Tallinna Börs                 NEWS RELEASE                      06/28/2004



MAKING EXCEPTION FROM ESTIKO PROHIBITION PERIOD



The Listing and Surveillance Committee of the Tallinn Stock Exchange reviewed 

the application of AS Rondam, received on 15 June 2004, for making an 

exception to the requirement of a prohibition period set out in clause 4.5.2 

of the "Requirements for Issuers" part of the Stock Exchange Rules. AS Rondam 

asked for permission to continue the purchase of AS Estiko shares during the 

period from 24 June to 30 June, i.e. until delisting of the E-shares of AS 

Estiko from the Tallinn Stock Exchange.



AS Rondam is controlled by and connected with Mr. Neinar Seli, member of the 

supervisory board and major shareholder of AS Estiko. The Listing and 

Surveillance Committee found that as AS Rondam had made two takeover bids to 

the shareholders of AS Estiko and continued to purchase the shares of AS 

Estiko at times other than the bidding period, with the clear objective of 

acquiring 100% of AS Estiko, there is no reason to believe that the 

transactions would be made on the basis of confidential information. 

An exception is therefore justified.



On 22 June 2004, the Listing and Surveillance Committee of the Tallinn Stock 

Exchange decided to satisfy the application of AS Rondam, a person controlled 

by and connected with Mr. Neinar Seli, member of the supervisory board of AS 

Estiko, and to grant AS Rondam an exception from the requirement of clause 

4.5.2 of the TSE Rules and allow AS Rondam to continue purchasing the shares 

of AS Estiko during the period from 24 June to 30 June 2004 (inclusive).





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