EESTI ÜHISPANK

REPORT



PUBLIC 1999 YEAR 12 MONTH INTERIM REPORT (I)



(Act No  25, of the President of the Bank of Estonia, dd. October 19,

1999 and Act No 1, of the President of the Bank of Estonia,

dd. February 9, 2000)







Introduction



Credit institution



Company name:            AS Eesti Ühispank

Address:                 Tornimäe.2, Tallinn 15010, Estonia

Registred in:            Republic of Estonia

Registry date:           08.12.1995

Registry code:           10004252

Registry name:           Estonian Commercial Registry



Auditor



Auditors company name:   Deloitte & Touche Eesti AS

Registry code:           10503015

Address:                 Suur-Karja 21, 15010 Tallinn, Estonia

Auditors name:           Veiko Hintsov

Auditors license:        13.12.1995, license no 328



Report balance sheet date:    31.12.1999



Report currency:          Estonian kroon (EEK), millions









Statement of the Management Board



After having  been introduced  to the  Public Interim  Report of Eesti

Ühispank  of  12  Months,  the  Mangement  Board  is  on the following

opinion  on  February  29,  2000,  the  date  of publishing the Public

Interim Report of 12 Months:



1) The Public Interim Report of 12 Months consists of the following

parts and reports:

            Introduction

            Explanatory Notes

            Financial Statements

The  Report  also  includes  the  information  in  accordance with the

requirements set on  the interim reports  of 12 months,  as stipulated

by the  Act No  25, "Public  Reports of  Credit Institutions",  of the

President of the Bank of Estonia, dd. October 19, 1999.



2) The  financial and  other additional  information published  in the

Public Interim Report of 12 Months is true and complete.



3)  The  financial  and  other  information,  published  in the Public

Interim Report  of 12  Months, is  not missing  anything, which  could

affect the meaning or contents of the report.



4) The  financial reports  have been  compiled in  accordance with the

internationally accepted  principals of  accounting and  reporting, as

stipulated in  5 of the Accounting Law.

The  Public  Interim  Report  of  12  Months  has  been  completed  in

accordance with the requirements of IAS 34.



5) The audit  of the year  1999 was conducted  in accordance with  the

standards of the International Federation of Accountants (IFAC).



6) The Public Annual  Financial Statements and auditors report

will be published on March 17, 2000.



7) The  Public  Annual  Financial  Statements  will  be submitted for

the approval of the General Shareholders' Meeting and the approved

annual financial statements will be published on April 7, 2000.



8) The  Annual  Financial  Statements  of  the  previous  year, 1998,

was approved on April 10, 1999.





Ain Hanschmidt

Chairman of the Management Board











1.Explanatory Notes



1.1.Description of bank and consolidation group



1.1.Consolidation group:

                                                             In

                                                     Owner-  Ühispank

Name                         Activity                ship     balance

                                                               sheet

                                                         %     EEKmio

Ühisliisingu AS               Liising                 100.00%    23.4

   HF Liisingu AS*            Liising                 100.00%      *

   TP Leasing Vilnius*        Liising                 100.00%      *

   TP Leasing Latvia SIA*     Liising                 100.00%      *

   AS Rentacar*               Liising                 100.00%      *

      SIA Budget Latvia**     Liising                 100.00%      *

      Rentacar Lithuania**    Liising                 100.00%      *

AO Russkii Obedinennoi Lizing Liising                  75.00%     0.0

AS Ühisinvesteeringud         Investeerimispangandus  100.00%   100.0

ZAO Baltic Invest             Maaklerlus              100.00%     2.9

Tallinna Panga Varahalduse AS Varahaldus              100.00%     4.1

   AS Martelli Finance*       Privaatpangandus        100.00%      *

AS Ühispanga Elukindlustus    Kindlustus              100.00%    30.0

AS LF Finants                 Finants                 100.00%     0.4

AS Bangalo                    Kinnisvarahaldus        100.00%    91.0

PT  Investeeringute AS        Kinnisvarahaldus        100.00%    42.3

OÜ PV Navarra                 Kinnisvarahaldus        100.00%     0.2

AS PF Koda                    Kinnisvarahaldus        100.00%   132.9

   AS Tornimägi*              Kinnisvarahaldus        100.00%      *

AS TPF Orior                  Turvateenused           100.00%     0.1

OÜ Efficio                    Koolitus                100.00%     0.0

Pankade Kaardikeskus***       Kaardikeskus             40.25%     4.6

Eesti Liisingkeskus***        Liisingkeskus            33.33%     1.2



* sub-subsidaries, which belongs to consolidation group



** sub-subsidaries of sub-subsidaries, which belons to

   consolidation group



*** outside of group









1.1.2.Registration information about Consoliation Group:



Name and address                   Reg.no               Reg.date



Ühisliisingu AS                    10281767             03.10.97

Tornimäe 2, Tallinn,               Estonian Register of Companies

Estonia



HF Liisingu AS                     10304592             07.11.97

Tornimäe 2,Tallinn,                Estonian Register of Companies

Estonia



TP Leasing Vilnius                 1159274              16.05.97

Gedimino pr.60, Vilnius,           Lithuanian Register of Companies

Lithuiania



TP Leasing Latvia SIA              000331595            01.10.96

Tornu iela 4, 2 Kazarma, Riga,     Latvian Register of Companies

Latvia



AS Rentacar                        10303549             20.10.97

Lihula mnt. 3, Haapsalu,           Estonian Register of Companies

Estonia



SIA Budget Latvia                  000335515            12.08.97

Pernavas iela 5, Riia,             Latvian Register of Companies

Latvia



UAB Rentacar Vilnius               1164762              14.10.98

L.Asanaviciutes  g.4-183, Vilnius, Lithuanian Register of Companies

Lithuiania



AO Russkii Obedinennoi Lizing      10152811             19.06.97

Pl.Konstitutsii 2, St.Peterburg,   Russian Register of Companies

Russia



AS Ühisinvesteeringud              10282152             06.10.97

Tartu mnt. 13, Tallinn,            Estonian Register of Companies

Estonia



ZAO Baltic Invest                  BI97-331             17.02.97

Leninskaja Sloboda 9-12, Moskva,   Russian Register of Companies

Russia



Tallinna Panga Varahalduse AS      10035169             22.05.96

Roosikrantsi 2, Tallinn,           Estonian Register of Companies

Estonia



AS Martelli Finance                10282301             07.10.97

Roosikrantsi 2, Tallinn,           Estonian Register of Companies

Estonia



AS Ühispanga Elukindlustus         10525330             21.01.99

Tornimäe 2, Tallinn,               Estonian Register of Companies

Estonia



AS LF Finants                      10417362             23.03.98

Tornimäe 2, Tallinn,               Estonian Register of Companies

Estonia



AS Bangalo                         10088272             18.10.96

Roosikrantsi 2, Tallinn,           Estonian Register of Companies

Estonia



PT  Investeeringute AS             10036803             07.06.96

Roosikrantsi 2, Tallinn,           Estonian Register of Companies

Estonia



OÜ PV Navarra                      10497941             22.10.98

Tornimäe 2, Tallinn,               Estonian Register of Companies

Estonia



AS PF Koda                         10423249             01.04.98

Estonia pst. 3/5, Tallinn,         Estonian Register of Companies

Estonia



AS Tornimägi                       10198768             05.05.97

Tornimäe 2, Tallinn,               Estonian Register of Companies

Estonia



AS TPF Orior                       10028376             15.05.96

Pärnu mnt. 12, Tallinn,            Estonian Register of Companies

Estonia



OÜ Efficio                         10002566             20.11.95

Tornimäe 2, Tallinn,               Estonian Register of Companies

Estonia



Pankade Kaardikeskus               10452335             19.05.98

Laki 12, Tallinn,                  Estonian Register of Companies

Estonia



Eesti Liisingkeskus                10325921             17.11.97

Päru mnt.10                        Estonian Register of Companies

Estonia













1.1.3.Changes in the consolidated group during the accounting period,

trends for the year 2000:



June:      AS Ühispanga Fondijuht was sold,

           TP Varahalduse AS was renamed to Ühispanga Varahalduse,

           AS TP Privete Finance was renamed to AS Martelli Finance.



August:    TP Liising was merged with Ühisliising.



November:  Saules Banka aquired TP Securities Latvia, subsidary of

           Ühispank.



December:  Agreement on the sales of Saules Banka was made. Due to

           that, Saules Banka has not been consolidated into the

           group.

           Until the sales process will be finalised, the shares of

           Saules Banka will be booked under other short-term

           investments

During the first half of 2000, AS TPF Orior will be liquidated

(security services; the services will be buyed from security company

or rendered by another company),

AS LF Finants will be liquidated as the services of the company will

not be needed any more due to the changes in Law on Credit

Institutions (employees of bank have right to get credit from bank),

OÜ PV Navarra (real estate management, the company was liquidated).





Urmas Neetar

aruandluse ja anal.osak.juh.

6 656 390