AS HARJU ELEKTER                   ANNOUNCEMENT             2005-04-22



RESOLUTIONS OF ANNUAL GENERAL MEETING OF SHAREHOLDERS



Today, on 22nd of April 2005 starting at 10 a.m., the annual general

meeting of the shareholders of AS Harju Elekter was held at Keskväljak

12, Keila. The AGM was attended by 108 shareholders and their authorised

representatives who represented the total of 3,145,846 votes accounting

for 56.18 % of the total votes.



The agenda of the general meeting was as follows:

1. approval of the annual report of AS Harju Elekter of 2004;

2. approval of the distribution of profits;

3. the fund issue



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



The general meeting resolved:

To approve the annual report of AS Harju Elekter of 2004, prepared by

the management board and approved by the supervisory board, according to

which the consolidated balance sheet total of AS Harju Elekter was

640,593 thousand kroons as of 31.12.2004, incl. the balance sheet total

of 592,567 thousand kroons of the parent undertaking, while the net

profit of the financial year was 145,365 thousand kroons.



The number of the votes given in favour of the resolution was 3,103,775

which accounted for 98.66 % of the registered participants.



2. Approval of the distribution of profits



The general meeting resolved:

To approve the profit distribution proposal of AS Harju Elekter of 2004

as presented by the management board and as approved by the supervisory

board as follows:



retained profit from previous periods on 31.12.2004  305 012 208 kroons

net profit of the financial year                     145 365 219 kroons

total retained profit                                450 377 427 kroons

to be distributed as dividends 4,40 kroons per share* 24 640 000 kroons

balance of the retained profits after the

distribution of profit                               425 737 427 kroons



The dividends will be paid to the shareholders on 23 May 2005 by a

transfer to the bank account of the shareholder. 

* the shareholders registered in the shareholders’ registry 

on 9 May 2005 at 8 am shall be entitled to dividend.



The number of the votes given in favour of the resolution was 3,108,965

which accounted for 98.83 % of the registered participants.





3. The fund issue



The general meeting resolved:

On the basis of Harju Elekter’s audited annual accounts of 2004 balance

sheet as of 31.12.2004 to increase the Company’s share capital by means

of fund issue on owners’ equity as following:



3.1 to increase the Company’s share capital in the amount of 112 million

kroons from present 56 million kroons to 168 million kroons, by issuing

2 new ordinary shares, totally 11,200 thousand new shares with a nominal

value of 10 kroons and every share gives one voice. After increase the

share capital the total number of Harju Elekter shares is 16,800

thousand and the share capital is 168 million kroons.



3.2 the shareholders registered in the shareholders’ registry on 9 May

2005 at 8 am shall be entitled to fund issue.



3.3 the newly issued shares will be moved to the shareholders accounts

during the same day, on 09.05.2005.



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

financial year which begins on 01 January 2005



The number of the votes given in favour of the resolution was 3,107,582

which accounted for 98.78 % of the registered participants.



Andres Allikmäe

Chairman of the Board

+372 6747 400