Estiko                        NEWS RELEASE                      04/16/2002



RESOLUTIONS OF SHAREHOLDERS MEETING



Resolutions of the Annual general meeting of shareholders of AS 

Estiko (April 12, 2002):



1. To confirm the annual report of AS Estiko  of 2001,  incl.  the 

balance sheet in the amount of EEK 106,627 thousand and the income

statement with the net profit EEK 8,082 thousand as well as the an-

nual report of the Estiko Group of 2001 incl. consolidated balance

sheet in the amount of EEK 239,476 thousand and the income  state-

ment with net profit EEK 8,082 thousand.



2. According to the results of the financial year 2001 to transfer

EEK 404 thousand  from the net profit to the reserves.



3. Not to distribute EEK 7,677 thousand from the net profit of 2001

of the financial year of Estiko.



4. To appoint an auditor company PricewaterhouseCoopers AS (regis-

try code: 10142876; Pärnu mnt 15 Tallinn Estonia)  the auditor of

the financial year 2002 of AS Estiko and the Estiko Group.





5. To confirm the guaranteed dividend rate of B1 preferred shares

of 2002 - 6% from the nominal value of share or 60 cents  per  B1

share.



6. To confirm the dividend rate of debentures  of 2002 –  4%  per 

year.



7. To confirm the editorial amendments to  the  articles  of  the 

association



8. To change the bonds’ emission conditions as  follows:  to  fix 

September 1, 2002 as the termination date for the bonds issued in

1994. On the arrival of the deadline mentioned the nominal  value

of the bonds will be transferred to the bank account of the owner

of the bond.



9. To remove a remember of the  Supervisory  Board  of  AS Estiko

Valve Kirsipuu.



10. To elect for a member of the Supervisory Board Tarmo Noop.



11. To confirm the salary of the Chairman of the Supervisory Board

three average gross salaries a month and the salary of the members

of the Supervisory Board two average gross salaries a month.





Ellen Tohvri

Chairman of Management Board

+372 7 371 000