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Liquidity of the Shares An investment in the Bank is most suitable for investors who have the ability to maintain their interest in the Bank over several years. The securities market in Estonia is substantially smaller, less liquid and significantly more volatile than established securities markets, such as those in the United States or the United Kingdom. While the shares of the Bank are listed and traded on the Tallinn Stock Exchange, there can be no assurance that the shares will have any significant liquidity, particularly when the amount of the shares to be sold will be substantially bigger than the usual trading lot. |