EESTI TELEKOM

ANNOUNCEMENT



RESOLUTIONS OF THE AGM



APPROVAL OF 2000 RESULTS AND ALLOCATION OF THE PROFIT



1.    To  approve 2000 Annual Report consisting of financial

report,  activity report, auditor’s report and  proposal  of

the allocation of the net profit.



2.  To  distribute the retained earnings totalling 1,836,893

thousand  kroons, consisting of the net profit of  AS  Eesti

Telekom  for  the financial year of 2000 1,090,933  thousand

kroons  and retained earnings from previous periods 745  960

thousand kroons as follows:



   1.  To  enter 12,421 thousand kroons in the mandatory

       reserve capital;

     

   2.  To distribute between shareholders and to pay  to

       shareholders as dividends 549,543 thousand kroons as

       follows:

     

   2.1 Dividends payable to all holders (shareholders) of A

       shares total 549,533 thousand kroons, i.e. 4 kroons 

       per A share.

   2.2 Dividend payable to the holder (shareholder) of B 

       share totals 10,000 kroons, i.e. 10,000 kroons per B 

       share.

     

   3.  To distribute between shareholders and to pay  to

       shareholders as "extraordinary dividend" 206,075 

       thousand kroons as follows:

     

   3.1 Dividends payable to all holders (shareholders) of A

       shares total 206,075 thousand kroons, i.e. 1 kroon 50

       sents per A share.



       To  pay the total of 755,608 thousand kroons, i.e.  5

       kroons  50  sents  per A share, as dividends  to  the

       holders  (shareholders) of A shares and the total  of

       10,000  kroons, i.e. 10,000 kroons per  B  share,  to

       the holder (shareholder) of B share.



   4.  To retain the rest of the accumulated net profit in 

       the amount of 1,068,854 thousand kroons undistributed.



The  list  of  shareholders on the basis of which  dividends

will  be  distributed  shall  be  fixed  according  to   the

provisions of the Tallinn Stock Exchange Rules at 8.00 on  6

June 2001. The dividends shall be paid out on 20 June 2001.



BUY-BACK OF AS EESTI TELEKOM SHARES



To  authorise  AS Eesti Telekom to acquire within  one  year

from  the  adoption of this resolution (i.e.  until  23  May

2002)  AS Eesti Telekom shares of A-series so that the total

of  nominal  values of own shares held by AS  Eesti  Telekom

would  not  exceed  1/20 of the share capital  of  AS  Eesti

Telekom and the price payable per share would not exceed the

highest  price paid for the A share of AS Eesti  Telekom  on

the  Tallinn  Stock  Exchange on the day  of  acquiring  the

shares. AS Eesti Telekom to pay for the said shares from the

company's  assets  in excess of its share  capital,  reserve

capital  and  share  premium. The amount  of  shares  to  be

acquired  each  time shall be determined  on  each  occasion

separately by a resolution of AS Eesti Telekom's Supervisory

Council.



RECALLING AND ELECTION OF THE MEMBERS OF THE COUNCIL



To recall the following members of the Supervisory Board:



Annika E.Christiansson

Brian Epp

Lauri Tapani Holopainen

Jaak Leimann

Mart Nurk

Mikko Pirinen

Veiko Tali

Aare Tark

Andrus Villem

Madis Üürike



To consider the above persons recalled and the term of their

authorities as members of the Supervisory Board terminated

at 24.00 on 23.05.2001.



To elect as members of the Supervisory Board:



Annika E.Christiansson

Brian Epp

Lauri Tapani Holopainen

Jaak Leimann

Mart Nurk

Veiko Tali

Aare Tark

Andrus Villem

Timo Virtanen

Madis Üürike



To consider the above persons elected and the term of their

authorities as members of the Supervisory Board commenced at

00.00 on 24.05.2001.



REMUNERATION OF THE MEMBERS OF THE COUNCIL



To  assign the following remuneration for the members of the

Supervisory Council:



Chairman of the Supervisory Board            EEK 18 000  per

month

Member  of the Supervisory Board              EEK 8 000  per

month



Members  of  the  Supervisory Council  will  be  compensated

expenses   related   to   executing   their   duties   (e.g.

accommodation, transport, communications).



ELECTION OF THE AUDITOR



To  appoint  Villu Vaino from Deloitte&Touche  Audit  AS  to

audit Estonian Telecom in 2001.



Remuneration of the auditor will be based on a contract with

the auditing company.





Hille Võrk

Financial manager

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