HARJU ELEKTER

ANNOUNCEMENT



RESOLUTIONS OF SHAREHOLDERS' ANNUAL GENERAL MEETING



The annual general meeting of AS Harju Elekter took place on 26.04.2001 

in Keila. Altogether 84 shareholders and proxies attended the meeting, 

representing a total of 3,564,678 votes, or 66.01% of total votes.



Agenda of AGM:



1) Approval of 2000 annual report of AS Harju Elekter.

2) Profit allocation.

3) Amendments to the Articles of Association, approval of new redaction 

of company's Articles of Association.

4) Appointment of auditors for year 2001.





1) Approval of 2000 annual report of AS Harju Elekter.



AGM resolved:



1.1. to approve the 2000 annual report of Harju Elekter, as presented 

by the Management Board and approved by Supervisory Board, whereby 

the balance sheet size of AS Harju Elekter as of 31.12.2000 was EEK 

152,931,769 and net profit for the year was EEK 29,176,371.



For: 3,564,078 votes, or 99,98% of votes represented at AGM.





2) Profit allocation.



AGM resolved:



2.1. to approve the profit allocation proposal, as presented by AS 

Harju Elekter Management Board and approved by Supervisory Board

as follows:



     Net profit                                     EEK 29,176,371

     Mandatory reserve account                       EEK 2,900,000

     Balance of retained earnings                   EEK 26,276,371



     Beginning balance of retained earnings         EEK 24,863,966

     Dividends paid to shareholders*                 EEK 6,480,000

     Balance of retained earnings                   EEK 18,383,966



     Retained earnings after the approval 

     of the annual report of 2000                   EEK 44,660,337



Dividends will be paid in money, in accordance with nominal value of 

shares held by a shareholder, in the amount of EEK 1.20 per share.

Dividend payments will be made within one month as of the date of 

AGM, with transfer to shareholder's bank account.

*list of shareholders will be closed for dividend payments on 

14.05.2001, at 8:00 a.m.



For: 3,413,200 votes, or 95.75% of votes represented at AGM.





3) Amendments to the Articles of Association, approval of new redaction 

of company's Articles of Association.



AGM resolved:



3.1. to amend the Articles of Association of AS Harju Elekter and

approve the new redaction annexed to the current minutes.



For: 3,562,602 votes, or 99.94% of votes represented at AGM.





4) Appointment of auditors for year 2001.



AGM resolved:



4.1. to appoint auditors of KPMG Estonia to audit the financial reports 

of Harju Elekter in year 2001 as follows:

Andris Jegers, personal code 37003180224, auditor license No. 171 and

Indrek Alliksaar, personal code 37404020281, auditor license No. 446.



4.2. the auditors will be remunerated in accordance with the price list 

of KPMG Estonia and in accordance with the budget determined by AS 

Harju Elekter Supervisory Board. 



For: 3,557,178 votes, or 99.78% of votes represented at AGM.





Andres Allikmäe

Management Board chairman

+372 67 47 400





Lembit Libe

Chief Economist

+372 67 47 412