Hüvitusfond                   FINANCIAL RESULTS                 05/14/2002



FINANCIAL RESULTS, Q1 2002



Commentary to financial results, Q1 2002



Compensation Fund’s unaudited profit before new obligation issues was 15,9

million kroons (1 million EUR) in 1st quarter 2002 compared to the previous

year’s 1st quarter profit before new obligation issues of 10,2 million kroons

(0,6 million EUR).



In the three months of 2002 Compensation Fund earned interest income 

19,3 million kroons (1,2 million EUR). Interest expense was 3,2 million 

kroons (0,2 million EUR). Net interest income in 1st quarter 2002 was 

16,1 million kroons (1 million EUR) compared to 18,1 million kroons 

(1,2 million EUR) in 1st quarter 2001.



Profit from trading securities was 6 million kroons (0,4 million EUR) 

compared to 1,4 million kroons (0,09 million EUR) in 1st quarter 2001. 

Loss from investment securities was 0,1 million kroons (7 thousand EUR) 

in 2002 compared to profit of 0,6 million kroons (0,04 million EUR) in 2001.



Fund’s operating profit in 1st quarter 2002 was 7,3 million kroons 

(0,5 million EUR) compared to 14,4 million kroons (1 million EUR) in 2001. 

Fund’s net profit was 15,9 million kroons (1 million EUR) compared to 

10,2 million kroons (0,6 million EUR) in 2001.



In 1st quarter 2002 the Fund redeemed its obligations in the sum of 

69 million kroons (4,4 million EUR).







Jaanus Kosemaa

head of public relations

6651800, 05104614







Balance sheet as of 31.03.2002



Unaudited

Th. EEK/EURO



ASSETS                      31.03.2002 31.03.2002 31.03.2001 31.03.2001

                                   EEK      EURO       EEK      EURO

1. Cash and bank accounts      297,323    19,002    93,611     5,983

2. Trading securities           78,752     5,033    75,916     4,852

3. Loans and other             212,384    13,574   259,341    16,575

receivables

4. Investment securities       459,107    29,342   750,614    47,973

5. Investments in              240,281    15,357   245,302    15,678

subsidiaries

6. Tangible assets               1,011        65     2,371       152

7. Intangible assets                 4         0        15         1

8. Other assets                 21,523     1,376    37,371     2,388

Total assets                 1,310,385    83,749 1,464,540    93,601

                                                           

LIABILITIES AND OWNER’S                                    

EQUITY

Liabilities                                                

9. Obligations issued to the   175,393    11,210   383,013    24,479

public

10. Other liabilities           10,092       645    26,929     1,721

Total liabilities              185,485    11,855   409,942    26,200

Owner’s equity                                             

11. State’s capital          1,195,081    76,379 1,402,414    89,630

12. Retained earnings          -86,106    -5,503  -359,059   -22,948

13. Profit from the current     15,926     1,018    10,244       655

accounting period

Total owner’s equity         1,124,901    71,894 1,054,598    67,401

Total liabilities and        1,310,385    83,749 1,464,540    93,601

owner’s equity







Income statement, Q1 2002



Unaudited

Th. EEK/EURO

                                     3 months           3 months          

                                      2002               2001

                                    EEK     EURO      EEK      EURO

1. Interest income               19,322    1,235   25,583     1,635

2. Interest expense               3,222      206   -7,422      -474

3. Interest income, net          16,099    1,029   18,161     1,161

4. Net result from trading        6,094      389    1,464        94

securities

5. Net result from investment      -115       -7      608        39

securities

6. Other income                     476       30    1,620       104

7. Other expenses                    -3        0      -13        -1

8. Operating expenses            -3,228     -206   -4,041      -258

9. Provisions                   -11,991     -766     -505       -32

10. Operating profit              7,332      469   14,366       918

11. Profit/loss from              8,594      549   -4,123      -264

subsidiaries

12. Net profit                   15,926    1,018   10,244       655





Jaanus Kosemaa

head of public relations

6651800, 05104614