Riga Stock Exchange                                                               17.01.2005



JSC “Rīgas raugs” reports insider trades



On behalf of insiders, “Rīgas Raugs” management reports the following:

1.	Johan Bohman on 12.01.2005 transferred 2000 non-public shares. The person does not 

hold any public voting shares.

2.	Vidar Bredessen on 12. 01.2005 transferred 1000 non-public shares. The person does not 

hold any public voting shares.

3.	Pertti Heiskanen on 12. 01.2005 transferred 2000 non-public shares. The person does not 

hold any public voting shares.