The ordinary General Meeting of the Shareholders of AS Kalev (located at Põrguvälja Rd 6, Lehmja Village, Rae Municipality, Harju County) will be held on 20 September 2007 at 15:00 in Paide Culture Centre (Pärnu 18) in Paide. The list of shareholders entitled to vote at the general meeting will be established on the basis of the share register as of 10 September 2007 at 23:59. Participant registration will be held at 14.00 - 14.45 at the place of the meeting. Participants are required to submit the following: - natural persons are required to submit a passport or a personal identification document; representatives are additionally required to submit the letter of authority; - representatives of shareholders who are legal persons are required to submit an extract from the corresponding register where the person has been registered and based on which the representative has the right to represent the shareholder (legal authorisation), and the personal identification document of the representative; representatives who are not legal representatives are additionally required to submit the letter of authority. The agenda of the general meeting and the proposals of the Supervisory Board of AS Kalev on the draft resolutions: 1 Approval of the Annual Report 2006/2007 To approve the Annual Report 2006/2007 2 Profit allocation To allocate the public limited company's net profit for the financial year 2006/2007 in the amount of 30 460 000 kroons as follows: To transfer the public limited company's net profit in the amount of 1 523 000 to surplus capital and to transfer the public limited company's net profit in the amount of 28 937 000 to retained earnings. 3 Appointment of an auditor and the remuneration of an auditor. To appoint Ernst & Young Baltic AS as the auditor of the company for the financial year 2007/2008. The auditor will be remunerated under the contract with Ernst & Young Baltic AS. The Annual Report will be made available to the shareholders for examination from 06 September 2007 on working days from 10:00 - 16:00 at AS Kalev's place of business at Põrguvälja Rd 6, Lehmja Village, Rae Municipality, Harju County, and on the company's web page at http://www.kalev.eu. Allan Viirma Head of Legal Department 607 7710