Eesti Telekom                 NEWS RELEASE                      12/23/2003



RESTRUCTURING OF THE SHAREHOLDING



In  course  of internal restructuring of the  TeliaSonera

Group,  TeliaSonera  AB  decided  to  concentrate   their

shareholding in AS Eesti Telekom to one security account.



On  December  19,  2003, 16,142,523 shares  of  AS  Eesti

Telekom were transferred from Sonera Holding B.V. account

to Baltic Tele AB account.



On  December  22,  2003, 16,142,523 shares  of  AS  Eesti

Telekom were transferred from Telia AB account to  Baltic

Tele AB account.



As a result of the transactions, all 67,317,756 shares of

AS Eesti Telekom, owned by TeliaSonera AB, were settled to

Baltic Tele AB account.





Hille Võrk

Financial Manager

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