EESTI TELEKOM

REPORT



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, Q1 2000



In thousands EEK               

                                    31.03.00    31.03.99



Issued capital                                

                                              

137 383 178 (1998: 63 883 178;                

1997: 73 500 000)

ordinary shares at EEK 10.00 per   1 373 832   1 373 832

share, fully paid

                                              

1 (1998: 1)  preferential share               

at EEK 1000.00 per share, fully            1           1

paid

Total                              1 373 833   1 373 833

                                              

Share premium                                 

Opening balance                        4 525       4 525

Premium on ordinary shares issued    305 441     305 441

Closing balance                      309 966     309 966

                                              

Legal reserves                                

Opening balance                       56 851      25 478

Amounts transferred from                   -           -

accumulated profits

Closing balance                       56 851      25 478

                                              

Accumulated profits                           

Opening balance                    1 279 120     821 732

Net profit for the period            245 613      63 768

Closing balance                    1 524 733     885 500





Raul Kalev

PR-manager

+372 6460 220