FINANCIAL RESULTS 6M 2006


LHV Ilmarise Kinnisvaraportfelli OÜ started its activities in 2005 when it took 
over property finance lease portfolio from OÜ Ilmarise Kvartal and carried out a
placement of bonds backed with those finance lease agreements. Bonds issued     
amounted to 18.5 million kroons (1.2 million EUR) with maturity up to 2029.     
Underlying property is mainly situated in Tallinn Ilmarise District.            

As at today eight bond redemptions have taken place in total amount of 13.9     
million kroons (0.9 million EUR). Detailed information about outstanding bonds  
and finance lease receivables is available in the interim financial statements  
for the period ended on 31 December 2006.                                       

More detailed information about financial results is disclosed in the interim   
financial report for the period ended on 31 December 2006.                      


Balance sheet
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|                         |    EEK     |     EEK      |   EUR    |     EUR     |
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|                         |  31.12.06  |   31.12.05   | 31.12.06 |  31.12.05   |
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| Cash and bank           | 1 885 341  |  1 175 441   | 120 495  |   75 124    |
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| Finance lease           | 4 581 643  |  10 848 164  | 292 820  |   693 324   |
| receivables             |            |              |          |             |
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| Total assets            | 6 466 984  |  12 023 605  | 413 315  |   768 448   |
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| Liabilities             |            |              |          |             |
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| Issued bonds            | 6 426 196  |  11 930 846  | 410 709  |   762 520   |
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| Total liabilities       | 6 426 196  |  11 930 846  | 410 709  |   762 520   |
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| Shareholders' equity    |            |              |          |             |
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| Share capital           |   40 000   |    40 000    |  2 556   |    2 556    |
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| Statutory reserve       |   2 638    |      0       |   169    |      0      |
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| Retained earnings       |   50 121   |      0       |  3 203   |      0      |
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| Profit/loss for         |  -51 971   |    52 759    |  -3 322  |    3 372    |
| financial period        |            |              |          |             |
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| Total shareholders'     |   40 788   |    92 759    |  2 606   |    5 928    |
| equity                  |            |              |          |             |
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| Total liabilities and   | 6 466 984  |  12 023 605  | 413 315  |   768 448   |
| shareholders' equity    |            |              |          |             |
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Income statement
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|                         | 01.07.2006-|          | 01.07.2006- |              |
|                         | 31.12.2006 |  2006    | 31.12.2006  |      2006    |
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|                         |    EEK     |   EEK    |     EUR     |     EUR      |
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| Interest income on      |  282 781   | 551 471  |   18 073    |    35 245    |
| finance lease           |            |          |             |              |
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| Interest expense on     |  -210 853  | -499 841 |   -13 476   |   -31 946    |
| bonds                   |            |          |             |              |
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| Net interest income     |   71 928   |  51 630  |    4 597    |    3 299     |
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| Operating expenses      |  -22 215   | -104 800 |   -1 420    |    -6 698    |
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| Other finance income    |    315     |  1 199   |     20      |      77      |
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| Profit for the year     |   50 028   | -51 971  |    3 197    |    -3 322    |
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| Average amount of       |     1      |    1     |      1      |      1       |
| issued shares           |            |          |             |              |
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| Basic and diluted       |   50 028   | -51 971  |    3 197    |    -3 322    |
| earnings per share      |            |          |             |              |
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Paying agent and parent company:                                                
AS Lõhmus, Haavel& Viisemann                                                    
Kerli Lõhmus                                                                    
Chief Accountant                                                                
Tel: +372 6800 425