Prospectuses drawn up in accordance with the Regulation of the Minister of Finance (Prospectus Directive Article 1 (2) h)

Name Saaremaa Golfi AS - 14.09.2007

Issuer

Corporate name Saaremaa Golfi AS   Commercial Registry Number / ID / Date of Birth 10968872   Address Tallinna tn. 10 Kuressaare 93819   Phone 51 411 31   Fax 45 335 90   E-mail golf at kuressaare dot ee   Web Address http://www.saaremaagolf.ee

Conditions of the Prospectus and Offer

Registration Number of the Prospectus 4.3.-4.9/2784   Date of Registration 14.09.2007   Type of the Securities Offered Share   Volume of the offer 2 500 000   Amount of the Securities Offered 60 A-seeria; 10 B-seeria   Nominal Value of the Securities Offered A-seeria 25 000; B-seeria 100 000   Beginning of the Offer 15.11.2007   End of the Offer 15.03.2009