Tallinn Stock Exchange     ANNOUNCEMENT        20.06.2005



  THE RESULTS OF PUBLIC OFFERING OF SHARES IN AS STARMAN,

THE SELLING PRICE OF THE SHARES AND FIXING OF ALLOTMENT LIST

                         

Tallinn, 20 June 2005



On   June  2005,  the  initial  public  offering   (the

“Offering”)  of  ordinary shares  in  AS  Starman  (the

“Shares”)  ended. In the Offering, Highbury Investments

B.V.  (the  “Seller”)  offered  3,298,993  Shares  (the

“Offer  Shares”),  i.e. 25.27% of  the  Shares.  Retail

investors  were offered 1,154,647 Shares, i.e.  35%  of

the  Offer Shares. Terms and conditions of the Offering

(the  “Conditions”) contain in the offering and listing

prospectus of the Shares (p 8–15).



In the offering targeted at retail investors, there was

a   3.5-fold  over-subscription  and  in  the  offering

targeted at institutional investors, there was  a  9.4-

fold   over-subscription  (without  the   overallotment

option).



On  the  basis  of offers for acquisition,  the  Seller

determined  the  selling price  per  Offer  Share  (the

“Selling Price”) to be EEK 52.416111.



The  Seller  accepted  the offers  for  acquisition  of

retail  investors by signing the allotment list  on  20

June  2005  and  as a result of that  the  Share  sales

contracts (the “Sales Contract”) have been entered into

between the Seller and retail investors having made the

accepted  offers  for  acquisition.  According  to  the

allotment list of the Offer Shares fixed by the Seller,

22,572   Shares  will  be  sold  to  retail   investors

belonging to company employees’ investor group, 408,042

Shares  and  additionally, according to the Conditions,

42,567  Shares  in the third phase to retail  investors

belonging  to  company customers’  investor  group  and

681,466 Shares to the rest of retail investors.



Retail  investors can get information as to the  amount

of Shares to be sold to them or as to non-acceptance of

their  offers  for  acquisition from  their  securities

account operator or from the maintainer of the Estonian

Central  Register of Securities (“ECRS”) (that  is,  AS

Eesti   Väärtpaberikeskus)  according  to   the   rules

established by such account operator or ECRS.



The  Shares  to be sold to retail investors  under  the

Sales  Contracts will be transferred to the  securities

accounts   of  retail  investors  simultaneously   with

transfers of sums of the Selling Price to the  Seller’s

bank account (delivery versus payment) on 27 June 2005.



Offers  for  acquisition  from institutional  investors

will   be   accepted  according  to   the   Conditions,

allocating  all Offer Shares targeted at  institutional

investors,  including in full amount additional  shares

up  to  the extent of over-allotment prescribed in  the

Conditions, together 2,474,245 Shares. Thus the  Seller

sells  all  Offer  Shares and after the  settlement  of

transactions  made as a result of the  Offering  on  27

June  2005, the Seller owns 5,078,927, i.e.  38.91%  of

the Shares.



Upon  condition  that all requirements for  entry  into

force  of  the  8  June 2005 listing  decision  of  the

Tallinn   Stock  Exchange’s  listing  and  surveillance

committee,  the  Shares will be traded on  the  Tallinn

Stock Exchange on 28 June 2005.



________________________________

Pursuant to the official exchange rate quoted by  the

Bank  of  Estonia, 1€=EEK15.6466, the Selling Price  is

EUR 3.35.