AS HARJU ELEKTER              ANNOUNCEMENT             2005-03-07



AGENDA AND PROPOSALS TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS



Annual general meeting of Harju Elekter shareholders will be held on 22 April

2005, beginning at 10:00 a.m., at venue of Keila Kultuurikeskus (address:

Keskväljak 12, Keila).



The Supervisory Board of the Joint Stock Company Harju Elekter determined the

following agenda of the general meeting:



1. Approval to AS Harju Elekter annual report of the year 2004.



To approve AS Harju Elekter annual report of 2004.



2. Approval to profit distribution.



The Management Board shall propose at the shareholders general meeting to pay

net dividends to the shareholders for 2004 financial year in the amount of

24.6 (2003: 21.6) million kroons or 4.40 (2003: 4.00) kroons per share. The

shareholders registered in the shareholders' registry on 9 May 2005 at 8 am

shall be entitled to dividend. The dividends will be paid to the shareholders

on 23 May 2005 by a transfer to the bank account of the shareholder.



3. The fund issue



3.1 On the basis of Harju Elekter's audited annual accounts of 2004 the

Supervisory Boards shall propose to increase the Company's share capital in

the amount of 112 million kroons by means of fund issue on owners' equity, by

issuing 2 new ordinary shares for every share with a nominal value of 10

kroons which is totally 11,2 million shares with the nominal value 10 kroons.

3.2 The shareholders registered in the shareholders' registry on 9 May 2005 at

8 am shall be entitled to fund issue. The newly issued shares will be moved to

the shareholders accounts during the same day.

3.3 The new shares shall carry applicable shareholder rights as of the

financial year which begins on 01 January 2005



The annual report of the year 2004 is available for preliminary examination at

the company's secretary on the third floor of Harju Elekter office building in

Keila, 31 Paldiski Road and in the Internet, company's home page

<a href='http://www.harjuelekter.ee' target='_blank'>http://www.harjuelekter.ee</a> since 30 March 2005.



Registration of the participants starts on 22 April 2005 at 9 a.m. For the

registration we ask you to take with you an identification document. A

representative of shareholder is requested to take with him/her a document

certifying their right of representation or a valid copy of the commercial

register card.





Andres Allikmäe

Chairman of the Management Board

+372 6747 400