Financial Supervisory Authority To Assume Control Of Take-Over Supervision

As of September 1, the Financial Supervisory Authority shall, with regard to "Securities Market Act" (SMA), exercise supervision and control adequacy of take-over bids to shareholders of companies listed on Tallinn Stock Exchange to valid legislative acts.

Hitherto the Take-over Committee of the Tallinn Stock Exchange had the authority to co-ordinate take-over bids. From September the Management Board of Financial Supervisory Authority shall approve of take-over bids.

Pursuant to the aforementioned amendments Tallinn Stock Exchange Rules for Take-over Bids shall become invalid. Hence, the offeror has no obligations to enter into agreement with the Tallinn Stock Exchange to exercise the Rules for Take-over Bids. The Take-over Committee of the Tallinn Stock Exchange shall terminate its activities.

Further requirements to take-over bids and other relevant circumstances are regulated by the regulation of Minister of Finance on the basis of the SMA. The regulation is available on HEX Tallinn Homepage at www.hex.ee.