1. Gert Tiivas, Senior Vice President HEX Baltic Operations

2. 2 © HEX 2002 16.04.2002 STRUCTURE OF THE HEX GROUP 100 %61,6 % Helsinki Securities and Derivatives Exchange, Clearing House Ltd Finnish Central Securities Depository Ltd HEX Securities Technology Ltd Oy HEX Securities Services Ltd Oy HEX Tallinn Tallinn Stock Exchange Estonian CSD HEX Back Office and Custody Services Oy, 95 % HEX Plc

3. 3 © HEX 2002 16.04.2002 PRESENT HEX TRADING MEMBERS 42 active members London Paris Helsinki Aktia Alfred Berg Bank of Åland Carnegie Conventum Danske Securities Eficor Enskilda Estlander & Rönnlund Evli eQ FIM Mandatum Nordea Securities Opstock Sofi Svenska Handelsbanken United Bankers Stockholm ABG Sundal Collier Norge Aragon Crédit Agricole Erik Penser E*Trade E. Öhman Junior Fischer Partners JP Nordiska Julius Baer Nordic NeoNet Remium Swedbank UBS Warburg London Barclays Capital Securities Credit Suisse First Boston Deutsche Bank Dresdner Kleinwort Wasserstein Goldman Sachs Morgan Stanley Tullett & Tokyo WestLB Panmure Paris Société Générale Amsterdam AOT Securities Van der Moolen Stockholm Oslo Copenhagen Frankfurt Zurich Amsterdam Tallinn

4. 4 © HEX 2002 16.04.2002 HEX+Tallinn=integrated market Integrated trading environment for Estonian and Finnish securities since February 25, 2002 Trading in HEX system, separate list for HEX Tallinn Euro as trading currency Same trading rules, other rules harmonised Market surveillance done locally Simplified procedure for cross-membership Settlement at Estonian CSD Alternative cross-border clearing solutions in place

5. 5 © HEX 2002 16.04.2002 mln EUR HEX Tallinn market developments Quarter 1, 2002 Turnover 94 mln EUR Up 54% annually Daily average turnover 1.5 mln EUR TALSE index up 24% 5 new member firms 1 new account operator

6. 6 © HEX 2002 16.04.2002 Harmonized rules, higher credibility Platform for IPOs: privatizations and private companies New products and services HEX distribution network and technology Cost-efficiencies and synergies from integration Well-functioning and seamlessly integrated Baltic markets Enhanced liquidity and visibility HEX vision for Baltic markets

7. 7 © HEX 2002 16.04.2002 HEX in the Baltics Leading structural changes in the Baltics: integration, consolidation strategic, long-term interest and investment cooperation based on mutual interests HEX can significantly benefit the development of Baltic markets Cooperation with Tallinn proceeding successfully Acquisition of Riga Stock Exchange and Latvian Central Depository to be completed shortly HEX very interested in Lithuanian market

8. 8 © HEX 2002 16.04.2002 Proposal for cooperation in Lithuania HEX is willing to invest into the development of Lithuanian market not selling trading system after choice of trading system there will be no choice of partner in privatisation HEX can connect Lithuanian market to European markets The choice is up to shareholders of NSEL, CSDL and Lithuanian market participants