Tallinn Stock Exchange        NEWS RELEASE                  08.12.2004



PROCEDURES FOR LISTING KALEV BONUS ISSUE



In accordance with the documents received on 01.12.2004 and 06.12.2004, 

the Tallinn Stock Exchange (TSE) has started the procedures for listing 

15 755 000 additional shares of AS Kalev on the TSE Investors' List. 

As of 01.12.2004, 7,877,500 shares of AS Kalev are listed on the TSE 

Investors' List.

 

TSE will publish the resolutions of the TSE Listing and Surveillance 

Committee made during the listing procedure.





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