TALLINNA KÜLMHOONE

ANNOUNCEMENT



KAUNO PIENO CENTRAS OFFER TO TALLINNA KÜLMHOONE SHAREHOLDERS



The Supervisory Board of AB Kauno Pieno Centras, the core investor of 

Tallinna Külmhoone AS, decided to offer a significant premium over 

the current share price to acquire the remaining shares in Tallinna 

Külmhoone, with an aim to increase its stake in the company to 100%.



AB Kauno Pieno Centras intends to make a public tender offer for 

the outstanding shares at a price of EEK 18.00 per share in Tallinna 

Külmhoone, representing a premium of 28.6% over Friday's (29.06.2001)

closing price. Tallinna Külmhoone AS intends to apply for delisting of 

its shares from the Tallinn Stock Exchange after the end of the offer.

The goal of the offer is full integration of Tallinna Külmhoone AS to

AB Kauno Pieno Centrase group through acquisition of 100% shares 

in Tallinna Külmhoone AS. The Supervisory Board of AB Kauno Pieno Centras 

decided the group would not gain from establishment of a holding company 

for management of the group. Kauno Pieno Centras is a 86.6% shareholder 

of Tallinna Külmhoone.



Additional information: 

Kristel Kivinurm

Trigon Markets

Tel: +372 667 9208



Evald Karu

Management Board member

+372 605 7800