Cash Management Services in Estonia June 2012

Danske Bank provides seamless and efficient Cash Management services from Ireland in the Currency: EUR West to Estonia and Russia in the East; Time zone: GMT + 2 covering all countries and mainly based on one central IT-platform to deliver integrated Central bank: Eesti Pank services for corporate customers. SWIFT BIC FOREEE2X

Danske Bank acquired Sampo Pank in Estonia, Member of EU in 2004 in 2006 with effect from February 2007.

As of 1 June 2008 Sampo Pank operates as a

branch of Danske Bank in Estonia as Danske

Bank A/S Estonia Branch. The brand name,

Sampo Pank, is unchanged.

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Sampo Pank in Estonia is one of the leading

12 62 28 banks in the country. Sampo Pank offers

services to corporate and institutional

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- - - - customers including cash management, asset management, treasury and conventional retail banking products.

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Page 1 of 3 - Estonia Danske Bank, Holmens Kanal 2-12, 1092 København K Phone +45 33 44 00 00

Clearing and local market conditions

Foreign exchange regulations Payment instruments Local foreign currency payments Central Bank reporting of transactions . Domestic payments are mainly electronic No restrictions, settlement abroad. exceeding EUR 50,000. Estonia has taken in with credit transfers, internet banking, regulations from EU Directives e.g. within cards and direct debit as the dominant Foreign payments money laundering etc. transaction types. No restrictions. All international payments . Credit transfers is widely used in terms of exceeding EUR 50,000 have to be declared. Clearings systems volume and value. Payments from . ESTA system for domestic payments. corporate customers are mainly credit Most payments are based on SWIFT Clearing cycle every hour from 9.00 to transfers. Normal value dates are +0. 18.00 . The Domestic Direct Debit Cross-use Taxation . All banks operating in Estonia are System enables to effect direct debit A company is considered resident in Estonia participants of real-time gross settlement payments between different banks and for tax purposes if it is established under system TARGET-2. allow corporate customers to collect direct Estonian law. A permanent establishment debits payment from their clients. (including an Estonian branch) of a foreign The banking sector consists of 7 domestic entity will normally be a non-resident tax payer. banks and 11 banks owned by foreign banks. Internet banking is growing both on the Further 13 foreign banks have a corporate and consumer side. E-payment and The Estonian transfer pricing rules between an representative office in the country. The four E-invoice have been introduced in Estonia, but Estonian company and a related non-resident largest banks are Swedbank, SEB, Nordea have not reached significant volumes. Estonia company are based on the arm’s length

Bank Estonia and Sampo Pank. All banks are has made the Electronic Signature Act where principle.

member of the clearing systems. an electronic signature has the same legal right as a handwritten signature. The standard VAT rate is 20%.

Clearing formats

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- - - - . ESTA clearing format is FIXED WIDTH (text Cards Please consult a local tax advisor or auditor for

file) Cards are very popular in Estonia. More than more details. 12 62 28 . TARGET-2 clearing format is SWIFT 1,8 million bank cards have been issued and

that approximately one card for all inhabitants

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- - - - in the country. Use of the cards in shops and in

ATM are widespread

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Page 2 of 3 - Estonia Danske Bank, Holmens Kanal 2-12, 1092 København K Phone +45 33 44 00 00

Cash Management Products and services of Danske Bank

Accounts Sampo Panks offers Standing orders in local MicroBanker 2000, electronic e-banking A current account can be opened by currency and direct debit service. Direct debits software, can be linked to the accounting . Legal representatives of legal persons across banks are also offered in cooperation system which provides easy access to . Persons notarially authorised by legal with Itella Eesti. payment reconciliation. representatives of legal persons Foreign payments Business Online is Danske Bank's online International Bank Account Number – IBAN EU payments to an attractive price and business system, which provides rapid access have been used since 2004 but local account ordinary and same day value international to setting up payments, viewing account numbers are also widely used. payments are available. BIC/IBAN is fully information and authorising several payments implemented. at the same time. Opening a securities account In order to conduct transactions in securities Group payments are offered for companies All information in Business Online is updated through Sampo Pank (transactions with holding accounts in Danske Bank Group. Group constantly, providing you with an up-to-date equities, bonds, fund shares) it is necessary to payments are faster and free of charge picture of your company's cash position. open a securities account in Sampo Bank compared to ordinary payments. By installing Business Online you can make Domestic payments Liquidity management local payments in Denmark, Norway, Sweden, Bank transfer is the safest and fastest way for Group account is offered for companies for Finland, the United Kingdom, Ireland, Germany, companies to settle accounts with their flexible management of the finances of the Poland, Latvia and Lithuania and view all

partners. whole business group. account information.

Sampo Pank offers you an opportunity to Electronic banking Links to other banks

execute domestic payments and EU payments Reporting through SWIFT messages both Reporting via SWIFT MT940 and MT942

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- - - - in euro’s for a fixed monthly fee. You can SWIFT MT940 and MT942 is supported. statements, if required. Danske Bank can also

choose the best suitable package for your report via EDIFACT (DEBMUL, CREMUL or 12 62 28 company depending on your number of “Sampo Internet Bank”, available in both FINSTA).

payments. Estonian and English, gives access to setting

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- - - - up payments and viewing account information. Further information If you require more information about Cash Management in Estonia, please visit our website www.sampopank.ee or

www.danskebank.com/corporate.

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Page 3 of 3 - Estonia Danske Bank, Holmens Kanal 2-12, 1092 København K Phone +45 33 44 00 00