HÜVITUSFOND

COMMENTARY TO FINANCIAL RESULTS



COMMENTARY TO UNAUDITED FINANCIAL RESULTS, Q1 2001



According to unaudited data Hüvitusfond earned net income in amount of 

EEK 10.2 million in Q1 2001 (EEK 20.1 million in Q1 2000).



In Q1 the fund earned EEK 25.6 million in interest income. Interest 

expenses totaled EEK 7.4 million, mostly including interest paid on bonds. 

Net interest income was EEK 18.2 million (EEK 23.3 million last year). 



Income from trading portfolio was EEK 1.5 million (EEK 10.6 million in 

previous period). Income from investment portfolio was EEK 0.6 million 

(EEK 1.2 million in Q1 2000).



There were no privatization revenues in Q1. Pursuant to law, Hüvitusfond 

has not made any new bond issues.



In Q1 Hüvitusfond earned EEK 14.4 million of gross profit (EEK 26.8 

million in Q1 2000). Hüvitusfond's operating profit totaled EEK 10.2 

million (EEK 20.1 million in Q1 2000). The fund's net profit amounted 

to EEK 10.2 million (EEK 20.1 million in Q1 2000).





Jaanus Kosemaa

PR manager

+372 66 51 800