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					6 Months 2007
Contents

                                                                                           2
Statement of the Management Board______________________________________________________________________________
                                                                                           3
Introduction________________________________________________________________________________

1.       Operating review________________________________________________________________________________   4
1.1.                                                                                                        4
         Bank and consolidated group______________________________________________________________________________
1.1.1.   Consolidated group________________________________________________________________________________ 4
1.1.2.                                                                                                      4
         Changes in the consolidated group during the accounting period and projects for year 2007_______________________________
1.1.3.                                                                                                      5
         Strategy and organisation________________________________________________________________________________
1.1.4.   Development Costs________________________________________________________________________________  5
1.2.                                                                                                        6
         Highlights of operations________________________________________________________________________________
1.3.     Standard ratios________________________________________________________________________________    9
1.3.1.   Capital adequacy________________________________________________________________________________   9
1.3.2.                                                                                                     10
         Net currency position________________________________________________________________________________
1.3.3.                                                                                                     11
         Liquidity (assets and liabilities by remaining maturity)____________________________________________________________
1.3.4.   Risk concentration________________________________________________________________________________11
1.4.     Key Figures________________________________________________________________________________       12
1.5.     Ratings________________________________________________________________________________           15
1.6.     Legal Disputes________________________________________________________________________________    15
2.                                                                                           16
         Financial Accounts________________________________________________________________________________
2.1.                                                                                         16
         Balance sheet, Group________________________________________________________________________________
2.2.                                                                                         17
         Balance sheet, Bank________________________________________________________________________________
2.3.                                                                                         19
         Off-Balance sheet items________________________________________________________________________________
2.4.                                                                                         20
         Income Statement, Group________________________________________________________________________________
2.5.                                                                                         21
         Income Statement, Bank________________________________________________________________________________
2.6.                                                                                         22
         Changes in Shareholders' Equity___________________________________________________________________________
2.7.                                                                                         23
         Cash flow statement________________________________________________________________________________
2.8.                                                                                         23
         Annexes to Cash Flow Statement___________________________________________________________________________
Note 1                                                                                               24
         Accounting principles ________________________________________________________________________________
Note 2                                                                                               25
         Concentration of loans and advances from customers by countries___________________________________________________
Note 3                                                                                               26
         Concentration of loans and advances from customers by economic sector_____________________________________________
Note 4   Overdue________________________________________________________________________________     27
Note 5                                                                                               27
         Value adjustments of loans and advances______________________________________________________________________
Statement of the Management Board

Public Interim Report of 6 Months 2007 of AS SEB Eesti Ühispank consists of Introduction, Operating
review, Financial Accounts and Notes and includes the information in accordance with the requirements
for Public Interim Reports, as stipulated by the Act No 25, dd. October 19, 1999 and Act No 1, dd.
January 18, 2007 of the President of the Bank of Estonia.

The financial and other additional information published in the Public Interim Report of 6 Months 2007
is true and complete. The financial and other information, published in the Public Interim Report of 6
Months 2007, is not missing anything, which could affect the meaning or contents of the report.
Financial Statements gives a true and fair view of the actual financial condition, financial result and cash
flows of the company.

Financial Accounts, presented in the Public Interim Report of 6 Months 2007 have been compiled in
accordance with the accounting principles, stipulated in International Financial Reporting Standards, as
adopted in the European Union. This Public Interim Report of 6 Months 2007 has been compiled in
accordance with the Decree no. 25, dated 19.10.1999 of the Bank of Estonia President and is in
conformity with the requirements set forth in the law of the Republic of Estonia. AS SEB Eesti
Ühispank and the group companies are assumed to be going concern.




Ahti Asmann
Deputy Chairman of the Management Board
Introduction


Credit institution
Company name                AS SEB Eesti Ühispank
Address                     Tornimäe Str.2, Tallinn 15010, Estonia
Registred in                Republic of Estonia
Registry date               12/8/1995
Registry code               10004252 (Estonian Commercial Register)
Phone                       +372 665 5100
Telex                       173 006 UNION EE
Fax                         +372 665 5102
SWIFT                       EEUH EE2X
e-mail                      postkast@seb.ee
Internet homepage           http://www.seb.ee

Report balance sheet date   6/30/2007
Reporting period            01.01.2007 - 30.06.2007
Report currency             Estonian kroon (EEK), millions
1.     Operating review
1.1.   Bank and consolidated group
1.1.1. Consolidated group                                                            6/30/2007
                                                                                                                                                                At an
                                                                                                                                                                acqui-
                                                                                                                                                     Owner-     sition
       Company name                                       Register     Reg.date      Address                      Activity
                                                                                                                                                     ship (%)    cost
                                                                                                                                                                (EEK
                                                                                                                                                                 mio)
       AS SEB Ühisliising                                  10281767     03/10/1997   Tallinn, Tornimäe 2          Leasing                             100.0%        23.4
           HF Liisingu AS (likvideerimisel)*               10304592     07/11/1997   Tallinn, Tornimäe 2          Leasing                             100.0%           -
           AS SEB Ühisliisingu Kindlustusmaakler*          10723587     16/01/2001   Tallinn, Tornimäe 2          Insurance brokerage                 100.0%           -
           AS Rentacar*                                    10303546     20/10/1997   Haapsalu, Karja 27           Leasing                             100.0%           -
       SEB Russian Leasing                                 R-6603.16    19/06/1997   St.Peterburg, Kropotkina 1   Leasing                             100.0%         1.9
       AS SEB Ühispanga Fondid                             10035169     22/05/1996   Tallinn, Tornimäe 2          Asset management                    100.0%        42.5
       AS SEB Ühispanga Elukindlustus                      10525330     21/01/1999   Tallinn, Tornimäe 2          Insurance                           100.0%        30.0
       AS Bangalo                                          10088272     18/10/1996   Tallinn, Tornimäe 2          Real estate                         100.0%        47.0
       AS Tornimägi                                        10198768     05/05/1997   Tallinn, Tornimäe 2          Real estate                         100.0%       132.9
       SEB Enskilda                                        11354037     16/02/2007   Tallinn, Tornimäe 2          Financial consulting                100.0%        11.5
       OÜ Strongler                                        10141919     23/04/1997   Tallinn, Tornimäe 2          Real estate                         100.0%        26.2
       SEB IT Partner Estonia OÜ**                         10002566     20/11/1995   Tallinn, Tartu mnt 13        IT consulting, programming           35.0%         0.3
       AS Sertifitseerimiskeskus**                         10747013     27/03/2001   Tallinn, Pärnu mnt 12        Data communication services          25.0%        15.1
       OÜ TietoEnator Support **                           11065244     30/08/2004   Tallinn, Roosikrantsi 11     IT consulting, programming           20.0%         0.6
       Pankade Kaardikeskuse AS**                          10452335     19/05/1998   Tallinn, Laki 12             Card centre                          41.5%         4.0
                                                                                                                                                                   335.4
       SEB Russian Leasing registered in Russian Commercial Register, all other enterprises registered in Estonian Commercial Register.
       Parent company of the Group is AS SEB Eesti Ühispank, it's activity being banking (information on page 3).
       * consolidated subsidaries of AS SEB Ühisliising
       ** associates
       ***For all investments the percentage of holding equals to both, the holding from the number of shares as well as from the number of votes.
       The „consolidated group‟ in the meaning of Credit Institutions Law in Estonia and the „Group‟ are identical.




1.1.2. Changes in the consolidated group during the accounting period and projects for year 2007

       Corporate finance operations are performed through AS SEB Enskilda, a subsidiary, established in 2007.
       No such events or trends have occurred by the time of publishing the Public Interim Report, which would affect the economic situation and financial strategy of
       the group in 2007.
1.1.3 Strategy and organisation

SEB Eesti Ühispank Group, being a member of SEB Group, is an Estonian financial group that
serves private individuals, companies and the public sector. The bank is a universal bank that
offers its customers a wide range of financial services.

SEB Group is a North European financial group for corporate customers, institutions and private
individuals having 750 branch offices in Sweden, Germany, Baltic countries, Poland, Russia and
the Ukraine. SEB has more than 5 million customers, of whom approximately 2.2 million use the
internet for their banking transactions.

SEB Eesti Ühispank Group carries out the vision of SEB Group, that is to be the leading bank in
Northern Europe based on long-term customer relationships, competence and e-technology.

The largest area of our operations is commercial banking together with leasing. However, long
term saving products offered by asset management and life insurance are growing in volumes very
fast indeed. In addition, most of our operation is focused to Estonia. However, in certain areas we
are growing also our international operations quickly. SEB Russian Leasing, is for instance, a
100%-owned subsidiary which is a very fast growing leasing company in St Petersburg, Russia.
Furthermore, SEB Eesti Ühispank is acting as Centre of Excellence within SEB Group for Asset
Management activities concerning Eastern Europe.

Our now more than 749 000 customers are served by approximately 1700 employees. The
customers are served through many different channels such as 69 branch offices, more than 120 on-
line post offices, more than 360 ATMs, 6300 POS-terminals. There are more than 445000 debit
and credit cards in use. In addition, close to 64 % of our customers use our U-Net and U-Net
Business services.

Customer surveys during 6 months 2007 showed that we continue to have very satisfed customers.
This is a key strength of our group, a strength that we are determined to maintain.

SEB Eesti Ühispank is owned 100% by SEB AB, which is a financial group with a remarkable
history of business. We are getting a lot of support from our parent company and group companies
in providing our customers even better services. In many product/service areas our owner is the
strongest bank in the Nordic arena – expertise that we can draw upon to also serve our customers.
In addition, we are getting strong support in controlling and managing our risks – something that is
especially important given our country´s fast development.


1.1.4. Development Costs



Establishment and development costs are not capitalised. A advertising expenses and the launch of
new products, services and processes are expensed. Expenditures related to trademarks, etc., to be
developed inside the company are also expensed at the moment of their occurrence.
2. Highlights


Efficiency and development

In the second quarter, SEB Eesti Ühispank provided a record number of savings
consultations – 7,240 of them – which is nearly twice as many as the usual number; over
6,200 people started saving for a more worry-free future. We will actively continue such
savings consultations and the introduction of new investment products in the third and
fourth quarter.


One of the highlights of the first half of 2007 was the successful launch of SEB Enskilda
on the Estonian market. SEB Enskilda team in April carried out Estonia’s third largest IPO
of all times, as a result of which Arco Vara increased its equity by over a billion kroons. A
total of 69 institutions from 15 countries took part in the international offering. We were
glad to see a number of participants for whom it was their first investment in the region.

SEB Eesti Ühispank continued expanding its picture card service in 2007. Today our
customers are the first in Estonia, as well as in the entire Baltics, to have an opportunity of
designing also their own debit cards besides credit cards.

SEB Eesti Ühispank was the first to start offering two short-term investment deposits to
business customers in January, where the safety of a deposit is combined with a possibility
to earn notably higher interest than usual. The deposit term is one month and the
investment has capital protection, where the return depends on the behaviour of US dollar
against Euro. The interest of the investment deposit was confirmed on the level of 6% on
annual basis.


In April, SEB Eesti Ühispank paid out Estonia’s highest Investment Deposit interest rate –
91%. The record yield on SEB Eesti Ühispank’s “China with Risk Premium” investment
deposit was related to the Hong Kong stock market yield. Depositors could enjoy these
phenomenal growth rates while resting assured in the knowledge that their nominal amount
was 100% guaranteed for the entire deposit period. The index contained shares of
companies owned by the Chinese government and traded on the Hong Kong stock market.

In April, the volume of the SEB Ühisliisingu Grupp’s leasing portfolio topped 10 billion.
Over the year, the leasing portfolio grew 25%. Of the objects leased, the largest part of the
SEB Ühisliising portfolio comprises passenger vehicles (32.7%) and machinery and
equipment (26.67%), while commercial vehicles also have a noteworthy share in the total
portfolio (18.21%).
Customer relations and customer satisfaction


The world’s leading magazine on securities services, Global Custodian, gave SEB Eesti
Ühispank Custody Services the highest possible rating at the Estonian market – Top Rated,
based on customer satisfaction studies in 2006. This is the first time for an SEB group bank
to receive the highest possible rating outside Nordic countries from Global Custodian.


In February, SEB Eesti Ühispank signed in co-operation with Estonian School Student
Councils’ Union (ESCU) and the Federation of Estonian Student Unions (FESU), the
official representative of ISIC trademark, a three-year co-operation agreement, to develop
new solutions for using international student cards and expanding the range of benefits.
SEB Eesti Ühispank’s intention is to be the most student-friendly bank in Estonia.

SEB Eesti Ühispank equipped all its offices with technical facilities, which enabled people
to elect electronically during the Riigikogu pre-elections.
By granting the opportunity to elect electronically we wanted to introduce innovative
solutions to our customers. ID-card is the safest and at the same time also a universal
means of personal identification on the Internet. It suits equally well for e-elections,
Internet bank U-Net as well as for other operations carried out over the Internet.

SEB Eesti Ühispank Internet bank customers were given a possibility to check in e-tax
board the data of their pre-completed income tax return for 2006 via U-Net.

Starting in May, the daily limits established for payments made over the Internet using
password cards for repeated use was reduced to 10,000 kroons a day. The move comes in
the interests of customer protection and a safer Internet. In parallel to the lowered limits,
SEB Eesti Ühispank adopted a new Mobile-ID for convenient and secure use of the
Internet bank.

Organization

In January SEB made changes in SEB Eesti Ühispank Supervisory Board. Since January
16th SEB Eesti Ühispank Supervisory Board comprises:
Bo Magnusson, head of Retail Banking in SEB Group, Ben Wilson, CFO of SEB
Unibanka, Anders Arozin, head of development and integration in SEB Baltics, Viesturs
Neimanis, head of SEB Unibanka, Audrius Žiugžda, head of SEB Vilniaus Bankas.

There has been also changes in Management Board. At the end of March, Paulius
Tarbunas, a new CFO of Ühispank assumed his office. Kristoffer Lindberg replaced
Tauno Vanaselja as a Member of the Management Board and Head of Corporates &
Institutions. Anders Cavalli-Björkman replaced Andrus Kimber as Head of Credits. Erki
Pugal, who has served to this point as Deputy Head of Credits, will replace Anders Cavalli-
Björkman as Head of Credits from 1 December 2007. Erki Pugal will also act as a Member
of the Management Board from 1 December 2007.

In June, Chairman of the SEB Eesti Ühispank Management Board Mart Altvee announced
his intention to leave the bank. SEB Eesti Ühispank is currently in the process of selecting
a new chairman. Mart Altvee serveed as Chairman of the Management Board until 3
August 2007.

Social responsibility and sponsorship

A business plan competition called Ajujaht 2007 was announced on 11 May in cooperation
between SEB Eesti Ühispank and partners. Ajujaht is Estonia’s leading business plan
competition, the goal of which is to contribute to the creation of new knowledge-based
companies and a rise in the business skills of students and young scientists. From nearly
100 business ideas, 25 will advance to the second round of competition where the teams
that submitted them will be offered extensive enterprise and business plan training and
personal consultation, courtesy of INSEAD Business School. The purpose of the
competition, financed from the European Union Structural Funds, is to find students and
young people fresh out of university who have ideas with great business potential. The
ideas submitted to the competition are transformed into business plans with the help of
experts. The plans are polished until the teams are ready to meet investors and take the idea
to a successful launch. The competition will run until spring 2008

In June, the SEB Eesti Ühispanga Heategevusfond (Charity Fund) and Rimi Eesti Food
launched a social-oriented campaign, the name of which translates as “Every Child Is
Entitled to Be Happy”. Funds raised in the course of the campaign will be used to support
shelters and homes for children in Estonia. Beneficiaries include a children’s shelter in
Kopli, a family counselling centre in Pärnu, a children’s shelter in Narva, and the Lootus
children’s welfare institution in Sillamäe. The Heategevusfond will use the support to
organize children’s hobby and leisure time activities, acquire sporting equipment and arts
and crafts supplies, and organize field trips.
1.3.   Standard ratios

1.3.1. Capital adequacy
       (millions of EEK)                                                             Group                  Bank
                                                                              6/30/2007 6/30/2006    30.06.07    30.06.06
1.     Tier 1 own funds                                                          5,660.2   4,286.8    4,433.9     3,252.8
1.1    Paid in share capital                                                     2,012.2   2,012.2    2,012.2     2,012.2
1.2    General banking reserves                                                    298.5     298.5      298.5       298.5
1.3    Other reserves                                                               26.7      19.8        0.0         0.0
1.4    Retained earnings / loss                                                  3,712.8   2,344.4    2,243.5     1,330.5
1.5    Profit/loss for the period                                                    0.0       0.0      269.9         0.0
1.6    Other primary own funds                                                       0.0       0.0        0.0         0.0
1.7    Minority interest (only in consolidated statement)                            0.0       0.0          -           -
1.8    Unrealised rate differences (only in consolidated statement)                  0.1       0.3          -           -
1.9    Treasury stock (less)                                                         0.0       0.0        0.0         0.0
1.1    Intangibles (less)                                                         -390.1    -388.4     -390.2      -388.4
1.11   Actual period loss (less)                                                     0.0       0.0        0.0         0.0
2.     Tier 2 own funds                                                          2,613.0   1,830.7    2,217.0     1,626.4
3.     Total gross own funds (1+2)                                               8,273.2   6,117.5    6,650.9     4,879.2
4.     Deductions from own funds                                                     3.6       4.8       35.5        35.5
5.     Total net own funds (3-4)                                                 8,269.6   6,112.7    6,615.4     4,843.7
6.     Tier 3 own funds                                                              0.0       0.0        0.0         0.0
7.     Risk weighted assets                                                    67,919.9 50,058.8     54,677.6    39,627.8
7.1    I category                                                                    0.0       0.0        0.0         0.0
7.2    II category                                                               1,044.9     444.6      998.2       390.2
7.3    III category                                                                288.2     183.4      265.9       169.2
7.4    IV category                                                             66,586.8 49,430.8     53,413.5    39,068.4
8.     Risk weighted off-balance sheet commitments                               4,285.4   3,130.5    4,250.9     3,106.3
8.1    I Group                                                                   4,248.8   3,102.1    4,213.6     3,077.9
8.2    II Group                                                                     36.6      28.4       37.3        28.4
9.     Capital requirement for covering foreign currency risk                       29.7      30.7       17.2        14.9
10.    Capital requirement for covering trading portfolio risks                     42.3      14.3       41.9        14.3
10.1   Capital requirement for covering interest position risks                     14.4      12.4       14.0        12.4
10.2   Capital requirement for covering equity position risks                       27.9       1.9       27.9         1.9
10.3   Capital requirement for covering commodity risks                                -         -          -           -
10.4   Capital requirement for covering option risks                                   -         -          -           -
10.5   Capital requirement for covering trading portfolio transfer risk                -         -          -           -
10.6   Capital requirement for covering trading portfolio credit risk                  -         -          -           -
11.    Capital requirement for covering open positsion of trading portfolio
       credit risks, exceeding limitation on concentration of exposures             0.0       0.0        0.0         0.0
12.    Total capital adequacy (5.+6.)/(7.+8.+9.×10,0+10.×12,5+11.×12,5)           11.32     11.39      11.10       11.25
       Tier 1 Capital Ratio % (5.+6.-2.)/(7.+8.+9.×10,0+10.×12,5+11.×12,5)         7.75      7.98       7.38         7.47
       Tier 2 Capital Ratio % (2.)/(7.+8.+9.×10,0+10.×12,5+11.×12,5)               3.58      3.41       3.72         3.78
1.3.2. Net currency position
      Exceeding 1% level of net equity                                                                          6/30/2007
      (millions of EEK)


      Group
                                                                               1 % from net equity (EEKmio):    82.7
      Currency                               Position in balance sheet           Off-balance sheet position     Net
                                             Advances       Commitments            Advances Commitments          position
      RUB                                        456.5              183.5                0.0            186.0        87.0




      Bank
                                                                               1 % from net equity (EEKmio):    66.2
      Currency                               Position in balance sheet           Off-balance sheet position     Net
                                             Advances       Commitments            Advances Commitments          position

      Bank' net position of every currency is under 1 % level of net equity.
1.3.3. Liquidity (assets and liabilities by remaining maturity)                                                                               6/30/2007
        (millions of EEK)


                                             Demand             <1             1 <3            3 < 12                         over 5
Assets; Liabilities:                         deposits Overdue month            months          months 1 < 2 years 2 < 5 years years            Total
1.Bank assets                                 4,511.4    137.8 6,709.0          4,985.2          8,415.6  4,378.1    10,852.5 27,754.5         67,744.1
2.Group assets                                 5,519.0      184.6    8,176.8      5,928.3       11,030.2     6,989.1     15,688.0 28,455.0     81,971.0
       cash & due from credit institutions     4,250.3        0.0    1,443.2          0.1            0.6         0.4          0.0      0.0      5,694.6
       due from customers                          0.0      163.9    2,702.2      3,617.1       10,315.1     6,889.6     15,572.0 27,884.7     67,144.6
       securities                              1,260.2        0.0    1,000.1      2,235.0          269.8        75.9        114.6    215.9      5,171.5
       other assets                                8.5       20.7    3,031.3         76.1          444.7        23.2          1.4    354.4      3,960.3

1.Bank liabilities                            23,787.1         0.0 14,856.8       3,301.7        4,693.8      913.8      12,201.1   3,358.9    63,113.2
2.Group liabilities                           23,347.3         0.0 15,204.2       4,574.0        5,371.9     4,321.7     18,962.8   3,837.6    75,619.5
       due to credit institutions              2,150.3         0.0 6,515.3          391.2        1,924.5     3,362.4     18,289.9     220.0    32,853.6
       due to customers                       21,196.2         0.0 4,794.7        3,274.1        2,923.5       928.8        404.1     530.8    34,052.2
       issued debt securities                      0.0         0.0      0.0           0.0          349.5         0.0        133.7       0.0       483.2
       other liabilities                           0.8         0.0 3,894.2          908.7          174.4        30.5        135.1   3,086.8     8,230.5

        The column of overdue indicates the (net) amount of claims and liabilities overdue.




1.3.4. Risk concentration                                                                                               6/30/2007
        (millions of EEK)

                                                                                      Group                       Bank


                                                                               number/         % from      number/      % from
                                                                               amount         net equity   amount      net equity
1.Number of customers with high risk concentration                                      3                          3
2.Due from customers with high risk concentration                                 2,837.6          34.31     2,428.9        36.72
3.Due from related persons and shareholders                                          10.8           0.13         6.5         0.10
                                                                                  2,848.4          34.44     2,435.4        36.81




High credit risk exposure is the total exposure of one party or related parties to the group which exceeds 10% of the group's/bank´s net equity. All
instruments where credit risk may arise to the group/bank are taken into consideration. The maximum rate of total high exposure allowed is 800%. The
limit of the total exposure of one party or related parties is 25%. As of 30.06.2007 the group high exposure allowed is 800%. The limit of the total
exposure of one party or related parties is 25%. As of 30.06.2007 the group had 3 and the bank had 3 high risk exposures. Total exposure of any group
of related parties did not exceed the limit of 25%.
1.4.        Key Figures

            6 Months                               Group                  Bank
                                          6/30/2007 6/30/2006    6/30/2007 6/30/2006
Net profit                                     812.7     623.5        568.1      410.5
Average equity                               6,477.5   4,996.1      4,847.1    3,847.2
Return on equity (ROE), %                      25.09     24.96        23.44      21.34

Average assets                             76,727.6   54,475.0    63,365.4   43,774.8
Average equity                              6,477.5    4,996.1     4,847.1    3,847.2
Equity multiplier (EM)                        11.85      10.90       13.07      11.38

Net profit                                    812.7      623.5       568.1       410.5
Total income                                2,729.1    1,741.3     2,213.4     1,341.3
Profit margin (PM), %                         29.78      35.81       25.67       30.60

Total income                                2,729.1    1,741.3     2,213.4    1,341.3
Average assets                             76,727.6   54,475.0    63,365.4   43,774.8
Asset utilization (AU), %                      7.11       6.39        6.99       6.13

Net profit                                    812.7      623.5       568.1      410.5
Average assets                             76,727.6   54,475.0    63,365.4   43,774.8
Return on assets (ROA), %                      2.12       2.29        1.79       1.88

Net interest income (excl. derivatives)       743.1      532.9       599.2      404.5
Average interest earning assets            71,769.0   51,189.8    59,802.7   41,593.4
Net interest margin (NIM), %                   2.07       2.08        2.00       1.95

Interest income (excl. derivatives)         1,881.6    1,103.7     1,543.0      850.3
Average interest earning assets            71,769.0   51,189.8    59,802.7   41,593.4
Yield on interest earning assets               5.24       4.31        5.16       4.09

Interest expenses (excl. derivatives)       1,138.5      570.8       943.8      445.8
Interest bearing liabilities, average      66,173.1   47,293.7    56,057.9   38,914.0
Cost of interest bearing liabilities           3.44       2.41        3.37       2.29

SPREAD, %                                      1.80       1.90        1.79       1.80
            II Quarter                                                  Group                           Bank
                                                                 6/30/2007   6/30/2006          6/30/2007    6/30/2006
Return on equity (ROE), %                     (quarter basis)         6.77        6.18               5.98          6.22
Equity multiplier (EM)                        (quarter basis)        11.82       10.87              13.06        11.50
Profit margin (PM), %                         (quarter basis)        30.38       34.96              25.37        33.07
Asset utilization (AU), %                     (quarter basis)         1.88        1.63               1.81          1.64
Return on assets (ROA), %                     (quarter basis)         0.57        0.57               0.46          0.54

Net interest margin (NIM), %                  (quarter basis)         0.53          0.54             0.51          0.51
SPREAD, %                                     (quarter basis)         0.46          0.49             0.45          0.47

Share information                                                                                      Bank
                                                                                                6/30/2007   6/30/2006

Number of shares at end of period                                                               66,562,381   66,562,381
Average number of shares, adjusted with issues                                                  66,562,381   66,562,381
Net Profit, EEKmio                                                                                   568.1        410.5
Earnings per share (EPS), EEK                                                                        17.07        12.33
Diluted earnings per share (EEK)                                                                     17.07        12.33
             As the bank did not have potentially issued common stock in 6 Months 2007 and 6 Months 2006,
             the common net profit per share equals the diluted net profit per share.
Book value of shares, EEK                                                                            71.26        55.06




Assets quality                                                           Group                         Bank
(millions of EEK)                                                6/30/2007   6/30/2006          6/30/2007   6/30/2006

Assets                                                            82,504.2      59,111.0         68,247.6      47,829.9
Overdue                                                              298.1         398.1            139.3          75.8
  overdue/assets, %                                                 0.36%         0.67%            0.20%         0.16%
Provisions                                                           248.3         191.8            163.7         138.1
(uncollectible debt)

Equity after deductions                                            8,269.6       6,112.7          6,615.4       4,843.7
Capital adequacy, %                                                  11.32         11.39            11.10         11.25
Tier 1 Ratio (%)                                                      7.75          7.98             7.38          7.47
Tier 2 Ratio (%)                                                      3.58          3.41             3.72          3.78
Explanations
Return on equity (ROE), % = Net profit / Average equity * 100
Equity multiplier (EM) = Average assets / Average equity
Profit margin (PM), % = Net profit / Total income * 100
Asset utilization (AU), % = Total income / Average assets *100
Return on assets (ROA), % = Net profit / Average assets * 100
Net interest margin (NIM), % = Net interest income (excl. derivatives) / Average interest earning assets
Cost of interest bearing liabilities = Interest expenses (excl. derivatives) / Interest bearing liabilities, average
SPREAD, % = Yield on interest earning assets - Cost of interest bearing liabilities
Earnings per share (EPS), EEK = Net profit / Average number of shares
Book value of shares, EEK = (Equity - Intangible assets) / Number of shares at end of period

Interest earning assets:                     Interest bearing liabilities:
   Balances with the central bank                                  Due to central bank
   Loans and advances to credit institutions                       Due to credit institutions
   Loans and advances to customers of credit institutions          Due to customers of credit institutions
   Due from customers of leasing enterprises                       Due to customers of insurance institutions
   Due from insurance institutions                                 Other commitments
   Debt securities and other fixed income securities               Issued debt securities
   -Allowances for doubtful debt                                   Subordinated liabilities
Total income includes the following items (Act No 25 of President of the Bank of Estonia, dd. October 19,
1999 and Act No 3 of President of the Bank of Estonia, dd. February 4, 1999):
For Group:
   Interest income
   Insurance premium
   Income from securities
   Profit from equity method (+)
   Fees and commissions received
   Net profit from financial activities (+)
   Value adjustments of investment properties, tangible and intangible assets (+/-)
   Value adjustments of advances and off-balance sheet commitments (+/-)
   Value adjustments of long term investments (+)
   Other income
   Extraordinary income/expense (+)
For Bank:
   Interest income
   Profit from currency dealing
   Income from fees and commisions
   Income from financial investments
   Profit/income from adjustmsnts of Investment properties, tangible and intangible assets (+)
   Profit/income from value adjustments of advances and off-balance sheet commitments (+)
   Income from value adjustemsnts of long term financial investments (+)
   Other operating income
   Extraordinary income
1.5. Ratings                                                     since             since     since      since
                                                                09/06/06         2/18/2004 1/10/2003 12/12/2002


    Moody’s Investor Service
    Deposit rating (Long term / Short term)              Rating withdrawal*       A1/P-1      A2/P-1       A3/P-2
    Financial strength rating                            Rating withdrawal*        C–          C–           C–
    Rating descriptions in Internet:
    http://www.moodys.com

    *according to SEB Eesti Ühispank application
    Since SEB Eesti Ühispank has the strong owner SEB, it was decided that there no longer was a need to have a local
    rating. Consequently, SEB Eesti Ühispank withdrew its rating from Moody´s in June 2006.




1.6. Legal Disputes
    There are no outstanding legal disputes from which AS SEB Eesti Ühispank and his subsidaries could suffer major
    losses. A client has filed a claim in amount of 12.8 million kroons against SEB Eesti Ühispank. No provision has
    been made in connection with this claim in 2006. In January 2007, the court of first apearance delivered a
    judgement, which was unfavourable for the group, i.e. the court demanded payment of the entire amount from the
    bank. After announcement of the judgement, the group made a 100% special provision. The bank has appealed the
    decision and it is likely that the decision of the court of first instance will be changed.
2.       Financial Accounts
2.1.     Balance sheet, Group
         (millions of EEK)                                        6/30/2007   12/31/2006   6/30/2006
ASSETS
1.       Cash                                                         608.2        667.9       583.9
2.       Loans and advances                                        72,231.0     64,321.2    54,040.0
2.1.     Balances with the central bank                             2,706.1      2,412.8     1,811.6
2.2.     Loans and advances to credit institutions                  2,380.3      1,943.8     1,974.5
2.3.     Loans and advances to customers of credit institutions    55,443.9     49,283.4    41,227.0
2.4.     Due from customers of leasing enterprises                 11,947.1     10,914.9     9,217.0
2.5.     Due from insurance institutions                                1.9          1.9         1.7
2.6.     Other loans and advances                                       0.0          0.0         0.0
2.7.     Allowances for doubtful debt                                -248.3       -235.6      -191.8
3.       Debt securities and other fixed income securities          3,970.4      3,015.4     1,624.5
4.       Shares and other securities                                1,201.1        822.0       610.5
4.1.     Shares and participations in affiliates                       47.7         42.9        31.5
4.2.     Other shares and participations                            1,129.1        761.7       563.8
4.3.     Derivatives                                                   24.3         17.4        15.2
5.       Intangible assets                                            390.2        387.1       388.4
5.1.     Consolidated goodwill                                        379.1        379.1       379.1
5.2.     Other intagible assets                                        11.1          8.0         9.3
6.       Tangible assets                                              143.0        144.5       142.8
7.       Investment properties                                          0.0          0.0         0.0
8.       Subscribed capital unpaid                                      0.0          0.0         0.0
9.       Other assets                                               3,014.1        896.4       882.7
10.      Accrued income and prepaid expenses                          946.2        696.4       838.2
11.      TOTAL ASSETS                                              82,504.2     70,950.9    59,111.0


LIABILITIES AND SHAREHOLDERS' EQ UITY
1.     Liabilities                                                 66,905.8     60,204.1    48,814.4
1.1.   Due to central bank                                              0.0          0.0         0.0
1.2.   Due to credit institutions                                  32,853.6     27,294.0    20,885.6
1.3.   Due to customers of credit institutions                     33,898.9     32,794.7    27,825.3
1.4.   Due to customers of insurance institutions                       0.0          1.1         1.2
1.5.   Other commitments                                              153.3        114.3       102.3
2.     Securities                                                     498.0        342.2       635.9
2.1.   Issued debt securities                                         483.2        309.3       621.6
2.2.   Derivatives                                                     14.6         32.9        14.3
2.3.   Other debt securities                                            0.2          0.0         0.0
3.     Other liabilities                                            4,285.7      1,466.0     1,560.9
4.     Accrued expenses and deferred income                           844.7        620.0       597.6
5.     Provisions                                                     472.3        417.7       363.2
5.1.   Insurance technical provisions                                 469.8        415.3       360.2
5.2.   Long term pension provisions                                     0.0          0.0         0.0
5.3.   Other provisions                                                 2.5          2.4         3.0
6.     Subordinated liabilities                                     2,613.0      1,830.7     1,830.7
7.     Minority interest                                                0.0          0.0         0.0
8.     TOTAL LIABILITIES                                           75,619.5     64,880.7    53,802.7
9.1.   Share capital                                                  665.6        665.6       665.6
9.2.   Share premium                                                1,346.6      1,346.6     1,346.6
9.3.   General banking reserve                                        298.5        298.5       298.5
9.4.   Revaluation reserve                                             21.6         19.8         9.6
9.5.   Statutory reserve                                               26.7         19.7        19.8
9.6.   Other reserves                                                   0.0          0.0         0.0
9.7.   Translation reserve                                              0.1          0.1         0.3
9.8.   Retained earnings                                            3,712.9      2,344.5     2,344.4
9.9.   Profit for the reporting period                                812.7      1,375.4       623.5
9.10.  Own shares                                                       0.0          0.0         0.0
11.    TOTAL SHAREHOLDERS' EQ UITY                                  6,884.7      6,070.2     5,308.3
12.    TOTAL LIABILITIES AND CAPITAL                               82,504.2     70,950.9    59,111.0
2.2.      Balance sheet, Bank
          (millions of EEK)
          ASSETS                                                  6/30/2007 12/31/2006 6/30/2006

1         Cash                                                        608.2      667.9      583.9
2         Due from central bank                                     2,706.1    2,412.8    1,811.6
2.1       Demand deposits                                           2,706.1    2,412.8    1,811.6
2.2       Other deposits                                                0.0        0.0        0.0
2.3       Debt securities guaranteed and issued by central bank         0.0        0.0        0.0
3         Due from credit institutions                              2,344.3    1,941.1    1,949.5
3.1       Demand deposits                                             931.3      793.9      511.9
3.2       Time deposits                                                 4.7       45.9       21.4
3.3       Overdrafts                                                  609.2       16.6        2.4
3.4       Other due                                                   799.1    1,084.7    1,413.8
4         Due from customers                                       55,068.7   49,263.7   40,652.6
4A        incl. overdrafts                                          2,875.8    2,339.2    2,087.5
4B        incl. loans collateralised by mortgage                   44,743.3   38,179.4   30,193.7
4.1       Loans to government                                       1,829.9    1,810.8    1,729.9
4.1.1     Loans to central government                                 402.8      373.6      367.4
4.1.2     Loans to state social insurance funds                       160.6       72.2       32.6
4.1.3     Loans to non-budgetary funds                                 11.1       12.5       13.9
4.1.4     Loans to local authorities                                1,255.4    1,352.5    1,316.0
4.2       Loans to financial institutions                             259.0      448.8      202.1
4.2.1     Deposits in financial institutions                            0.2        0.2        0.2
4.2.2     Loans to insurance institutions and pension funds             0.0        0.1        0.1
4.2.3     Loans to other financial institutions                       258.8      448.5      201.8
4.3       Loans to state and local authorities enterprises            369.5      421.5      413.3
4.4       Loans to other business enterprises                      26,422.0   24,461.5   20,948.2
4.5       Loans to non-profit associations                            658.2      569.8      415.1
4.6       Loans to individuals                                     25,530.1   21,551.3   16,944.0
5         Allowances for doubtful debt                               -163.7     -152.9     -138.1
5.1       Credit institutions                                           0.0       -3.6       -3.6
5.2       Customers                                                  -163.7     -149.3     -134.5
5.3       Other uncollectible debt                                      0.0        0.0        0.0
6         Securities                                                4,102.1    2,992.8    1,680.4
6A        incl. repurchase agreements                                   0.0        0.0        0.0
6.1       Debt securities and fixed income securities               3,559.6    2,625.7    1,288.0
6.2       Shares and participations                                   517.5      349.3      376.9
6.2.1     Shares in subsidaries                                       315.4      303.9      346.8
6.2.2     Shares in affiliates                                         20.0       20.0       12.9
6.2.3     Other sharers and participations                            182.1       25.4       17.2
6.3       Derivatives                                                  25.0       17.8       15.5
7         Intangible assets                                           390.3      387.1      388.4
8         Tangible assets                                             113.2      117.4      119.5
9         Investment properties                                         0.0        0.0        0.0
10        Other assets                                              2,689.7      579.5      554.9
10A       incl. transit items                                       2,501.8      396.4      340.4
11        Accrued income and prepaid expenses                         388.7      273.8      227.2
11A       incl. accrued interest                                      201.9      154.9      118.2
12        TOTAL ASSETS                                             68,247.6   58,483.2   47,829.9

          LIABILITIES AND CAPITAL                                 6/30/2007 12/31/2006 6/30/2006

1         Due to central bank                                           0.0        0.0        0.0
2         Due to credit institutions                               21,627.8   17,284.2   11,844.9
2.1       Demand deposits                                           2,150.3    1,792.2      768.3
2.2       Time deposits                                            19,473.5   15,490.9   11,076.6
2.3       Overdrafts                                                    4.0        1.1        0.0
2.4       Other due                                                     0.0        0.0        0.0
3         Due to customers                                         34,547.3   33,337.4   28,240.6
3.1       Due to government                                         4,083.5    4,952.7    3,322.5
3.1.1     Central government                                        2,423.4    3,550.5    1,372.8
3.1.1.1   Demand deposits                                             903.2      537.2      566.2
3.1.1.2   Time and saving deposits                                  1,519.0    3,012.0      805.4
3.1.1.3   Other debt                                                    1.2        1.3        1.2
3.1.2     State social insurance funds                                390.4      326.7      701.3
3.1.2.1   Demand deposits                                             255.6      135.7      163.5
3.1.2.2   Time and saving deposits                                    134.8      191.0      537.8
3.1.2.3   Other debt                                            0.0        0.0        0.0
3.1.3     Non-budgetary funds                                  40.5      240.3      123.1
3.1.3.1   Demand deposits                                      40.3      190.1       57.9
3.1.3.2   Time and saving deposits                              0.2       50.2       65.2
3.1.3.3   Other debt                                            0.0        0.0        0.0
3.1.4     Due to local authorities                          1,229.2      835.2    1,125.3
3.1.4.1   Demand deposits                                     965.9      613.7      754.3
3.1.4.2   Time and saving deposits                            263.3      221.5      371.0
3.1.4.3   Other debt                                            0.0        0.0        0.0
3.2       Due to financial institutions                     1,030.8    1,092.1      988.1
3.2.1     Due to insurance intitutions and pension funds      391.3      441.6      396.7
3.2.1.1   Demand deposits                                     264.0      252.9      223.9
3.2.1.2   Time deposits                                        82.6      168.7      172.8
3.2.1.3   Saving deposits                                       0.0        0.0        0.0
3.2.1.4   Other debt                                           44.7       20.0        0.0
3.2.2     Due to other financial institutions                 639.5      650.5      591.4
3.2.2.1   Demand deposits                                     277.7      568.4      519.9
3.2.2.2   Time deposits                                       309.1       73.3       69.5
3.2.2.3   Saving deposits                                       0.9        0.0        0.0
3.2.2.4   Other debt                                           51.8        8.8        2.0
3.3       Due to state and local authorities enterprises    1,523.2    1,498.2    1,601.3
3.3.1     Demand deposits                                     315.4      230.9      197.6
3.3.2     Time deposits                                     1,031.2    1,100.7    1,403.7
3.3.3     Savings deposits                                      0.0        0.0        0.0
3.3.4     Other debt                                          176.6      166.6        0.0
3.4       Due to business enterprises                      14,311.8   14,058.4   12,000.9
3.4.1     Demand deposits                                  10,588.5    9,705.7    9,157.2
3.4.2     Time deposits                                     3,086.3    3,895.5    2,736.2
3.4.3     Savings deposits                                     17.2       17.9       12.6
3.4.4     Other debt                                          619.8      439.3       94.9
3.5       Due to non-profit assotiations                      710.9      608.7      574.6
3.5.1     Demand deposits                                     583.4      495.1      456.9
3.5.2     Time deposits                                       106.7       97.4      105.0
3.5.3     Savings deposits                                     13.8       11.1       10.5
3.5.4     Other debt                                            7.0        5.1        2.2
3.6       Due to individuals                               12,887.1   11,127.3    9,753.2
3.6.1     Demand deposits                                   7,442.7    6,567.8    5,993.3
3.6.2     Time deposits                                     3,479.1    3,066.5    2,481.4
3.6.3     Savings deposits                                    439.4      424.8      476.4
3.6.4     Other debt                                        1,525.9    1,068.2      802.1
4         Government lending funds and counterpart funds       43.7       39.2       42.9
5         Debt securities                                     499.0      343.2      636.0
5.1       Issued debt securities                              483.2      309.3      621.6
5.2       Derivatives                                          15.6       33.9       14.4
5.3       Other debt securities                                 0.2        0.0        0.0
6         Other liabilities                                 3,350.0      738.5      971.3
6A        incl. transit items                               3,350.0      738.5      971.3
7         Accrued expenses and deferred income                432.4      348.6      209.5
7A        incl. interest debt                                 266.6      215.1      107.6
8         Provisions for taxes                                  0.8        0.8        0.8
8.1       Short term provisions                                 0.8        0.8        0.8
8.2       Long term provisions                                  0.0        0.0        0.0
8.3       Other provisions                                      0.0        0.0        0.0
9         Subordinated liabilities                          2,613.0    1,830.7    1,830.7
10        TOTAL LIABILITIES                                63,114.0   53,922.6   43,776.7
11        Share capital                                       665.6      665.6      665.6
12        Share premium                                     1,346.6    1,346.6    1,346.6
13        General banking reserve                             298.5      298.5      298.5
14        Revaluation reserve                                  11.3        6.4        1.5
15        Other reserves                                        0.0        0.0        0.0
16        Retained earnings                                 2,243.5    1,330.5    1,330.5
17        Profit for the reporting period                     568.1      913.0      410.5
18        Own shares                                            0.0        0.0        0.0
19        SHAREHOLDERS' EQUITY                              5,133.6    4,560.6    4053.2
20        TOTAL LIABILITIES AND CAPITAL                    68,247.6   58,483.2   47,829.9
2.3. Off-Balance sheet items
     (millions of EEK)                                                      6/30/2007
                                               Group                    Bank
                                      Assets     Liabilities   Assets     Liabilities

1.Irrevocable transactions               262.8      12,153.2      262.8      12,193.8
1.1.Guarantees and pledges               262.8       3,709.5      262.8       3,899.6
   incl.financial guarantees             234.7       1,075.5      234.7       1,075.5
1.2.Stand-by Loans                         0.0       8,443.7        0.0       8,294.2

2.Derivatives                          8,480.8       8,469.9    8,622.1       8,625.0
2.1.Currency Rate based Derivatives    5,066.2       5,055.6    5,207.5       5,210.7
 incl Forwards                           419.0         422.0      505.8         508.9
      Swaps                            3,022.7       3,022.6    3,086.6       3,086.6
      Options, Written / Purchased       843.7         830.1      834.3         834.3
      Others (Spots)                     780.8         780.9      780.8         780.9
2.2.Interest Rate based Derivatives    3,414.6       3,414.3    3,414.6       3,414.3

3.Revocable Transactions                  80.7           8.2        0.0           8.2
3.1.Stand By Loans                        80.7           0.0        0.0           0.0
3.1.Other revocable transactions           0.0           8.2        0.0           8.2
2.4. Income Statement, Group                                       6 Months                  II Quarter
        (millions of EEK)                                          6/30/2007 6/30/2006   6/30/2007 6/30/2006

1.      Interest income                                              1,881.6   1,103.7      996.9      596.7
1.1.    Interest income from banking activities                      1,530.2     836.3      811.2      458.1
1.2.    Interest income from leasing activities                        328.2     233.0      173.0      121.1
1.3.    Other interest income                                           23.2      34.4       12.7       17.5
2.      Interest expenses                                            1,138.5     570.8      610.0      314.8
2.1.    Interest expenses from banking activities                      934.3     441.1      501.3      244.2
2.2.    Interest expenses from leasing activities                      204.2     129.7      108.7       70.6
2.3.    Other interest expenses                                          0.0       0.0        0.0        0.0
3.      Net Interest Income                                            743.1     532.9      386.9      281.9
4.      Income and expenses from insurance activities                    0.0       0.0        0.0        0.0
4.1.    Insurance premium (net)                                          0.0       0.0        0.0        0.0
4.2.    Insurance compensations and changes in provisions (net)          0.0       0.0        0.0        0.0
5.      Income from securities                                          14.2       3.0        8.7        2.3
5.1.    Profit from equity method                                        4.8       3.0        2.1        2.3
5.2.    Profit/loss from sale of long term investment (+/-)              8.8       0.0        6.0        0.0
5.3.    Dividends from long term securities                              0.6       0.0        0.6        0.0
6.      Net income from fees and commissions                           434.3     321.1      254.3      161.0
6.1.    Fee and commission income                                      630.7     449.5      370.7      229.4
6.2.    Fee and commission expense                                     196.4     128.4      116.4       68.4
7.      Net profit fom financial activities                            125.3      98.1       58.6       57.3
7.1.    Profit/Income                                                  127.5      99.8       60.8       58.5
7.2.    Loss/Expense                                                     2.2       1.7        2.2        1.2
8.      Administrative expenses                                        500.0     359.9      269.2      181.7
8.1.    Salaries                                                       246.7     179.7      134.5       93.0
8.2.    Social insurance tax, unemployment insurance tax                81.9      59.9       44.6       30.7
8.3.    Other adminastrive expenses                                    171.4     120.3       90.1       58.0
9.      Value adjustments of investment properties, tangible and
        intangible assets (+/-)                                        -30.3     -37.3       -15.2     -17.1
9.1.    Profit/Income                                                    0.0       0.0         0.0       0.0
9.2.    Loss/Expense                                                    30.3      37.3        15.2      17.1
10.     Value adjustments of advances and off-balance sheet
        commitments (+/-)                                             -32.3        8.2      -12.0        3.6
10.1.   Profit/Income                                                  10.3       37.9        4.2       17.5
10.2.   Loss/Expense                                                   42.6       29.7       16.2       13.9
11.     Value adjustments of long term investments (+/-)                0.0        0.0        0.0        0.0
11.1.   Income                                                          0.0        0.0        0.0        0.0
11.2.   Expense                                                         0.0        0.0        0.0        0.0
12.     Other income and expense (+/-)                                 65.2       72.1       42.6       17.7
12.1.   Other operating income                                         77.3       78.8       48.3       21.0
12.2.   Other operating expense                                        12.1        6.7        5.7        3.3
13.     Extraordinary income/expense (+/-)                              0.0        0.0        0.0        0.0
13.1.   Extraordinary income                                            0.0        0.0        0.0        0.0
13.2.   Extraordinary expense                                           0.0        0.0        0.0        0.0
14.     Profit before taxation                                        819.5      638.2      454.7      325.0
15.     Income tax expenses                                             6.8       14.7        4.1        6.8
15.1.   Income tax of financial period                                  5.8       14.4        3.5        6.6
15.2.   Change of potential income tax commitment                       1.0        0.3        0.6        0.2
16.   Minority interest                   0.0     0.0     0.0     0.0
17.   Net profit for reporting period   812.7   623.5   450.6   318.2
2.5. Income Statement, Bank                                               6 Months                  II Quarter
        (millions of EEK)                                                   6/30/2007   6/30/2006    6/30/2007 6/30/2006


1       Interest income                                                       1,543.0       850.3       818.2     454.7
1.1     Loans                                                                 1,397.1       801.7       738.3     428.7
1.2     Deposits                                                                 67.2        25.7        37.6      14.8
1.3     Bonds and fixed income securities                                        78.7        22.9        42.3      21.1
1.4     Futures                                                                   0.0         0.0         0.0      -9.9
1.5     Oter interet income                                                       0.0         0.0         0.0       0.0
2       Interest expenses                                                       943.8       445.8       506.3     246.8
2.1     Loans                                                                   223.1        56.1       126.0      33.0
2.2     Demand deposits                                                         207.6       118.2       115.7      67.3
2.3     Time deposits                                                           461.2       245.8       236.0     131.4
2.4     Bonds and fixed income securities                                         6.0         4.7         3.4       2.8
2.5     Equity loans                                                             45.9        21.0        25.2      12.3
2.6     Futures                                                                   0.0         0.0         0.0       0.0
2.7     Other interest expenses                                                   0.0         0.0         0.0       0.0
3       Net interest income                                                     599.2       404.5       311.9     207.9
4       Net profit/loss from financial investments (+/-)                          0.7         0.0         0.7       0.0
4.1     Income from shares of subsidaries (+/-)                                   0.0         0.0         0.0       0.0
4.1.1   Dividends                                                                 0.0         0.0         0.0       0.0
4.1.2   Income from equity method                                                 0.0         0.0         0.0       0.0
4.1.3   Expenses from equity method                                               0.0         0.0         0.0       0.0
4.1.4   Other (+/-)                                                               0.0         0.0         0.0       0.0
4.2     Income from shares of affiliates (+/-)                                    0.0         0.0         0.0       0.0
4.2.1   Dividends                                                                 0.0         0.0         0.0       0.0
4.2.2   Income from equity method                                                 0.0         0.0         0.0       0.0
4.2.3   Expenses from equity method                                               0.0         0.0         0.0       0.0
4.2.4   Other (+/-)                                                               0.0         0.0         0.0       0.0
4.3     Income fom other shares (+/-)                                             0.7         0.0         0.7       0.0
4.3.1   Dividends                                                                 0.7         0.0         0.7       0.0
4.3.2   Other (+/-)                                                               0.0         0.0         0.0       0.0
5       Fee and commission income                                               433.4       336.8       226.8     181.3
6       Fee and commission expense                                              132.9       100.7        68.7      52.9
7       Net profit from currency dealing                                        127.9        91.1        64.4      62.9
7.1     Profit/Income                                                           193.2       101.7       103.1      70.7
7.2     Loss/Expense                                                             65.3        10.6        38.7       7.8
8       Administrative expenses                                                 433.8       317.6       233.4     159.7
8.1     Salaries                                                                204.4       150.0       112.4      77.5
8.2     Social tax and unemployment insurance tax                                68.6        50.7        37.7      26.2
8.3     Pensions (non-state)                                                      0.0         0.0         0.0       0.0
8.4     Other administrative expenses                                           160.8       116.9        83.3      56.0
9       Value adjustments of investment properties, fixed and
        intangible assets (+/-)                                                 -25.5       -30.2       -12.8      -14.2
9.1     Profit/Income                                                             0.0         0.0         0.0        0.0
9.2     Loss/Expense                                                             25.5        30.2        12.8       14.2
10      Value adjustments of advances and off-balance sheet
        commitments (+/-)                                                       -30.3         6.6       -11.7        2.2
10.1    Profit/Income                                                             6.0        26.6         1.6       13.4
10.2    Loss/Expense                                                             36.3        20.0        13.3       11.2
        incl. expenses/loss from value adjustments of off-balance sheet
10.3    commitments                                                              0.0          0.0         0.0       0.0
11      Value adjustments of long term financial investments (+/-)               0.0          0.0         0.0       0.0
11.1    Income                                                                   0.0          0.0         0.0       0.0
11.2    Expense                                                                  0.0          0.0         0.0       0.0
12      Other operating income                                                  37.1         25.9        24.9      19.6
13      Other operating expense                                                  7.7          5.9         3.9       2.5
14      Extraordinary income                                                     0.0          0.0         0.0       0.0
15      Extraordinary expense                                                    0.0          0.0         0.0       0.0
16      Profit before taxes (+/-)                                              568.1        410.5       298.2     244.6
17      Income tax                                                               0.0          0.0         0.0       0.0
18      Net profit for reporting period                                        568.1        410.5       298.2     244.6
2.6. Changes in Shareholders' Equity
    (millions of EEK)


                                   Year        Revalua-
                                                              Profit of    Reserve Final balance
                                 beginning       tion of
                                                          reporting period capital   30.06.07
                                  31.12.06     securities
    Group
    Paid up capital                    665.6                                                  665.6
    Share premium                    1,346.6                                                1,346.6
    General Banking reserve            298.5                                                  298.5
    Revaluation reserve                 19.8                                   1.8             21.6
    Reserve capital                     19.7                                   7.0             26.7
    Translation differences              0.1                                                    0.1
    Retained profit                  3,719.9         1.8            812.7      -8.8         4,525.6
    Total shareholders' equity       6,070.2         1.8            812.7       0.0         6,884.7



                                   Year        Revalua-
                                                              Profit of               Final balance
                                 beginning       tion of
                                                          reporting period              30.06.07
                                  31.12.06     securities
    Bank
    Paid up capital                    665.6                                                  665.6
    Share premium                    1,346.6                                                1,346.6
    General Banking reserve            298.5                                                  298.5
    Revaluation reserve                  6.4         4.9                                       11.3
    Retained profit                  2,243.5                        568.1                   2,811.6
    Total shareholders' equity       4,560.6         4.9            568.1                   5,133.6
2.7. Cash flow statement
      (millions of EEK)                                                         Group                           Bank
                                                                          6/30/2007 6/30/2006          6/30/2007     6/30/2006
I. Cash flows from operating activities
Interest received                                                           1,647.0       959.9          1,341.1           732.1
Interest paid                                                                -774.3      -397.6           -677.2          -338.2
Dividends received                                                              0.6         0.0              0.7             0.0
Fee and commission received                                                   630.7       449.5            433.4           336.8
Net trading income and other operating income                                   2.8        79.7             24.3            10.4
Personnel expenses and other operating expenses                              -500.0      -359.9           -433.8          -317.6
Income taxes paid                                                              -6.8       -14.7              0.0             0.0
Revaluation adjustments                                                         1.8         1.0              4.9             1.5
Cash flows from operating profits before changes in the operating
assets and liabilities                                                      1,001.8       717.9            693.4           425.0

 Changes in operating assets:
Loans and advances to credit institutions                                  -2,700.5         58.8        -2,661.6             52.2
Loans and advances to customers                                            -7,221.6     -8,557.8        -5,824.5         -7,571.2
Other assets                                                                  -22.1        -59.1            79.8             65.7

 Changes of operating liabilities:
Due to credit institutions                                                  8,379.3     6,576.4          6,955.1         5,748.7
Due to customers                                                            1,103.1       750.4          1,209.9           853.2
Government and foreign aid funds                                               39.0       -11.6              4.5            -6.0
Other liabilities                                                            -103.0        54.3           -200.9          -110.0
Cash flow from operating activities                                           476.0      -470.7            255.7          -542.4

II. Cash flows from investing activities
Net increase-/decrease+ of investment portfolio securities                   -230.6        -86.3            -5.8             -1.2
Purchase of subsidaries                                                           -            -           -11.5              0.0
Purchase of investment properties, tangible and intangible assets             -34.8        -19.9           -25.9            -15.6
Proceeds from sale of investment properties, tangible and intangible
assets                                                                          3.0         33.7             1.4              4.5
Cash flow from investing activities                                          -262.5        -72.5           -41.8            -12.3

III. Cash flows from financing activities
Proceeds from debt securities (issuing)                                       374.9       644.8            374.9           644.8
Repurchasing of debt securities                                              -201.0      -322.4           -201.0          -322.4
Proceeds from subordinated loans                                              782.3       782.4            782.3           782.4
Cash flow from financing activities                                           956.2     1,104.8            956.2         1,104.8
Effect of exchange rate changes on cash and cash equivalents                    2.3         6.9              0.0             0.1

Net increase in cash and cash equivalents                                   1,172.0       568.5          1,170.1           550.2

Cash and cash equivalents at beginning of period                            7,601.5     5,070.4          7,598.7         5,069.2

Cash and cash equivalents at end of period                                  8,773.5     5,638.9          8,768.8         5,619.4


                                                                                Group                           Bank
Cash and cash equivalents includes:                                       6/30/2007 6/30/2006          6/30/2007       6/30/2006
Cash on hand                                                                   608.2     583.9              608.2           583.9
Balances with the central bank                                               2,706.1   1,811.6            2,706.1         1,811.6
Liquid deposits in other credit institutions                                 1,735.1   1,945.2            1,730.4         1,925.7
Trading- and liquidity portfolio                                             3,724.1   1,298.2            3,724.1         1,298.2
Total                                                                        8,773.5   5,638.9            8,768.8         5,619.4


2.8. Annexes to Cash Flow Statement
1. AS SEB Eesti Ühispank has not paid income tax.
2. Financial transactions that are not reflected on the Cash Flow Statement:
2.1. AS SEB Eesti Ühispank has not made investments with nonmonetary payment.
2.2. AS SEB Eesti Ühispank has not received nonmonetary dividends paid in other assets.
3. AS SEB Eesti Ühispank and his subsidaries have not bought assets, which acquired with Estonian Privatisation Vouchers (EVP)
Note 1

Accounting principles

The accounting principles used in the current Public Interim Report of 6 Months of 2007 are the same as
in the Public Annual Report of 2006.

Few changes were made in the presentation of items of income statement and balance sheet:

Liquidity bonds, which previously were classified at fair value through profit and loss (AFV), have been
reclassified as available for sale financial assets (AFS), in amount of MEEK 3 458.3 (6 months 2006:
MEEK 1 182.5). The data of comparable period has been adjusted respectively.

The unrealized gains and losses arising from changes in the fair value of available for sale financial
assets are recognized directly in equity under “revaluation reserve”, which previously were recognized as
financial income in income statement in amount of MEEK 0.9. Gains and losses arising from the sale of
liquidity bonds and impairment losses are recognized in income statement, reducing the revaluation
reserve.

Interest on currency derivatives and securities and IR derivatives in income statement, which previously
was booked as interest income, is recognized as financial income in the amount of MEEK 17.4 (6
months 2006: MEEK 21.3).
The data of comparable period has been adjusted respectively.
Note 2
   Concentration of loans and advances from customers by countries
   (millions of EEK)

   Group                                                                                                6/30/2007
                                    In balance sheet
                                                                      incl. total       off-balance     % from
                                                                    outstanding of         sheet         total
   Country                 Loans        Securities      Other        overdue and       commitments
                                                                   uncollectible debt
                                                                      and loans
   Belgium                       0.0         1,480.0         0.0                   0.0            0.2         1.6
   Estonia                  65,451.1           955.2       222.6               1,439.1       16,164.3        86.4
   France                        4.3           240.4         0.0                   0.0           38.3         0.3
   Germany                      26.5           648.8         0.1                   1.1          131.8         0.8
   Latvia                      152.6            33.9         0.8                   0.1           47.5         0.2
   Lithuania                     0.3            45.0         0.0                   0.1           10.8         0.1
   Luxembourg                   23.8           172.7         0.0                   0.0            0.0         0.2
   Netherlands                  62.7         1,208.5         0.6                   0.0            0.0         1.3
   Poland                       24.4            31.7         0.0                   0.0            0.1         0.1
   Russia                    1,838.7            77.3         6.0                   0.3          118.5         2.1
   Sweden                    1,729.7           112.1         3.7                   6.0        3,758.0         5.9
   Switzerland                  64.6             0.1         0.0                   0.0          164.3         0.2
   United Kingdom               51.7             5.5         0.2                   1.1          160.2         0.2
   United States                70.2            36.2         0.1                   1.9            2.4         0.1
   Unallocated                 272.6           124.1         0.5                  81.0           34.9         0.5
   TOTAL                    69,773.2         5,171.5       234.6               1,530.7       20,631.3       100.0



   Bank                                                                                                 6/30/2007
                                    In balance sheet
                                                                      incl. total       off-balance     % from
                                                                    outstanding of         sheet         total
   Country                 Loans        Securities      Other        overdue and       commitments
                                                                   uncollectible debt
                                                                      and loans
   Belgium                       0.0         1,480.0         0.0                   0.0            0.2         1.8
   Estonia                  54,715.3           547.7       196.3               1,200.6       16,360.7        87.0
   France                        4.3           218.5         0.0                   0.0           38.3         0.3
   Germany                      25.7           622.2         0.1                   1.1          131.8         0.9
   Japan                        41.3             0.0         0.0                   0.0            0.0         0.1
   Latvia                      152.6            18.1         0.8                   0.1           47.5         0.3
   Netherlands                  62.7         1,137.6         0.6                   0.0            0.0         1.4
   Russia                      382.3             2.0         0.0                   0.0          118.4         0.6
   Sweden                    1,729.2             9.3         3.7                   6.0        3,758.0         6.7
   Switzerland                  64.6             0.1         0.0                   0.0          164.3         0.3
   United Kingdom               50.9             0.1         0.2                   1.0          160.2         0.2
   United States                43.8            10.3         0.1                   1.9            2.4         0.1
   Unallocated                 140.3            56.2         0.1                   1.8           45.2         0.3
   TOTAL                    57,413.0         4,102.1       201.9               1,212.5       20,827.0       100.0


   The columns of outstanding amounts indicate the balance (gross) of these claims and loans
   that are overdue and/or written down, including not overdue.
Note 3
   Concentration of loans and advances from customers by economic sector
   (millions of EEK)

   Group                                                                                          6/30/2007
                                            In balance sheet
                                                                     incl. total    off-           % from
                                                                   outstanding of balance           total
                                                                    overdue and    sheet
   Economic sector                     Loans      Securities Other uncollectible commit-
                                                                   debt and loans ments


   Agriculture, hunting, forestry       1,787.4         0.2      4.3             31.1    154.5          2.0
   Construction                         1,324.9        45.1      3.4             25.7 1,483.8           3.0
   Education                               82.5         0.0      2.7              0.3      3.4          0.1
   Energy, gas and water plants         1,288.7        28.5      2.8              0.9    713.5          2.1
   Exterritorial organisations              0.1         0.0      0.0              0.0      0.4          0.0
   Finance                              2,151.0     1,006.5     15.1              0.4 7,518.6          11.2
   Fishing                                 36.1         0.0      0.1              0.7      1.5          0.0
   Government, soc.insurance            1,580.6     3,556.2      0.6              1.2    354.1          5.7
   Health services, social work           554.0        11.1      1.5              0.2    345.7          1.0
   Home services                            0.0         0.0      0.0              0.0      0.0          0.0
   Hotels, restaurants                  1,838.0         0.0      2.9             10.6     34.0          1.9
   Industry                             6,141.4        88.9     19.1            115.9 1,842.8           8.4
   Mining                                  67.5         5.9      0.2              1.0      8.0          0.1
   Real estate                         13,350.0       222.8     35.5            337.4 2,257.0          16.6
   Trading                              7,046.4        34.6     19.2            114.7 2,464.1          10.0
   Transport                            4,209.5        71.5     18.7            114.2 1,345.9           5.9
   Other gov. & social services         1,304.7        72.6      7.2             74.5    209.3          1.7
   Individuals                         27,010.4         2.6    101.3            701.9 1,894.7          30.3
   Derivatives                              0.0        25.0      0.0              0.0      0.0          0.0
   TOTAL                               69,773.2     5,171.5    234.6          1,530.7 20,631.3        100.0



   Bank                                                                                                                      6/30/2007

                                            In balance sheet
                                                                     incl. total                               off-balance   % from
                                                                   outstanding of                                 sheet       total
                                                                    overdue and                                 commit-
   Economic sector                     Loans      Securities Other uncollectible                                  ments
                                                                   debt and loans         incl.
                                                                                        uncollec-
                                                                                          tible    overdue
   Agriculture, hunting, forestry       1,122.8         0.2      2.8             15.6          0.0      15.6         121.7        1.5
   Construction                           710.8        38.0      2.0              9.6          0.0       9.6       1,468.5        2.7
   Education                               65.5         0.0      2.7              0.0          0.0       0.0           3.4        0.1
   Energy, gas and water plants           826.8         7.8      2.2              0.5          0.0       0.5         713.3        1.9
   Exterritorial organisations              0.0         0.0      0.0              0.0          0.0       0.0           0.4        0.0
   Finance                              2,603.4       163.0     16.0              0.0          0.0       0.0       8,202.3       13.3
   Fishing                                 22.9         0.0      0.1              0.5          0.0       0.5           1.5        0.0
   Government, soc.insurance            1,432.0     3,460.2      0.0              0.0          0.0       0.0         354.1        6.4
   Health services, social work           335.1         0.0      1.0              0.1          0.0       0.1         345.7        0.8
   Home services                            0.0         0.0      0.0              0.0          0.0       0.0           0.0        0.0
   Hotels, restaurants                  1,779.9         0.0      2.8              9.1          0.0       9.1          33.7        2.2
   Industry                             3,512.5        39.0     11.0             72.7          0.2      72.7       1,738.0        6.4
   Mining                                   9.8         0.0      0.0              0.0          0.0       0.0           3.6        0.0
   Real estate                         11,832.3       286.5     31.5            312.6          0.0     312.6       2,243.3       17.4
   Trading                              4,959.1        25.2     13.6             88.3          0.7      88.3       2,156.7        8.7
   Transport                            1,922.2        27.8     13.1              2.9          0.0       2.9       1,341.2        4.0
   Other gov. & social services           748.0        29.3      5.8             67.4          1.8      67.4         204.9        1.2
   Individuals                         25,530.0         0.0     97.2            633.1          0.4     633.1       1,894.7       33.4
   Derivatives                              0.0        25.0      0.0              0.0          0.0       0.0           0.0        0.0
   TOTAL                               57,413.0     4,102.1    201.9          1,212.5          3.1   1,212.5      20,827.0      100.0

   The columns of outstanding amounts indicate the balance (gross) of these claims and loans
   that are overdue and/or written down, including not overdue.
Note 4
     Overdue
     By overdue maturity
     (millions of EEK)

                                                                                                          6/30/2007

                                               Group                                                 Bank
                   Overdue:         < 30       30 < 60       over 60                < 30      30 < 60    over 60

                                   days          days         days       Total     days        days         days      Total
     Loans                          1,094.2        204.4        244.1    1,542.8     935.3       124.6        152.5    1,212.5
     Securities                         0.0           0.0          0.0       0.0        0.0         0.0         0.0        0.0
     Other                              0.0           1.0          1.0       1.9        0.0         0.0         0.0        0.0
     Total                          1,094.2        205.4        245.1    1,544.7     935.3       124.6        152.5    1,212.5


     The table indicates the balance (brutto) of overdue claims.




Note 5
     Value adjustments of loans and advances
     (millions of EEK)


                                                                  Group                   Bank
                                                             30/06/07 30/06/06     30/06/07    30/06/06
     At 1 January                                               235.6    203.7        152.9       146.1
     Loan provisions                                             42.0     27.7         36.3        20.0
     Reversals of provisions                                     -6.4    -34.0         -3.8       -22.7
     Loans and advances written off                             -21.8     -5.2        -21.6        -4.8
     Exchange rate adjustments                                   -1.1     -0.4         -0.1        -0.5
     At 30 June                                                 248.3    191.8        163.7       138.1


     Recoveries from write-offs                                    3.0       3.9        2.3         3.9

				
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