Tallinna Börs                 NEWS RELEASE                      12/27/2002



SUBSTANTIAL HOLDINGS IN EESTI TELEKOM



On December 9 2002, Telia AB and Sonera Corporation (hereinafter: Sonera) 

merged after conclusion of swap offer for shares and securities. After the 

transaction Sonera became subsidiary of Telia AB. Telia AB was renamed 

TeliaSonera AB.



Before merger both Telia AB and Sonera owned directly and through Baltic 

Tele AB 24.5% of AS Eesti Telekom (hereinafter: ETL) shares. Telia and 

Sonera both own 50% of Baltic Tele AB shares.



Shareholders' structure of ETL shares was as follows:



Republic of Estonia	- 27.28 % of shares;

Telia AB		- 11.75 % of shares;

Sonera Holding B.V.	- 11.75 % of shares;

Baltic Tele AB		- 25.50 % of shares;

public investors	- 23.72 % of shares.



As a result of merger Telia AB shareholding in ETL grew from 24.5 percent 

to 49 percent.



Proceeding from subsection 1 of chapter 185 of the Securities Market Act 

TeliaSonera AB informed on December 23, 2002 through its representative 

the registrar maintaining ETL share register that TeliaSonera AB holding 

in ETL grew over one third (1/3) of all ETL shares with voting rights.



TeliaSonera AB has holding and controlling in 67,317,756 of ETL voting rights.





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