Change in qualifying holding

Significant changes occurred in the structure of the shareholders of AS Kalev
on 8 November 2007 and 12 November 2007. 

On 13 November 2007, East Capital Baltikumfonden informed the issuer of the
transfer of 3,769,496 shares of AS Kalev on 12 November 2007. Prior to the
transfer, East Capital Baltikumfonden held 15.95% of the shares of AS Kalev.
After the transfer, the transferor is no longer a shareholder in AS Kalev. 

On 13 November 2007, AS Hansapank announced the increase of the bank's share in
AS Kalev to 10.19%. As of 8 November 2007, AS Hansapank holds 2,407,402 shares
of AS Kalev. 

Allan Viirma
Head of Legal Service
616 1916