Independent auditor`s report on the examination of the takeover report

| Source: Eesti Telekom Eesti Telekom 

Translation of the independent auditor`s report can be found in the attachment. 

Taivo Epner                                                                     
Authorized Public Accountant                                                    
Phone: +372  6 268 700

Attachments

auditors report_30.10.2009_eng.pdf