HÜVITUSFOND

BALANCE SHEET



BALANCE SHEET, AS AT 31.03.2001



audited

in thousand EEK



ASSETS                                          31.12.2000 31.03.2001

1.Cash and bank                                     75,255     93,611

2.Trading portfolio                                 59,196     75,916

3.Loans and receivables                            272,708    259,341

4.Investment portfolio                             812,497    750,614

5.Investments in subsidiaries                      236,510    245,302

6.Tangible assets                                    2,600      2,371

7.Intangible assets                                     24         15

8.Other assets                                      36,143     37,371

TOTAL ASSETS                                     1,494,931  1,464,540



LIABILITIES AND OWNERS' EQUITY

LIABILITIES

9.Bonds issued                                     424,511    383,013

10.Other liabilities                                25,980     26,929

Total liabilities                                  450,491    409,942



OWNERS' EQUITY                                   1,445,579  1,402,414

11. Capital stock                                 -419,083   -359,059

12. Retained earnings                               17,944     10,244

13. Net profit/loss for the period               1,044,440  1,054,598

Total owners equity                              1,494,931  1,464,540

TOTAL LIABILITIES AND OWNERS' EQUITY





Jaanus Kosemaa

Public Relations Manager

+3726651800