Merko Ehitus                  NEWS RELEASE                      03/15/2004



ANNUAL GENERAL MEETING OF SHAREHOLDERS



The Board of AS Merko Ehitus announces that the regular general meeting

of shareholders of AS Merko Ehitus, located at 9G Järvevana road, Tallinn

11314, takes place on the 7th of April 2004 at 16:00 PM in the "Stuudio I"

conference room of the hotel Central at 7c Narva St, Tallinn.



Agenda of the meeting:



1. Approval of the 2003 annual report;

The  chairman of the meeting moves that shareholders approve the

annual report of AS Merko Ehitus for 2003.



2. Deciding the profit distribution;

The chairman of the meeting moves that shareholders approve

the following profit distribution proposal:

(i)     to approve the net profit of the financial year of 2003 in the

        amount of 184 472 685 Estonian kroons (EUR 11 789 923);



(ii)    to pay dividends to shareholders from the net profit of 2003

        in the total amount of 37 170 000 Estonian kroons (EUR 2 375 590),

        which makes 4 kroons and 20 sents (EUR 0,27) per share;



        all shareholders entered in the share ledger of AS Merko Ehitus

        as of 22 April 2004 at 8:00 hours a.m. are entitled to dividends;



        dividends shall be paid to shareholders not later than on 23 April

        2004 by remitting the respective amount to the current account

        tied to the shareholder’s securities account;



(iii)   to maintain the rest of the net profit undivided.



3. Appointment of auditor for financial year of 2004.

The chairman of the meeting moves that shareholders appoint Malle Rannik,

certified auditor from auditing company "Audit EA", as auditor of AS Merko

Ehitus for the financial year of 2004 and to pay to her pursuant to the

price list established by Audit EA.



The suffrage of the shareholder at the general meeting will be determined

on the basis of the minutes book as of 07.04.2004 at 8:00 AM.

The registration of the participants of the meeting will start on the 7th

of April 2004 at 15:30 PM.



Upon registration the legitimate representatives of the corporate share-

holders are asked to submit the documents, which would approve their right

to representation. For the board members of a corporate body it is a copy

of the registration card of the company, for the authorized representatives

it is the authorization from the board or its substitute and a copy of the

registration card of the company. The document for personal identification

will be required. The individual shareholders will be asked to submit the

document for personal identification, a representative will be asked to

submit also the authorization. A passport or other identity document

containing the photograph, name, and personal identification code of the

person and the name of the state agency having issued the document is

acceptable as an identity document.



The annual report 2003 will be available for viewing from the 18th of March

at Internet homepages of Tallinn Stock Exchange (www.hex.ee) and Merko

Ehitus (www.merkoehitus.ee), and on every workday from 8:00 AM to 5:00 PM

at the office of AS Merko Ehitus, 9G Järvevana road, Tallinn.



For any further questions concerning the general meeting, please contact us

by telephone +372 6 805 105.





Alar Lagus

Management Board member

+372 6 805 109