Tallinn Stock Exchange            NEWS RELEASE                   14.03.2005



CONDITIONAL LISTING OF KLEMENTI SHARES



On March 11, 2005, the Listing and Surveillance Committee of the Tallinn 

Stock Exchange (hereinafter: the Committee) reviewed the application by 

AS Klementi, filed with the Committee on February 08, 2005, for listing on 

the I-List of TSE the 50,000 A-shares which were issued by AS Klementi 

additionally as a directed issue. The Committee also reviewed the application 

submitted on the same day for granting excemptions to the requirements of 

the part "Listing Rules" (hereinafter: LR) of the TSE Rules and the Decree 

"Listing Requirements" by Minister of Finance.



The Committee decided to satisfy the applications of AS Klementi and grant 

AS Klementi an excemption from the requirement to append to the listing 

application the documents specified in clauses 3.3.1 - 3.3.9 of the LR 

(except for the documents specified in clause 3.3.6) on the basis of clause 

3.4 of the LR.



The Committee also decided to satisfy the listing application of AS Klementi 

and to conditionally list on the I-List of the Tallinn Stock Exchange the 

50,000 ordinary A-shares of AS Klementi. The decision will enter into force 

immediately after the company's share capital increase is registered with 

the Commercial Registry and new shares are registered with Estonian CSD.



The first listing day of the shares is the first stock exchange day 

after the decision becomes effective, i.e. the stock exchange day following 

the registration of shares at the Estonian CSD.





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