EESTI TELEKOM

ANNOUNCEMENT



ANNUAL GENERAL MEETING OF SHAREHOLDERS



Hereby we inform that the ordinary General Meeting of the shareholders 

of Estonian Telecom shall be held on May 25, 2000 at 2.00 p.m. at National 

Library of Estonia (Tonismägi 2, Tallinn) in Conference Hall.



The following agenda is suggested for the meeting:



1.Approval of 1999 results and allocation of the profit.

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

3.Remuneration of the members of the Council.

4.Election of the auditor.



The shareholders registered in the share register of Estonian Telecom by 

May 25, 2000 at 8.00 a.m. have the right to vote on the Meeting.



Draft resolutions:



1. To approve 1999 annual report consisting of financial report, activity 

   report, auditor's report and proposal of the allocation of the net profit.



2. To allocate Estonian Telecom Ltd distributable funds in total amount 

   EEK 1 332 740 273 as follows:

·  EEK 68 111 379 shall be allocated to the legal reserve;

·  EEK 203 337 103 shall be paid out as dividends to the shareholders as 

   follows:

a) A total 137 383 178 A-series shares are entitled to dividends. 

   EEK 203 327 103 shall be paid out to the shareholders of A-series 

   shares i.e. EEK 1.48 per share;

b) One B-series share is entitled to dividends. EEK 10,000 shall be paid out 

   to the shareholder of B-series share.

·  A total 137 383 178 A-series shares are entitled to dividends. 

   EEK 346 205 609 or 2.52 kroons per share shall be paid out as 

   "Anniversary Dividends" to the holders of A-series shares;

·  EEK 715 086 182 shall be carried forward as retained earnings.

·  Retained earnings will be subject to deduction by income tax calculated 

   on dividend pay-out.



AS Eesti Telekom will fix the list of shareholders for dividend payments 

on 09.06.2000 at 8.00 AM.



3. To appoint Mr Andres Root (AS KPMG Estonia) to audit Estonian 

   Telecom Ltd in 2000. 

   Remuneration of the auditor will be based on a contract with the 

   auditing company.



Additional information: <a href='http://www.telekom.ee' target='_blank'>http://www.telekom.ee</a>





Raul Kalev

PR-manager

+ 372 6460 220