INITIAL DISCLOSURE OF TAKE-OVER BID

According to the Takeover Rules Art. 12 and the Securities Market Act Art. 166,
AS Rubla hereby announces that due to gaining dominant influence over AS Kalev,
AS Rubla is obliged to make a take-over bid for all the shares of AS Kalev that
are not owned by AS Rubla. 

AS Rubla gained dominant influence over AS Kalev on 23 September 2007 by
agreeing to act in concert for taking over the shares of AS Kalev with the
shareholders of AS Kalev whose holdings together with the holding of AS Rubla
in AS Kalev amount to 59.09 per cent of the share capital of AS Kalev. 

The planned take-over price per share by AS Rubla is 29 EEK, final price and
the takeover terms depend on the co-ordination of the Estonian Financial
Supervision Authority 

AS Rubla will publish the take-over announcement and prospectus after their
approval by the Financial Supervision Authority. 

AS Rubla does not intend to acquire all the shares of AS Kalev and does not
intend to de-list the shares of AS Kalev on the Tallinn Stock Exchange. The
take-over bid gives a possibility to minority shareholders of AS Kalev to sell
the shares of AS Kalev at a fair price taking into account the fact that after
closing of the transactions contemplated under the agreement signed on 20
September 2007 between AS Kalev ja Alta Capital Partners S.C.A. and approved on
the same date by the general meeting of shareholders of AS Kalev, the business
activity of AS Kalev group will change significantly.

Allan Viirma
Head of Legal Department
Tel 6161916