Observer Eesti Oü

WEEK 38th 2003

Saturday, 20th of September 2003

Hansapank pension funds have over 150,000 clients
On Thursday, a number of Hansapank's II pillar pension fund clients surpassed the limit of 150,000.
Therefore, more than every second person that has joined the II pension pillar, has selected one of the three pension funds of Hansapank.
According to fund manager Robert Kitt, pension funds have been successful in allocating the money, whereby avoiding unnecessary risks.
Over 292,000 of future pensioners have joined the II pension pillar. By the number of joiners, Hansapank's market share is over 51%.

Friday, 19th of September 2003

Over million users of
A number of Hansapank's Internet bank users in Baltic States surpassed the limit of million on Thursday.
(Eesti Päevaleht)

Financial concern Citigroup to become the shareholder of Tallink
During the equity financing of Tallink Group, world's greatest financial institution Citigroup became the new shareholder of the company. This is the first Citigroup's investment to Baltic States. Enn Pant, CEO of Tallink Group admitted that Citigroup's participation in the circle of shareholders is a significant recognition, long term partnership and good business on both sides.
After the equity financing, Tallink Group's biggest shareholders besides Infortar are Citigroup International Finance Corporation with 6.36%, Amber Trust S.C.A. with 6.33%, Danske Capital Finland Find II Baltic States with 6.08% and East Capital Baltikum Fonden with 4.73%.

Thursday, 18th of September 2003

Nearly EEK 24 million of II pillar money at the stock exchange
Total volume of II pension pillar funds is moving close to EEK 0.75 billion and the growth will accelerate due to new joiners more in 2004. Some foreign pension funds have invested to local stocks more than all our funds together. For example, Lothian Pension Fund, one of the biggest pension funds in Great Britain, has allocated EEK 61 million to Hansapank stocks. Hansapank stock is also the favorite of local pension funds. In all, EEK 8.8 million has been invested into Hansapank stocks.

Third generation mobile connection to skyrocket
Third generation mobile connection develops evolutionarily in Estonia. Estonian Mobile Telephone directs more and more investments from GSM to 3G. For eight years, EMT has invested into GSM network. But there will become a day, when the whole amount of investment will go only to 3G. After that, EMT will probably switch off the entire GSM network, like it did in case of NMT. Estonia will probably reach a fully working 3G commercial network in two years, by 2005. The coming of 3G demonstrates the sustainability of technology and society's clear development into an information society.

Wednesday, 17th of September, 2003

69% of state budget fulfilled
In eight months, EEK 27.3 billion came to the state budget. This is 69% of the planned amount, announced the ministry of finance. During August, EEK 3.4 billion came to the state budget.
In eight months, EEK 23.7 billion or 68.84% of taxes came to the state budget, EEK 3.05 billion or 8.87% of which came in August.

Foreign balance of Estonian economy improved
The deficit of Q2 transaction deposit decreased almost by half compared to record result in the Q1. The ministry of finance expects the deficit to decrease in the second half of the year in relation to slow recovery of foreign demand. This should speed up the growth of export. Inflow of direct investments should stay stable, especially in the situation, where Estonia has affirmed its wish to join the European Union. This should increase the security of foreign investors.

Tuesday, 16th of September 2003

All-time value of Hansapank stock
In general, the first post-referendum day at the Tallinn Stock Exchange ran peacefully. Only Hansapank stock achieved an all-time record, adding EEK 1.43 billion to its market value. During last days of the week, institutional investors started to take profit from Hansapank stock. Yesterday, the stock closed on EEK 330.93.

Hansapank plans to purchase Lithuania's leading life insurer
Yesterday, Hansapank's Lithuanian subsidiary submitted an offer to purchase Lithuania's leading life insurance company LDGD. Cost of the trade is LTL 63.5 million (EEK 288 million). LDGD's market share in Lithuania is 42%. According to Indrek Neivelt, CEO of Hansapank, the trade has a strategic importance. The purchase of Lithuania's leading life insurance company supports Hansapank's principle to offer all the financial services comfortably and in one place, explained Neivelt.

Estonian insurance companies collected EEK 342.5 million of bonuses
In eight months, Estonian insurance companies managed to collect EEK 342.5 million of bonuses, which is nearly 31.2% or by EEK 81.4 million more than in respective period last year. This year, life insurance companies have paid EEK 56.7 million of compensations.
(Eesti Päevaleht)

Monday, 15th of September 2003

Tallink sells stocks with high premium par
In order to finance a loan for constructing a new ship, the shareholders of Tallink Grupp decided to sell the stocks with EEK 10 nominal value with high premium par, which nadir is EEK 72,14.
Toivo Ninnas, CEO of Tallink admitted that the sale of new stocks with premium par enables a company to receive additional money for self-investment of a new ship. Offer for the purchase of stocks in the value of EEK 5.1 million should bring in EEK 418 million for the company.

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