EESTI TELEKOM

REPORT



STATEMENT OF CHANGES IN EQUITY H1 2000



ESTONIAN TELECOM AND SUBSIDIARY COMPANIES

STATEMENT OF CHANGES IN EQUITY



In thousands of Estonian kroons

                                     30-Jun-00  30-Jun-99

                                                

Issued capital                                  

137 383 178 ordinary shares at EEK                       

10.00per share, fully paid

                                     1,373,832  1,373,832

1  preferential share at EEK                    

1000.00

per share, fully paid

Total

                                             1          1

                                     1,373,833  1,373,833

                                                

Share premium                                   

Opening balance                        309,964      4,525

Premium on ordinary shares issued            -    305,439

Closing balance                        309,964    309,964

                                                

Legal reserves                                  

Opening balance                         56,851     25,478

Amounts transferred from                68,112     31,373

accumulated profits

Closing balance                        124,963     56,851

                                                

Accumulated profits                             

Opening balance                      1,279,120    821,732

Net profit for the period              541,303    265,390

Amounts transferred to legal          (68,112)   (31,373)

reserves

Dividends declared                   (549,542)   (62,757)

Income tax on dividends                   (49)           

Closing balance                      1,202,720    992,992





Raul kalev

PR-manager

+372 6460 220