OPTIVA PANK

BALANCE SHEET



CONSOLIDATED BALANCE SHEET AS OF 30.06.2000



CONSOLIDATED BALANCE SHEET

Unaudited, EEK in thousands



                                                Group     Group     Group

ASSETS                                        30-06-99  31-12-99  30-06-00

Cash in hand                                    70,367    80,471    57,357

Demand deposits with banks                     410,622   515,598   635,557

Interest-bearing deposits with banks           120,829   313,416   113,000

Shares trading portfolio                        44,674    24,981       141

Securities purchased under resale agreements    14,063     8,999    10,994

Loans to clients                             1,970,559 1,940,657 1,921,253

Allowances for loan losses                    -204,591  -145,358  -114,772

Net loans                                    1,765,967 1,795,299 1,806,481

Financial investments in debt securities       218,979   241,026   223,202

Financial investments in shares                 79,229   102,418    83,663

Tangible assets                                230,091   195,761   159,742

Intangible assets                              125,327   112,507    99,811

Other assets                                   130,887   107,592    97,385

TOTAL ASSETS                                 3,211,036 3,498,068 3,287,333



LIABILITIES

Current accounts                               704,019   994,104   963,056

Time deposits                                  335,641   523,577   565,279

Loans from banks                               691,984   701,403   591,362

Borrowings from government                     104,331    95,958    50,848

Debts evidenced by certificates                499,089   506,328   227,391

Clearing accounts                              195,025    89,362   284,543

Other liabilities                              140,902    68,067    78,091

Subordinated debt                              194,500   194,500   194,500

TOTAL LIABILITIES                            2,865,491 3,173,299 2,955,070

Minority interests                               2,618     7,583     5,131

OWNERS' EQUITY

Share capital                                  412,559   412,559   412,559

Treasury shares                                 -2,653      -142         0

Share premium account                           60,602    60,602    60,602

General banking reserve                         44,811    44,812         0

Mandatory reserve                                4,118     4,118         0

Other reserves                                     547       547         0

Retained earnings from priors years           -184,670  -184,670  -155,833

Profit/Loss  for the financial year              7,612   -20,640     9,804

TOTAL OWNERS' EQUITY                           342,926   317,186   327,132



TOTAL LIABILITIES AND OWNERS' EQUITY         3,211,036 3,498,068 3,287,333





OPTIVA BANK BALANCE SHEET

                                                  Bank      Bank      Bank

ASSETS                                        30-06-99  31-12-99  30-06-00

Cash in hand                                    70,321    80,471    57,357

Demand deposits with banks                     409,520   624,231   563,635

Interest-bearing deposits with banks           120,829   203,016   183,000

Shares trading portfolio                         6,697    24,981       141

Securities purchased under resale agreements    14,063     8,999    10,994

Loans to clients                             1,901,256 1,876,937 1,883,848

Allowances for loan losses                    -178,615  -118,711  -107,584

Net loans                                    1,722,641 1,758,226 1,776,264

Financial investments in debt securities       716,271   695,176   460,023

Financial investments in shares                102,921    77,771   119,769

Tangible assets                                 15,151    32,668    26,345

Intangible assets                              125,168   111,988    99,123

Other assets                                   137,383   116,173   104,132

TOTAL ASSETS                                 3,440,965 3,733,700 3,400,783



LIABILITIES

Current accounts                               795,659 1,055,789   964,922

Time deposits                                  335,641   499,134   567,879

Loans from banks                               680,836   690,255   591,362

Borrowings from government                     104,331    95,958    50,848

Debts evidenced by certificates                730,525   735,071   348,128

Clearing accounts                              195,025    89,362   284,543

Other liabilities                               58,868    56,303    71,469

Subordinated debt                              194,500   194,500   194,500

TOTAL LIABILITIES                            3,095,385 3,416,372 3,073,651



OWNERS' EQUITY

Share capital                                  412,559   412,559   412,559

Treasury shares                                      0         0         0

Share premium account                           60,602    60,602    60,602

General banking reserve                         44,812    44,812         0

Mandatory reserve                                4,118     4,118         0

Other reserves                                     547       547         0

Retained earnings from priors years           -184,670  -184,670  -155,833

Profit/Loss  for the financial year              7,612   -20,640     9,804

TOTAL OWNERS' EQUITY                           345,580   317,328   327,132



TOTAL LIABILITIES AND OWNERS' EQUITY         3,440,965 3,733,700 3,400,783





Piret Villman

Analysis Department

+372 6302442