Tallinn Stock Exchange          NEWS RELEASE                    03.01.2005



CHANGES IN SUBSTANTIAL SHAREHOLDINGS



As of 03.01.2005 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      03.01.2005 

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

Eesti Telekom (137 954 528 shares)



   Baltic Tele Aktiebolag         37.18           50.00

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

 



Tallinn Stock Exchange

Market Services

+372 640 8800