Estiko                        NEWS RELEASE                      03/10/2004



CHANGES IN MANAGEMENT OF SUBSIDIARIES



At the Extraordinary General Meetings of the Shareholders of Estiko 

Investeeringute AS,  AS Emajõe Ärikeskus and AS Emajõe Kaubahall of March 5, 

2004 the member of the  Supervisory  Board of the enterprises Verni Loodmaa 

was withdrawn and Tarmo Noop was elected as a new member of the Supervisory 

Boards. 



Tarmo Noop CV

Born on  April 23, 1968

1991 - graduated from Tallinn Technical University, Faculty of Economics and 

Business Administration 

1998 -      Tartu Õlletehas AS, manager

1994 - 1998 ETK Hulgi Asi - commercial director

1992 - 1994 Elva TÜ - commercial director

1991 - 1992 Tarmeko - specialist of the Department of Foreign Economics. 



Tarmo  Noop  is  a  member  of  the Supervisory Board of  AS  Estiko and  AS 

Estiko-Plastar from the year 2002.





On March 05, 2004 Ain Tammvere was elected as a new member of the Management 

Board  of  Estiko  Investeeringute AS,  AS  Emajõe Ärikeskus  and  AS Emajõe 

Kaubahall.



Ain Tammvere CV

Born on April 10, 1962 in  Tartu

2000  graduated  from  the  University  of  Tartu,  Faculty of Economics and 

Business Administration (MBA)

1985  Estonian Agricultural University, Faculty of Agricultural Engineering

2002 - 2003 AS Estiko-Plastar - production director

1999 - 2002  member  of  the  Management  Board  of AS Estiko and AS Estiko- 

Plastar 1997 - 1999 AS Belesta-E, manager, director 

1994 - 1997 Engineering and technical co-operative society Rebella, manager 

1995 - 1997 Tartu Parish Council, chairman

1988 - 1994 Sootaga State Farm, chief-engineer, mechanic

1985 - 1988 Mooste Näidissovhoos farm, chief-engineer, mechanic



The Supervisory Board accepted  a letter of resignation of the former member 

of the Management Board of Estiko Investeeringute AS, AS Emajõe Ärikeskus 

and AS Emajõe Kaubahall, Ellen Tohvri.



Ellen Tohvri is continuing as a member of the Management Board of AS Estiko, 

Ain Tammvere  is continuing  as a member of the Management Board of the real 

estate enterprises of the Group  and Neeme Jõgi is continuing as a member of 

the Management Board of the manufacturing enterprise AS Estiko-Plastar.



A new member  of the Supervisory  Board  Tarmo Noop  and  new  member of the 

Management  Board  Ain Tammvere  and  their close relatives does not own any 

shares of AS Estiko.





Ellen Tohvri

Member of the Board

+372 7 308 300