HÜVITUSFOND

ANNOUNCEMENT

12.11.98

 

 

 

JOINT STATEMENT BY HÜVITUSFOND AND EESTI UHISPANK

 

The managers  of Hüvitusfond  (Compensation Fund)  and Eesti  Ühispank

met on 11 November 1998 to discuss their differences.

 

The parties agreed in the following:

 

1. Hüvitusfond  and Eesti  Ühispank will  in good  faith hear out each

other's  standpoints  in  order  to  get  a clear understanding of the

existing contracts.

 

2. Hüvitusfond  and Eesti  Ühispank assure  that they  are willing  to

find a solution for  their differences, satisfactory for  both parties

and in compliance with the existing agreements and effective laws.

 

3.  Hüvitusfond  and  Eesti  Ühispank  both  find that public argument

about their controversies  is neither conductive  for business nor  in

the  best  interest  of  either  party's shareholders, clients and the

whole  community.  The  parties  will  inform  the  bourse  and public

immediately when their differences have been resolved.

 

 

 

Aare Tammemäe                           Ain Hanschmidt

Chairman of Management Board            Chairman of Management Board

Hüvitusfond                             Eesti Ühispank