CHANGES IN SUBSTANTIAL SHAREHOLDINGS


As of 26.05.2008 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%, 15%, 20%, 25%, 33%, 50% and 66% are considered to be 
significant.

 
Issuer                          Previously       Per cent of 
                        disclosed per cent      shares as of
   Shareholder                   of shares        26.05.2008
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Baltika (18 644 850 shares)

MORGAN STANLEY + CO INCORPORATED EQUITY CLIENT ACCOUNT
          
                                    5.09           below 5

Harju Elekter (16 800 000 shares)

ING LUXEMBOURG S.A.                 -              10.37

SEB PANK AS KAUPLEMINE              10.42          below 5


Silvano Fashion Group (40 000 000 shares)

SEB PANK AS KAUPLEMINE             below 5         8.61     

SIA ALTA CAPITAL PARTNERS           13.65          9.82


Tallinna Kaubamaja (40 729 200 shares)

SEB PANK AS KAUPLEMINE             below 5         8.06

ING LUXEMBOURG S.A.                 6.65           -
 
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