1. Q1 2009 results April 2009

2. Management commentary to Stock Exchange about Q1 2009 results The Group’s sales revenues in the first quarter were primarily impacted by regulations (European Union regulations applied on the mobile sector) and the economic downturn (reduction of sales of goods and changes in consumer behavior). At the same time, there is a continuing growth of mobile postpaid, mobile and fixed broadband and TV customers. Thanks to efficiency programs that were previously implemented it was possible to compensate the loss of revenues by a proportional decrease of expenses and to maintain the EBITDA margin.

3. EMT’s market position EMT’s estimated market share (by number of active SIM-cards) was 47% March 2009 March 2008 +/- Mobile postpaid users (in th.) 488,0473,015,0

4. Elion’s market position March 2009 March 2008 +/- No of permanent Internet connections (in th.) 176,5167,59,0 No of IP and cable-TV customers (in th.) 86,963,223,7 Total means of communication (in th.) 461,0473,0-12,0

5. Financial results Eesti Telekom Group

6. Dynamics of sales Continued customers’ growth in broadband services and mobile communication segments; Sales revenues were primarily impacted by regulations that EU applies to the mobile sector and by the economic downturn

7. ARPU

8. Dynamics of OPEX Decline in retail and wholesale volumes Significant impact of efficiency projects to IT, maintenance and personnel costs

9. Dynamics of EBITDA

10. CAPEX and depreciation Investing priorities: Broadband Development of network resources, changes in the product portfolio, the improvement of and expansion of the availability of the triple-service packages Mobile Implementation of technologies supporting high-speed data communications; IT Expansion of the infrastructure necessary for the provision of services

11. Cash position Proposal of the Management Board is to pay dividends for the year 2008 0.67 EUR per share (92.6 mln EUR in total); Dividends will be booked in May 2009 and paid in June 2009; Tax on dividends (24.6 mln EUR) will be booked in May 2009 and paid in July 2009

12. Largest shareholders of AS Eesti Telekom

13. Trading statistics in Tallinn AS Eesti Telekom has been listed on the Tallinn and London Stock Exchanges (OMX:ETLAT/LSE:EETD) since 1999. TRADING HISTORY ON THE TALLINN STOCK EXCHANGE (in euros) Veerg12005200620072008Q1 2009 High8.608.4010.777.995.25 Low7.106.956.573.814.10 Last7.608.407.803.904.64 Change, %5.5610.53-7.14-50.0018.98 Traded volume23,749,35419,336,24123,693,03217,636,4952,788,123 Turnover, mln185.83148.77193.36116.4713.55 Capitalisation, mln1,048.451,158.821,076.05538.02640.11 Source: NASDAQ OMX Tallinn SHARE INFORMATION Veerg12005200620072008 Year-end number of shares137,954,528 Annual average number of shares137,954,528 Equity per share, EUR1.871.901.99 Earnings per share, EUR0.500.610.700.66 P/E ratio15.113.811.25.9 Dividends per share for the year (2008 – the Management Board proposal), EUR 0.580.610.67 Dividend payout ratio, %114.2100.196.1101.0

14. Structure of the Group