Tallinna Börs                 NEWS RELEASE                      05/25/2004



COUNCIL APPOINTS TSE MANAGEMENT MEMBERS



The Supervisory Council of Tallinn Stock Exchange on 24.05.2004 extended the 

term of current management board members Gert Tiivas and Jaanus Erlemann 

for another 3 years. Gert Tiivas will continue as the CEO of Tallinn Stock 

Exchange.





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