Eesti Telekom                 NEWS RELEASE                      05/17/2002



RESOLUTIONS OF THE AGM



1.   Approval of 2001 reports and allocation of the profit.



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.



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



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.





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



To recall the following members of the Supervisory Board:



Annika E.Christiansson

Brian Epp

Tapani Holopainen

Jaak Leimann

Mart Nurk

Veiko Tali

Aare Tark

Andrus Villem

Timo Virtanen

Madis Üürike



To consider the above persons recalled and the term of their

authorities  as members of the Supervisory Board  terminated

at 24.00 on 17.05.2002.



To elect as members of the Supervisory Board:



Brian Epp

Annika Christiansson

Lauri Tapani Holopainen

Jaak Leimann

Kennet Rådne

Aimo Eloholma

Veiko Tali

Aare Tark

Heido Vitsur

Raivo Vare



To  consider the above persons elected and the term of their

authorities as members of the Supervisory Board commenced at

00.00 on 18.05.2002.



4.   Remuneration of the members of the Council.



To  assign the following remuneration for the members of the

Supervisory Council:



Chairman of the Supervisory Board            EEK 18 000  per

month

Member  of the Supervisory Board              EEK 8 000  per

month



Members  of  the  Supervisory Council  will  be  compensated

expenses   related   to   executing   their   duties   (e.g.

accommodation, transport, communications).



5.   Election and remuneration of the auditor.



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

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