Comments regarding data published in Äripäev daily on 20 October 2008

As commentary to the article published in Äripäev on 20 October 2008 and
entitled “Nordea Pank laenas Kruudale 700 miljonit” (Nordea Bank lends Kruuda
700 million"), AS Kalev notes that Äripäev is misleading readers by presenting
misinformation. In the interests of persons with a material interest toward the
economic activity of AS Kalev, we would like to correct the following errors
made by Äripäev: 

The claim in the article that “Kalev Paide Tootmine used slightly more than 600
million of the loan received for the purchase of Põlva Piim” is untrue. 
AS Kalev Paide Tootmine used the loan received under a syndicated loan
agreement signed with Nordea Bank Finland Plc Estonia branch and Bank DnB Nord
A/S Estonia branch for acquiring a share in both OÜ Põlva Piim Tootmine and
Tere AS. The loan was thus used only partially for acquiring a share in Põlva
Piim Tootmine OÜ. Relevant information was released in AS Kalev's press release
of 17.10.2008, “”Loan agreement concluded by AS Kalev Paide Tootmine.
Collateral agreements concluded.” 
As Äripäev mentioned in the same paragraph that the final price of OÜ Põlva
Piim Tootmine was 231.8 million kroons (see AS Kalev's press release of
17.10.2008, Acquisition of OÜ Põlva Piim Tootmine and Tere AS“) the claim that
600 million was paid for shares in OÜ Põlva Piim Tootmine is completely
baffling. 

The speculation regarding the “disappearance” of 500 million kroons in AS Kalev
profits is malicious. AS Kalev stated that there was a calculation error in the
released figures and, indeed, thanked Äripäev for drawing attention to this
fact. Furthermore, the actual error was about 50 million kroons, not 500
million, as yesterday's Äripäev erroneously claims The relevant explanation and
corrected interim report were released in AS Kalev's press release of
02.10.2008, “”Correction notice: Unaudited interim report for the 12-month
period” 

The article also fails to clarify which company is referred to under “OÜ Vara”.
To the knowledge of AS Kalev, no company with such a business name is connected
to the activity of OÜ Põlva Piim Tootmine. 

Äripäev's repeated claim that Alta Capital abandoned a purchase transaction for
Tere AS and AS Kalev Chocolate Factory for the alleged reason that the seller
embellished the balance sheet is dilettantish to an extreme, to the extent that
both buyer and seller would be hard-pressed to comment on this. 



Allan Viirma
Head of the legal service
AS Kalev

Tel 688 6616