Hüvitusfond                   BALANCE SHEET                     04/18/2002



AUDITED BALANCE SHEET AS AT 31.12.2001



Thousands EEK/EUR

ASSETS                     31.12.2001 31.12.2001 31.12.2000 31.12.2000

                                   EEK      EURO       EEK      EURO

1. Cash and bank accounts      267,882    17,121    75,255     4,810

2. Trading securities           72,644     4,643    59,196     3,783

3. Loans and other             229,715    14,681   272,707    17,429

receivables

4. Investment securities       530,451    33,902   812,497    51,928

5. Investments in              235,838    15,073   236,510    15,116

subsidiaries

6. Tangible assets               1,329        85     2,600       166

7. Intangible assets                 6         0        24         2

8. Other assets                 28,808     1,841    36,142     2,310

Total assets                 1,366,673    87,346 1,494,931    95,543

                                                           

LIABILITIES AND OWNER’S                                    

EQUITY

Liabilities                                                

9. Obligations issued to the   242,478    15,497   424,511    27,131

public

10. Other liabilities           15,220       973    25,980     1,660

Total liabilities              257,698    16,470   450,491    28,792

Owner’s equity                                             

11. State’s capital          1,264,081    80,789 1,445,578    92,389

12. Retained earnings         -219,641   -14,038  -419,082   -26,784

13. Profit from the current     64,535     4,125    17,944     1,147

accounting period

Total owner’s equity         1,108,975    70,876 1,044,440    66,752

Total liabilities and        1,366,673    87,346 1,494,931    95,543

owner’s equity





Jaanus Kosemaa

head of public relations

6651800, 05104614