HÜVITUSFOND

ANNOUNCEMENT



LIQUIDATION OF SUBSIDIARIES



Proceeding from termination of Hüvitusfond operations 

at the latest by 6 months after the last redemption of bonds 

(last redemption of bonds will take place on 20.11.2002), 

Hüvitusfond will begin with liquidation of subsidiaries 

HF Kapital AS and HF Investeeringu AS.



The core business of HF Kapital AS is securities sale and 

trading. According to audited financial results of 2000

the subsidiary's volume of assets stood at EEK 30.1 million. 

HF Kapitali AS was founded on 18.06.1996.



The core business of HF Investeeringu AS is leasing services

and real estate investments. According to audited financial 

results of 2000 the company's volume of assets reached 

EEK 2 million. HF Investeeringu AS was founded on 19.06.1998.





Jaanus Kosemaa

PR manager

+372 66 51 800