HÜVITUSFOND

BALANCE SHEET



UNAUDITED BALANCE SHEET, AS AT 31.12.2000



Unaudited

in thousand EEK

                                               30.09.2000    31.12.1999

1.Cash and bank                                    62,023        75,255

2.Trading portfolio                                72,884        59,196

3.Loans and receivables                           237,260       270,734

4.Investment portfolio                            913,373       811,181

5.Investments in subsidiaries                     231,199       235,848

6.Investments in associated companies              42,504             0

7.Tangible assets                                   6,659         2,719

8.Intangible assets                                    89            24

9.Other assets                                     49,332        36,177

TOTAL ASSETS                                    1,615,322     1,491,133



LIABILITIES AND OWNERS' EQUITY

LIABILITIES

10. Borrowings from credit institutions            16,000             0

11. Bonds issued                                  551,926       424,511

12. Other debt securities issued                        0             0

13. Other liabilities                              25,455        25,939

Total liabilities                                 593,380       450,450



OWNERS' EQUITY

14. Capital stock                               1,621,688     1,626,243

15. Retained earnings                            -582,224      -599,746

16. Net profit/loss for the period                -17,522        14,187

Total owners equity                             1,021,942     1,040,683

TOTAL LIABILITIES AND OWNERS' EQUITY            1,615,322     1,491,133





Jaanus Kosemaa

Public Relations Manager

+3726651800