Eesti Telekom             Stock exchange release             25 April 2005



Annual General Meeting



Hereby we inform you that the Annual General Meeting of  the  shareholders  of  AS

Eesti Telekom, registration no  10234957,  located  in  Roosikrantsi  2,  Tallinn,

shall be held on May 18,  2005  at  2.00  p.m.  at  National  Library  of  Estonia

(Tõnismägi 2, Tallinn).



The following agenda is suggested for the meeting:

1. Approval of 2004 Annual Report and allocation of the profit.

2. Buy-back option of AS Eesti Telekom shares.

3. Recalling and election of the members of the Council.

4. Remuneration of the members of the Council.

5. Election and remuneration of the auditor.



The shareholders registered in the share register of AS Eesti Telekom on  May  18,

2005 at 8.00 a.m. have the right to vote  on  the  Meeting.  Registration  to  the

General Meeting starts on May 18,  2005  at  1.00  p.m.  at  National  Library  of

Estonia. For registration to the Meeting:



 . A shareholder, being a natural person, must produce a passport or identity card

   as an identity document, a representative must also  produce  a  duly  executed

   power of attorney;

 . A representative of a shareholder,  being  a  legal  person,  must  produce  an

   extract from the respective (commercial) register, where the  legal  person  is

   registered (for an Estonian legal person, a copy of the  Commercial  Register's

   card B, which is not older than 15 days), proving the right of  the  person  to

   represent the  shareholder  (legal  authorisation),  and  the  representative's

   identity document; if the person is not a legal representative, a duly executed

   power of attorney  (authorisation  by  transaction)  and  the  representative's

   identity document must  be  produced  in  addition  to  the  extract  from  the

   register;

 . Documents of a legal person registered in a foreign  country  (except  for  the

   power of attorney) must be legalised in the Republic  of  Estonia  Ministry  of

   Foreign Affairs or in a foreign representation of the Republic of  Estonia,  or

   confirmed with apostille.



The 2004 Annual Report and draft resolutions of the General Meeting are  available

for all shareholders on Internet page http:/www.telekom.ee and in  the  office  of

AS Eesti Telekom at Roosikrantsi 2, Tallinn since April 25, 2005 on  working  days

from 10.00 a.m. to 2.00 p.m. Any questions in regard of the  General  Meeting  can

be asked by phone (372) 6 311 212 or mailed to mailbox@telekom.ee.



Resolution projects

Approval of 2004 Annual Report and allocation of the profit

1. To approve 2004  Annual  Report  consisting  of  financial  report,  management

   report, independent auditor's report and proposal for profit distribution.



2. To distribute  the  retained  earnings  totalling  2,182,349  thousand  kroons,

   consisting of the net profit of AS Eesti Telekom for the financial year of 2004

   993,178 thousand kroons and retained earnings from previous  periods  1,189,171

   thousand kroons as follows:



     1) To allocate to the legal reserve 310 thousand kroons.



     2) The number of shares is 137,954,528. To distribute  between  shareholders

        and to pay to shareholders as dividends 1,103,636 thousand  kroons,  i.e.

        8.00 kroons  per share.



     3) Left to be carried  forward  in  the  balance  sheet  1,078,403  thousand

        kroons.



   The list of shareholders on the basis of which dividends  will  be  distributed

   shall be fixed according to the provisions of the Tallinn Stock Exchange  Rules

   at 8.00 on 2 June 2005. The dividends shall be paid out on 16 June 2005.





Buy-back option of AS Eesti Telekom shares

3. To authorise AS Eesti Telekom to acquire within one year from the  adoption  of

   this resolution (i.e. until 18 May 2006) AS Eesti Telekom shares of A-series so

   that the total of nominal values of own shares held by AS Eesti  Telekom  would

   not exceed the legal limits and the price payable per share  would  not  exceed

   the highest price paid for the A share of AS Eesti Telekom on the Tallinn Stock

   Exchange on the day of acquiring the shares. AS Eesti Telekom to  pay  for  the

   said shares from the company's assets in excess of its share  capital,  reserve

   capital and share premium. The amount of shares to be acquired each time  shall

   be determined on each occasion separately by a resolution of AS Eesti Telekom's

   Supervisory Council.





Recalling and election of the members of the Council



4. To recall the following members of the Supervisory Board:



   Annika Christiansson

   Erik Hallberg

   Alo Kelder

   Tarmo Porgand

   Kennet Rådne

   Mats Salomonsson

   Raivo Vare



   To consider the above persons recalled and the term of their authorities as

   members of the Supervisory Board terminated from the moment of this decision.



   To elect as members of the Supervisory Board (nominees will be presented on

   the AGM):



   To consider the above persons elected and the  term  of  their  authorities  as

   members of the Supervisory Board commenced from the moment of this decision.





Remuneration of the members of the Council



5. To assign the  following  remuneration  for  the  members  of  the  Supervisory

   Council:



   Chairman of the Supervisory Board               EEK 20 000 per month

   Member of the Supervisory Board                 EEK 9 000 per month



   Members of the Supervisory Council will  be  compensated  expenses  related  to

   executing their duties (e.g. accommodation, transport, communications).





Election and remuneration of the auditor



6. To appoint (nominee will be presented on the AGM)  to audit Eesti Telekom  in

   2005. Remuneration of the auditors  will  be  based  on  a  contract  with  the

   auditing company.





Hille Võrk

CFO

+372 6272460