Tallinna Börs                 NEWS RELEASE                      06/14/2004



CHANGES IN SUBSTANTIAL SHAREHOLDINGS



As of 14.06.2004 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      14.06.2004 

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

Klementi (1896875 shares)



   Nordea Bank Finland Plc 

   Clients Account Trading        10.07         below 5



   ING Luxembourg S.A.                             9.95

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

Merko Ehitus (8850000 shares)



   Nordea Bank Finland Plc 

   Clients Account Trading        10.42            5.26



   ING Luxembourg S.A.                             8.81

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

Norma (13200000 shares)



   Nordea Bank Finland Plc 

   Clients Account Trading        10.54         below 5

   

   ING Luxembourg S.A.                             8.05

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

Saku Õlletehas (8000000 shares)



   Nordea Bank Finland Plc 

   Clients Account Trading         5.22         below 5

   

   ING Luxembourg S.A.                             5.00

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

Tallinna Kaubamaja (6788200 shares)



   Nordea Bank Finland Plc 

   Clients Account Trading        10.08         below 5

   

   ING Luxembourg S.A.                             9.52

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

Viisnurga (4499061 shares)



   Nordea Bank Finland Plc 

   Clients Account Trading         5.31         below 5

   

   ING Luxembourg S.A.                            11.07

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





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