Significant changes have occurred in the structure of shareholders of AS Kalev as of 30 November 2007. On 03 December 2007 AS Hansapank announced the decrease of the bank's share in AS Kalev from 27.39% (6,473,296 shares) to 1.59% (375,392 shares). On 05 December 2007 GKG Investeeringute AS announced the decrease of its shareholding in AS Kalev by transferring 19.99% (4,724,409) AS Kalev shares previously held at Citibank International PLC (Luxembourg Branch)/UBS Luxembourg S.A client account. OÜ Moonrider announced about the acquisition of 7.52% holding in AS Kalev. As of 30 November 2007 OÜ Moonrider holds 1,777,581 AS Kalev shares. LFS Asset Management AG transferred its ownership in AS Kalev. On 30 November 2007 the number of AS Kalev shares on LFS Client Account decreased by 1,777,581 shares. As of 30 November 2007 LFS Client Account is not holding any AS Kalev shares. AS Rubla increased its share in AS Kalev from 10.96% to 56.76% by acquiring 10,824,409 AS Kale shares. As of 30 November 2007 AS holds 13,414,620 AS Kalev shares. Allan Viirma Head of Legal Service 616 1916