To the Board and Shareholders of Tallinn Stock Exchange

We have audited the financial statements of Tallinn Stock Exchange as of 31 December 1997 as set out on pages 65 to 71. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statesment. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements present fairly, in all material respects, the financial position of Tallinn Stock Exchange as of 31 December 1997, and of the results of its operations for the year then ended in accordance with Estonian accouting legalisation.

Tallinn 17 February 1998

AS Coopers & Lybrand

Ruut Mägi
Aivar Kangust