AS NORMA

ANNOUNCEMENT

 

AUDITOR'S REPORT

 

(Translation of the Estonian original)

 

To the shareholders of AS Norma

 

We have audited the financial statements of AS Norma and its

subsidiaries (the Group) for the year ended 31 December 1999

as set out on pages 1 to 19. These financial statements are

the responsibility of the Company's management. Our

responsibility is to express an opinion on these financial

statements based on our audit.

 

We conducted our audit in accordance with International

Standards on Auditing. Those Standards require that we plan

and perform the audit to obtain reasonable assurance about

whether the financial statements are free of material

misstatement. An audit includes examining, on a test basis,

evidence supporting the amounts and disclosures in the

financial statements. An audit also includes assessing the

accounting principles used and significant estimates made by

management, as well as evaluating the overall financial

statement presentation. We believe that our audit provides a

reasonable basis for our opinion.

 

In our opinion the financial statements give a true and fair

view of the financial position of the Group as at 31 December

1999 and of the results of its operations and its cash flows

for the year then ended in accordance with International

Accounting Standards.

 

 

Urmas Kaarlep

AS PricewaterhouseCoopers

 

8 February 2000

 

 

 

Raivo Harand

Controller

+372 65 00 482