Annual General Meeting of the shareholders of AS MERKO EHITUS, held on 3 June 2008 decided: 1. Approval of the 2007 Annual Report To approve the 2007 Annual Report of AS MERKO EHITUS. 2. Deciding on the distribution of profits To approve the net profit for the financial year 2007 totalling EEK 545,049,316 (EUR 34,834,911) and not to distribute the profit among the shareholders. 3. Approval of the auditor for the financial year 2008 To approve AS PricewaterhouseCoopers as the auditor of AS MERKO EHITUS for the financial year 2008. The supply of auditing services and remuneration to be paid therefore will be based on a contract to be signed with the auditor. 4. Approval of the division plan of AS MERKO EHITUS To approve the division plan of AS MERKO EHITUS, which was signed and attested on 30 April 2008. 5. Election and removal of members of supervisory board To remove Teet Roopalu, Jaan Mäe and Toomas Annus from the supervisory board of AS MERKO EHITUS and to elect Teet Roopalu, Jaan Mäe and Tõnu Toomik as the new supervisory board members. The removal and election of the supervisory board members shall take effect from entry of the division described in the division plan specified in section 4 above in the commercial register. 6. Remuneration of supervisory board members To remunerate the supervisory board members as follows: the chairman of the supervisory board shall be paid 4,000 (four thousand) EEK and the members of the supervisory board shall be paid 3,000 (three thousand) EEK monthly for the performance of their duties of the supervisory board members. The new terms of remuneration of the supervisory board members shall take effect from entry of the division described in the division plan specified in section 4 above in the commercial register. 7. Amendment of the Articles of Association To amend the Articles of Association of AS MERKO EHITUS as follows: 1) To amend article 1 and formulate it as follows: “The business name of the public limited company (hereinafter the Company) is aktsiaselts Järvevana.” 2) To cancel article 3. 3) To amend article 4 and formulate it as follows: “The minimum capital of the Company is 88,500,000 (eighty eight million five hundred thousand) EEK and maximum capital is 354,000,000 (three hundred and fifty four million) EEK. The amount of the share capital can be changed pursuant to the procedure stipulated by law.” 4) To amend sentence four of article 7 and formulate it as follows: “The valuation of a non-monetary contribution shall be audited by an auditor, except if the non-monetary contribution consists of securities, which are to be valued pursuant to a special procedure stipulated by the Commercial Code.” 5) To amend the first sentence of article 10 and formulate it as follows: “A registered share may be pledged." 6) To amend the first sentence of article 19 and formulate it as follows: “The management board shall send the notice calling a general meeting by registered or regular post, facsimile transmission or email to all shareholders holding registered shares.” 7) To amend article 21 and formulate it as follows: “General meetings shall be held at the seat of the Company.” 8) To amend article 27 and formulate it as follows: “The supervisory board shall give orders to the management board for organisation of the management of the Company. The consent of the supervisory board is required by the management board for conclusion of transactions beyond ordinary course of business. The consent of the supervisory board is required by the management board for conclusion of transactions, if the total amount of a transaction or simultaneous transactions exceeds 200,000 (two hundred thousand) euros; for acquisition, transfer or dissolution of companies; as well as for establishment and closing of foreign branches.” 9) To amend the second sentence of article 34 and formulate it as follows: “A member of the supervisory board may not be represented by another member of the supervisory board or by a third person at a meeting or in adoption of a resolution.” 10) To amend the second sentence of article 39 and formulate it as follows: “If a member of the supervisory board does not give notice of whether the member is in favour of or opposed to the resolution during this term, it shall be deemed that he or she votes against the resolution.” 11) To amend article 42 and formulate it as follows: “The management board of the Company shall have 1 to 3 members. If the management board has more than 2 members, the supervisory board shall appoint a chairman of the management board.” The amendments in the Articles of Association set forth in section 7 above shall take effect from the moment of their entry in the Commercial Register, which is sought concurrently with the entry of the division in the Commercial Register in such a manner that no division entry will be made without the entry on amendment of the Articles of Association and vice versa. Alar Lagus Member of the Management Board +372 6 805 109 alar.lagus@merko.ee