Tallinna Börs                 NEWS RELEASE                04/04/2002 13:45



INDREK KASELA APPOINTED AS MANAGING DIRECTOR



HEX Tallinn 

Press release



Indrek Kasela was appointed as Managing Director of HEX Tallinn, the 

operator group of Tallinn Stock Exchange and Estonian CSD.



Managing director is responsible for day-to-day activities of HEX Tallinn. 

Gert Tiivas, who has been acting as a CEO as well as Managing Director, 

will continue as the CEO of HEX Tallinn, and will focus on the strategic 

development of the company. Gert Tiivas is also the Senior Vice President 

of HEX Baltic Operations business unit.



"We are glad to have Indrek as our new team member to meet the new 

challenges ahead of us, such as integration Estonian securities market 

to Europe and launch of pension reform among others," Tiivas said. 



Kasela (30) is a graduate of Tartu University (law, 1994), and holds 

master's degree in law from New York University (1996). He has held 

executive positions in Privador and Balti Cresco Investment Group. 



HEX Tallinn, part of HEX Group, is a leading Estonian securities market 

organisation, which operates the exchange and maintains Estonian central 

securities registry and pension registry. 



Additional information:



Gert Tiivas 

CEO

HEX Tallinn

Tel: +372  51 77 579



Indrek Kasela





Managing Director

HEX Tallinn

Tel: +372 6 408 800