Estiko                        NEWS RELEASE                      02/10/2004



RESULTS OF TAKE-OVER BID



AS Rondam, registry code  10086617, address  Riia mnt132,  Tartu 51014, made 

according  to äThe rules of takeover bids",  the  decree  of the Ministry of 

Finance no 71  of  28 May 2002,  a takeover  bid  to all shareholders of  AS 

Estiko,  registry code 10000356, address Tehase 16, Tartu  50107, to buy all 

AS Estiko shares in  their possession.  The takeover bid was not conditional 

and included  all AS  Estiko shares not in the possession of AS Estiko or AS 

Rondam.



Within the  takeover  bid  period,  valid from 6 January  2004 to 3 February 

2004, AS Rondam acquired 105 756  E-shares,  which make  28.47% of the total 

number of the shares, which was the object  of the bid  (371 463 shares) and 

1.767%  from all the shares issued by Estiko. Within the takeover bid period 

no B1 preferred shares were sold to AS Rondam. 



As of 9 February  2004, as a result  of the takover bid,  AS Rodam has 5 713 

679 AS Estiko  shares, i.e.  95.5761%  of  the voting E-shares  issued by AS 

Estiko and 95.4656% of all the shares issued by AS Estiko.



Additional information:

Ellen Tohvri

Authorised representative of AS Rondam 

Tel. +372 7 308 300





Ellen Tohvri

Member of the Board

+372 7 308 300