Tallinn Stock Exchange              NEWS RELEASE                    08.03.2005



ABOUT QUALIFYING HOLDING IN AS KALEV



The notice of acquiry of a qualifying holding in AS Kalev, issued by 

ING Luxembourg S.A., arrived at the Estonian CSD today, on March 08, 2005.



According to the notice, ING Luxembourg S.A holds AS Kalev shares on behalf of 

its client, DCF Fund (II). The client's holding in AS Kalev has exceeded the 5% 

threshold and reached the level of 5.92% of the share capital as of 11.02.2005.





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