HÜVITUSFOND

ANNOUNCEMENT



PRELIMINARY SUBSCRIPTION RESULTS OF XVII-SERIES BONDS ISSUE



The issue of Hüvitusfond XVII-series bonds was oversubscribed by 2 times.



According to the preliminary data, the public issue of Hüvitusfond XVII-

series bonds in total volume of 20 million EEK was oversubscribed by 28.5 

million EEK. Privatization vouchers (EVP) owners subscribed for total of 48.5 

million EEK; total of 68.4 million EVP worth of bonds were subscribed in the 

course of the ended issue. Total of 274 investors participated in the issue, 

incl. 265 private persons and 9 legal entities. Private persons subscribed 

for approximately 15% of the issue.



The Fund's Management Board will approve the results of the issue on 

23.11.2000; the Fund's Supervisory Board will approve the results of the 

issue on 24.11.2000.



The value date is 23.11.2000; the bonds will be transferred to the investors' 

bank accounts within 5 banking days after the results of the issue are 

approved by the Fund's Supervisory Board.



Interest payments will be made to investors once per year on November 20. 

The redemption date is 20.11.2002.



The XVII-series bonds will be listed on the Tallinn Stock Exchange 

immediately after the approval of the results of the issue by the Fund's 

Supervisory Board and final registration of the issue at the Estonian Central 

Depository for Securities.



The initial offering of the bonds took place from 06.11.2000 to 17.11.2000; 

the issue price was 141 EVP per bond. The annual coupon rate of the bonds is 

7% of the bond's face value. The Fund will also pay additional interest, the 

size of which will be determined by the Fund's Supervisory Board twice a 

year, based on the yield of comparable financial instruments and the Fund's 

financial results.





Jaanus Kosemaa

PR manager

+372 66 51 800