AS HARJU ELEKTER	STOCK EXCHANGE ANNOUNCEMENT		2005-03-15



ENTRY INTO LOAN AGREEMENTS



AS Harju Elekter entered into two loan agreements: with Sampo Pank Finland for

MEUR 1.8 (MEEK 28.2) and with Nordea Pank Estonia for MEUR 1.0 (MEEK 15.6). The

loans, which were received on favourable terms, were used to refinance earlier

loans of MEUR 1.2 (MEEK 18.8). The loan interest is composed of 3 months'

Euribor and margins of 0.5% and 0.48%, respectively. The loans will be repaid

during 5 years. The borrowed money will be used to finance real estate

investments.



AS Harju Elekter currently owns 47,570 m2 of production and related areas in

Keila and Haapsalu, a considerable part of which is leased to subsidiaries and

related companies.



The equity capital of the parent company of AS Harju Elekter was 88% of its

balance sheet total as of 31.12.2004, having decreased by 4 percentage points

after the new loans were taken.





Andres Allikmäe

Chairman of Management Board

+372 6 747 400



For more information: Endel Palla, Chairman of the Council (tel +372 6747 400)