OPTIVA PANK

INCOME STATEMENT



UNCONSOLIDATED INCOME STATEMENT 12 MONTHS 1999



Unconsolidated, unaudited

In thousand EEK



                                                   31-Dec-99  31-Dec-98

                                                                Audited

Interest income                                      249,694    208,042

Interest expense                                     147,232     84,952

Net interest income                                  102,462    123,090

Provisions for loan losses                            62,869    208,638

Recovered loans                                        1,030      2,221

Net interest income after provisions                  40,623    -83,327



Other operating income

Fees and commissions income                           61,296     51,733

Income from foreign exchange operations               36,819     32,758

Income from short-term investment in shares            5,010    -57,084

Income from long-term investment in shares            22,408    -81,321

Other income                                           3,920        875

Total other operating income                         129,453    -53,039

Total income                                         170,076   -136,366



Other operating expenses

Fees and commissions expense                          15,979     11,852

Personnel expenses                                    61,223     54,781

Other administrative expenses                         67,066     73,989

Other operating expenses                               7,250      9,215

Assets revaluation                                        24

Total operating expenses                             151,543    149,837



Operating profit                                      18,533   -286,203

Depreciation                                          37,251     14,487

Profit before taxes                                  -18,717   -300,690

Income tax                                                 0     35,716

Net Profit/Loss                                      -18,717   -264,974





Lea Endrikson

Public relations specialist

(+372) 6 302 588