Tallinn Stock Exchange             NEWS RELEASE                    09.06.2005



CONDITIONAL LISTING OF SHARES OF AS STARMAN



On June 8, 2005, the Listing and Surveillance Committee of the Tallinn 

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

AS Starman, filed with the Committee on May 23, 2005, for listing the shares 

of AS Starman on the Main List of TSE.



The Committee decided: 



1. To satisfy the listing application and to list the 13,053,570 ordinary 

shares of AS Starman conditionally on the Main List of the Stock Exchange. 



2. The decision will enter into force after the following conditions are met:



- the initial public offering has been completed according to the principles 

described in the offering prospectus, the results of the offering are 

disclosed and the sold shares are transferred to the securities accounts of 

new investors in Estonian CSD;



- after the offering at least 25% of the share capital represented with 

the A-shares of the company is in the public hands (incl. professional 

investors who participate in the Institutional Offering and will be allocated 

less than 5% of the total number of shares);



- the company has concluded a market making agreement with a trading member 

of TSE that will provide sufficient liquidity for the listed shares during 

a period of at least 1 year after the shares are admitted to trading. The 

spread between the buy and sell offer price should not exceed 2.5% and the 

size of such buy and sell orders should be at least 2000 shares;



- after meeting the aforementioned conditions, the company shall submit 

the respective report to TSE. 





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