Before investing in the Offer Shares, prospective investors should carefully consider, along with the other information set forth herein, the following investment considerations. Prospective purchasers should also consider that the Bank is governed by a legal and regulatory environment which in some respects may differ from that which prevails in other countries. The potential risk factors set forth below are not intended to be exhaustive and there may be other investment considerations which should be taken into the account in relation to the investment in Estonia generally or the Bank in particular.