ESTIKO

ANNOUNCEMENT



SUBSIDIARY'S SHARE CAPITAL INCREASE



AS Emajõe Ärikeskus shareholders' annual general meeting of 04.05.2001

resolved to increase the share capital by EEK 3,999,950 through issue of 

399,995 new shares at 10 EEK par value for the company's current 

shareholders. After increase share capital amounts to EEK 22,000,000.

Shares will be paid by a non-monetary payment. The non-monetary payment 

is based on agreement between AS Estiko and AS Emajõe Ärikeskus 

stipulating a loan of EEK 7,913,000 given from parent company to 

subsidiary as of 31.12.2000.



On 31.12.2000 share capital of AS Emajõe Ärikeskuse amounted

to EEK 18,000,050 and owners equity totaled EEK 8,510,750.





Ellen Tohvri

Management Board chairperson

+372 737 1000