Tallinn Stock Exchange             NEWS RELEASE                    04.01.2005



ABOUT QUALIFYING HOLDING IN AS HARJU ELEKTER



The notice of decrease in a qualifying holding in AS Harju Elekter, issued by 

ING Luxembourg S.A., arrived at the Estonian CSD today, on January 04, 2005.



According to the notice, ING Luxembourg S.A holds AS Harju Elekter shares 

on behalf of its client, DCF Fund (II), and the client's holding in AS Harju 

Elekter has declined from 10.37% to 9.91% due to an increase in AS Harju 

Elekter share capital on 29.10.2004.





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