EESTI ÜHISPANK

ANNOUNCEMENT



FITCH IBCA UPGRADED EESTI ÜHIPANK'S RATINGS



Fitch IBCA, the  international rating agency,  announced on Friday,  3

March  2000,  that  it  has  upgraded  the  Long-term rating for Eesti

Uhispank (EUP)  from 'BBB-'  (BBB minus)  to BBB  and has  changed the

Support rating to 3 from  4 to reflect the strong  shareholder support

which the  bank now  enjoys from  the Swedish  banking group, SEB. The

Short-term rating remains unchanged at 'F3'.



The  agency  has  also  raised  EUP's  Individual rating to C/D from D

reflecting the  bank's healthier  risk profile,  improved strategy and

management and stronger liquidity.



Fitch  IBCA  noted  that  after  the  negative impact of crises during

1997/98, the results of the bank have begun to recover. Asset  quality

has improved and equity trading risk has been considerably reduced.



However,  Fitch  IBCA  considers  that  EUP  is still dependent on the

Estonian economy, which  although showing now  some signs of  recovery

following the  Russian crisis  and fast-tracked  for EU  membership in

2003, could still prove to  be volatile. EUP's profitability is  still

weak and improvement will depend on the bank's ability to continue  to

cut overhead costs, as well  as on the sustainability of  the economic

recovery.



Further information:



Margus Schults

Vice President

Eesti Ühispank

Tel: +372 66 56 600



Sophie Childs

Analyst

Fitch IBCA, London

Tel: +44 (0)20 7417 4222





Urmas Neetar

head of reporting dept.

6 665 390