AS Kalev             Stock Exchange Release          9.12.2005



Bond issue



AS Kalev will issue 10 million kroons worth of discounted bonds by 

way of a placement. The company will issue 1,000 commercial papers. 

The volume of the issue can be changed by the agreement of the issuer 

and organiser until the value date. The sales price will be determined 

in the course of the initial public offering, and will fall between 

9,808.20 and 9,879.25 kroons, with a respective yield of 5-8%. The price 

and yield of the commercial paper will be determined by way of an 

underbidding, and will be the same for all subscribers. The redemption 

date of the bond is 10 March 2006. The subscription period will end at 

12:00 on 9 December 2005, and the value date has been set to 12 December 

2005.



The minimum volume to be fixed in the purchase offer is 785,000 kroons 

per investor. The bonds are unsecured and pari passu with the other u

nsecured and unsubordinated borrowings of the issuer.



The bond has a nominal value of 10,000 kroons. The bond issue will be 

organised by AS Sampo Pank.





Ruth Roht

PR manager

+372 6 077 858