COMMITTEE'S DESCISION ON STARMAN


On September 3, 2007, the Listing and Surveillance Committee of the Tallinn     
Stock Exchange reviewed the circumstances and materials collected in the course 
of supervisory proceedings carried out with respect to AS Starman and decided to
impose a fine in the amount of five thousand (5,000) kroons to AS Starman for   
violation of TSE Rules.                                                         

Circumstances:                                                                  

1. On April 17, 2007 AS Starman announced in a stock exchange announcement that 
the annual general meeting of shareholders will be held on May 18, 2007.        

2. On May 11, 2007 Starman published an announcement in Äripäev about           
cancellation of the meeting of May 18, 2007 and convocation of the meeting on   
June 15, 2007. Starman published the relevant stock exchange announcement on May
11, 2007 at 11.47 after reminder by the exchange.                               

3. The general meeting of Starman was held on June 15, 2007 starting from 10.00.
The agenda of the meeting included confirmation of the annual report, profit    
allocation, election of the auditor and changing of the articles of the         
association. The meeting lasted about an hour and ended around 11 o'clock.      
Starman published the resolutions of the meeting on June 15, 2007 at 16.52, i.e.
approximately 5 hours after the meeting.                                        

4. In the answer to the TSE's inquiry Starman explained that                    
a) the delay in publication of the stock exchange's announcement on May 11, 2007
was caused by human error and                                                   
b) the delay in the publication of the resolutions of the general meeting was   
caused by the affirmation of relevant documents in the notary office and the    
announcements were published immediately after the notarized protocol was       
received.                                                                       

Considering the materials submitted, the Committee concluded:                   

1. AS Starman did not did not follow properly the information evaluation and    
disclosure obligation in publication of the general meeting invitation on May   
11, 2007 and disclosure of the results on June 15, 2007. AS Starman has breached
obligations set in “Requirements for Issuers” (hereinafter: RI), that oblige the
issuer to disclose the information about the shareholders general meeting       
immediately after the date is set and ensure that the information is published  
via the exchange's information system not later than it was announced to the    
shareholders, also the requirements that forbid to disclosure the insider       
information before the information is published via the Exchanges information   
system and delay in publishing the information in excuse of formalities.        

2. Violation of the rules has been evidenced, as assessed by the Committee, by  
the circumstances identified in the course of the supervisory proceedings       
carried out by the TSE.                                                         

3. There are no objective circumstances that would have prevented AS Starman to 
follow the obligations properly. There are sufficient grounds for legal         
protection measures within the competence of the TSE.                           

Background:                                                                     

According to clause 1.2.1. of “Requirements for Issuers” (hereinafter: RI), is  
the Issuer obliged to secure the disclosure of the information specified in     
these Requirements in such a form and within such time limits as specified      
herein.                                                                         
According to clause 2.1.8. of RI is an Issuer prohibited from disclosing inside 
information that may affect on the price of listed securities in reports,       
comments, interviews or by any other means until such information has been made 
public through the Exchange information system.                                 
According to clause 2.1.9. of RI is an Issuer required to ensure that any       
information the Issuer intends to disclose to the holders of its listed         
securities is made public through the Exchange information system not later than
it is disclosed to the holders of securities.                                   
According to clause 7.2.1. of RI is an issuer obliged to disclose immediately   
information about a decision on the date of the general meeting of shareholders.
An issuer is required to disclose all the important materials concerning the    
agenda of the general meeting.                                                  
According to clause 7.2.3. of RI is an issuer required immediately disclose all 
the resolutions adopted by the general meeting. 
According to clause 2.1.3. of RI shall an Issuer consider in its operations that
the time of disclosure of information about a transaction/act/event in the      
Issuer's operations or otherwise related to the Issuer does not depend on the   
official occurrence of such an event or on the performance of any formalities   
necessary for its occurrence. If the event has occurred or its occurrence is    
likely, but the formalities necessary for the occurrence of the event, or any   
other formalities, have not been performed at the moment of disclosure of       
information, or if another condition or risk relates to the occurrence of the   
event, such facts shall be presented along with the information being disclosed.
According to clause 2.4.1. of RI is information deemed disclosed in accordance  
with these Requirements when made public as a notice through the Exchange       
information system.                                                             


Tallinn Stock Exchange                                                          
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