Today, on 26th of April 2007 starting at 10 a.m., the annual general meeting of the shareholders of AS Harju Elekter was held at Keskväljak 12, Keila. The AGM was attended by 96 shareholders and their authorised representatives who represented the total of 9,861,944 votes accounting for 58.70 % of the total votes. The agenda of the general meeting was as follows: 1. Approval to AS Harju Elekter annual report of 2006; 2. Approval to profit distribution; 3. Approval of the composition and remuneration of the supervisory board 4. Planning of the issue of shares by way of direct placement 1. Approval to AS Harju Elekter annual report of the year 2006. The general meeting resolved: To approve the annual report of AS Harju Elekter of 2006, prepared by the management board and approved by the supervisory board, according to which the consolidated balance sheet total of AS Harju Elekter was 757,732 thousand kroons as of 31.12.2006, while the turnover of the financial year was 622,087 thousand kroons and net profit 47,289 thousand kroons. The number of the votes given in favour of the resolution was 9,855,644 which accounted for 99.94 % of the registered participants. 2. Approval to profit distribution The general meeting resolved: To approve the profit distribution proposal of AS Harju Elekter of 2006 as presented by the management board and as approved by the supervisory board as follows: Retained profit from previous periods on 31.12.2006 52,789,000 kroons Net profit of the financial year 47,289,000 kroons Total retained profit on 31.12.2006 100,078,000 kroons Management board's proposal for the distribution of profit as follows: Dividends 1,80 kroons per share* 30,240,000 kroons Legal reserve 2,400,000 kroons Balance carried toward after profit distribution 67,438,000 kroons The dividends will be paid to the shareholders on 21 May 2007 by a transfer to the bank account of the shareholder. * the shareholders registered in the shareholders' registry on 11 May 2007 at 23.59 shall be entitled to dividend. The number of the votes given in favour of the resolution was 9,836,374 which accounted for 99.74 % of the registered participants. 3. Approval of the composition and remuneration of the supervisory board 1. The general meeting resolved: To appoint a five-member supervisory board for the company for the next five years. The number of the votes given in favour of the resolution was 9,858,944 which accounted for 99.97 % of the registered participants. 2. The general meeting resolved: To elect Endel Palla as the chairman of the supervisory board of the company, and Ain Kabal, Lembit Kirsme, Madis Talgre, Andres Toome as the members of the supervisory board. The number of the votes given in favour of the resolution was 9,855,346 which accounted for 99.93 % of the registered participants. 3. The general meeting resolved: To determine the remuneration of the supervisory board members of the company in the amount of 8 thousand kroons per month and the remuneration of the chairman of the supervisory board in the amount of 25 thousand kroons per month. To apply a valid bonus system to the chairman of the supervisory board who is working in executive management. The number of the votes given in favour of the resolution was 9,791,309 which accounted for 99.28 % of the registered participants. 4. Planning of the issue of shares by way of direct placement 1. To plan to carry out the issue of shares in 2010 by way of direct placement with AS Harju Elekter (increase of share capital) for the following objectives and on the following conditions which will serve as a basis for adopting a resolution on increasing the share capital and carrying out the issue of shares by way of direct placement in 2010: 1.1 a resolution on increasing the share capital will be adopted at the annual general meeting of shareholders in 2010; 1.2 the objective of the planned issue of shares is to involve the members of the directing bodies and employees of companies within the same group with AS Harju Elekter and the members of the management board of affiliated companies of AS Harju Elekter as the shareholders of AS Harju Elekter in order to motivate these persons to make efforts towards achieving better financial results for AS Harju Elekter, thereby ensuring the economic development of the company and involvement of additional funds in the equity capital of AS Harju Elekter and increasing the value of the shares in AS Harju Elekter; 1.3 the amount of the planned issue of shares by way of direct placement is MEEK 6 (6,000,000), for which purpose up to 600,000 new registered ordinary shares, each with a nominal value of ten (10) koons, will be issued upon deciding on the increase of the share capital in 2010; 1.4 upon increasing the share capital, the right of pre-emption of the current shareholders to subscribe for new shares shall be precluded in accordance with the provisions of the Commercial Code § 345 (1); 1.5 the issue price of the new shares to be issued in 2010 is the average price of the share of AS Harju Elekter during the stock exchange days of 16.07.-27.07.2007 on the Tallinn Stock Exchange. A price exceeding the nominal value of 10 kroons is deemed to be an issue premium. To acquire a share, its nominal value and issue premium need to be paid; 1.6 subscription for the shares to be issued shall be carried out following a decision on increasing the share capital during the time period of 1.- 30.09.2010. 1.7 the right to subscribe for new shares to be issued during the planned issue of shares by way of direct placement is vested in the persons specified in clause 1.2 hereof with whom a preliminary contract has been concluded by and on behalf of the shareholders, ensuring the pre-emptive right to subscribe for shares (hereinafter: Preliminary Contract) to the extent of the number of shares specified in the Preliminary Contract and on the condition that the Preliminary Contract is valid at the time of subscription for shares; 1.8 for validity of the shares subscription right and the Preliminary Contract, it is required that the persons specified in clause 1.2 hereof have a valid work-related or professional relationship with a company within the same group with AS Harju Elekter or with an affiliate company of AS Harju Elekter until the shares subscription date (inclusive), unless the work-related or professional relationship of the person specified in clause 1.2 hereof expires after the conclusion of the Preliminary Contract in connection with retirement; 1.9 payment for the shares to be subscribed for shall be made before the subscription, presenting upon subscription a payment document evidencing the payment for the shares to the extent of the shares to be subscribed for; 1.10 the Preliminary Contract shall be concluded with the persons specified in clause 1.2 on behalf and by authority of the shareholders of AS Harju Elekter; 1.11 the shareholders authorise, as their representative, Maksukonsultandi OÜ, registry code 10926632, address: Turuplats 7-2, 44310 RAKVERE, acting through its member of the management board Jüri Allikalt, to prepare the issue of shares by way of direct placement and conclude the Preliminary Contract with the persons specified in clause 1.2 hereof; 1.12 the shareholders authorise, as their representative, shareholder Endel Palla to conclude a contract with the person specified in clause 1.11 on behalf and by authority of the shareholders; 1.13 to conclude the preliminary contracts, it is necessary to carry out pre-registration of the persons who are interested in the conclusion of preliminary contracts and are specified in clause 1.2 hereof, at the premises of the management board of AS Harju Elekter at the address: Paldiski mnt. 31, 76606 KEILA, on working days from 8.00-16.00, or by e-mail with a message to the e-mail address: aktsia@he.ee. Upon pre-registration, the persons specified in clause 1.2 hereof must give notice of their given names and surname, personal ID code, postal address with postal code, communication numbers (phone, fax, e-mail), position or office in the group or an affiliate company, and the number of shares sought to be subscribed for; 1.14 to allow the persons specified in clause 1.2 to apply for the subscription right to up to a maximum number of 10,000 shares in AS Harju Elekter. If a person specified in clause 1.2 hereof has a work-related or professional relationship in more than one company within the group of AS Harju Elekter or its affiliate company, the person has the right to conclude only one Preliminary Contract and request on the basis of the Preliminary Contract only once the right to subscribe for 10,000 shares during the share issue to be carried out in 2010; 1.15 the conclusion of the Preliminary Contracts is to be carried out in the period between 1.06.2007 and 15.06.2007, whereas to allow to conclude the Preliminary Contracts to ensure the subscription right of up to 500,000 shares at a maximum. If during the pre-registration specified in clause 1.13 the persons specified in clause 1.2 hereof express a wish to obtain the subscription right to more than 500,000 shares, the proportion of each applicant shall be reduced pari passu with the number of shares applied for. In order to ensure the subscription right to the part of 500,000 shares not covered during the pre-registration and to the remaining 100,000 shares in the planned issue of shares in 2010, to allow to conclude the Preliminary Contracts until 15 June 2009 with persons whose work-related or professional relationship with a company within the same group with AS Harju Elekter was created from 1 June 2007 or who were elected as a member of the management board of an affiliate company of AS Harju Elekter since 1 June 2007; 1.16 a person applying for the pre-emptive right to subscribe for shares, must have paid by the date of conclusion of the Preliminary Contract the fee for conclusion of the Preliminary Contract (hereinafter: fee for the Preliminary Contract) in the amount of one (1) kroon for each one (1) share whose subscription is sought, by transferring the said amount to the bank account of Maksukonsultandi OÜ, a/c No 17001193611 with the Estonian Branch of Nordea Bank Finland Plc, by indicating as the explanation for the payment “fee for conclusion of the preliminary contract”. The Preliminary contract shall be concluded to ensure the pre-emptive right to subscribe for such a number of shares equaling the number of shares for which the fee for the Preliminary Contract has been paid by the date of conclusion of the Preliminary Contract. 1.17 Out of the fee for Preliminary Contract, to cover the costs relating to the issue of shares by way of indirect placement, i.e. costs relating to the planning, preparation and performance of the issue, and the costs for consultation and legal services. The fee for the Preliminary Contract shall not be refunded in any event nor set off with the price of the share payable during the issue. 1.18 The right to subscribe for shares arising from the Preliminary Contract is not tradable, and the rights and obligations arising from the Preliminary Contract cannot be transferred (incl. to bequeath) by the person specified in clause 1.2 hereof to another person; 1.19 the shares issued during the increase of the share capital in 2010 gives the right to receive dividends as of the financial year of 2010; 1.20 if at the time of making a resolution on the planned increase of the share capital in 2010, the stock exchange price of a share of AS Harju Elekter is smaller than the price specified in clause 4.1.5 hereof, the general meeting may suspend the decision on increasing the share capital by 3 years, which will automatically extend the term of the Preliminary Contract by the same time period without any special agreement with the persons specified in clause 1.2; 1.21 to give the management board the right, when it is apparent that the shares have been subscribed for during 1.-30.09.2010 below the planned increase of the share capital, to cancel the shares not subscribed for during the subscription period. In that case, the share capital is deemed to be increased in the amount of the nominal value of shares actually subscribed for and paid. 2. By this resolution, the shareholders assume an obligation to perform the concluded Preliminary Contracts. The number of the votes given in favour of the resolution was 9,752,712 which accounted for 98.89 % of the registered participants. Andres Allikmäe Chairman of the Board +372 674 7400