The Listing and Surveillance Committee of NASDAQ OMX Tallinn (TSE) reviewed the circumstances and materials collected in the course of supervisory proceedings carried out with respect to Kalev and decided as follows: 1. to give a warning to AS Kalev for violation of TSE Rules chapter Requirements for Issuers (hereinafter RI) clause 5.3.1. 2. draw Kalev's attention to the necessity to organize reporting and disclosure in the manner that would ensure implementation of the requirements set to a issuer. Background: The 2007/2008 financial year of AS Kalev ended on June 30, 2008 and the deadline for disclosure of the audited annual report ended on October 31, 2008. AS Kalev published its audited annual report on December 5, 2008 at 16.58 EET, i.e. 34 calendar days after the deadline. According to RI clause 5.3.1. is an Issuer required to make public the audited annual report immediately after its approval by the supervisory board but not later than four (4) months after the end of the accounting period. NASDAQ OMX Tallinn Market Services +372 6408800