ESTIKO

REPORT



CHANGES IN OWNERS' EQUITY, Q2 2001



in thousand EEK

                                 Share  Capital  Legal  Retained   Own   Total

                                capital surplus reserve earnings shares

Owners' equity as at 31.12.1999  59,851   4,727   2,462   14,318     -2  81,356

To reserve capital                   l0       0     366     -366      0       0

Acquisition of treasury shares        0       0       0        0    -17     -17

Dividends                             0       0       0       -7      0      -7

Profit for current period             0       0       0    3,323      0   3,323

Owners' equity as at 30.06.2000  59,851   4,727   2,828   17,268    -19  84,655



                                 Share  Capital  Legal  Retained   Own   Total

                                capital surplus reserve earnings shares

Owners' equity as at 31.12.2000  59,851   4,727   2,828   23,442    -38  90,810

To reserve capital                    0       0     475     -475      0       0

Acquisition of treasury shares*       0       0       0        0   -550    -550

Dividends*                            0       0       0       -1      0      -1

Profit for current period             0       0       0   14,614      0  14,614

Owners' equity as at 30.06.2001  59,851   4,727   3,303   37,580   -588 104,873





Acquisition of treasury shares*



"On 07.04.2000 the AGM decided to make an offering to all holders of

B1 preferred shares to resell the preferred shares to AS Estiko. As at 

31.03.2001, AS Estiko has bought back B1 preferred shares for EEK 40,000.

On 21.05.2001 the AGM of AS Estiko authorized the Management Board to buy back

up to 10% of the treasury shares of AS Estiko. As at 30.06.2001, AS Estiko has

acquired E-shares for EEK 552,000. The buyback of B1 preferred shares 

continues."



Dividends*



On 07.04.2000 the AGM decided to fix the dividend rate for B1 preferred shares

for 2000 financial year at EEK 0.60 per each B1 share.





Minimum share capital of the Company amounts to EEK 29,200,000.

The volume of share capital may be increased without the obligation to change

the Articles of Association up to EEK 116,800,000 (11,680,000 shares with the 

nominal value of EEK 10) based on the AGM decision.





Ellen Tohvri

Management Board chairperson

+372 737 1000