Vilniaus bankas

Content

1. Architects of Lithuanian Banking
Tradition.......................
....3
2. Dashing
Development.......................
.................4
3. International
Partnership.......................
...............4
4. Deep-Rooted in the Leader
Position........................
........4
5. VB
Philosophy......................
...................5
6. About VB
Management......................
................5
7. VB Organisation
stucture........................
.............6
8. Settlement Banks for Commercial and Treasury
Transactions..................7
9.. Bank Modernisation Program
(BMP).........................
......7
10.VB
Cards.........................
....................8
11. Financial
report........................
..................9
12.
Branches........................
.....................9

Architects of Lithuanian Banking Traditions
Vilniaus Bankas, one of the first private commercial banks in Lithuania,
was established on 2 March 1990. Vilniaus Bankas is among Lithuania’s
pioneers in commercial banking and from the very outset of its activities
has been proactive in launching and promoting new banking services thus
rendering a significant impact upon the development of the country’s
banking market.

As early as in 1991, Vilniaus Bankas became member of Visa International,
an international paayment cards association, in December 1993 issuing the
first Visa Classic payment card in Lithuania. In 1994, the Bank joined
worldwide interbank system S.W.I.F.T. and expanded its customer service
network to 12 branches.

In 1995, which was a critical year for most of the country’s commercial
banks, Vilniaus Bankas was able to preserve its stability. It was the year
when international investment funds made their first investments into
Vilniaus Bankas and two subdivisions were set up to provide services that
were absolutely new in Lithuania, namely, financial brokerage and leasing.

Vilniaus Bankas is thhis country’s only bank that is member of Euroclear, an
international securities clearing and settlement system.

Dashing Development
The year 1995 was a start in establishing new subsidiary companies of
Vilniaus Bankas. Today, Vilniaus Bankas Group consists of Vilniaus Bankas
AB and its seven subsidiary companies:

• VB Bū

ūsto Kreditų ir Obligacijų Bankas AB (VB Mortgage Bank), that in

2004 placed the largest public issue of bonds in Lithuania;

• VB Gyvybės Draudimas UAB (Life Insurance), pioneer in unit-linked life

insurance in Lithuania;

• VB Investicijų Valdymas UAB (Investment Management), absolute leader

in the pension funds market during the first stage of the pensions

system reform;

• VB Lizingas UAB (Leasing), the first and, since the beginning of 2003,

key player in the Lithuanian leasing services market;

• VB Nekilnojamasis Turtas UAB (Real Estate), the country’s first

company to manage a bank’s immovable property;

• UAB VB Rizikos Kapitalo Valdymas (Venture Capital Management),

successfully operating venture capital company that invests in

companies with long-term growth potential;

• VB Vilfima UAB (Corporate Finance), a company with strongest presence

in the Lithuanian capital market offering investment banking services

to corporate customers.

International Partnership
In March 19998, a strategic cooperation agreement was signed among three
Baltic banks: Eesti Uhispank, Latvijas Unibanka and Vilniaus Bankas.

In December of the same year, the Bank made a targeted issue of shares that
were fully subscribed by strategic investor Swedish bank Skandinaviska
Enskilda Banken (SEB) investing LTL 220.8 million and acquiring a 32 per
cent share in Vilniaus Bankas, thus becoming its strategic partner.

In 2000, SEB acquired 98 per cent of Vilniaus Bankas’ equity and became its
major shareholder. In 2003, SEB entrusted Vilniaus Bankas with the
development of its activities in Ukraine.

Deep-Rooted in

n the Leader Position
In 1999, Vilniaus Bankas merged Lithuania’s second largest private
commercial bank and its main competitor Bank Hermis. The merger allowed
Vilniaus Bankas to further strengthen its position as Lithuania’s leading
bank in terms of assets.

In 2000, the Bank’s unit of trade in securities was the country’s top
performer on the National Stock Exchange. In terms of turnover, Vilniaus
Bankas became the leader of the Lithuanian payment cards market in 2000. In
2001, its market share was 48.4 per cent – nearly half of the entire
market.

In May 2002, authoritative journal Global Finance announced Vilniaus Bankas
to be among leader banks in the Central and Eastern European countries.
Since the time when rating of banks in the Baltic States was started, every
year Vilniaus Bankas was recognised to be the best one. In 2003, it was the
forth time in row that Euromoney nominated Vilniaus Bankas the best bank in
Lithuania.

VB Philosophy
The goals of Vilniaus Bankas are based on the core values of the SEB Group:

• commitment,

• continuity,

• mutual respect,

• professionalism.
VB are a universal bank that offers a full range of banking services, and
its key focus is on long-term customer relations. Being a member of
international SEB Group, VB have expert partners with whom we cooperate in
advancing our activities, in planning our further development.

About VB Management

|Supervisory Council |Executive Board |
|[pic] |MATS KJAER |[pic]

|JULIUS NIEDVARAS |
| |Council Chairman, | |President & CEO |
| |Head of SEB Division | | |
| |Baltic and Poland | | |
|[pic] |HARALD FLEETWOOD |[pic] |VYTAUTAS BUČAS |
| |SEB Division Baltic and | |Executive Vice President |
| |Poland, | |Chief Financial Officer |
| |Vice President | | |
|[pic] |ANN KARLSSON |[pic] |AUDRIUS ŽIUGŽDA |
| |SEB Merchant Banking | |Executive Vice President |
| |Division, | |Retail Banking |
| |Head of Finance and Risk | | |
| |Management | | |
|[pic] |AIN HANSCHMIDT |[pic] |RAIMONDAS KVEDARAS |
| |Eesti Uhispank President | |Executive Vice President |
| | | |Corporate Banking and |
| | | |Treasury |
|[pic] |VIESTURS NEIMANIS |[pic] |ARTURAS FEIFERAS |
| |Latvijas Unibanka President | |Executive Vice President |
| | | |Chief Credit Officer |

VB Organisation stucture

|  |   Shareholders Meeting |
|  |   Supervisory Council |
|  |   Board of Directors |
|Chairman of the Board – President   |  |
|Advisers to the President    |   Personnel Department |
|Internal Audit Department    |   Secretariat |
|Head of Public Relations    |   Chief Lawyer of VB Group |
|Security and Crime Prevention |   Credit Work-Out Department |
|Department     | |
| | |
|Retail Banking |Credit Division|Corporate Banking |Finance |
|Division | |Division |Division |
|Business Development |Credit |Treasury and |Risk |
|Department |Department |Financial Markets |management |
| | |Department |Department |
|Electronic Banking |Property |Reporting and Risk |Finance and |
|Department |Valuation |Control Department |Reporting |
| |Department | |Department |
|Products Development |Country and |Corporate Clients |IT Management|
|Department |Financial |and Financial |Committee |
| |Institutions |Institutions | |
| |Risk Assessment|Department | |
| |Unit | | |
|Payment Cards | |Products and |IT Strategy |
|Department | |Structured Finance |Department |
| | |Department | |
|Operations and Process| |Corporate Operations|IT |
|Administration | |and Securities |Development |

|
|Department | |Services Department |Department |
|VB Mortgage Bank | |VB Vilfima |IT Operations|
| | | |Department |
|VB Investment | |VB Venture Capital | |
|Management | |Management | |
|VB Life Insurance | |VB Leasing | |
|Branches | |VB Real Estate | |
|VB Home Finance Bank | | | |

Settlement Banks for Commercial and Treasury Transactions
Vilniaus Bankas AB has about 700 correspondent banks in more that 70
countries worldwide, and is in position of making direct settlements with
these banks. Hereinafter, we present the list of main correspondent banks
to be used for settlements in foreign currencies. In order to receive funds
in foreign currency into your account with Vilniaus Bankas, your payment
instructions must contain our correspondent bank for respective foreign
currency. When selecting a correspondent bank to receive a monetary
transfer denominated in EUR, we would suggest selecting a bank located in
the country of remitter, if any, or any correspondent bank for settlements
in EUR. You are always welcome to consult your account officer for the
fastest way of making a payment.
If you are anxious to secure your money and have decided to obtain a
payment card but don’t know the right one to choose, consider the
following:

• Do I need a card to make payments in Lithuania only, or one that I

could use abroad as well?

• Do I need a card where my salary or scholarship could be transferred?

• Shall I hold the card in Litas or US dollars?

• Do I need a simple and popular, or a prestigious payment card?

• Shall I handle the card myself, or shall I allow other family members

to use the card as well?

• Do I need several cards for different purposes?
As you may know, the popularity of one or another type of payment cards
differs from country to country, therefore you may choose to have a
combination of cards for the same account. If you care about the needs of
your family, you may be interested in obtaining additional cards.

Bank Modernisation Program (BMP)

Vilniaus Bankas AB owned by SEB, Swedish Financial Group prior to accession
to the European Union will modernise its activities. By the end of the year
will be improved Business Operating Model, upgraded information systems –
this will result in a more efficient customer service and faster
development of banking services. For upgrading IT systems alone, during the
year Vilniaus Bankas will allocate LTL 50 million.
To comply with the existing EU standards, account numbers of Vilniaus
Bankas customers will be changed. Accounts will be multi-currency, i.e.,
there will be one and the same account for Litas and for any other foreign
currency. Due to the modernisation of operations, payment settlements will
become faster.
Despite of the branch, where customer account has been opened, major
services will be available in any branch or sub-branch through – out the
country. The Bank will become even more flexible making faster and
effective decisions, exceeding customer expectations. Modern software will
provide possibilities to execute payments and settlements 24 hours per day
and 7 days per week.
Major Lithuanian and foreign IT and telecommunication companies have joined
as the partners of the largest Modernisation Program in the history of
Vilnius Bankas Group. Agreements on Cooperation were signed with such
companies as Hewlett-Packard, IBM, Sun Microsystems, Cygate, Quaint
Strategy AB, Omintel, Lietuvos Telekomas, Alna, Baltic Amadeus, Compservis
atvirosios sistemos and others.

VB Cards
|[pic] |Visa |  | |[pic] |Visa Electron/Statoil |
| |Electron/Maxima/Senu| | | |extra Card |
| |kai Card | | | |The functions of Statoil |
| |An international | | | |Extra allow the holder to|
| |payment card that | | | |enjoy the STATOIL |
| |let you use Vilniaus| | | |reduction system |
| |bankas credit limit | | | | |
| |and provide you with| | | | |
| |discounts at VP | | | | |
| |Market and Senukų | | | | |
| |prekybos centras | | | | |
| |stores. | | | | |
| | |
|[pic] |Visa Electron Card |  | |[pic] |Visa Classic Card |
| |An international | | | |The most popular payment |
| |debit card that can | | | |card in the world, which |
| |be used as a means | | | |is used by over 440 |
| |of payment for goods| | | |million of the Planet’s |
| |and services at | | | |population |
| |companies equipped | | | | |
| |with electronic | | | | |
| |payment card | | | | |
| |embossers | | | | |
| | |
|[pic] |Visa Gold Card |  | |[pic] |MasterCard Standard Card |
| |A prestigious | | | |An international payment |
| |international credit| | | |card accepted at 14.8 |
| |payment card | | | |million POS’s in 272 |
| | | | | |countries world-wide |
| | |
|[pic] |Maestro Card |  | |[pic] |Visa Classic Revolving |
| |An international | | | |Card |
| |debit payment card, | | | |A credit card that has a |
| |accepted at over 2.8| | | |certain credit limit on |
| |million POS’s in 68 | | | |its account |
| |countries world-wide| | | | |
| | |
|[pic] |American Express |  | |[pic] |Visa Virtuon Card |
| |Card | | | |A virtual Visa card, used|
| |Prestigious payment | | | |for payments at Internet |
| |cards | | | |shops when ordering goods|
| | | | | |and services. |
|[pic] |Visa Classic Card in|  | |[pic] |Visa Platinum and |
| |euro | | | |Priority Pass Cards |
| |The payment card | | | |it is a new product of VB|
| |account is opened | | | |and Visa International |
| |handled in euro. | | | |association, appropriated|
| | | | | |for high income possessed|
| | | | | |customers. |
|[pic] |VB Banko Card |  | | | |
| |Used to pay for | | | | |
| |goods and services | | | | |
| |and withdraw cash in| | | | |
| |Lithuania | | | | |

Financial report
Year 2003 net profit of Vilniaus Bankas Group calculated according to
international accounting standards was LTL 132.3 million or 4.6 per cent
higher as compared to that in 2002. Of all the Lithuanian banks, so far it
is the highest annual profit earned.

In 2003, the entire Group’s assets increased by 29.1 p or by 1.9 billion
Litas, reaching LTL 8.575 billion.

Last year, the Group’s mortgage loans portfolio soared by as much as 88 per
cent to reach LTL 613 million. In 2003, an increase in consumer loans
portfolio was from LTL 36.5 million to LTL 64.3 million, or 76 per cent.
Over a year, VB Group’s total portfolio in loans nearly doubled and at the
close of the year was LTL 4.8 billion, accounting for over 40 per cent of
the entire Lithuanian banks’ credit market.

At the end of 2003, VB market share in Lithuania was as much as 45.1 per
cent in terms of corporate deposits, and nearly 1/3, i.e. 29.3 per cent, in
terms of retail customer deposits. Over 2003, Vilniaus Bankas increased its
retail customer base by as much as 23 per cent to reach 414,000.

Branches

|Head office |
|Gedimino av. 12, LT-01103 Vilnius |
|Ph. (370 5) 268 28 00 |
|Fax (370 5) 268 23 33 |
|Teleks. 26 16 01 VILBK LT |
|REUTERS: VIBK |
|SWIFT: CBVI LT 2X |
|Bank code: 70440 |
|: |
|Information: |
|Customer Information Centre (Call |Blocking of services via the |
|Centre) |electronic channels |
|Telephone: 1528 or (370 5) 268 2800,|Telephone: 1528 or (370 5) 268 2800 |
|e-mail: info@vb.lt |Messages on the identification |
|Information on the Bank’s services, |document loss or confidentiality |
|queries and proposals from Monday – |violation, 24-hour service |
|till Friday, from 8 a.m. till 8 |Blocking of payment cards |
|p.m., on |Telephone: 1528, or (370 5) 268 2610|
|Saturdays – from 9 a.m. till 2 p.m. |or (370 5) 268 5910 |
|VB Linija System (answering unit) |Messages on the payment card loss, |
|Telephone: 1528 or (370 5) 268 2800 |24 hours service |
|Information on balance of account | |
|and operations, 24-hour service | |

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