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 Market Services +372 640800