HARJU ELEKTER                     NEWS RELEASE                5.10.2004



INCREASE OF SHARE CAPITAL



In relation to placing, shares could be subscribed for from 16.09 to 30.09.2004.

During the period, all the 200,000 registered ordinary shares issued with a

nominal value of EEK 10 were subscribed for.

Payment for the shares issued took place simultaneously with the subscription

period and all the shares subscribed for have been duly paid for. The management

board of the company confirmed the results of subscription as of 30 September

2004 by its resolution adopted on 4 October 2004.



After the issue, the share capital of Harju Elekter is EEK 56 million, divided

into 5.6 million ordinary shares.







Andres Allikmäe

Chairman of the Management Board

+372 6 747 400