ESTIKO

ANNOUNCEMENT



SUBSIDIARYS' SHARE CAPITAL INCREASE



AS Emajõe Ärikeskus shareholders' extraordinary general meeting of 12.12.2001

resolved to increase the share capital by EEK 3,000,000 through issue of 

300,000 new shares at 10 EEK par value for the company's current 

shareholders. After increase the share capital amounts to EEK 25,000,000.

Shares will be paid total nominal value of EEK 3,000,000, and total 

of EEK 10,200,000 above par per share. In return for new shares, the company 

will make a non-monetary contribution to the share capital of AS Emajõe 

Ärikeskus. The non-monetary contribution is based on agreement between 

AS Estiko and AS Emajõe Ärikeskus stipulating a loan of EEK 13,200,000 

given from parent company to subsidiary as of 10.12.2000.



Estiko Investeeringute AS shareholders' extraordinary general meeting of 

18.12.2001 resolved to increase the share capital by EEK 21,000,000 through 

issue of 2,100,000 new shares at 10 EEK par value for the company's current 

shareholders. After increase the share capital amounts to EEK 45,000,000.

In return for new shares, the company will make a non-monetary contribution 

in the form of AS Emajõe Ärikeskus shares to the share capital of Estiko 

Investeeringute AS.





Ellen Tohvri

Management Board chairperson

+372 7 371 000