NORMA

REPORT



CHANGES IN OWNERS` EQUITY 1. QUARTER 2000



(Thousands EEK, unaudited)



                               Share  Reserves Profit for  Profit   Total

                              capital          previous   for the  owners`

                                               accouting financial eguity

                                                periods     year

                                                   

31.12.1998                     132 000  15 636  122 758   47 578  317 972



Net retained earnings of 1998                    47 578 -47  578        0

Dividends                                       -39 600           -39 600

Adjustment                                         -672              -672

Net profit for the financial year                        107 588  107 588



31.12.1999                     132 000  15 636  130 064  107 588  385 288



31.12.1999                     132 000  15 636  130 064  107 588  385 288



Net retained earnings of 1999                   107 588 -107 588        0

Net profit for the financial year                         48 417   48 417



31.03.2000                     132 000  15 636  237 652   48 417  433 705





Peep Siimon

Chairman of the Board

6500-442