Non-approval of takeover announcement and prospectus by FSA

On 24 September 2007 AS Rubla notified through AS Kalev that due to gaining
dominant influence over AS Kalev, AS Rubla is obliged to make a take-over bid
for all the shares of AS Kalev that are not owned by AS Rubla. 
 
Yesterday, on 9 September 2007, the Financial Supervision Authority made a
decision according to which the Authority refused to approve the take-over
announcement and prospectus for acquisition of all the shares of AS Kalev.
According to the reasoning of that decision, AS Rubla has not presented to the
Financial Supervision Authority sufficient proof of existence of monetary funds
necessary for carrying out the takeover bid. 
 
AS Rubla assures that it has sufficient funding for completing the takeover
bid. AS Rubla intends to continue the procedure for approval of the take-over
announcement and prospectus and to present to the Financial Supervision
Authority additional documents as soon as possible. AS Rubla will publish the
take-over announcement and prospectus after their approval by the Financial
Supervision Authority. There will be no change as to the price of 29 EEK per
share described in the announcement of 24 September 2007 due to the prolonged
procedure. 
 
 
Allan Viirma
Head of Legal Department
616 1916