BOND ISSUE


On 20 December, AS Kalev Real Estate Company will issue, by placing, a total of
4.5 million euros in bonds with a term of 6 months. 

The nominal value of the bond is 1,000 euros. The annual coupon rate is 12%,
with coupon payments to be made on a settlement date. 

Fulfilment of the obligations arising from the bonds will be guaranteed by AS  
Kalev. 

The bond issue will be organised by SEB Eesti Ühispank.

Tarmo Maasikamäe
Financial director
Tel 6161900