Memorandum of Cooperation with London Stock Exchange

23.02.1999 TLN

Tallinn Stock Exchange Press Release
February 23, 1999

On 23 Febuary, 1999 Tallinn Stock Exchange and London Stock Exchange entered in London into a Memorandum of Cooperation, which provides a mechanism for the development of long-term cooperation between the exchanges.

In addition to other areas, the Memorandum provides for the exchange of information and coordination of activities on the status of cross-listed securities (currently Estonian Telecom). The document also provides a framework for information exchange on the functioning of the securities markets and relevant regulations in the two countries.

The memorandum was signed by Gert Tiivas, Chairman of the Management Board, on behalf of the Tallinn Stock Exchange, and by Gavin Casey, Chief Executive Officer, on behalf of the London Stock Exchange.

"The memorandum provides strong foundation for cooperation between LSE and TSE and as such is a significant first step towards bringing the Estonian Exchange into the evolving structures of international exchange alliances," said Gert Tiivas, Chairman of the Management Board of the Tallinn Stock Exchange.

"TSE will certainly benefit from cooperation with LSE, one of the leading exchanges in the world. In particular, information exchange regarding cross-listed securiteis will bring more transparency to the Estonian market," he added.

Estonian Telecom GDR-s are listed on the London Stock Exchange from February 16, 1999. The company is listed on the Tallinn Stock Exchange since February 11, 1999.

Additional information:

Eva Palu
Head of Investor Relations Dpt
Tel: +372 64 08 840
e-mail: