REVAL HOTELLIGRUPP

ANNOUNCEMENT



RESOLUTIONS OF SHAREHOLDERS' ANNUAL GENERAL MEETING



The 12.05.2000 annual general meeting of Reval Hotelligrupi AS 

shareholders discussed the following agenda topics:



1. approval of 1999 annual report and distribution of profit

2. appointment of auditor

3. approval of Reval Hotelligrupi AS and AS Hotell Olümpia merger 

agreement

4. amendments to the Articles of Association

5. election of Supervisory Board members



Altogether 68.68% of total votes represented with shares were 

represented in the general meeting.



AGM made the following resolutions:



1. APPROVAL OF 1999 ANNUAL REPORT AND DISTRIBUTION OF PROFIT



1.1. to approve the 1999 annual report of Reval Hotelligrupi AS



1.2. to allocate net profit earned in 1999 in the amount of EEK 

30,333,610 as follows:



EEK 1,516,680 to mandatory reserve capital account;

EEK 28,816,930 to retained earnings.



2. APPOINTMENT OF AUDITOR



2.1. to appoint Urmas Kaarlep and Ago Vilu of PriceWaterhouseCoopers 

to audit Reval Hotelligrupi AS financial reports in year 2000.



2.2. to authorize the Management Board to hold negotiations with 

auditors about the agreement conditions, and to sign an agreement.  



3. APPROVAL OF REVAL HOTELLIGRUPI AS AND AS HOTELL OLÜMPIA MERGER 

AGREEMENT



3.1. to acknowledge conclusion and approval of merger agreement 

in line with section 4 of § 421 of Commercial Code.



4. AMENDMENTS TO ARTICLES OF ASSOCIATION



4.1. with regard to merger of Reval Hotelligrupi AS and Hotell 

Olümpia AS, to amend the list of fields of activities stipulated in 

the Articles of Association and add new sub-articles 10 and 11 as 

follows: 

 

 (10) commercial activities

 (11) purchase and sale of foreign currencies



4.2. to approve the new redaction of the Articles of Association 



5. ELECTION OF SUPERVISORY BOARD MEMBERS



5.1. to elect the following five people to the Supervisory Board of 

Reval Hotelligrupi AS:



Joakim Helenius

Toomas Leis

Mart Kirsipuu

Piret Raudsepp

Tarmo Sumberg



The minutes of AGM are available at Reval Hotelligrupi AS (Narva St. 

30, Tallinn) from 29.05.2000 during workdays from 9.00 to 16.30.





Feliks Mägus

Management Board chairman

+372 62 74 444