AS Eesti Telekom               Stock exchange release                  18.05.2005



RESOLUTIONS OF THE AGM



Approval of 2004 Annual Report and allocation of the profit

1. To approve 2004  Annual  Report  consisting  of  financial  report,  management

   report, independent auditor's report and proposal for profit distribution.



2. To distribute  the  retained  earnings  totalling  2,182,349  thousand  kroons,

   consisting of the net profit of AS Eesti Telekom for the financial year of 2004

   993,178 thousand kroons and retained earnings from previous  periods  1,189,171

   thousand kroons as follows:



     1) To allocate to the legal reserve 310 thousand kroons.



     2) The number of shares is 137,954,528. To distribute  between  shareholders

        and to pay to shareholders as dividends 1,103,636 thousand  kroons,  i.e.

        8.00 kroons  per share.



     3) Left to be carried  forward  in  the  balance  sheet  1,078,403  thousand

        kroons.



   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 2 June 2005. The dividends shall be paid out on 16 June 2005.





Buy-back option of AS Eesti Telekom shares

3. To authorise AS Eesti Telekom to acquire within one year from the  adoption  of

   this resolution (i.e. until 18 May 2006) AS Eesti Telekom shares  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 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



4. To recall the following members of the Supervisory Board:



   Annika Christiansson

   Erik Hallberg

   Alo Kelder

   Tarmo Porgand

   Kennet Rådne

   Mats Salomonsson

   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:



   Bengt Andersson

   Erik Hallberg

   Alo Kelder

   Tarmo Porgand

   Tomas Lenke

   Mats Salomonsson

   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



5. To assign the  following  remuneration  for  the  members  of  the  Supervisory

   Council:



   Chairman of the Supervisory Board               EEK 20 000 per month

   Member of the Supervisory Board                 EEK 9 000 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



6. To appoint  AS  PricewaterhouseCoopers  (Reg.  No.  10142876)  to  audit  Eesti

   Telekom in 2005. Remuneration of the auditors will be based on a contract  with

   the auditing company.





Hille Võrk

CFO

+372 6272460