Tallinn Stock Exchange          NEWS RELEASE                    20.12.2004



CHANGES IN SUBSTANTIAL SHAREHOLDINGS



As of 20.12.2004 the following significant changes have taken place 

in the ownership structure of the companies listed on the Tallinn 

Stock Exchange, compared with the standings disclosed earlier.

 

The levels of 5%, 10%, 20%, 33%, 50% and 66% are considered to be 

significant.

 

 

Issuer                       Previously     Per cent of 

                     disclosed per cent    shares as of

   Shareholder                of shares      20.12.2004 

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Harju Elekter (5 600 000 shares)*



   ING Luxembourg S.A.            10.37            9.91



* 5 400 000 shares at the time of last disclosure

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