HÜVITUSFOND

BALANCE SHEET



BALANCE SHEET, AS AT 30.06.2001



Unaudited

in thousand EEK

                                          30.06.2001 31.12.2000 30.06.2000

ASSETS

1.Cash and bank                               87,911     75,255      3,733

2.Trading portfolio                           72,480     59,196     49,698

3.Loans and receivables                      226,341    272,708    300,223

4.Investment portfolio                       715,465    812,497    940,575

5.Investments in subsidiaries                236,109    236,510    236,634

6.Investments in associated companies              0          0     15,988

7.Tangible assets                              2,076      2,600      3,149

8.Intangible assets                               11         24         45

9.Other assets                                37,882     36,143     56,183

TOTAL ASSETS                               1,378,275  1,494,931  1,606,228



LIABILITIES AND OWNERS' EQUITY

Liabilities

10.Borrowings from credit institutions             0          0     16,000

11.Bonds issued                              286,981    424,511    509,759

12.Other bonds issued                              0          0          0

13.Other liabilities                          12,557     25,980     19,218

Total liabilities                            299,538    450,491    544,977

Owners equity

14. Capital stock                          1,304,081  1,445,579  1,626,957

15. Retained earnings                       -259,726   -419,083   -599,746

16. Net profit/loss for the period            34,383    -17,944     34,040

Total owners equity                        1,078,737  1,044,440  1,061,250

TOTAL LIABILITIES AND OWNERS' EQUITY       1,378,275  1,494,931  1,606,228





Jaanus Kosemaa

Public Relations manager

+372 6651 800