Tallinna Börs                 NEWS RELEASE                      06/22/2004



CONDITIONAL LISTING OF EESTI TELEKOM SHARES



The Listing and Surveillance Committee of the Tallinn Stock Exchange 

(hereinafter: the Committee) reviewed the application by AS Eesti Telekom, 

filed with the Committee on 27 May 2004, for listing on the TSE Main List 

the 100 A-shares which are to be issued to convert one existing B-share of 

AS Eesti Telekom. The Committee also reviewed the application submitted on 

27 May 2004 for granting excemptions to the requirements of the part "Listing 

Rules" (hereinafter: LR) of the TSE Rules and the Decree "Listing 

Requirements" (hereinafter: Listing Regulation) by Minister of Finance.



On June 21, 2004, the Committee decided to satisfy the applications of Eesti 

Telekom and grant AS Eesti Telekom during listing the 100 A-shares an 

excemption from the requirement to append to the listing application 

the documents specified in clauses 3.3.1 - 3.3.9 of the LR (except for the 



documents specified in clause 3.3.6) on the basis of clause 3.4 of the LR 

and an exception from the requirement of preparation and publication of the 

listing particulars on the basis of § 44 (1) of the Listing Regulation.



The Committee also decided to satisfy the listing application of AS Eesti 

Telekom and to conditionally list on the TSE Main List the 100 A-shares of 

AS Eesti Telekom. The decision will enter into force immediately after the 

company's share capital increase is registered with the Commercial Registry 

and new shares are registered with Estonian CSD.



The first listing day of the shares is the first stock exchange day after 

the decision becomes effective, i.e. the stock exchange day following the 

registration of shares at the Estonian CSD.





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