term deposit ratings

of AS Sampo Pank to A2/P-1 from A3/P-2. The rating action concludes the review

for possible upgrade initiated in July 2003 of the bank's long term and short

term deposit ratings following the upgrade of its parent entity's (Sampo Bank

plc, rated A1/P-1/B-) long term ratings to A1 from A2. The outlook on AS Sampo

Pank's D financial strength rating (FSR) remains positive.



The rating upgrade reflects the strength and predictability of support from Sampo

Bank plc for its wholly owned subsidiary, AS Sampo Pank. It also takes into

consideration the degree of integration between AS Sampo Pank and its Finnish

parent. Moody's also noted that AS Sampo Pank's ownership structure significantly

enhances the institution's ability to compete with its two largest competitors

(AS Hansapank and Eesti Ühispank) by allowing AS Sampo Pank to benefit from the

expertise and brand strength of its parent.



The positive outlook on AS Sampo Pank's D financial strength rating (FSR)

reflects Moody's view that the bank (which is primarily focussed on asset

management, leasing and mortgage lending) is well-placed to take advantage of

ongoing pension reform in Estonia.



AS Sampo Pank had assets in the amount of EEK8200 million (EUR 524 million) as at

30 June 2004.





Anneli Rõuk

Communication Manager

AS Sampo Pank

tel +372 630 2103