Merko Ehitus                  CORRECTIVE RELEASE                07/17/2002



CORRECTED RELEASE ABOUT CONCLUDING A CONTRACT



In previously discloused announcement about concluding a contract, there has 

been corrected announcements first sentence. The correct sentence would be 

"UAB Merko Statyba, which belongs to Merko Ehitus Group, has concluded a 

general construction contract 13.07.2002 with UAB Pinus Proprius, Vilnius."



Corrected announcement follows:

-------------------------------



Concluding a contract



UAB Merko Statyba, which belongs to Merko Ehitus Group, has concluded a 

general construction contract 13.07.2002 with UAB Pinus Proprius, Vilnius.

The subject of the construction contract is the building located at Gedimino

16, Vilnius. The building will be 9-floors, total area ca 24 000m2, part of 

it for hotel (159 rooms) and the rest for office/retail area and underground

parking. Construction will start in July 2002, end is planned November 2003.



Additional information:

Tiit Ottis, UAB Merko Statyba, CEO, tel. +372 50 17 792

                                    tel. +370 86 67 384





Marko Pern

Financist

+372 6 105 161