Finanssivalvonta - Company Announcement

Bank of Åland Plc reprimanded for neglect of disclosure of periodic information

FINANCIAL SUPERVISORY AUTHORITY    Press release 5 May 2011

Bank of Åland Plc reprimanded for neglect of disclosure of periodic information

The Financial Supervisory Authority (FIN-FSA) has issued a public reprimand to
Bank of Åland Plc for neglect of disclosure of periodic information as required
in the Securities Markets Act. In the explanatory statement of its interim
reports and financial statement releases, the company has repeatedly failed to
provide a description of the principal short-term risks and uncertainties
relating to its business operations. The neglect pertains to the interim
reports for 2007-2009 and for the first and second quarter of 2010 as well as
to the financial statement releases for 2007-2009. 

A basic principle of the securities market legislation is that updated
information on the investment instrument and other circumstances of material
impact on its value as required in the regulations is made available to the
investor. The interim report and financial statement release shall provide a
true and fair view of the financial position and financial performance of the
issuer. For example, their explanatory statement shall provide a description of
the principal short-term risks and uncertainties of the business operations. 

The company has the right to appeal the decision adopted on 28 April 2011 to
the Helsinki Administrative Court within 30 days of the company's receipt of
notice of said decision. Thus the public reprimand does not yet have legal
force. 

For further information,
please contact Olli Laurila, Senior Legal Advisor, tel. +358 10 831 5337.

Appendix
FIN-FSA decision (in Swedish)

Attachments:

Ålandsbanken_sanktiopäätös_sv.pdf