Eesti Telekom                 NEWS RELEASE                      05/22/2003



DECISIONS OF THE ANNUAL GENERAL MEETING



Approval  of  2002  Annual Report and allocation  of  the

profit.



1.   To approve 2002 Annual Report of AS Eesti Telekom.



2.     To  distribute  the  retained  earnings  totalling

  2,132,574 thousand kroons, consisting of the net profit

  of  AS  Eesti  Telekom for the financial year  of  2002

  1,040,401  thousand kroons and retained  earnings  from

  previous periods 1,092,173 thousand kroons as follows:



1)    To  distribute between shareholders and to  pay  to

  shareholders  as  dividends  515,197  thousand  EEK  as

  follows:

     

  a)    The  number of A shares is 137,383,178. Dividends

     payable to all holders of A shares total 515,187 thousand

     EEK, i.e. 3.75 EEK per A share.

b)   Dividend payable to the holder of B share totals

10,000 EEK.

       

2)   To distribute between shareholders and to pay out to

  shareholders as "extraordinary dividend" 309,112 thousand

  EEK as follows:

     

  a)   Dividends payable to all holders of A shares total

     309,112 thousand EEK, i.e. 2.25 EEK per A-share.

       

     To  pay the total of 824,299 thousand EEK, i.e. 6.00

     EEK  per A share, as dividends to the holders  of  A

     shares and the total of 10,000 EEK to the holder  of

     B share.

     

3)   Left to be carried forward in the balance sheet is

  1,308,265 thousand EEK.



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

10  June 2003. The dividends shall be paid out on 19 June

2003.





Buy-back option of AS Eesti Telekom shares.



To  authorise AS Eesti Telekom to acquire within one year

from  the adoption of this resolution (i.e. until 22  May

2004)  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 the legal limits 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

Aimo Eloholma

Brian Epp

Tapani Holopainen

Jaak Leimann

Kennet Rådne

Veiko Tali

Aare Tark

Heido Vitsur

Raivo Vare



To  consider the above persons recalled and the  term  of

their  authorities  as members of the  Supervisory  Board

terminated from the moment of this decision.



To elect as members of the Supervisory Board:



Annika E.Christiansson

Erik Hallberg

Alo Kelder

Kalev Kukk

Tiina Mõis

Tarmo Porgand

Kennet Rådne

Mats Salomonsson

Aare Tark

Raivo Vare



To  consider  the above persons elected and the  term  of

their  authorities  as members of the  Supervisory  Board

commenced from the moment of this decision.







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 and remuneration of the auditor.



To  appoint Villu Vaino from Deloitte&Touche Audit AS  to

audit  Eesti Telekom in 2003. Remuneration of the auditor

will be based on a contract with the auditing company.





Hille Võrk

Financial Manager

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