AS Alta Foods has pledged part of the disputable claim

Alta Capital Partners S.C.A SICAR and AS Alta Foods notified AS Luterma that on
24th of January 2009 they concluded a contract by which AS Alta Foods pledged
to OÜ Ahtri Maja 50% of the unrecognized claim of 6 million euros (93,9 million
kroons) they have against AS Luterma, in which Arbitration Institute of the
Stockholm Chambers of Commerce made on 20th of July 2009 an award for the
benefit of AS Alta Foods. 

According to the notification sent to AS Luterma, pledge will expand also to
interest on advance payment and to fine for delay and allegedly only OÜ Ahtri
Maja can demand fulfillment of the disputable claim. 

In AS Luterma opinion the company has no obligation to fulfil the alleged claim
to AS Alta Foods or OÜ Ahtri Maja, because the aforementioned Arbitration
Institute of the Stockholm Chambers of Commerce award is not recognized nor
approved to be implemented in Republic of Estonia and the award has been
contested in court. Due to that we find that AS Alta Foods does not have and
was not able to have in January 2009 a claim against AS Luterma which to pledge
to OÜ Ahtri Maja. 

Besides the aforementioned notification, AS Luterma has not received contracts
or other documents which are the basis of a pledge. Partial pledge of the
disputable claim involuntarily can not influence state of obligations of AS
Luterma, because transfer of claim to holder of a pledge would bring similar
consequences (look AS Luterma 18.08.2009.a „AS Alta Foods assigned part of the
disputable claim”) and would mean displacement of creditor. 
 
Allan Viirma
Head of Legal Services

Tel.688 6600