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. Tallinn Stock Exchange Market Services +372 6408800