Eesti Telekom                 NEWS RELEASE                      04/25/2002



ANNUAL GENERAL MEETING



Hereby  we inform you that the Annual General Meeting  of

the  shareholders  of  Eesti  Telekom,  registration   no

10234957,  located in Roosikrantsi 2, Tallinn,  shall  be

held on May 17, 2002 at 2.00 p.m. at National Library  of

Estonia (Tõnismägi 2, Tallinn).



The following agenda is suggested for the meeting:

1.    Approval  of  2001  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

Eesti Telekom by May 17, 2002 at 8.00 a.m. have the right

to vote on the Meeting.



Registration  to the General Meeting starts  on  May  17,

2002  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 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, i.e. a

    certification replacing legalisation.



The  2001  Annual  Report  and resolutions  projects  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,  2002

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



1.     To  approve  2001  Annual  Report  consisting   of

  financial report, activity report, auditor’s report and

  proposal of the allocation of the net profit.



2.     To  distribute  the  retained  earnings  totalling

  1,847,790 thousand kroons, consisting of the net profit

  of  AS  Eesti  Telekom for the financial year  of  2001

  809,867  thousand  kroons and  retained  earnings  from

  previous periods 1,037,923 thousand kroons as follows:



  To  distribute  between  shareholders  and  to  pay  to

  shareholders  as dividends 755,617 thousand  kroons  as

  follows:



  ·    Dividends payable to all holders (shareholders) of A

     shares total 755,607 thousand kroons, i.e. 5.50 kroons

     per A share.

·    Dividend payable to the holder (shareholder) of B

    share totals 10,000 kroons, i.e. 10,000 kroons per B

    share.



To  retain the rest of the accumulated net profit in  the

amount of 1,092,173 thousand kroons undistributed.



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

5  June 2002. The dividends shall be paid out on 19  June

2002.







3.    To authorise AS Eesti Telekom to acquire within one

  year from the adoption of this resolution (i.e. until 17

  May 2003) 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.



4.   To appoint Villu Vaino from Deloitte&Touche Audit AS

  to  audit  Eesti Telekom in 2002. Remuneration  of  the

  auditor  will be based on a contract with the  auditing

  company.





Hille Võrk

Financial Manager

6 272 460