EESTI TELEKOM

ANNOUNCEMENT



SALE OF SONERA'S STAKES IN THE BALTICS IS SPECULATION



Eesti Telekom has no information that would indicate 

that Sonera might be planning to sell its stakes in 

Baltic telecommunication firms to Telia or some other 

concern.



Meeting with investment banking analysts on August 29, 

Eesti Telekom representatives dealt with the present 

situation and projected developments since the 

telecommunications market has opened up. They also 

dealt with possible future scenarios in Estonia and 

the other Baltic states in connection with changes in 

the European and world wide telecommunications sector.



"It's unfortunate, that speaking conditionally, some 

participants of that informal discussion gathered that 

we were talking about concrete facts. I'm convinced, 

that the head of every large enterprise has a vision 

of what the firm's market position and general situation 

should be in two-three years. But at the same time, 

the manager of such a firm will definitely not start 

to prematurely and self-assuredly comment about the 

activities of the firm's strategic owners," said Eesti 

Telekom CEO Jaan Männik.



"I can assure you, that at the present moment, we have 

no reason, what so ever, to claim that Sonera might be 

planning to sell its stake in Eesti Telekom. This is 

obviously a case of overblown speculation," added Männik.



AS Eesti Telekom  apologizes for any misunderstandings 

which may arisen.



AS EESTI TELEKOM





Kardi Lensment

Management Assistant

6 311 212