TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

TRADING IN ESTONIAN SECURITIES IN HEX'S SYSTEMS STARTS ON JAN 28,

2002

 

Trading in the Tallinn Stock Exchange (TSE) listed securities will

start in HEX's trading system on January 28, 2002.

 

From that date on the TSE member firms will start using the HEX

trading system replacing the current TSE trading system. All the HEX

members willing to become members of the Tallinn Stock Exchange will

have an easy access to Estonian securities.

 

Euro will replace the Estonian kroon as the trading currency. This

means that the transactions will be inserted in the trading system

only in Euros. Investors will still be able to submit transaction

orders with the brokers in Estonian kroons. The amounts will

thereafter be converted into Euros in accordance with the official

exchange rate of the Central Bank of Estonia.

 

The transaction information on the TSE web site will be recorded both

in Euros and in the Estonian kroons. Similarly the financial reports

of the listed companies will be published in kroons and Euros in

parallel.

 

The TSE trading hours will remain the same: between 10.00 to 14.00. A

new auto-match system will replace the current phone-based system -

buying and selling orders will automatically be matched based on

their price and time priority. In accordance with the amendment

applied in September, the minimum trading lot of securities will

remain 1.

 

The companies listed on the TSE will be divided between the following

lists:

-    Main List;

-    I-List (or the Investors List, former Secondary List);

-    Bonds;

-    Free Market.

 

The new structure is similar to the corresponding structure of the

HEX lists. Requirements for listed companies will remain the same as

presently in TSE.

 

HEX operates cash and derivatives market as well as takes care of the

clearing and settlement for the trades at HEX. HEX has 60.3%

ownership in the Tallinn Stock Exchange.

 

Additional information:

 

Eva Palu

Head of Marketing and Public Relations Department

Tallinn Stock Exchange

 

Tel: +372 51 048 27