On May 11, 2009 the Listing and Surveillance Committee of NASDAQ OMX Tallinn
decided to give a warning to AS Nordecon International for violation of NASDAQ
OMX Tallinn rules and regulations chapter Requirements for Issuers (hereinafter
RI) clause 4.5.2. 

Background:
According to RI clause 4.5.2., the members of the management board and the
supervisory board and procurators of and Issuer and persons connected with them
are not allowed to effect transactions in the Issuer's securities for their own
account or through an intermediary during a period starting one week before to
the end of the reporting period and ending one day after the disclosure of the
financial results of the Issuer for the reporting period (closed window). If
the Issuer is obliged to submit consolidated reports to the Exchange according
to the provisions of RI, the mentioned period ends on the day following the
date of disclosure of the consolidated reports. For the purposes of RI, a
reporting period is understood as the period during which an Issuer regularly
forwards to the Exchange the balance sheet and/or the income statement of the
Issuer or its significant subsidiaries. 

Based on RI clause 4.5.3., on the basis of a person's written application, the
Listing Committee of the Exchange may grant exceptions to the restriction set
out in clause 4.5.2 of RI, if the Listing Committee believes that the
transaction is not effected on the basis of inside information. 

According to RI clause 4.3.2., an Issuer is required to inform all the persons,
who are in possession of confidential information, of the provisions of RI and
to require such persons to act in accordance with RI. 

On April 17, 2009 OÜ Luman ja Pojad aquired 40 000 shares of Nordecon
International. A Member of the Management Board of OÜ Luman ja Pojad is Toomas
Luman who is also a Member of the Council of AS Nordecon International. 


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