Tallinna Börs                 NEWS RELEASE                      08/29/2002



ABOUT SUPERVISION OF TAKE-OVERS



As of September 1, the Financial Supervisory Authority shall, with regard 

to "Securities Market Act" (SMA), exercise supervision and control adequacy

of take-over bids to shareholders of companies listed on Tallinn Stock

Exchange to valid legislative acts.



Hitherto the Take-over Committee of the Tallinn Stock Exchange had the

authority to co-ordinate take-over bids. From September the Management Board

of Financial Supervisory Authority shall approve of take-over bids.



Pursuant to the aforementioned amendments Tallinn Stock Exchange Rules for

Take-over Bids shall become invalid. Hence, the offeror has no obligations to

enter into agreement with the Tallinn Stock Exchange to exercise the Rules

for Take-over Bids. The Take-over Committee of the Tallinn Stock Exchange

shall terminate its activities.



Further requirements to take-over bids and other relevant circumstances are

regulated by the regulation of Minister of Finance on the basis of the SMA.

The regulation is available on HEX Tallinn Homepage at <a href='http://www.hex.ee.' target='_blank'>http://www.hex.ee.</a> 



Additional information:



Kilvar Kessler 

Member of the Financial Supervisory Authority Management Board

(372) 66 805 18





Eva Palu

HEX Tallinn

(372) 6408 800