hmm
from page 92 of the user manual
* AE Lock
AE Lock lets you lock the exposure at a different place than the point of focus.
and
Each time you press the * button it locks the current exposure setting.
user manual here
http://dspace.dial.pipex.com/mg.maes...PDF-Manual.pdf
You are right about the flash. If you have the flash on the * button is FE lock and locks the flash exposure.