Okobank Osuuspank.

Agreement Signed

Okobank Osuuspankkien Keskuspankki
16 May 2000


The OKOBANK Group Central Cooperative and OKOBANK Osuuspankkien Keskuspankki Oyj
signed on May 16, 2000, with Ilmarinen Mutual Pension Insurance Company a
preliminary agreement to purchase no later than 5 June, 2000 a total of 
1 178 705 Pohjola A-shares and 521 295 Pohjola B-shares owned by Ilmarinen at
the price of EUR 92 per share. The shares to be purchased represent about 4.2
per cent  of Pohjola's shares and about 5.8 per cent of the voting rights. The
shares are to be purchased before Pohjola's Extraordinary General Meeting in
June. The purchase price includes an additional dividend paid to the purchasers
as proposed by Pohjola's Board of Directors.

The share of OKOBANK Group Central Cooperative of the shares is 1 133 333 and
the corresponding  share of OKOBANK Osuuspankkien Keskuspankki Oyj is 566 667.
Following the purchase of the shares, OKOBANK Group Central Cooperative
Consolidated will hold about 9.4 per cent of Pohjola shares and about 14.2 per
cent of voting rights.

The realization of the purchase of the shares calls for an approval by the
Insurance Supervision Authority as well as for a decision by Pohjola's
Extraordinary  General Meeting, to be held in June, on the additional dividend.
It further calls for the realization of the deal in Pohjola shares between
Ilmarinen and Suomi Insurance companies (buyers) and Sampo-Leonia (seller).

OKOBANK Group Central Cooperative 
OKOBANK Osuuspankien Keskuspankki Oyj

Markku Koponen
Assistant Director 

Mr Antti Tanskanen, Chairman & CEO of OKOBANK Group,  tel. + 358 9 404 2202
Mr Reijo Karhinen, Managing Director, OKOBANK Group Central Cooperative, tel. +
358 9 404 4500
Mr Mikael Silvennoinen, Managing Director, OKOBANK Osuuspankkien Keskuspankki
Oyj, tel. + 358 9 404 2549
Mr Marku Koponen, Assistant Director, tel. + 358 50 555 5151