Estiko                        NEWS RELEASE                      01/16/2004



INTENTION TO TERMINATE LISTING OF SHARES



AN INTENTION TO TERMINATE THE LISTING OF AS ESTIKO SHARES



AS Estiko announces its intention to submit an application to terminate the 

listing  of AS  Estiko  shares  on  Tallinn  Stock  Exchange to the Listing 

Committee of Tallinn Stock Exchange.



Due  to  the above,  AS  Rondam,  who owns 93.81 per cent of E-shares of AS 

Estiko  as  of 12 Dec. 2003,  wises  to  give  all  small  shareholders  an 

opportunity to  sell their shares to AS Rondam for a fair price.



On 12 December  2003, AS Rondam submitted a take-over bid and prospectus to 

the Financial Supervision Authority of Estonia for an approval. 





< Translation of 2003-12-12 News Release >





Ellen Tohvri

Member of the Board

+372 7 308 300