Tallinn Stock Exchange              ANNOUNCEMENT                        15.04.2005



COMMITTEE'S DECISION ON HANSAPANK



On April 14, 2005, the Listing and Surveillance Committee  of  the  Tallinn  Stock

Exchange (hereinafter: TSE) reviewed the circumstances  identified  and  materials

collected in the course of supervisory proceedings carried out with respect  to  a

potential violation of the TSE Rules by AS Hansapank.



According to clause 1.2.1 of the part  "Requirements  for  Issuers"  (hereinafter:

RI) of the TSE rules, an Issuer  is  obliged  to  secure  the  disclosure  of  the

information specified in RI in  such  a  form  and  within  such  time  limits  as

specified in RI.



According to clause 1.2.2 of the RI, an Issuer is obliged to disclose  immediately

the details of any major changes in its business or other  circumstances  relating

to the Issuer which are not directly specified in RI, but  which  are  not  public

knowledge and which may, by  virtue  of  their  effect  on  the  Issuer's  assets,

liabilities, operations or reputation, affect price of its listed securities.



According to clause 1.2.4 of the RI, the  Exchange  may  require  that  an  Issuer

provide comments and/or  additional  information  about  the  information  or  the

circumstances subject to disclosure by  the  Issuer.  The  Issuer  is  obliged  to

submit the information required without delay.



According to clause 2.1.1 of the RI, the members  of  the  supervisory  board  and

management board of an Issuer are under the obligation to  scrutinise  on  an  on-

going basis, within the scope of their competence,  all  the  events  and  changes

taking place in the Issuer's operations to assess what information is  subject  to

immediate disclosure in accordance with RI.



According to clause 2.2 of the RI, whenever an Issuer becomes aware of any  rumour

or report about the Issuer, true or  false,  that  contains  information  that  is

likely to have, or has had, an effect on the price of its securities,  the  Issuer

is required to immediately comment  on  the  rumour  or  report  by  submitting  a

respective notice to the Exchange.



According to clause 2.4.1 of the  RI,  the  information  is  deemed  disclosed  in

accordance with these Requirements when  made  public  as  a  notice  through  the

Exchange information system.



According to clause 3.5.1 of the RI, an Issuer is  required  to  ensure  fair  and

equal treatment of all the holders of the Issuer's listed securities of  the  same

class in accordance with legislation and the issue terms of the securities.



According to clause 4.3.2 of the RI, an Issuer  is  required  to  inform  all  the

persons, who, pursuant to clause 4.1 of RI,  are  in  possession  of  confidential

information, of the provisions of RI  and  to  require  such  persons  to  act  in

accordance with RI.





The  Listing  and  Surveillance  Committee  of  the  TSE,  having   examined   the

explanations issued by AS Hansapank and the materials collected in the  course  of

the supervisory proceedings carried out with  respect  to  the  activities  of  AS

Hansapank, established:



1. To ensure fair and equal  treatment  of  all  the  shareholders,  AS  Hansapank

should have  published  information  concerning  the  negotiations  regarding  the

takeover bid as a material event to be published immediately after becoming  aware

of the negotiations, and  also  after  receiving  such  a  request  from  TSE.  AS

Hansapank should have informed its parent company and its insiders  with  adequate

clarity about their duty to follow the requirements  stipulated  in  the  RI,  and

ensured that Swedbank  as  the  parent  company  of  AS  Hansapank  is  acting  in

accordance with the information disclosure requirements.



Thus, we have to take the  position  that  AS  Hansapank  has  not  performed  the

obligations to ensure equal treatment  of  all  shareholders  and  to  assess  and

publish  information  in  accordance  with  the  requirements.  AS  Hansapank  has

violated the obligations set out in the RI, which oblige  an  issuer  to  disclose

all the important circumstances concerning the issuer,  which  may  influence  the

price of securities.  Considering  all  the  facts,  this  information  should  be

regarded as extremely important.



2. Violation by AS Hansapank of its obligations has been  evidenced,  as  assessed

by the Listing and  Surveillance  Committee  of  the  TSE,  by  the  circumstances

identified in the course of the supervisory proceedings carried out by the TSE.



3. There are no objective circumstances which would have  prevented  AS  Hansapank

from duly performing its obligations.



4. There are sufficient grounds to apply the legal remedies within the  competence

of the TSE to AS Hansapank.



Therefore, the conduct of AS Hansapank  reveals  circumstances  proving  that  the

conduct of AS Hansapank has been contrary to the obligations set  out  in  clauses

1.2.1, 1.2.2, 1.2.4, 2.1.1, 2.2, 3.5.1 and 4.3.2 of the RI.





Based  on  the  "Agreement  on  Listing  Securities  on  Tallinn  Stock  Exchange"

concluded between the TSE and AS Hansapank and guided by clauses 10.1 and 10.2  of

the RI; clauses 2.5.2, 4.1.2.1, 4.3.1 and 4.8.1 of "Supervision"  and  clause  2.1

of "Rates of Fines" the Listing and Surveillance Committee of the TSE decided:



to impose a fine of  two  hundred  and  fifty  thousand  (250,000)  kroons  on  AS

Hansapank for violation of clauses 1.2.4., 2.1.1., 2.2 and 3.5.1. of the RI.





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