Eesti Telekom                 NEWS RELEASE                      01/20/2005



THE COUNCIL OPINION



This opinion has been prepared in accordance with § 171 of the  Securities  Market

Act and Chapter 9 of the Decree No. 71 of the Minister of  Finance  dated  28  May

2002 "The Takeover Rules" in connection with the takeover bid made by Baltic  Tele

AB (the "Offeror")  concerning  the  shares  in  AS  Eesti  Telekom  (the  "Target

Issuer").





The Supervisory Council of the Target Issuer is of the following opinion:



 1. The members of the Supervisory Council  and  the  Management  Board  have  no

    contracts or other relationships  with  the  Offeror  except  that  Mr.  Erik

    Hallberg and Mr. Mats Salomonsson are members of the board  of  directors  of

    the Offeror. Ms. Annika Christiansson, Mr. Erik Hallberg,  Mr.  Kennet  Rådne

    and Mr. Mats Salomonsson have employment agreements with the  parent  company

    of the Offeror, TeliaSonera AB (publ).



 2. Ms. Annika Christiansson, Mr. Erik Hallberg, Mr. Kennet Rådne  and  Mr.  Mats

    Salomonsson have been elected to the Supervisory Council upon the proposal of

    the Offeror.



 3. The members of the Supervisory Council  and  the  Management  Board  have  no

    conflicts  of  interest  arising  from   the   takeover   bid.   Ms.   Annika

    Christiansson, Mr. Erik Hallberg, Mr. Kennet Rådne and Mr.  Mats  Salomonsson

    have not participated in the preparation of the takeover bid. Strict internal

    rules have been established in the TeliaSonera Group to avoid the  disclosure

    of confidential information from the Supervisory Council members to the  team

    preparing the takeover bid.



 4. The Supervisory Council, including the independent members of the Supervisory

    Council, Mr. Alo Kelder, Mr. Tarmo Porgand and Mr. Raivo Vare, estimate  that

    the takeover bid over the time has sound economic reasoning.  As  a  part  of

    TeliaSonera group, the Target Issuer can take advantage of the  economies  of

    scale, enhance the competitiveness of the Target Issuer and avail  itself  of

    the purchasing power of TeliaSonera. With the combined  resources  and  large

    TeliaSonera market, the Target Issuer  will  be  able  to  offer  competitive

    prices for new customer services. The Offeror has indicated in  the  takeover

    prospectus that no immediate structural changes are foreseen with  regard  to

    the Target Issuer's employees but the Offeror will seek to optimally  utilise

    the human resource capacity in the Target Issuer.



 5. The members of the Supervisory Council and the Management Board  do  not  own

    any shares of the Target Issuer and therefore they are not in the position to

    accept or reject the takeover bid.



 6. There are no agreements between the Target  Issuer  and  any  member  of  the

    Management Board or the Supervisory  Council  that  provide  for  payment  of

    compensation by the Target Issuer or any third party or termination  of  such

    agreements in the case of a takeover bid concerning the shares of the  Target

    Issuer.





This opinion has been adopted by the Supervisory Council on 19 January 2005.





                                                                             

                                                                             

                                                                             

 Erik Hallberg                         Annika Christiansson                  

 Chairman of the Supervisory Council   Member of the Supervisory Council     

                                                                             

                                                                             

                                                                             

 Alo Kelder                            Tarmo Porgand                         

 Member of the Supervisory Council     Member of the Supervisory Council     

                                                                             

                                                                             

                                                                             

 Kennet Rådne                          Mats Salomonsson                      

 Member of the Supervisory Council     Member of the Supervisory Council     

                                                                             

                                                                             

                                                                             

 Raivo Vare                                                                  

 Member of the Supervisory Council                                           

                                                                             

                                                                             

                                                                             

                                                                             

 Jaan Männik                           Hille Võrk                            

 Chairman of the Management Board      Member of the Management Board