Norma                         NEWS RELEASE                      05/18/2004



RESOLUTIONS OF GENERAL MEETING



Starting at 9 a.m. on 18 May 2004, an annual general meeting of the 

shareholders of AS Norma was held at Rävala pst. 8, Tallinn, Estonia, 

with the following agenda:



1. Approval of the annual report;

2. Distribution of profit;

3. Amendments to Articles of Association

4. Appointment of an auditor and determination of the procedure for 

   remuneration.



The following resolutions were adopted at the general meeting of AS Norma.



1. Approval of the annual report

The general meeting of the shareholders of AS Norma resolved to approve the 

annual report of AS Norma of 2003.



2. Distribution of profit

The general meeting of the shareholders of AS Norma decided on the following:

Not to distribute the net profit of 128,332,544 EEK (8,201,923 EUR), 

earned by AS Norma in 2003. To pay the shareholders dividends in the amount 

of 50% of the nominal value of a share, that is 5 EEK(0.32 EUR)per share,

in the total amount of 66,000,000 EEK (4,218,158 EUR). 

The dividends should be paid on account of net profit retained 

from the previous periods. A list of the shareholders entitled 

to receive dividends will be closed at 8 a.m. on 1 June 2004. 

Dividends are to be paid on 2 July 2004 at the latest.



3. Amendments to Articles of Association

To amend Article 5.1. of Articles of Association and establish as follows: 

"5.1. The Management Board is a directing body of the Company, which 

represents and directs the Company. The Management Board consists of 

five (5) to eight (8) members." 



4. Appointment of auditor and determination of the procedure for remuneration

The general meeting of the shareholders of AS Norma resolved to appoint 

Tiit Raimla and Ago Vilu from AS PriceWaterhouseCoopers as the auditors of AS 

Norma for the term of 1 (one) year. The general meeting of the shareholders 

of AS Norma decided that decision on the amount of remuneration to be paid 

to the auditors shall be in the discretion of the supervisory board who 

shall also conclude an agreement with the auditors.





Peep Siimon

Chairman of the Board

+372 6500 442