Klementi                      NEWS RELEASE                      06/02/2003



DECISIONS OF EGM



Decisions of the extraordinary general meeting of shareholders.



THE PUBLIC LIMITED COMPANY KLEMENTI, registered on

23.12.1996 in Tallinn City Court registration department

under the registry code 10175491, at the address Akadeemia

tee 33, Tallinn, the extraordinary general meeting of

shareholders (hereinafter "Meeting") was held in Tallinn,

Akadeemia tee 33, started at 16.00 and finished at 16.12.



The meeting was chaired by Andres Rätsepp with active legal

capacity and judgement and the minutes were taken by Toomas

Leis with active legal capacity and judgement



The chairman of the Meeting made it public that 6

shareholders were present, whose shares gave a total of

1,139,534 votes, which form 82.61% of votes determined by

shares and thus the Meeting had a quorum.



Decision of the Meeting:

-  It was decided to increase the share capital of the 

   public limited company through ancillary monetary

   contribution by EEK 5,750,000 (five million seven hundred

   and fifty thousand), by issuing 575,000 (five hundred and

   seventy five thousand) new A-shares with a nominal value of

   EEK 10 (ten) per share.

-  The issue price of the shares is EEK 27.50 (twenty

   seven kroons and fifty cents) per share, thus the issue

   premium is EEK 17.50 (seventeen kroons and fifty cents) per

   share.

-  The share capital is EEK 18,968,750 (eighteen million

   nine hundred and sixty eight thousand seven hundred and

   fifty).

-  The shares to be issued yield the right to dividends

   starting with the financial year of the increase of the

   share capital.

-  The subscription period of the new shares starts at

   9.00a.m. on 02.06.2003 and lasts until 5.00p.m. on

   10.06.2003.

-  It was decided to preclude the pre-emptive subscription

   right of the new shares with the objective of ensuring the

   involvement of new shareholders and improving the liquidity

   of shares on the secondary market.

-  It was decided that first the applications of small

   investors will be satisfied, i.e. the applications of

   investors who subscribed 1,000 (thousand) to 10,000 (ten

   thousand) shares and next the applications of all other

   investors who had subscribed shares will be satisfied.

-  The subscription of shares is conducted through the

   account operator banks of the Central Depository for

   Securities in accordance with the rules and regulation of

   the Estonian Central Depository for Securities. The

   subscribed shares have to be paid for at the subscription

   and the payment has to be made in monetary contribution to a

   special account opened by the Estonian Central Depository

   for Securities.

-  Should it transpire that the shares have been

   subscribed over the planned increase of share capital, the

   supervisory board of the public limited company will decide

   on the distribution of shares between the subscribers.

-  The public limited company enters into an agreement

   with AS Alta Capital to guarantee the issue subscription,

   according to which the issue underwriter undertakes to

   subscribe and buy the shares that remained unsubscribed

   during the subscription period at the issue price (i.e. EEK

   27.50 per share).





Toomas Leis

CEO

+372 6 710 700