REVAL HOTELLIGRUPP

ANNOUNCEMENT



TARGET COMPANY'S OPINION ON TAKE-OVER BID



Linstow International AS, having been a shareholder of Reval 

Hotelligrupi AS since H1 1999, has informed the Management Board of 

Reval Hotelligrupi AS of acquisition of majority holding in Reval 

Hotelligrupi AS, and of public take-over offering to all shareholders 

of Reval Hotelligrupi AS.



Reval Hotelligrupi AS Management and Supervisory Boards (incl. Tarmo 

Sumberg, Joakim J. Helenius, Toomas Leis, Piret Raudsepp and Mart 

Kirsipuu as Supervisory Board members who are independent of the 

offeror, according to the requirements stipulated in article 5.7 of 

chapter "Listing Rules" of Tallinn Stock Exchange Rules and 

Regulations) are of opinion that being a subsidiary in an 

international concern engaged in real estate development and 

management will have a positive effect on the company's development. 

According to the knowledge of Reval Hotelligrupi AS Management Board, 

the coming of new core investor will not bring changes to employment 

relations. Based on discussions with Linstow International AS 

executives, we believe that Linstow International as new core 

investor will support Reval Hotelligrupp strategies and substantially 

support the execution of the company's development plans. Linstow 

Group is one of Norway's largest real estate concerns and among

the largest foreign investors in the Baltic countries, and its 

interest towards acquisition of holding in Reval Hotelligrupp 

indicates the strength of Reval Hotelligrupp and its development 

potential as regional hotel operator.



Reval Hotelligrupi AS Management and Supervisory Boards support the 

take-over bid made by Linstow International to Reval Hotelligrupp 

small shareholders. The take-over bid was made to small shareholders 

at the same price as paid for majority holding in Reval Hotelligrupp. 

Members of Reval Hotelligrupi AS Management and Supervisory Boards 

intend to accept the take-over bid. 



The trading activity in Reval Hotelligrupi AS shares on the Tallinn 

Stock Exchange has been low. Management Board of Reval Hotelligrupi 

AS evaluates Linstow International's take-over bid to small 

shareholders for purchase of Reval's shares as fair in the context of 

the current time and market situation. 



Members of Reval Hotelligrupi AS Management and Supervisory Boards 

do not have agreements with Linstow International; also they have 

not been elected or appointed by Linstow International, and are not 

connected with the company in any other way. Members of Reval 

Hotelligrupi AS Management and Supervisory Boards do not have 

conflict of interests in respect to the current take-over bid, thus 

Reval Hotelligrupi AS does not need to apply measures to minimize the 

possible conflict of interests related risks. There are no agreements 

between the members of Reval Hotelligrupi AS Supervisory Board and 

Management Board, which end with, or the condition of which for 

paying a compensation to the members of the Supervisory or the 

Management Board, is making the take-over bid for the securities of 

Reval Hotelligrupp.



The informative materials about the take-over bid by Linstow 

International AS are available in the offices of Reval Hotelligrupi 

AS (Narva Rd 30, Tallinn).





Feliks Mägus

Management Board chairman

+372 62 74 444