EESTI ÜHISPANK

ANNOUNCEMENT



EXPLANATORY NOTE TO BNS ANNOUNCEMENT ON USD10 MILLION OF PEP



AS Eesti Ühispank  as the legal  successor to AS  Põhja-Eesti Pank has

consistently worked on the recovery of USD 10 million  lost by  PEP on

1993, from the banks that  effected the money transfer. Currently  the

preliminary procedure is in  process. The conciliatory procedure,  the

purpose of  which is  to come  to a  pre-court agreement  with Bankers

Trust, has not been completed yet.





Eero Raun

Head of PR-department

Eesti Ühispank

+372 6655 256





Urmas Neetar

head of reporting department

6 656 390