EESTI TELEKOM

ANNOUNCEMENT



PROFIT ALLOCATION PROPOSAL



The Council of the Estonian Telecom Ltd. approves the Management Board 

proposal that the distributable funds for 1999 of EEK 1.332.740.273 according 

to EAL be allocated as follows:



- EEK 68.111.379, i.e. 10.0% of net profit shall be allocated to the legal 

reserve;



- EEK 203.337.103 i.e.35.04% of the net profit (IAS) shall be paid out as 

dividends to the shareholders as follows:

(a) EEK 203.327.103 shall be paid out to the shareholders of A-shares i.e. 

EEK 1.48 per share.

(b) EEK 10.000 shall be paid out to the shareholder of B-share.



- EEK 346.205.609, i.e. 59.66% of the net profit (IAS) or EEK 2.52 per share 

shall be distributed as "Anniversary dividend" to the holders of 137 383 178 

A-shares. 



- Left to be carried forward in the balance sheet is EEK 715.086.182.





Raul Kalev

PR-manager

+ 372 6460 220