Cash offer for Eesti Telekom approved by the Estonian Financial Supervisory Authority

Cash offer for Eesti Telekom approved by the Estonian Financial
Supervisory Authority

On April 28 the Estonian Financial Supervisory Authority approved the
cash offer by TeliaSonera for all the shares issued in AS Eesti Telekom
that TeliaSonera does not already own.

The formal notice of the offer will be published in Estonian newspapers
today. The printed offer prospectus in Estonian, and an English
translation thereof, will be available at the Hansapank main branch at
Liivalaia 8 in Tallinn, Estonia as from today April 30, and will also be
available on the Tallinn Stock Exchange website (www.hex.ee) and on
TeliaSonera's web site (www.teliasonera.com/ir) as from today.

The acceptance period for the offer begins today, April 30, and will
last until June 10, 2004.

For further information journalists can contact:
Birgitta Grafström, Communications Manager, TeliaSonera Norway, Denmark,
Baltic countries, tel: +46-(0)70-555 00 04.
TeliaSonera´s Press Office, tel: +46-(0)8-713 58 30.


This press release may not be published, distributed, diffused or
otherwise sent in or into the United States of America (including its
territories and possessions, every State of the United States and the
District of Columbia), Canada, Japan or Australia and it does not
constitute an extension into the United States, Canada, Japan or
Australia of the offer mentioned in this press release.

The offer mentioned in this press release is not being made in the
Republic of Italy and has not been cleared by CONSOB pursuant to Italian
laws and regulations. Accordingly, persons resident in Italy may not
participate in this offer and neither this press release nor any other
material relating to the offer may be distributed or made available in
the Republic of Italy.

This press release does not constitute an offer to buy or the
solicitation of an offer to sell any securities pursuant to the offer
mentioned in this press release or otherwise. This press release must
not be passed on to anybody else.

The full terms and conditions of the offer mentioned in this press
release will be set out in the prospectus detailing this offer to be
published after its approval by the Estonian Financial Supervision
Authority and, in the case of relevant global depositary receipt ("GDR")
holders of AS Eesti Telekom, the instructions which will be made
available by Baltic Tele AB to such GDR holders on how this offer may be
accepted by them. Relevant holders of shares or GDRs of AS Eesti Telekom
may rely only on such prospectus and instructions for all the terms and
conditions of this offer.

The offer mentioned in this press release is directed only at persons
outside the United Kingdom or having professional experience in matters
relating to investments and this offer is available only to and will be
engaged in only with such persons. Persons in the United Kingdom who do
not have professional experience in matters relating to investments
should not rely or act on any information included in this press
release.

The availability of the offer mentioned in this press release may be
affected by the laws of jurisdictions in addition to those mentioned
above and holders of shares or global depositary receipts of AS Eesti
Telekom must inform themselves about and observe any such restrictions.



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