Kalev                        ANNOUNCEMENT                       18.01.2005



Change in Subsidiary's Management Board



On 17 January 2005, the Supervisory Board of AS Kalev Real Estate Company 

(AS Kalev REC) resolved:



   1. to remove member of the company's Management Board Kajar Kruus;

   2. to appoint Ott Karolin, personal identification code:  36606064713,  

      as the new member of the Management Board.





Professional record of Ott Karolin in the past three years:



1999 - 1 December 2004   Chairman of the  Management  Board  of  AS  SBM  Bank

                        (former AS Preatoni Bank).



Ott Karolin does not hold any shares in AS Kalev.





Ruth Roht

PR manager

+372 6 077 858