Tallinna Börs                 NEWS RELEASE                      06/10/2004



RESULTS OF THE CASH OFFER



On 30 April 2004 Baltic Tele AB, registration number 556454-0085, address 

c/o TeliaSonera AB, Ekonomi, Box 7754, SE-103 96, Stockholm, Sweden, made an 

offer to acquire all shares of AS Eesti Telekom, registry code 10234957, 

address Roosikrantsi 2, 10119 Tallinn, not already owned by Baltic Tele AB 

from the shareholders of AS Eesti Telekom in accordance with the Rules of 

Takeover Bids and other laws effective in the Republic of Estonia 

(the "Offer").



The period for the acceptance of the Offer ended on 10 June 2004.



The Offer was conditional upon Baltic Tele AB obtaining the approval of the 

Estonian Competition Board for the acquisition of control over AS Eesti 

Telekom (permission for concentration). Estonian Competition Board granted 

Baltic Tele AB the permission for concentration on 12 May 2004. 



The Offer was also conditional upon shareholders of AS Eesti Telekom giving 

acceptances to the Offer in such extent that would have resulted in Baltic 

Tele AB holding (together with the shares of AS Eesti Telekom held by Baltic 

Tele AB on 14 April 2004) at least 85% of all shares of AS Eesti Telekom. 

This condition was not satisfied. 



Since one of the conditions of the Offer was not satisfied, the rights and 

obligations determined by the Offer did not arise.



Therefore, the shareholding of Baltic Tele AB in AS Eesti Telekom has not 

changed and, as at 10 June 2004, Baltic Tele AB owns 67,317,756 A-shares of 

AS Eesti Telekom, representing 48.91% of the total number of shares of AS 

Eesti Telekom. No other company belonging to the TeliaSonera group owns any 

share of AS Eesti Telekom.





AS Hansapank, 

representative of Baltic Tele AB regarding the cash offer (in Estonia)





Lauri Lind

AS Hansapank

+372 6131 355