Tallinna Börs                 NEWS RELEASE                      03/25/2002



CHANGES IN SUBSTANTIAL SHAREHOLDINGS



As of 25.03.2002 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    25.03.2002

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Tallinna Kaubamaja (6 788 200 shares)



   BANK OF BERMUDA (GUERNSEY)/

   BALTIC REPUBLICS FUND                10.83         8.33



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