Resolutions of the annual general meeting of AS Merko Ehitus held on 30 April 2007: I. Approval of annual report 2006 To approve the annual report of AS Merko Ehitus for the financial year 2006. II. Resolving the distribution of profit To approve the profit distribution as follows: (i) to approve the net profit for the financial year 2006 in the amount of 581 738 087 Estonian kroons. (ii) to pay dividends from the net profit of 2006 to shareholders in the total amount of 123 900 000 Estonian kroons, which is 7 kroons per share. the shareholders entered in the share register of AS Merko Ehitus as at 23.59 on 16 May 2007 will be entitled to the dividends. the dividends will be paid to the shareholders on 22 May 2007 by transfer of the respective amount to the current account linked to the securities account of the shareholder. (iii) to retain the remaining net profit. III. Approval of the auditor for the financial year 2007 To approve AS PricewaterhouseCoopers as the auditor of AS Merko Ehitus for the financial year 2007 and to pay to the auditor according to the contract. IV. Amendment of the terms of service of the members of the supervisory board with regard to business secrets, competition prohibition, bonuses and severance payments To approve the amendments to the terms of service of the members of the supervisory board in the presented form: 1) to specify the definition of a business secret, including to approve an exemplifying list of information that is regarded to constitute business and industrial secrets of the company; 2) to specify the procedure for preparing a list of the competitors of the company; 3) a member of the supervisory board will be entitled to a bonus as follows: - the chairman of the supervisory board - 0.4% of the profit before taxes of the company, minus the respective minority holding; - a member of the supervisory board - 0.35% of the profit before taxes of the company, minus the respective minority holding. The additional remuneration shall be paid after the approval of the annual report for the respective year at the general meeting of shareholders. In maximum 75% of the aforesaid additional remuneration can be paid to the members of the supervisory board in advance. 4) to spread the compensation payable to the members of the supervisory board upon termination of their contract of service over 12 months. 1 EUR = 15,6466 EEK Alar Lagus Member of the Board +372 680 5109