BANKAS SNORAS

MATERIAL EVENT



REGARDING SUBSCRIPTION OF THE NEW SHARE ISSUE OF SNORAS BANK AB



(Unofficial translation done at the NSEL)



On 20 June 2003, a new issue of ordinary registered shares of Snoras bank AB

registered with the Securities Commission on 22 May 2003 was subscribed.

2 500 000 (two million five hundred thousand) ordinary registered shares for

LTL 25 000 000 (twenty five million) were subscribed, which is 100 percent of

the share issue. The share subscription process is considered completed.





Sergej Lomovskoj

Director of the Finance Brokerage Division

(370 5) 265 26 62