COMMITTEE'S DECISION ON STARMAN


On June 4, 2008, 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 25 000 kroons to Starman
for violation of TSE Rules. 

Circumstances: 

Starman disclosed its year 2007 audited financial statements on May 16, 2008,
i.e. 16 days later than after 4 months deadline has passed from the end of the
reporting period (2007 financial year). On May 13, 2008, the Exchange sent
Starman an inquiry for the reasons of delay in disclosure of the audited
financial results for the year 2007. Starman replied in its letter from May 14,
2008. 

Considering the materials submitted and the explanations given by Starman, the
Committee concluded: 

1. Starman did not follow properly the information evaluation and disclosure
obligation in publication of the audited financial statements for the year
2007. Starman has breached obligations set in TSE Rules part "Requirements for
Issuers" (hereinafter: RI), that oblige the issuer to disclose its audited
financial results at latest four months after the end of the accounting period. 

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 Starman to
follow the obligations properly. There are sufficient grounds for legal
protection measures within the competence of the TSE. 

4. Proceeding from the above the Committee concluded that Starman's activities
have been in conflict with RI clauses 1.2.1, 5.3.1 and 2.4.1. 


Background:

According to clause 1.2.1. of RI, the Issuer is obliged to secure the
disclosure of the information specified in RI in such a form and within such
time limits as specified herein. 

According to clause 2.4.1. of RI, information is deemed disclosed when made
public as a notice through the Exchange information system. 

According to clause 5.3.1. of RI, is an Issuer required to make public the
audited annual report immediately after its approval by the supervisory board
but not later than four (4) months after the end of the accounting period. 


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