Version June 16, 2009

USER TERMS

1. General

The terms of this User Terms (hereinafter referred to as "User Terms") apply to this web site (www.swedbank.lv) of “Swedbank” AS, with its principal place of business located at Balasta dambis 1a, LV-1048, Riga, Latvia, and registered in the Company register of Register of Enterprises of the Republic of Latvia under number 40003074764 (hereinafter “Swedbank”).

By accessing the Swedbank web site and or using the information and services provided on or via this web site you agree to be bound by these User Terms. In the event of any conflict between the terms and conditions of specific products and services and these User Terms, the conditions specific to such products and services shall prevail.

2. Restrictions on the use of the web site

The information contained within the Swedbank web site is brought from sources which Swedbank considers reliable. The purpose of information provided on the Swedbank web site is to inform visitors about Swedbank services, products and terms of use, nevertheless Swedbank makes no warranties or representations, express or implied, and may not be held liable if information provided on or via this web site is not accurate, complete or up-to-date or is not accessible due to circumstances beyond reasonable control of Swedbank. The information on the web site may be modified or removed without notice. Swedbank does not represent or warrant that this web site and/or the Internet services provided via the web site functions without error or interruption.

The information on the web site shall not under any circumstances be considered as an advice or a request to buy or sell a product, service or financial instrument, or a recommendation by any of the service providers, unless the service provider expressly notifies to the contrary.

The Swedbank web site does not address to persons who are prohibited under the applicable laws or regulations of their citizenship, domicile or residence from having access to or use such web site. This applies in particular to residents in Australia, Canada and Japan. Regarding U.S. and U.K. persons, see also Section 3 below.

Swedbank will not provide any such products or services to any person if in the view of Swedbank (without Swedbank having an obligation to verify this) the provision of such services could be in violation of law or regulation in such person's home country jurisdiction or any other related jurisdiction.

3. Important information for U.S. and U.K. persons

The information on this web site is not directed at and is not intended for persons, whatever their citizenship, who currently are in the territory of the United States, nor is it intended for U.S. residents, partnerships or corporations organized or incorporated under U.S. law or other U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended), and shall not be deemed an offer to provide or sell, or the solicitation of an offer to acquire or purchase products or services in the territory of the United States or to such persons, residents, partnerships or corporations. No such persons, residents, partnerships or corporations may acquire or purchase products or services by means of this web site, and no offers to acquire or purchase products or services made by such persons, residents, partnerships or corporations by means of this web site will be acknowledged or accepted.

Nothing on this web site shall be understood to constitute (a) an invitation or inducement to engage in investment activity (within the meaning of the U.K. Financial Services and Markets Act 2000 (the ‘FSMA’)) or (b) promotion of any collective investment scheme (within the meaning of the FSMA) to the general public in the United Kingdom.

4. Financial Instruments

Swedbank and its subsidiaries may from time to time have positions or holdings in securities or may be providing or seeking to provide corporate finance and debt capital markets services to such companies or issuers that are directly or indirectly referred to in research documents or recommendations accessible on or through this web site.

5. Limitation of liability
The contents of this site are provided on an "as is", "as available" basis. Swedbank or third parties does not make any warranties about the site or its contents. Swedbank shall not be liable for any expenses, losses or damages (direct, indirect, special, incidental, consequential, punitive, or exemplary damages, including but not limited to financial losses and lost profits) arising in any way from the access to or use of the site even if Swedbank had known about a defect in the site or its contents.

6. Copyright and trade marks

Swedbank or third parties, if expressly specified, retain the ownership, copyright © and all other immaterial rights of the site. All rights are reserved in all countries. The publication, reproduction, transfer or storage of the contents of the site in whole or in part is forbidden unless the holder of title, copyright, title or other immaterial right has granted permission for such an action. The prohibition does not apply to storage on a computer or printing for personal use only. The contents may be quoted according to the applicable copyright legislation. When the contents are quoted the source shall have to be indicated. The trade marks or logos included on the site may, however, not be reproduced, published or distributed without the previous written consent of the holder of the title.

Participants in discussion forums, chat rooms, debates and similar on the Swedbank web site must only submit materials to which they hold the copyright or materials where they have in some way obtained this right. A participant who submits materials is deemed, as and when the materials are submitted, to consent to Swedbank’s storing, disseminating and publishing the materials, electronically or otherwise.

7. Links

Where Swedbank provides text links to third party web sites, such links are not an endorsement by Swedbank of any products or services provided on or via such web sites. The use of such links is entirely at your own risk and Swedbank accepts no responsibility or liability for the content, use or availability of such web sites. Swedbank has not verified the truth, accuracy, reasonability, reliability or completeness of any content of such web sites.

All links to the Swedbank web site shall be opened in a separate window. New browser session must be opened, and links must be entered in this session manually in order to open such links.

All material linked from the Swedbank web site shall be opened in a separate window, and may not be presented in connection with the trademark or logotype of any other website if not otherwise agreed in writing with Swedbank.

8. Cookies

The Swedbank web site contains cookies. A cookie is a small text file which is stored on your hard disk by the web site you visit. The text file contains information and is, among other things, used for supporting the visitor's use of the relevant website.

There are two types of cookies. The first type, which is called persistent cookies, stores a file on your hard disk for a certain period of time. Swedbank uses persistent cookies in order to track the visitor’s navigation on the web site and to collect statistical data.

The other type of cookies, which is called session cookies, is only stored temporarily during the time you surf on a site. In order to use the Swedbank Internet service, you have to submit to the use of session cookies. Session cookies are used by Swedbank in order to enable you to carry out your banking transactions etc. and will disappear when you log off the Swedbank web site or close your browser.

If your browser does not accept cookies, you should change the security settings of your browser. You can choose not to permit the use of persistent cookies without any impact on the functionality of the web site. Please note that if you do not accept session cookies, you cannot use full scale services offered by Swedbank web site.

9. Applicable law and jurisdiction

This web site and its User Terms Notice shall be governed by and construed in accordance with the laws of Latvia. All disputes arising out of or in connection with these User Terms shall be submitted to the exclusive jurisdiction of the courts of Latvia.