AS ESS

ANNOUNCEMENT

12.11.98

 

OFFERING TO SMALL SHAREHOLDERS

 

AS Hansapank informed the Management Board of AS ESS about its client's 

proxy to make to the ESS shareholders a purchase offering for 

the ESS shares. The following is a text of the presented offering:

 

_____________________________________________________________________

 

Offering

 

On the account of a client, AS Hansapank presents to the ESS shareholders the 

purchase offering for ESS shares on the following conditions: 

 

1. The offering is valid from November 12, 1998, to November 20, 1998, 17:00 PM.

 

2. The price of the offering is 62,30 EEK/share.

 

3. The value date of the offering is 25.11.98. On the value date of the offering, 

monetary transactions and transference of the shares will take place.

 

4. In case the shareholder is willing to make a contract on the conditions of the 

offering, the shareholder must go the account operator bank where 

he/she holds the ESS shares, and register the transaction order for the sale of the

shares to Hansapank.

 

The transaction order must be presented to the securities account operator bank by 

Friday, November 20, 1998, 17:00 PM at the latest, including the following information:

 

	Share					AS ESS shares owned by you

	ISIN code				EE3100003252

	Price per share				EEK 62.30

	Counterpart				AS Hansapank

	Counterpart's account operator bank	E767

	Value date of transaction		25. November 1998

	Transaction's settling type 		"DVP"

 

5. The present offering is valid for 95 000 ESS shares. In case the shareholders 

are willing to sell more than 95 000 shares in total to AS Hansapank within the 

frames of this offering, AS Hansapank can make a choice whether to:

 

a) increase the number of ESS shares to be bought, or

b) accept the selling requests of the shareholders in the order they are presented, 

up to 95 000 shares.

 

With the questions concerning the sale of your shares, please turn to the following 

person:

 

 

Helen Poolake

Hansapank

Tel: +372 6 133 515

_____________________________________________________________________

 

Indrek Lindsalu

PR Manager

+372 6 266 700