Tallinna Börs                 TRADING                           12/15/2003



ADDING WATCH NOTATION TO ESTIKO SHARES



The management board of Tallinn Stock Exchange decided on December 15, 2003:



1. To add a watch notation to the shares of AS Estiko proceeding form article 

3.5.4.5. of chapter Supervision of the Tallinn Stock Exchange (TSE) Rules and 

Regulations.



2. To add the following text as a ground to the watch notation of AS Estiko:



"AS Estiko disclosed a news release on December 12, 2003 in which it 

published its intention to present an application for delisting its shares on 

TSE and preparing a takeover bid by AS Rondam to all shareholders of AS 

Estiko. AS Rondam holds 93.81% of the share capital represented by Estiko 

E-type shares.



The information disclosed in the news release refers unequivocally to "the 

filing of an application to delist the issuer’s securities or a potential 

commencement of the delisting procedure within the following six (6) months" 

stipulated in article 3.5.4.5 of the chapter Supervision of TSE Rules. The 

news release is available on the web page of HEX Tallinn."



The Exchange shall publish a notice on the discontinuance of the use of 

a watch notation without delay.





Tallinn Stock Exchange

Market Services

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