ESTIKO

ANNOUNCEMENT



SUPERVISORY BOARD DECISIONS



On 27.11.2001 Supervisory Board of AS Estiko made substantial

decisions as follows:



1. To give approval in principle to restructuring of AS Estiko.

The aim of restructuring is allocation of assets to better 

define the balance sheets of the group's companies. Real estate 

connected with real estate management will be assigned to 

Estiko Investeeringute AS, and real estate connected with production 

will be assigned to AS Estiko.



2. The Management Board of Estiko is of the opinion the group's 

balance sheet does not always reflect the market value of the fixed 

property, also confirmed by AS Kinnisvaraekspert (Real Estate Expert) 

appraisal of the company's real estate objects. Supervisory Board of 

AS Estiko approved value reduction of fixed property by EEK 7.6 million.





Ellen Tohvri

Management Board chairperson

+372 7 371 000