On November 6, 2007, the Listing and Surveillance Committee of Tallinn Stock Exchange decided to impose a penalty fine in the amount of EEK 250 000 to AS Kalev for breach of the requirements of the Rules and Regulations of Tallinn Stock Exchange. AS Kalev disputed aforementioned decision and filed for the dismissal of the claim action to the Court of Arbitration. On October 17, 2008 the Court of Arbitration confirmed an agreement between Tallinn Stock Exchange and AS Kalev, according to which AS Kalev will pay the penalty fine in the amount of EEK 250 000 in EEK 50 000 monthly installments and closed the proceedings of the Court of Arbitration in this case. Tallinn Stock Exchange Market Services +372 640 8800