NORMA

ANNOUNCEMENT



COMMENTARY TO ARTICLE PUBLISHED IN "POSTIMEES" ON 13.12.01



With regard to the article "Market manipulator slipping away" 

published in newspaper "Postimees", AS Norma informs 

the shareholders of the following.



AS Norma management has no information on the topic "Alarm bell 

rings over Norma" discussed on LHV Internet homepage Online Forum.



Norma has supplied Russia's biggest car factory AVTOVAZ with safety 

belts since 1974. As a result of long-term co-operation, Norma and 

AVTOVAZ have developed good and reliable business relations. In the 

past years Norma has been admitted AVTOVAZ's best external supplier 

among hundreds of subcontractors. 



Norma and AVTOVAZ are bind into long-term agreements that cannot 

be instantly terminated. In addition to continuous supply Norma is 

preparing production of new safety belts for AVTOVAZ's new car models.



The current attempt to manipulate the market prices for Norma is not 

the first. At the end of previous financial years there have been 

attempts to spread false information about Norma and its biggest business 

partner in Russia AVTOVAZ (see Norma's announcement from 11.24.2000: 

"Commentary to AS Norma relations with AVTOVAZ").





Peep Siimon

Management Board chairman

+372 6500 442