Competition

It is anticipated that, as the Estonian economy continues to develop, the Bank will face increased competition in the Estonian market from Estonian and foreign banks in each area of activity. There can be no assurance that increasing competition will not have a material adverse effect on the Bank's financial condition or the results of the operation.

The Bank's management and operations are dependent, in large part, upon a small number of senior management personnel and certain other specialised staff. The loss of the services of these individuals for any reason could have a material adverse effect on the business, results of operations, financial condition or prospects of the Bank.

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