OPTIVA PANK

ANNOUNCEMENT



DECISIONS OF SHAREHOLDERS EXTRAORDINARY GENERAL MEETING



On 18.12.2000 the extraordinary general meeting of AS Optiva Pank 

shareholders made the following decisions:



1.  to amend article 2.1. of Optiva Pank Articles of Association as 

follows:

"2.1.	The Bank’s minimum share capital is two hundred and twenty-five 

million (225,000,000) kroons and maximum share capital nine hundred 

million (900,000,000) kroons."



2.  to cover the loss posted in previous years from the share premium 

account, in the amount of EEK 60,601,680.57.



3.  to reduce the share capital of AS Optiva Pank under the 

following terms and conditions:



1) share capital amount will be reduced in order to cover the net 

loss in the amount of EEK 172,366,220;

2) share capital amount will be reduced by EEK 172,366,220 through 

cancellation of shares;

3) altogether 17,236,622 shares will be cancelled;

4) shares will be cancelled in proportion with number of shares held 

by each shareholder;

5) number of shares to be cancelled per shareholder will be 

determined by multiplying the number of shares held by a shareholder 

at the moment of fixation of shareholders list, by share capital 

reduction coefficient; 

6) share capital reduction coefficient is 0.41780, resulting from 

division of the sum by which the share capital amount is reduced, by 

share capital amount before reduction, and rounded to fifth decimal 

point; 

7) in case the calculation of shares to be cancelled results in 

fraction of a number, then the number will be rounded to the closest 

full number;

8) in addition to sub-article 5 of this draft decision, shares held 

by Sampo Insurance Company plc. will be cancelled in the amount which 

is equal with the total amount of shares to be cancelled 

(17,236,622), less sum of shares to be cancelled in accordance with 

the principles stipulated in sub-articles 5-7 of this draft decision;

9) the shareholders list will be fixed and the shares will be 

cancelled on the third stock exchange day after the EGM is held, i.e. 

on 21.12.2000, at 8:00 a.m..





Additional information:

Härmo Värk

Chairman of the Management Board 

Optiva Pank 

+372 63 02 101





Ruth Laidvee

Market Communications Director

+372 63 02 105