EESTI PANK
GOVERNOR'S DECREE No 10
13 May 2004

Establishment of the General Terms and Conditions and Price List of account management

[Amended and supplemented by the following decrees:
Eesti Pank Governor's Decree No 12, 19.09.2005; RTL 2005, 99, 1513; entered into force 03.10.2005
Eesti Pank Governor's Decree No 27, 17.12.2010; RT I, 29.12.2010, 1; entered into force 01.01.2011]

Pursuant to Clause 3 of Section 14 of the Central Bank Act (RT I 1993, 28, 498; 30, amendment; 1994, 30, 463; 1998, 64/65, 1006; 1999, 16, 271; 2001, 58, 353; 59, 358; 2002, 57, 356; 2003, 15, 88; 21, 121), Eesti Pank decrees:

1. To establish "The General Terms and Conditions of account management of Eesti Pank" (Appendix 1) and "The Price List of account management of Eesti Pank" (Appendix 2).

2. The decree enters into force on 1 June 2004.

Vahur Kraft
Governor

Established
by Decree of the Governor of Eesti Pank
of 13 May 2004 No 10
Appendix 1

GENERAL TERMS AND CONDITIONS OF ACCOUNT MANAGEMENT OF EESTI PANK

1. GENERAL PROVISIONS

1.1 These general terms and conditions of account management of Eesti Pank (hereinafter the General Terms and Conditions) shall govern the mutual relations between Eesti Pank as the account manager, and a person entitled to open an account with Eesti Pank pursuant to the conditions specified in Chapter 2 of the General Terms and Conditions (hereinafter the Customer) in relation to the opening, usage and operation of accounts.

1.2 Eesti Pank shall maintain and settle accounts through the account funds possessed by the Customer or received by the Customer, within the scope of the law, the General Terms and Conditions, and by agreements made between Eesti Pank and the Customer.

1.3 The Customer may open one account with Eesti Pank. If the Customer intends to open more than one account with Eesti Pank, the Customer has the right to submit a suitably reasoned request, which will be processed pursuant to the general procedures and within the deadlines for opening an account. During the decision making process, Eesti Pank shall primarily be governed by the need to avoid risks and organise settlements on an equal basis.

1.4 The Customer may use their account for the following transactions:

1.5 The operations related to the opening and use of the account shall be performed for a fee unless otherwise agreed upon by Eesti Pank and the Customer.

2. ENTITIES ENTITLED TO OPEN AN ACCOUNT WITH EESTI PANK

The following legal entities may open an account with Eesti Pank:

2.1 Estonian credit and financial institutions;

2.2 central banks of the countries of the European Economic Area;

2.3 credit and financial institutions registered in the European Economic Area or branches thereof;

2.4 investment institutions registered in the European Economic Area, which are under financial supervision and comply with the requirements of Article 1 Clause 2 of the Directive 93/22/EEC;

2.5 administrators of the payment systems operating between credit institutions of the European Economic Area;

2.6 institutions at Eesti Pank or structural units of Eesti Pank, if they administer a payment system;

2.7 credit institutions in Estonia under foundation;

2.8 other legal entities, institutions or organisations, if Eesti Pank considers maintaining their accounts to be in the interests of efficiency and is certain of the legality of their settlements.

3. OPENING AND USE OF AN ACCOUNT

3.1 The Customer's application to open an account shall be submitted to Eesti Pank according to the requirements for opening an account, using the respective form published on the website of Eesti Pank. The Customer shall also submit documents proving the Customer's financial standing and powers of the Customer's representative together with the application according to the requirements specified in the guidelines on filling in the application for the opening of an account published on Eesti Pank's website. If there are any inadequacies in the application or supplementary documents, Eesti Pank shall grant the Customer a reasonable period of time to eliminate them.

3.2 Eesti Pank shall make the decision to open or deny an account within one month of the day the application is submitted to Eesti Pank in the correct form, including all the supplementary documents necessary for the opening of an account. If the application is submitted by an entity specified in Clause 2.8 or if, in the opinion of Eesti Pank, additional actions have to be undertaken, Eesti Pank may extend the decision-making term by up to ten days. The Customer shall be notified of the extension of the decision-making term prior to the expiry of the initial term.

3.3 A Customer may use the account only through a person respectively authorised by the Customer or a person with the legal right of representation.

3.4 Eesti Pank may at any time request that the Customer's representative submit their identity document, power of attorney, document verifying signatory rights, specimen signature or any similar documents to prove the right to open or use the account according to the procedure established by Eesti Pank. The Customer shall also submit complete and timely data in respect of any changes in the list of authorised persons and the extent of their right of representation. Eesti Pank is entitled to refuse to execute a transaction if Eesti Pank has reasonable doubt in respect of the identity or powers of the person wishing to use the account. In such cases Eesti Pank shall not be liable for any loss caused due to the refusal to execute the transaction.

3.5 The Customer has the right:

3.6 Eesti Pank shall indicate the balances of all settlements made in the account on the account.

3.7 Eesti Pank shall ensure the confidentiality of account data unless otherwise prescribed by law.

3.8 Eesti Pank is entitled to deduct the account's opening fee and service charges from the Customer's account as well as any other fees pursuant to the price list of account management of Eesti Pank approved by Eesti Pank (hereinafter the Price List).

3.9 The account can be used for making settlements through a payment system administered by Eesti Pank at Eesti Pank's consent and under a separate agreement signed for this purpose.

4. CLOSING OF AN ACCOUNT

4.1 Eesti Pank has the right to close a Customer's Eesti Pank account at any time and without any prior notice, and request that the Customer pays all debts related to the account. The right of Eesti Pank to close the account shall not be related to any restricting preconditions, like, for example, a prior violation of the General Terms and Conditions or the law by the Customer. If the Customer fails to pay the debts related to the account by the time determined by Eesti Pank, the latter has the right to use, without giving any prior notice, the assets pledged to Eesti Pank or provided as security in any other way to settle the debts unless otherwise stipulated in the conditions of security agreements.

4.2 The Customer has the right to close an account by delivering a suitably written instruction to Eesti Pank or an instruction in a form that can reliably be reproduced. Prior to closing the account the Customer shall settle all the outstanding obligations of the Customer to Eesti Pank.

4.3 The closing of an account shall not influence either the levying or satisfaction of financial claims that occurred earlier.

4.4 Prior to closing an account Eesti Pank shall transfer any interest amounts payable by Eesti Pank to the account and deduct any service charges subject to payment, as well as the Customer's debts to Eesti Pank from the account. Eesti Pank shall pay the balance of funds into the account of the Customer or a third party designated by the Customer, or transfers the balance to an account specified by the Customer.

4.5 If the Customer has not given any instructions to Eesti Pank regarding the payment of the account balance or transfer thereof to another account, Eesti Pank shall maintain the funds in its own account and pays them out to the Customer upon the Customer's first request or deposits the funds at a notary in the name of the Customer. Eesti Pank shall pay no interest on the funds that have been left in the possession of Eesti Pank upon expiry of the agreement and closing of the account or pursuant to Clause 4.6.

4.6 If a payment made to the Customer is received at Eesti Pank after the Customer's account has been closed, Eesti Pank shall notify the Customer or the Customer's legal successors thereof. The payment shall be forwarded to the persons entitled to receive it after their identity and the data required for receiving the payment have been reliably established.

4.7 At the moment an account closes all agreements made between Eesti Pank and the Customer for maintaining the account shall be deemed terminated and the deadline for the performance of the obligations arising from such agreements shall be judged to have arrived.

4.8 Closed accounts can not be reopened. It is possible for the Customer to open a new account with Eesti Pank, upon agreement between the parties.

5. ORDERS BY A CUSTOMER

5.1 Customers shall submit their orders in the way prescribed by Eesti Pank. Orders that are not submitted in writing must be submitted in a form that makes reliable reproduction possible.

5.2 Eesti Pank has the right to presume that the content of an order submitted by a Customer totally corresponds to the Customer's intention.

5.3 Eesti Pank shall accept for execution only such orders sent by the Customer that are is formalised correctly, are lawful and unequivocal, that clearly declare the Customer's intention and which comply with the agreement made between the Customer and Eesti Pank.

5.4 If Customer's order does not comply with the requirements specified in Clause 5.3, Eesti Pank has the right to claim additional information or supplementary documents from the Customer by the end of the next working day at the latest. If the Customer fails to specify the order or submit the necessary supplementary information, Eesti Pank has the right not to execute the Customer's order.

5.5 If Eesti Pank has reasonable doubt as to the legal origin of the funds used to make settlements, Eesti Pank is entitled to request information or documents proving the legal origin of the funds from the Customer. Until the requested information or documents have been submitted, Eesti Pank is entitled not to execute the Customer's orders.

5.6 The day of acceptance of an order is a working day when the Customer has submitted all the data to Eesti Pank that Eesti Pank considers necessary to execute the order.

5.7 Eesti Pank has the right to record all the orders forwarded by the Customer via any means of communication, as well as any other information that relates to operations in the account, and use the respective recordings in case of need in order to prove the orders given by the Customer have been received, rejected or executed or that other circumstances have taken place.

5.8 On crediting or debiting an account Eesti Pank is bound by the orders given by a Customer. An order may be aimed at making a single payment or multiple payments.

5.9 If an account does not have sufficient funds to execute an order, Eesti Pank shall execute the order only if it has previously been agreed upon and the Customer has provided Eesti Pank with sufficient security to compensate for the amount required for the execution of the order.

5.10 Eesti Pank is not obliged to execute a Customer's conditional order. If a conditional order is executed, the order shall be deemed unconditional.

6. OPENING OF AN ACCOUNT IN ANOTHER CURRENCY

The opening of an account for a Customer in a currency which is not the legal tender of Estonia may only occur on the conditions specially established by Eesti Pank for this purpose and on the basis of an application submitted pursuant to such conditions.

7. WITHDRAWAL OF ORDERS

7.1 The Customer may withdraw an order submitted to Eesti Pank provided that Eesti Pank has not finally accepted the order for execution or performed any obligations arising from the order. The Customer shall inform Eesti Pank of the withdrawal of the order by the means of communication accepted by Eesti Pank or in any other form allowing reliable reproduction in writing.

7.2 An order shall not be withdrawn if Eesti Pank is no longer able to independently operate the funds that are the subject of the order.

8. TRANSACTIONS PERFORMED BY MISTAKE

8.1 If a Customer's account has been credited without basis, the Customer shall immediately, upon discovery of the erroneous transaction, notify Eesti Pank thereof and return the full amount to Eesti Pank.

8.2 Eesti Pank has the right to block a Customer's account to the extent of the amounts credited to the Customer's account by mistake, which the Customer has not voluntarily returned, or debit the Customer's account by the same amount without seeking the Customer's consent.

9. DEADLINE FOR EXECUTION OF ORDERS

9.1 Eesti Pank shall execute a Customer's orders based on the agreement between Eesti Pank and the Customer and pursuant to the Price List established by Eesti Pank.

9.2 Eesti Pank shall execute money transfer orders in such a way that the transfer is received in the payee's account on the working day designated by the Customer. If the day of the transfer's receipt designated by the Customer in the order is not a working day, the first following working day shall be considered to be the designated day of receipt.

9.3 Eesti Pank may refuse to execute an order if the Customer has designated the day of acceptance of the order as the day of receipt of the transfer at another account manager.

10. PAYMENT OBLIGATION

10.1 The Customer is obliged to maintain sufficient funds in their account for the execution of all their orders or for the performance of any other payment obligations to be debited out of the account according to the General Terms and Conditions or any other agreements.

10.2 Eesti Pank is entitled to debit the Customer's account with any claims that occur pursuant to the General Terms and Conditions or that arise due to any agreements made between Eesti Pank and the Customer, including service charges, interest and any other fees pursuant to the General Terms and Conditions, any agreements made between the parties, and the Price List.

11. DEPOSITS AND COLLATERAL INSTRUMENTS

11.1 A customer has the right to secure the performance of their obligations with a deposit held by Eesti Pank.

11.2 Deposits can be used to secure the Customer's obligations according to law, the rules established by Eesti Pank, or agreements made between the Customer and Eesti Pank.

12. INTEREST

12.1 Eesti Pank shall pay the Customer interest on the funds in the Customer's account only if Eesti Pank has unilaterally undertaken to pay interest, or if an interest payment obligation has been agreed upon between Eesti Pank and the Customer.

12.2 The interest rate, the basis for its calculation and the procedure of interest payment shall be determined by Eesti Pank based on the law, the current regulatory documents, and the agreement between Eesti Pank and the Customer.

13. NOTIFICATION OF THE CUSTOMER

13.1 Eesti Pank shall keep account records of a Customer's credit and debits.

13.2 Eesti Pank shall issue the Customer a Statement of Account in the way and at the time previously agreed upon. If there is no other agreement, Eesti Pank shall issue a notice of balance for the calendar year free of charge by 15 January of the following year at the latest.

13.3 The Customer may at any time request at their own expense that Eesti Pank issue information on the balance of its account and circumstances of crediting and debiting its account. The Customer shall pay for the information issued according to the Price List.

13.4 Regarding transactions that have been executed, Eesti Pank shall submit the following information to the Customer in a form that enables reliable reproduction in writing:

13.5 Eesti Pank is obliged to preserve information about account transactions for a period of ten years.

14. LIABILITY OF EESTI PANK

14.1 Eesti Pank shall not be liable for any losses caused by content or transmission errors, vagueness, abuse or misleading information in the orders transmitted to Eesti Pank by a Customer.

14.2 If a Customer is unable to use the money in their account because of a violation that occurred due to the fault of Eesti Pank, then Eesti Pank shall, as specified in Clause 14.3 and upon receipt of a suitable request from the Customer, credit the Customer's account with interest calculated on the amount blocked due to the violation for the period of time the violation occurred at the rate provided by law unless otherwise agreed upon by Eesti Pank and the Customer.

14.3 The Customer may submit the claim specified in Clause 14.2 only if they can prove that Eesti Pank has:

15. CONFIDENTIALITY

15.1 Eesti Pank and the Customer shall apply maximum confidentiality regarding each other's information and information carriers, prohibiting disclosure of such information to any third parties and restricting the circle of persons who come into contact with such information. The obligation to maintain confidentiality may be restricted by law or an agreement between the parties.

15.2 If there is a violation of the confidentiality obligation, whether intentional or unintentional, the guilty party shall compensate the other party for any direct losses caused by the violation.

16. VALIDITY OF AND AMENDMENTS TO THE GENERAL TERMS AND CONDITIONS

16.1 The General Terms and Conditions shall be valid for an unspecified period of time.

16.2 If special conditions established by Eesti Pank or agreed upon between Eesti Pank and the Customer regarding the maintainance of certain accounts or procedure for performing transactions in the Customer's account contradict the General Terms and Conditions, the special conditions shall prevail.

16.3 Eesti Pank has the right to unilaterally make amendments to the General Terms and Conditions. Any amendments introduced by Eesti Pank to the General Terms and Conditions shall be valid and binding upon the Customer as of the day designated by Eesti Pank, but not before the Customer has been notified of such amendments.

16.4 Eesti Pank is obliged to notify Customers of any amendment to the General Terms and Conditions in writing at least 14 days before the amendments become valid. The Customer shall immediately inform Eesti Pank of the receipt of notification if Eesti Pank requests so in its notification.

16.5 As an exception to Clause 16.4, Eesti Pank has the right to change the Price Lists related to account management and the deadlines specified in the General Terms and Conditions without observing the formal requirements of giving prior notice and the minimum time limit. Such changes shall take effect immediately if the Customer has been informed thereof in writing or in a form allowing reliable reproduction or pursuant to the conditions specified in the text of amendments.

Established
by Decree of the Governor of Eesti Pank
of 13 May 2004 No. 10
Appendix 2

THE PRICE LIST OF ACCOUNT MANAGEMENT OF EESTI PANK

I General Principles

1 A fee for the execution of a payment order is charged for all payment orders sent to Eesti Pank.

2 The fees listed in the Price List are subject to payment by a bank transfer into a bank account determined by Eesti Pank, unless the valid legal acts or agreements signed between Eesti Pank and the Customers of Eesti Pank stipulate otherwise.

3 The fees for becoming a participant of the payment systems administered by Eesti Pank (the RTGS and DNS) and for processing payment orders in these payment systems are set down in their respective Price List.

II Price List