HÜVITUSFOND

BALANCE SHEET



AUDITED BALANCE SHEET, AS AT 31.12.2000



Audited

in thousand EEK



ASSETS                                      31.12.2000  31.12.1999



1. Cash and bank                                75,255      62,023

2. Trading portfolio                            59,196      72,884

3. Loans and receivables                       272,707     237,260

4. Investment portfolio                        812,497     913,373

5. Investments in subsidiaries                 236,510     231,199

6. Investments in associated companies               0      42,504

7. Tangible assets                               2,600       6,659

8. Intangible assets                                24          89

9. Other assets                                 36,142      49,332

TOTAL ASSETS                                 1,494,931   1,615,322



LIABILITIES AND OWNERS' EQUITY

LIABILITIES

10. Borrowings from credit institutions              0      16,000

11. Bonds issued                               424,511     551,926

12. Other debt securities issued                     0           0

13. Other liabilities                           25,980      25,455

Total liabilities                              450,491     593,380

Owners' equity

14. Capital stock                            1,445,578   1,621,688

15. Retained earnings                         -419,082    -582,224

16. Net profit/loss for the period              17,944     -17,522

Total owners' equity                         1,044,440   1,021,942

TOTAL LIABILITIES AND OWNERS' EQUITY         1,494,931   1,615,322





Jaanus Kosemaa

Public Relations Manager

+372 665 1800