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ECSDA Conversion table 2011

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					                                                                                                                                        Estonian CSD                                                                                                                                           Page 1

                                                                                                                                                                               4. Reference to
                                                                                                        3. Complete which tariff sections/captions refer to                                       5. Fees charged to (issuer
1. Services                            2. ECSDA proposed sub-sections to ease completion                                                                                      tariff brochure -                                                         6. Service description
                                                                                                                            which service                                                          or its agent, intermediary,
(as listed in section V of Code)                       conversion table                                                                                                      (page or paragraph                                              (in summary or reference to exisiting documents)
                                                                                                        (one caption per row - insert as many rows as required)                                        end investor, other)
                                                                                                                                                                                   number)
                                   Opening and maintenance of securities accounts                       Opening of securities accounts                                      2.1.2.1.              Intermediary                   The fee charged for opening of an account depends on the type of the account
Account provision & Asset                                                                                                                                                                                                        (beneficial owner or nominee) and the status of the account owner (either a
                                                                                                                                                                                                                                 physical or legal person or an account operator (member of the CSD)).
Servicing

                                   Closing of securities accounts                                       There is no separate charge for closing of a securities             2.1.3.                Intermediary                   The fee is not charged if the reason for the securities transfer and the closure
                                                                                                        account, except for transfer of securities to the extent of the                                                          of the account is the cancellation of activities of the account operator for the
                                                                                                        whole balance of the securities account, if the debited                                                                  debited securities account.
                                                                                                        account is to be closed

                                   CSD membership                                                       Fee for application for the status of account operator              2.1.1.                Intermediary                   The application fee is a one-off fee. The monthly minimum fee for the account
                                                                                                        Fee for application for the status of clearing member                                                                    operator applies if the fee for services provided to the account operator is less
                                                                                                        Minimum fee for the account operator                                                                                     than 250 EUR.
                                   Asset servicing dematerialised securities                            Administration of securities accounts                               2.1.2.2.              Intermediary                   The fee for administration of an account depends on the market value of listed
                                                                                                                                                                                                                                 securities registered on the relevant securities account.
                                   Asset servicing physical/immobilised securities                      Service not offered
                                   Proxy voting                                                         Service not offered
                                   Withholding tax services                                             Services provided in the course of organising payments on           1.1.6.                Issuer
                                                                                                        securities
                                   Other                                                                Securities account statements                                       2.1.5.                Intermediary
                                   Other                                                                Fee for forwarding information on corporate actions                 1.2.                  Intermediary                   The fee consists of two components: a monthly fee (for using the notification
                                                                                                                                                                                                                                 service via e-mail or SWIFT network) and fee for each SWIFT message

Establishing securities in book-   Issuance dematerialised securities                                   Registration of securities, registration of additional securities   1.1.1., 1.1.3.1.      Issuer                         The total fee consists of two components: the lump-sum proceeding fee and
                                                                                                                                                                                                                                 entry fee, which depends on the number of entries made in the securities
entry form
                                                                                                                                                                                                                                 accounts
                                   Redemption/cancellation dematerialised securities                    Registration of changes in the information entered in the           1.1.1., 1.1.3.1.      Issuer                         The total fee consists of two components: the lump-sum proceeding fee and
                                                                                                        register (including deletion of securities)                                                                              entry fee, which depends on the number of entries made in the securities
                                                                                                                                                                                                                                 accounts

                                   Deposit physical securities in book-entry form (immobilisation)      Service not offered
                                   Withdrawal physical securities from book-entry system                Service not offered
                                   Other

Clearing and Settlement            Verification (matching)                                              Not charged separately for
(including verification)
                                   Settlement netting                                                   Not charged separately for
                                   Clearing and settlement for OTC transactions DVP                     DVP transfer of securities                                          2.1.3.                Intermediary                   Transaction fees are paid by the account operators of both transaction parties
                                                                                                        DVP cross-border transfer of securities (transfer to or from a                                                           (of both the debited and credited securities account). The fee is charged only
                                                                                                        foreign central depository)                                                                                              from the settled transactions, i.e. no fee is charged from the transactions
                                                                                                                                                                                                                                 cancelled before settlement.
                                   Clearing and settlement for OTC transactions FOP                     FOP transfer of Estonian securities between local participants      2.1.3.                Intermediary                   Transaction fees are paid by the account operators of both transaction parties
                                                                                                        FOP transfer if securities are transferred to a foreign central                                                          (of both the debited and credited securities account). The fee is charged only
                                                                                                        depository or from a foreign central depository                                                                          from the settled transactions, i.e. no fee is charged from the transactions
                                                                                                                                                                                                                                 cancelled before settlement.

                                   Clearing and settlement for Stock Exchange transactions DVP          Settlement of a stock exchange transaction (transaction             2.1.3.                Intermediary/ Other (Stock     Transaction fees are paid by the account operators of both transaction parties
                                                                                                        order)                                                                                    Exchange)                      (of both the debited and credited securities account). The fee is charged only
                                                                                                        Settlement of a cross-border stock exchange transaction                                                                  from the settled transactions, i.e. no fee is charged from the transactions
                                                                                                        Fee for entry of a stock exchange transaction charged from                                                               cancelled before settlement. The fee for settlement of Tallinn Stock Exchange
                                                                                                        the Stock Exchange                                                  2.2.                                                 transactions is based on transaction order.

                                   Own account transfers                                                DVP transfer of securities (OTC), FOP transfer of securities        2.1.3.                Intermediary                   Transaction fees are paid by the account operators of both transaction parties
                                                                                                        (OTC), DVP transfer of Stock Exchange transactions                                                                       (of both the debited and credited securities account). The fee is charged only
                                                                                                                                                                                                                                 from the settled transactions, i.e. no fee is charged from the transactions
                                                                                                                                                                                                                                 cancelled before settlement.

                                   Other                                                                Transfer of securities encumbered with a pledge                     2.1.3.                Intermediary                   Transaction fees are paid by the account operators of both transaction parties
                                                                                                                                                                                                                                 (of both the debited and credited securities account). The fee is charged only
                                                                                                                                                                                                                                 from the settled transactions, i.e. no fee is charged from the transactions
                                                                                                                                                                                                                                 cancelled before settlement.

                                   Other                                                                Registration of a pledge or a financial collateral arrangement      2.1.3.                Intermediary

                                   Other                                                                Debiting or crediting of the payment module account of the          2.1.4.                Intermediary
                                                                                                        Estonian CSD
                                   Other                                                                Delivery of investors' applications related to contractual          4.2.1.                Intermediary
                                                                                                        investment fund units

Securities Lending and             Fail related SLB                                                     Service not offered
Borrowing
                                   Other
                                   Collateral management related to collateralisation of central bank   Service not offered
Collateral management
                                   liquidity
                                   Other
                                   Management of guarantee funds                                        Service not offered

Credit provision                                                                                        Service not offered

                                   Technical communication set-up and maintenance                       Not charged separately for (technical communication set-up
Communication (note: not in                                                                             and maintenance costs are included in the CSD membership
Code)                                                                                                   fees)




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                                                                          Estonian CSD                                                                 Page 2

        Issuer services                     Maintenance of securities                                        1.1.2.     Issuer
                                            Maintenance of a temporary securities account                    1.1.4.
Other                                       Payments on securities                                           1.1.6.
                                            Transfer of shares from minority shareholders to majority        1.1.3.2.
                                            shareholder
                                            Queries (shareholders lists, statements etc)                     1.1.5.
        Mandatory funded pension services   Registration and maintenance of pension fund units,              3.         Issuer (i.e. pension fund
                                            processing of applications, payment of mandatory funded                     manager)/ Intermediary/
                                            pension, queries, reports                                                   Investor
        Investment fund services            Registration and maintenance of investment fund units,           4.         Issuer (i.e. Investment fund
                                            organisation of subscription for and redemption of fund units,              manager)/ Intermediary
                                            processing of applications, queries, reports
        Queries                             Other additional services (special non-standard queries          5.         Issuer / Intermediary/
                                            (statistical or other purposes), processing of amendments,                  Investor
                                            consultation services, mailing, contractual penalties and late
                                            interests)




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