Tallinna Börs                 NEWS RELEASE                12/13/2002 16:40



NEW MANAGING DIRECTOR OF HEX TALLINN



The Supervisory Board of HEX Tallinn has appointed on December 13 Management

Board member Jaanus Erlemann as a new Managing Director of HEX Tallinn.

Current Managing Director Indrek Kasela is leaving the company on December

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



Jaanus Erlemann (31) started working at the HEX Tallinn group in 1998 as the 

member of Management Board of Tallinn Stock Exchange (TSE) and head of the

Estonian CSD (ECSD).  Erlemann has been responsible for several important

strategic projects, including the integration of Tallinn Stock Exchange into

the HEX's trading environment and pension system launch in Estonia and

Latvia. 



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

organisation, which operates the exchange and maintains Estonian central 

securities registry and funded pension registry.





Gert Tiivas

HEX Tallinn CEO

+372 640 8800