TALLINN STOCK EXCHANGE                ANNONCEMENT                    15/19.09.2005



CONDITIONAL LISTING OF SPORTLAND DEBT SECURITIES



The Listing and Surveillance Committee of  Tallinn  Stock  Exchange  (hereinafter:

Committee) has examined the application submitted to the  Committee  by  Sportland

International Group AS on March 16, 2005, regarding the  listing  of  the  250,000

debt securities of Sportland International Group AS  on  Tallinn  Stock  Exchange.

The Committee also examined the petition submitted on July 23, 2005, for  granting

an exemption to the provisions stipulated in clause 9.1. of  the  "Listing  Rules"

(hereinafter: LR)  in  the  Rules  and  Regulations  of  Tallinn  Stock  Exchange,

regarding the requirement that the issuer must have been operating for  a  minimum

of 2 years prior to the submission of the listing application.



Sportland International Group AS was founded as a so-called "holding"  company  on

October 13,  2003,  during  the  course  of  the  restructuring  of  a  previously

operating company group. Prior to the founding of  Sportland  International  Group

AS, Sportland Eesti AS was active in business and  owned  subsidiaries  in  Latvia

and Russia. Upon the creation  of  Sportland  International  Group  AS,  Sportland

Eesti AS sold the stocks of its subsidiaries to Sportland International Group  AS;

in addition to this, Sportland International Group AS also acquired the  stock  of

Sportland Eesti AS. Sportland International Group  AS  claimed  that  the  changes

were related to the restructuring of the company, and that the listing  prospectus

and its  annexes  contain  previous  economic  results  for  Sportland  Eesti  AS,

providing sufficient overview of the previous economic activities and  results  of

Sportland International Group AS.



In the opinion of the Commission, on the  basis  of  the  submitted  data,  it  is

possible to assess the previous economic results of Sportland International  Group

AS and also provide a sufficiently adequate assessment of  the  issuer's  economic

situation and other indicators. In addition to  this,  the  Committee  also  noted

that it is only a little more than one month until the requirement in  clause  9.1

of LR is fulfilled and thus it is possible to evaluate the economic  situation  of

the issuer on the level required in the standards  provided  in  the  Regulations.

Based on the previous information, on September 13, 2005,  the  Committee  decided

to accede to Sportland International Group AS's application and make an  exemption

to the requirement in clause 9.1. of LR.



After  reviewing  the  application  for  listing,  the  Committee  concluded  that

Sportland International Group AS has not  sufficiently  described  their  economic

situation, growth potential or their outlook for the future. In addition to  this,

the company has not explained the reasons for the loss  of  8.2  million  Estonian

kroons in the report of the first half  of  the  year  2005  and  the  methods  of

liquidation of the said loss. It  is  because  of  this  that  the  Committee  has

decided that Sportland International Group AS has  not  adequately  described  the

risks significant from the viewpoint of its  economic  activities  and  thus,  the

interests of the investors cannot be  regarded  as  protected  without  fulfilling

certain conditions.



It is on the bases of the above that on September 13, 2005, the Committee  decided

to:



1.     Accede  to  the  application  of  Sportland  International  Group  and   to

conditionally list 250,000 securities issued by Sportland International  Group  AS

in the Bonds' list of the Exchange.



2.    The decision takes effect on November 7, 2005, provided that by November  1,

the following conditions have been met:



-      Sportland International Group AS has adequately and  clearly  described  to

the Exchange the reasons for the loss in the first half of 2005;

-      Sportland International Group AS has adequately and  clearly  described  to

the Exchange their development  plans  and  the  means  for  ensuring  sustainable

development, taking into consideration the nature of  the  short-term  obligations

granted to them, including overdraft credit;

-      Sportland International Group  AS  has  presented  to  the  Exchange  their

statement regarding the fulfilment of debt obligations so far;

-      Sportland International Group AS has adequately and  clearly  described  to

the Exchange from which account the securities shall be redeemed  and  what  shall

happen in case Sportland International Group AS  encounters  payment  difficulties

at the redemption of securities or interest payments;

-     Sportland International Group AS has compiled and presented to the  Exchange

a report of up to 5 pages  in  length,  regarding  their  economic  situation  and

risks, which has clearly and concisely  explained  to  investors  the  main  risks

resulting from the  operations,  including  an  explanation  of  the  above  named

conditions. This summary shall be prepared  and  published  as  an  annex  to  the

prospectus;

-     In addition to its own annual  reports,  Sportland  International  Group  AS

will publish via  the  Exchange  information  system  the  annual  reports  of  AS

Jalajälg;

-     Sportland International Group AS  has  changed  face  value  of  the  listed

securities, raising it to one hundred thousand (100,000) Estonian kroons;

-      Sportland  International  Group  AS  has  presented  to  the  Exchange  the

confirmation of AS LHV, the organizer  and  advisor  of  the  tender  and  listing

procedure and advisor, in the form appended to the present decision;

-      after fulfilment of the above  named  conditions,  Sportland  International

Group AS has  presented  to  the  Exchange  a  report  that  contains  information

regarding the fulfilment of the conditions.



3.    Upon fulfilment of the conditions listed in Clause  2,  the  first  date  of

listing of Sportland International Group AS will be November 7, 2005.





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