Comment on the sales transaction of AS Kalev's subsidiaries

AS Kalev would like to state that the comment made by Indrek Rahumaa on the
sales transaction has been misinterpreted in the article entitled "Rahumaa
withdraws from Kalev and Tere purchase" published in today's issue of Eesti
Päevaleht. The conclusion indicated in the headline cannot be drawn from the
article. 

The buyer has not informed AS Kalev of any intent to withdraw from the contract
of sale of the shares of AS Kalev's subsidiaries AS Kalev Chocolate Factory, AS
Kalev Jõhvi Tootmine, AS Kalev Paide Tootmine, AS Valmetek Invest, AS Vilma and
OÜ Maiasmokk, concluded on 20 September 2007. 

All terms and conditions of the contract of sale, as published by AS Kalev
through the stock exchange information system (see also AS Kalev's press
releases "Kalev to transfer shares" and "Resolutions of ordinary general
shareholder's meeting" from 20.09.2007, "Date of completion of the share sales
transaction" from 29.02.2008 and "Share sales transaction completion
procedures" from 31.03.2008) are currently in effect. 

By way of a comment on the media speculations, AS Kalev hereby states that the
company has no intention of changing the purchase price indicated in the
memorandum of completion of the transaction signed by the contractual parties
on 31.03.2008. 

Should the buyer initiate negotiations with AS Kalev regarding amendment of the
established terms and conditions (the likelihood of which has been indicated by
the buyer's representative Indrek Rahumaa), AS Kalev will publish the related
information through the stock exchange information system. 


Allan Viirma
Head of Legal Service
688 6616