Tallinna Börs                 NEWS RELEASE                      09/12/2003



COMMITTEE'S DECISION ON KALEV



On 10.09.2003 the Tallinn Stock Exchange Listing and Surveillance Committee 

(hereinafter: TSE) discussed the possible breach of TSE Rules and Regulations 

(hereinafter: TSE Rules) by AS Kalev.



TSE, having investigated the circumstances established in the supervisory 

operations, and examined the presented materials, has come to the following 

conclusion:



AS Kalev has repeatedly delayed the disclosure of information and has 

publicised partial, incorrect or misleading information.



Hence, TSE's standpoint is, that Kalev has failed to meet the obligations set

forth in articles 1.2.2., 1.2.3., 2.1.1., 2.1.5., 2.4.1., 6.1., 5.1.1., 

6.1.7., 6.4., 6.13.1, 7.9.3.1 and 7.9.3.3. of the "Requirements for Issuers" 

(hereinafter: RFI) section of TSE Rules. Kalev has repeatedly violated the 

requirements set forth in the RFI, which oblige the issuer to disclose 

accurate, exact and unambiguous information. The content of disclosed 

information must not be misleading and it shall not exclude or omit anything 

that may influence the substance or meaning of the information presented. 

These requirements must be considered to be important, because meeting these 

makes it possible to ensure the uniformity of all the transactions, and 

herewith the lawfulness and regularity of trading and also the transparency 

and trustworthiness of the market 



Deriving from the above, TSE concludes that Kalev's actions have been not in 

accordance with articles 1.2.2., 1.2.3., 2.1.1., 2.1.5., 2.4.1., 5.1.1., 

6.1., 6.1.7., 6.4., 6.13.1., 7.9.3.1. and 7.9.3.3. of the RFI.



Based on the "Agreement for listing securities on Tallinn Stock Exchange" 

between AS Kalev and Tallinn Stock Exchange, and pursuant to articles 10.1. 

and 10.2. of the "Requirements for Issuers" section, articles 4.1.2.1., 

4.3.1., 4.8.1., 4.8.2. of the "Supervision" section, and article 2.1. of 

the "Rates of Fines" section of TSE Rules, TSE Listing and Surveillance 

committee has decided to:



1. Fine AS Kalev in the amount of 200 000 (two hundred thousand) Estonian 

kroons, for violating the provisions of articles 1.2.2., 1.2.3., 2.1.1., 

2.1.5., 2.4.1., 5.1.1., 6.1, 6.1.7., 6.4, 6.13.1., 7.9.3.1. of the RFI



2. Oblige Kalev to disclose immediately all information deriving from the 

agreement between the shareholders of AS Kalev REC, that concerns the 

purchase of the Keila-Joa housing complex, and which affects the content and 

meaning of the agreement.



3. Based on the articles 7.9.3.1. and 7.9.3.3. of the RFI, oblige Kalev to 

immediately disclose all information concerning the transfer of the debt of 

AS Greenbox (AS ETFC Grupp), 



TSE also brought to attention that the Issuer needs to be more attentive to 

fulfil it's obligations decreed in TSE Rules. It was noted  that in the 

future, when disclosing the information, Kalev mustn't give any reason to 

raise doubt about the accuracy and correctness of the information publicised, 

or to think of it as a investor or market misleading behaviour.





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