PRO KAPITAL

ANNOUNCEMENT



ABOUT LISTING OF KRISTIINE KAUBANDUSKESKUS



On 11.10.2000 the Supervisory Board of AS Pro Kapital Eesti, the sole 

owner of AS Kristiine Kaubanduskeskus, made a proposal to the 

company's Management Board to change its 25.09.2000 decision about 

listing of Kristiine Kaubanduskeskus shares on the Tallinn Stock 

Exchange secondary list.



The need to change the listing decision proceeds from changes in 

realization of Kristiine Kaubanduskeskus expansion plans, thus the 

need for additional funding is also lower.



According to the Supervisory Board's proposal, the public offering of 

9 million shares in AS Kristiine Kaubanduskeskus would take place 

from October 20th until December 20th. The shares would be offered at 

price of EEK 23 per share. AS Pro Kapital Eesti Management Board 

would also cancel its decision to publicly issue 2 million additional 

new ordinary shares at EEK 10 par value.



After conclusion of public offering of shares the share capital 

volume of AS Kristiine Kaubanduskeskus will thus remain at EEK 180 

million, and AS Pro Kapital Eesti will control 50% holding in AS 

Kristiine Kaubanduskeskus.



The aforementioned decision will impact the consolidated results of 

Pro Kapital Group in year 2000, on income statement as well as cash 

flow statement. The company's Management Board will revise Pro 

Kapital Group's profit forecast for this year in light of the new 

data; the revised forecast will be published in the near future.





Ilona Saari

Board member of PK Group

+372 614 4924