EESTI TELEKOM

ANNOUNCEMENT



RESOLUTIONS OF THE EXTRAORDINARY GENERAL MEETING



The Extraordinary General Meeting of Shareholders of AS

Eesti Telekom, held on December 15, 2000, resolved:



I     Issue of convertible bonds.



1.  To  approve  the terms and conditions of  convertible

bonds,  such terms and conditions being integral part  of

this resolution.



2.  To  issue convertible bonds according to the attached

terms and conditions of the convertible bonds.



II     Waiver of pre-emptive rights to subscribe for  the

convertible bonds and shares to be issued in exchange  to

the convertible bonds.



1.  To  waive the pre-emptive rights of AS Eesti  Telekom

shareholders to subscribe for convertible bonds the issue

of   which  was  decided  by  the  current  extraordinary

shareholders’  meeting  of  AS  Eesti  Telekom  held   on

December 15, 2000.



2.  To  waive the pre-emptive rights of AS Eesti  Telekom

shareholders to subscribe for the A shares  of  AS  Eesti

Telekom to be issued on the basis of terms and conditions

of  convertible bonds approved by the resolution  of  the

current  extraordinary shareholders’ meeting of AS  Eesti

Telekom held on December 15, 2000.



III  Changes to the Statues.



1.  To  change the Articles of Association  of  AS  Eesti

Telekom  and to adopt new wording of Clause  6.1  of  the

Articles of Association as follows:



     In  case  of two-member Board, the Company shall  be

     represented  and the documents shall be  signed  for

     and  on  behalf of the Company by any member of  the

     Board alone. In case of three- or more member Board,

     the  Company shall be represented and the  documents

     shall be signed for and on behalf of the Company  by

     the  Chairman  of  the Board alone  or  by  any  two

     members of the Board, two jointly together.



2.  To approve new version of the Articles of Association

of AS Eesti Telekom.



IV   Removal and election of the member of the Council.



1.  To  recall  Henrik Fabricius from the Council  of  AS

Eesti Telekom.



2. To elect Annika Christiansson as the new member of the

Council of AS Eesti Telekom.





Hille Võrk

Financial Manager

+372 6 272 460