Harju Elekter                 NEWS RELEASE                      04/16/2004



RESOLUTIONS OF AGM OF SHAREHOLDERS



Today, on 16. April 2004 starting at 10 a.m., the annual general meeting of

the shareholders of AS Harju Elekter was held at Keskväljak 12, Keila. The

general meeting was attended by 106 shareholders and their authorised

representatives who represented the total of 3,383,438  votes accounting for

62.66 % of the total votes.



The agenda of the general meeting was as follows:

1. approval of the annual report of AS Harju Elekter of 2003;

2. approval of the distribution of profits;



1. Approval of the annual report of AS Harju Elekter of 2003



The general meeting resolved:

1. to approve the annual report of AS Harju Elekter of 2003, prepared by the

management board and approved by the supervisory board, according to which

the consolidated balance sheet total of AS Harju Elekter was 483,077

thousand kroons as of 31.12.2003, incl. the balance sheet total of 439,078

thousand kroons of the parent undertaking, while the net profit of the

financial year was 175,460,884 kroons.



The number of the votes given in favour of the resolution was 3,365,125

which accounted for 99.46 % of the registered participants.



2. Approval of the distribution of profits



The general meeting resolved:

2. to approve the profit distribution proposal of AS Harju Elekter of 2003

as presented by the management board and as approved by the supervisory

board as follows:



retained profit from previous periods on 31.12.2003              151,151,324

net profit of the financial year                                 175,460,884

total retained profit                                            326,612,208

to be distributed as dividends 4,00 kroons per share*             21,600,000

balance of the retained profits after the distribution of profits305,012,208



The dividends will be paid to the shareholders within week No 20 by a

transfer to the bank account of the shareholder.

*The list of the shareholders for the payment of dividends will be completed

as of 9 a.m. of 3 May 2004.



The number of the votes given in favour of the resolution was 3,379,763

which accounted for 99.89% of the registered participants.



Andres Allikmäe

Chairman of the Management Board

67 47 400





Moonika Vetevool

PR manager

+372 6 712 761