ESTIKO

ANNOUNCEMENT



RESOLUTIONS OF SHAREHOLDERS' ANNUAL GENERAL MEETING



118 shareholders and/or proxies were registered to attend the 

07.04.2000 annual general meeting of AS Estiko shareholders, 

representing altogether 3,553,631 votes, accounting for 59.44% 

of total votes represented with shares.



Resolutions:



1. To adopt 1999 annual report of AS Estiko, at balance sheet 

size of EEK 109,415,826 and net profit EEK 7,329,448, and to 

adopt AS Estiko group annual report, at consolidated balance 

sheet size of EEK 181,609,000 and consolidated net profit 

EEK 7,330,000.



For: 3,506,117 votes or 98.66% of represented votes.





2. To carry EEK 366,472 from the account of net profit for 

year 1999 to the account of mandatory reserve capital.



For: 3,483,647 votes or 98.03% of represented votes.





3. To retain EEK 6,954,057 from the account of net profit 

for year 1999 to be used for investments, and not to pay 

dividends to holders of AS Estiko E-shares for 1999 financial 

year.



For: 3,162,865 votes or 89.00% of represented votes





4. Approve new redaction of AS Estiko Articles of Association.



For: 3,498,188 votes or 98.44% of represented votes





5. To recall the following members of AS Estiko Supervisory 

Board:



Valve Kirsipuu

For: 3,472,644 votes or 97.72% of represented votes



Neinar Seli

For: 3,452,663 votes or 97.16% of represented votes



Kalju Hellenurm

For: 3,408,334 votes or 95.91% of represented votes





6. To elect three members to AS Estiko Supervisory Board 



For: 3,401,856 votes or 95.73% of represented votes





7. To elect the following members to AS Estiko Supervisory 

Board:



Valve Kirsipuu

For: 3,382,365 votes or 95.18% of represented votes



Neinar Seli

For: 3,209,448 votes or 90.31% of represented votes



Leonid Tolstov

For: 3,292,185 votes or 92.64% of represented votes





8. To approve the Supervisory Board chairman's monthly salary 

at EEK 20,000 and Supervisory Board members' monthly salary 

at EEK 15,000.



For: 3,171,428 votes or 89.24% of represented votes





9. To appoint AS KPMG Estonia (Reg. No. 10096082, address 

Ahtri 10A, Tallinn) to audit the financial reports of AS Estiko 

and AS Estiko group



For: 3,464,987 votes or 97.51% of represented votes





10. To fix the dividend rate for B preferred shares for 2000 

financial year at 6% of share's par value, or EEK 0.60 per 

each B1 share.



For: 3,405,590 votes or 95.83% of represented votes





11. To fix the annual interest rate on bonds in year 2000 at 

12%.



For: 3,288,120 votes or 92.53% of represented votes





12. To make an offering to all holders of preferred shares to 

resell the preferred shares to AS Estiko, and to authorize the 

Management Board to buy back the preferred shares at par value 

within one year, counting from the date of the AGM.



For: 3,422,400 votes or 96.31% of represented votes





Mart Raik

Management Board chairman

+372 73 67 012