Harju Elekter                 NEWS RELEASE                      04/11/2003



RESOLUTIONS OF ANNUAL GENERAL MEETING OF SHAREHOLDERS



Today, on 11. April 2003 starting at 10 a.m., the annual general meeting of

the shareholders of AS Harju Elekter was held at Keskväljak 12, Keila. The

general meeting was attended by 94 shareholders and their authorised

representatives who represented the total of 3,476,144 votes accounting for

64,37 % of the total votes.



The agenda of the general meeting was as follows:

1. approval of the annual report of AS Harju Elekter of 2002;

2. approval of the distribution of profits;

3. appointment of auditors.



1. Approval of the annual report of AS Harju Elekter of 2002



The general meeting resolved:

1. to approve the annual report of AS Harju Elekter of 2002, prepared by the

management board and approved by the supervisory board, according to which

the consolidated balance sheet total of AS Harju Elekter was 224,009,386

kroons as of 31.12.2002, incl. the balance sheet total of 198,414,515 kroons

of the parent undertaking, while the net profit of the financial year was

53,253,594 kroons.



The number of the votes given in favour of the resolution was 3,472,163,

which accounted for 99.89% of the registered participants.



2. Approval of the distribution of profits



The general meeting resolved:

2. to approve the profit distribution proposal of AS Harju Elekter of 2002

as presented by the management board and as approved by the supervisory

board as follows:



retained profit from previous periods on 31.12.2002               54,932,798

net profit of the financial year                                  53,253,594

total retained profit                                            108,186,392

to be distributed as dividends 2,00 kroons per share*             10,800,000

incl.net dividends on account of the retained profits of 1994-99   5,955,930

balance of the retained profits after the distribution of profits 97,386,392



The dividends will be paid to the shareholders within one month of this

meeting by a transfer to the bank account of the shareholder.

*The list of the shareholders for the payment of dividends will be completed

as of 8 a.m. of 28 April 2003.



The number of the votes given in favour of the resolution was 3,472,163,

which accounted for 99.89% of the registered participants.



3. Appointment of auditors



The general meeting resolved:

3.1 to appoint AS KPMG Estonia, register code 10096082 to perform the audit

of AS Harju Elekter on the years 2003-2005;



3.2 the auditor will be remunerated according to the price list of AS KPMG

Estonia and adhering to the economic activities budget, approved by the

supervisory board of AS Harju Elekter.



The number of the votes given in favour of the resolution was 3,472,163,

which accounted for 99.89% of the registered participants.







Andres Allikmäe

Chairman of Management Board

+372 674 7400





Moonika Vetevool

PR manager

+372 671 2761