Tallinn Stock Exchange               NEWS RELEASE                   13.06.2005



ABOUT CONDITIONAL LISTING OF SHARES OF AS STARMAN



With regard to the public offer, the Tallinn Stock Exchange hereby discloses 

the full text of the resolution made by the Listing and Surveillance Committee 

(hereinafter: the Committee) on June 8, 2005.





On June 8, 2005, the Committee reviewed the application by AS Starman, filed 

with the Committee 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 shares 

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



2. The decision will enter into force on June 28, 2005, 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 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. 



3. When the conditions described in section 2 are met, the first listing day 

will be June 28, 2005.





Tallinn Stock Exchange

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