Resolutions adopted by the extraordinary general meeting of shareholders

The extraordinary general meeting of shareholders of AS Kalev held today, 9
October, represented 93.42% of the company's share capital. The general meeting
thus had a quorum. 

The following resolutions were adopted at the extraordinary general meeting of
shareholders: 

1	Granting consent to the management board of the company to take a
subordinated loan of up to 625 million kroons from a related party, AS Rubla
(AS Kalev's parent). 

Resolution:	To grant consent for the conclusion of a loan agreement between AS
Kalev and AS Rubla, on the basis of which AS Rubla gives AS Kalev a
subordinated loan in an amount of 625 million kroons, the repayment term of
which is 7 years, and on which AS Kalev has no obligation to pay loan interest,
pursuant to the terms and conditions specified in the draft loan agreement. AS
Kalev CEO Oliver Kruuda is appointed the representative of AS Kalev is this
transaction. 

2	Approving the transaction for acquiring a share in Põlva Piim Tootmine OÜ

Resolution:	To approve the contract of sale of shares, entered into on 27
August 2008 between AS Kalev Paide Tootmine on one hand and OÜ AH Seenior, OÜ
Hatike, Faasani Kaubandus OÜ and OÜ M.V.Food on the other hand, on the basis of
which AS Kalev Paide Tootmine buys from them all of the shares in OÜ Põlva Piim
Tootmine pursuant to the terms and conditions set forth in this contract. 

3	Approving the transaction for acquiring a share in Tere AS

Resolution:	To approve the contract of sale of shares, entered into on 29
August 2008 between AS Kalev Paide Tootmine and AS Rubla, according to which AS
Kalev Paide Tootmine buys from AS Rubla all of the shares in Tere AS pursuant
to the terms and conditions set forth in this contract. 

Allan Viirma
Head of legal service
AS Kalev
tel 688 6616