HÜVITUSFOND

ANNOUNCEMENT



CHANGES IN THE MANAGEMENT BOARD



On 06.08.2001, the Supervisory Board of Hüvitusfond recalled 

Management Board chairman Aare Tammemäe who will resign from 

his position as of 15.08.2001. Recall of Aare Tammemäe was 

based on his resignation application. Mr. Tammemäe resigned 

from the Management Board due to his transfer to Tallinna Sadam

(Port of Tallinn) as CFO. 



The Supervisory Board elected Madis Raidma, the current Head 

of Investments and member of the Management Board, new chairman 

of the Management Board. He has been a member of the Management 

Board since 05.11.1998; in 1997 Mr. Raidma obtained BBA degree 

from economics faculty of Tallinn Technical University. In 1994-1996

he worked as Investment Specialist of Hüvitusfond. In 1996–1998

he was the Head of Venture Capital Department of Hüvitusfond.



Mr. Tauno Tats was appointed third member of the Management Board,

in addition to Madis Raidma and Aare Tammemäe. Mr. Tats has been 

a member of the Management Board of Hüvitusfond before.



Hüvitusfond will publish the financial statements this week.





Jaanus Kosemaa

Public Relations manager

+372 665 1800