Acquisition of shares

| Source: Luterma Luterma 

AS Kalev concluded 12.03.07 a contract on acquisition of all shares of AS
Eksklusiiv. Under the contract, the ownership of 100% of the shares will be
transferred to AS Kalev on 14 March 2007. 

AS Eksklusiiv's main field of activity is publication of Avenüü and Avenüü
Professional magazines. 

According to the company's management, AS Kalev—the best-known Estonian company
and a major advertiser—has a direct relationship with the media market, and the
company thus wishes to expand its investment portfolio towards the press
market. AS Kalev acknowledges the contribution made by AS Eksklusiiv in the
development of the magazines it publishes and is looking forward to mutually
beneficial co-operation with the current owners. 

Acquisition of the stake is not a material transaction, and does not constitute
a related party transaction in the meaning of the stock exchange rules. 

Allan Viirma
Director of the Legal Service
607 7831