OREANDA-NEWS. June 25, 2008. Annual General Meeting of the shareholders of AS Eesti Telekom decided:
1. Approval of the 2007 Annual Report and allocation of profits:
1.1       To approve the 2007 Annual Report.
1.2       To distribute consolidated retained earnings of the Eesti Telekom Group as of the end of the year 2007, attributable to the equity holders of the parent company of the Group, totalling EEK 2,429,361 thousand as follows:

To distribute among the shareholders and pay to the shareholders as dividends EEK 1,448,523 thousand, i.e. EEK 10.50 per share, based on a total of 137,954,528 shares entitled to dividends. To leave the residual retained earnings totalling EEK 980,838 thousand undistributed among the shareholders.

The list of shareholders based on which dividends will be distributed shall be fixed at 23:59pm on 6 June 2008. The dividends shall be paid out on 17 June 2008. 

2. Buy-back option of AS Eesti Telekom shares

To authorize AS Eesti Telekom to acquire, within five years from the adoption of the resolution of the General Meeting (i.e. until 22 May 2013), AS Eesti Telekom shares so that the total of the nominal values of such shares held by AS Eesti Telekom will not exceed the limits prescribed by law, and the price paid per share will not be lower than nominal value of one share and will not exceed the higher of the price of the last independent trade and the highest current independent bid on the Tallinn Stock Exchange on the day of the share acquisition. AS Eesti Telekom will pay for the said shares from the company's assets that exceed its share capital, reserve capital, and share premium. The maximum number of shares to be acquired each time in accordance with this resolution shall be determined on each occasion separately by a resolution of the Supervisory Council of AS Eesti Telekom.                                   

3. Recall and election of the Supervisory Council members

To recall the following members of the Supervisory Council of AS Eesti Telekom: Anders Gylder, Lars Gunnar Klasson, Jorgen Latte, Tarmo Porgand, Jьri Raatma, Mats Salomonsson and Aare Tark. To consider the members of the Council recalled and the term of their authorities as members of the Council terminated from the moment of this resolution.  

To elect as members of the Supervisory Council of AS Eesti Telekom: Anders Gylder, Lars Gunnar Klasson, Jorgen Latte, Tarmo Porgand, Juri Raatma, Mats Salomonsson and Aare Tark. To consider the above persons elected and the term of their authorities as members of the Council commenced from the moment of this decision.                                                                      

4. Remuneration of the Supervisory Council members

The members of the Supervisory Council may be paid the following remuneration:  Chairman of the Council EEK 20,000 per month and a Member of the Council EEK 11,000 per month. Members of the Council may be compensated for actual expenses related to executing their duties (e.g. accommodation, transport, and communications expenses) on the basis of an application made by a Member of the Council.                                                                      

5. Election and remuneration principles of an auditor

To appoint AS PricewaterhouseCoopers (reg. No. 10142876) as an auditor of AS Eesti Telekom in the financial year of 2008. The provision of services and remuneration for the auditing services will be based on a contract entered into with the auditing company.