BOND ISSUE

| Source: Luterma Luterma 

Bonds with a term of one year and a redemption date of one year
will be issued by AS Kalev on 28.02.2007. The volume of
the issue is 63,52 million kroons.

The bonds have a nominal value of 10,000 kroons and an annual
interest rate of 8,5% per year.The bonds can be redeemed by the
issuer or sold by the investor at nominal value after each three months.

The bonds will be secured by shares of AS Kalev Real Estate company.

The issue will be conducted by SEB Eesti Ühispank.


Aire Mill
6077853