Tallinna Börs                 NEWS RELEASE                      04/03/2003



CHANGES TO TSE RULES AND REGULATIONS



On March 25, 2003 new wording of chapter "Listing Rules" of the Tallinn Stock 

Exchange (TSE) Rules and Regulations (Rules) became effective. The main 

objective of the changes is to further listing of bonds. Changes to the Rules 

were as follows:



- The requirement for maximum nominal value of debt securities (1,000 kroons) 

was cancelled. Proceeding from the new provision nominal value of debt 

securities submitted for listing has to be either in Estonian kroons or euros.



- The definition of programme security was extended: 12-month temporal 

restriction was replaced with 60 months. Hence, for the purposes of the new 

wording, programme securities are term securities issued under a securities 

programme approved by a resolution of the issuer within 60 months (previously 

12 months) after adoption of the resolution on the basis of and in accordance 

with the terms and conditions provided in the programme.



- With regard to extension of temporal restriction for issue of securities 

programme an issuer is required to submit supplementary particulars of the 

programme securities containing updated information submitted in listing 

particulars in full amount if more than 12 months have passed from the 

adoption of the decision on conditional listing of programme securities.



- If the securities issued within the framework of the Issuer’s programme 

have been listed on the Exchange the Issuer is required to publish updated 

listing particulars every 12 months after listing of programme securities.



New wording of the TSE Price List became effective as at beginning of March. 

The main objective of the changes to the Price List is to promote Estonian 

bond market development as well. Therefore, the admission fee has been fixed 

on former minimum level, and quarterly fee for a bond issuer has been reduced 

by 50 percent. Additionally, the fee for transaction with bonds has been 

reduced, now fixed on 30 kroons (for each transaction side).



New wordings of the Rules and Price List with aforementioned amendments will 

be available on HEX Tallinn Internet homepage, under section "Amendments to 

the Rules and Regulations" of "TSE Rules and Legislative Acts".





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