Holding in Valmetek Invest AS increased by subsidiary

| Source: Luterma Luterma 

AS Kalev's subsidiary AS Kalev Paide Tootmine yesterday acquired 22,065 shares
of Valmetek Invest AS—i.e. 34.4% of the total number of shares. AS Kalev Paide
Tootmine now effectively owns a 65.6% stake in Valmetek Invest AS, as nearly
one-third of the shares were acquired by the company in February 2006. 

AS Kalev Paide Tootmine will pay a total of 27.96 million kroons for the shares
acquired on 11.04.2007. Five million kroons of the purchase price were paid
before conclusion of the contract of sale, with 4.57 million kroons to be paid
on 01.06.2007. The remainder of the purchase price will be paid in equal
instalments from 01.09.2007 to 01.09.2008. Ten per cent annual interest will be
charged by the seller on the outstanding debt amount. The buyer will also have
the right to pay the purchase price or a part of the purchase price
prematurely. 

Acquisition of the above shares is not deemed a related party transaction in
the meaning of the stock market rules. 

See also AS Kalev's press release of 21.02.2006 “Holding acquired by
subsidiary”. 


Allan Viirma
Director of Legal Service
6 077 831