On November 6, 2007, the Listing and Surveillance Committee (hereinafter: Committee) of the Tallinn Stock Exchange reviewed the circumstances and materials collected in the course of supervisory proceedings carried out with respect to AS Tallink Grupp (hereinafter: Tallink Grupp) and decided to impose a fine in the amount of 50 000 kroons to Tallink Grupp for violation of TSE Rules. Circumstances: On November 10, 2006 Tallink Grupp published a stock exchange announcement, where it stated that Tallink Grupp would answer the accusations about the presumable incident on the board of M/S Silja Symphony after the internal investigation. In its announcement from December 6, 2006 Tallink Grupp stated continuation of the investigation and confirmed the publication of the stock exchange announcement after the ending of the investigation. Tallink Grupp also confirmed the publication of a relevant announcement after the end of the investigation in an answer to the Exchange's inquiry. The Committee discussed the behaviour Tallink Grupp in its meeting on September 3, 2007 and concluded that not disclosing the promised information about the results of the internal investigation cannot be considered as proper behaviour. On grounds of the Rules and Regulation's chapter Surveillance clause 2.5.4, the Committee assigned the Exchange to send Tallink Grupp a relevant inquiry with request to publish the information on October 25, 2007, the latest. Tallink Grupp did not disclose requested data. Considering the materials submitted, the Committee concluded: 1. Tallink Grupp did not follow properly the information evaluation and disclosure obligation in publication of the results of the internal inquiry. Tallink Grupp has breached the obligations set in “Requirements for Issuers” (hereinafter: RI), that oblige the issuer to disclose information about circumstances that may affect the price of the security and also every significant change in previously disclosed information. Tallink Grupp has unfoundedly refused to disclose the information. 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 Tallink Grupp 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 Commission concluded that the activity of Tallink Grupp has been in contradiction with the RI clauses 1.2.1, 1.2.2, 1.2.4 and 2.2.2. Background: According to clause 1.2.1. of RI, the 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 1.2.2. of RI, the Issuer is obliged to immediately disclose the details of any major changes in its business or other circumstances relating to the Issuer which are not directly specified in these Requirements, but which are not public knowledge and which may, by virtue of their effect on the Issuer's assets, liabilities, operations or reputation, affect price of its listed or traded securities. According to clause 1.2.4. of RI, the Exchange may require that an Issuer provide comments and/or additional information about the information or the circumstances subject to disclosure by the Issuer or disclosed about the Issuer. The Issuer is obliged to submit the information required without delay. According to clause 2.2.2. of RI, the Issuer shall publish the disclosure regarding every significant change or amendment in the information already published earlier. Tallinn Stock Exchange Market Services +372 6408800