OREANDA-NEWS. Dear shareholder of AS Eesti Telekom, We hereby inform you that the management board of AS Eesti Telekom, registration No. 10234957, address Valge 16, Tallinn, calls an annual general meeting of shareholders of AS Eesti Telekom. The annual general meeting of shareholders will be held on 20 May 2009 at 12:00 (noon) at Valge 16, Tallinn, reported the press-centre of Eesti Telekom.

The shareholders registered in the share register of AS Eesti Telekom on 10 May 2009 at 23:59pm have the right to vote at the general meeting.

Registration for the general meeting starts on 20 May 2009 at 11:30am at the place of the meeting. For registration for the meeting, shareholders must present identity documents and representatives of shareholders’ must present documents proving their right of representation.

Any questions regarding the general meeting can be asked by phone +372 631 1212, on the Internet at www.telekom.ee, or by e-mail to mailbox@telekom.ee.
 
AGENDA OF THE GENERAL MEETING 
1.  Approval of the 2008 Annual Report
The Supervisory Board proposes to approve the 2008 Annual Report.

2.  Allocation of Profit
The Supervisory Board proposes to distribute consolidated retained earnings of the Eesti Telekom Group as of the end of the year 2008, attributable to the equity holders of the parent company of the Group, totalling EEK 2,413,843 thousand as follows:

a.  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.

b. To leave the residual retained earnings totalling EEK 965,320 thousand undistributed.

The list of shareholders based on which dividends will be distributed shall be fixed at 23:59 on 5th of June 2009. The dividends shall be paid out on 16th of 2009.

3.  Recall and election of the Supervisory Board members
The Supervisory Board proposes to recall the following members of the Supervisory Board of AS Eesti Telekom: Bjorn Lindegren and Jorgen Latte. The Supervisory Board proposes to consider the members of the Supervisory Board recalled and the term of their authorities as members of the Supervisory Board terminated from the moment of shareholders’ resolution.

The Supervisory Board proposes to elect as members of the Supervisory Board of AS Eesti Telekom: Juha-Pekka Weckstrom and Freenasp Mobedjina. The Supervisory Board proposes to consider the above persons elected and the term of their authorities as members of the Supervisory Board commenced from the moment of shareholders’ resolution.

4. Election and remuneration principles of an auditor
The Supervisory Board proposes to appoint AS PricewaterhouseCoopers (reg. no. 10142876) as an auditor of AS Eesti Telekom in the financial year of 2009. The provision of and remuneration for the auditing services will be based on a contract entered into with the auditing company.

AS Eesti Telekom’s annual report of 2008, CV-s of the new Supervisory Board members and other materials related to the general meeting are available at AS Eesti Telekom webpage www.telekom.ee.