TALLINN STOCK EXCHANGE

ANNOUNCEMENT

23.02.99

 

Memorandum of cooperation with London Stock Exchange

 

On Tuesday, 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.