TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

CHANGES IN SUBSTANTIAL SHAREHOLDINGS

 

As of 20.03.2000 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     20.03.2000

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Baltika (4 800 000 shares)

 

  Hansa Investment Fund                   5.23        below 5

 

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Estiko (5 978 146 shares)

 

  Marketron Konsultatsioonid OÜ          16.27        below 5

  Dennis Wells Investments Corp.       below 5          14.45

 

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Reval (5 265 129 shares)

 

  International Financial Corporation  below 5           8.56

 

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Tallinna Kaubamaja (6 788 200 shares)

 

  AS NG Investeeringud                    8.25        below 5

  EE-Grupp                             below 5           8.49

 

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TSE