On November 6, 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 (hereinafter: Starman) and decided to impose a fine in the amount of 10 000 kroons to Starman for violation of TSE Rules. Circumstances: The audited financial report of Starman that was published on April 17, 2007 did not include the Corporate Governance Recommendations (hereinafter CGR) Report. In answer to the Exchange's repetitive verbal inquiries and a written inquiry from October 5, 2007, Starman explained that the CGR Report has not been composed but it was about to be and would be published on October 31, 2007 the latest. Starman published the CGR Report on October 31, 2007. Considering the materials submitted, the Committee concluded: 1. Starman did not publish data about complying the CGR practices and the CGR Report within required time limits. 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 were no objective circumstances that would have prevented Starman to follow the obligations properly. There are sufficient grounds for legal protection measures within the competence of the TSE. 4. Therefore, the Committee concluded that the activity of Starman has been in contradiction to “Requirements for Issuers” (hereinafter: RI) clauses 1.2.1and 3.12. Background: According to clause 1.2.1. of RI, an Issuer is 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 3.12 of RI, an Issuer is obliged to disclose information about its compliance with the Corporate Governance Recommendations Code under the ”comply or explain” principle and also the Corporate Governance Recommendations Report according to terms and conditions set forth in the Recommendations Code. According to clause 5.4. of Corporate Governance Recommendations Code, the Corporate Governance Recommendations Report shall be presented as a separate chapter of management report. Tallinn Stock Exchange Market Services +372 6408800