Tallinn Stock Exchange               ANNOUNCEMENT                    22/23.11.2005



COMMITTEE'S DECISION ON NORMA



On November 17, 2005, the Listing and  Surveillance  Committee  (hereinafter:  the

Committee) of the Tallinn Stock Exchange  reviewed  the  circumstances  identified

and materials collected in the course of supervisory proceedings carried out  with

respect to AS Norma and decided to give a warning to AS  Norma  for  violation  of

TSE Rules.



Circumstances:



In connection with disclosing the AS Norma interim report for  the  first  quarter

of  2005,  the  clause  4.5.2.  of  the   section   "Requirements   for   Issuers"

(hereinafter: RI) of TSE Rules was applicable during March 25  -  April  21,  2005

(the Restricted Period). The results of the first quarter of 2005  were  published

on April 20, 2005.



The registry of trades, conducted by  persons  connected  to  listed  issuers,  is

available on the Internet home page of Estonian Financial  Supervision  Authority.

Reviewing the registry, TSE employee found that one member of AS Norma  management

board bought shares of AS Norma during the Restricted  Period  as  set  in  clause

4.5.2. of RI. The person did not apply for exception to the restricted period,  as

provided in clause 4.5.3 of RI.



Considering the materials submitted, the Committee concluded:



1. The conduct of the member of AS Norma management board  has  been  contrary  to

the obligations set out in clause 4.5.2 of RI. The person  regrets  sincerely  the

mistake made.



2. Violation of TSE 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. There are no objective circumstances  that  would  have  prevented

the member of AS Norma management board  from  duly  performing  the  obligations.

There are sufficient grounds to apply the legal remedies within the competence  of

the Stock Exchange.



3. The internal control measures employed by AS Norma are satisfactory.



4. The use of confidential information in the  activities  of  the  member  of  AS

Norma management board has not been established



Background:



According to clause 4.5.2.  of  RI,  members  of  the  management  board  and  the

supervisory board,  the  auditors  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  (the

Restricted 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. If the Issuer is obliged to submit consolidated  reports

to the Exchange according to the provisions of these Requirements,  the  mentioned

period ends on the day following  the  date  of  disclosure  of  the  consolidated

reports. For the purposes of these Requirements, 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.



According to clause 4.5.3. of RI, the Listing Committee of the Exchange may  grant

exceptions to the restriction set out in clause 4.5.2  of  these  Requirements  on

the basis of a person's written application, if  the  Listing  Committee  believes

that the transaction is not effected on the basis of confidential information.



According to clause 4.3.2. of  RI,  an  Issuer  is  required  to  inform  all  the

persons, who, pursuant to RI, are in possession of  confidential  information,  of

the provisions of RI and to require such persons to act in accordance with RI.





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