Tallinna Börs                 NEWS RELEASE                      06/16/2003



CHANGES TO PRICE LIST



Management Board of the Tallinn Stock Exchange (TSE) has approved new wording 

of the TSE Price List. Amendments to the Price List favour automatically

matched transactions that in turn should create preconditions for better

market transparency and liquidity. 



Proceeding from the amendment a fee for the automatically matched 

transactions was decreased from 0.025% to 0.015% of the transaction value. A

fee for each negotiated transaction shall increase from 0.025% to 0.04% of

the transaction value (but not more than EEK 1,500 for each transaction side,

as in previous wording).



The aforementioned amendment to the Price List applies with regard to

Exchange members who can correspondingly decrease their price lists for 

investors.



The new Price List is approved with market participants and shall be binding

as of July 1, 2003.





Tallinn Stock Exchange

Market Services

(372) 6408 800