Tallinna Börs                 NEWS RELEASE                      05/03/2004



CHANGES IN SUBSTANTIAL SHAREHOLDINGS



As of 03.05.2004 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      03.05.2004 

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Harju Elekter (5 400 000 shares) 



   Nordea Bank Finland Plc Clients Account Trading

                                  12.16         below 5

   Hansapank                    below 5            9.86



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Kalev (7 877 500 shares) 



   Linderin Grupp OÜ              30.46           18.70

   Tallinna Piimatööstuse AS    below 5           11.75



--------------------------------------------------------------

Saku Õlletehas (8 000 000 shares) 



   Nordea Bank Finland Plc Clients Account Trading

                                below 5            5.22



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