Tallinna Börs                 NEWS RELEASE                      10.12.2004



LISTING OF ADDITIONAL SHARES OF KALEV



On December 10, 2004, the Listing and Surveillance Committee of the Tallinn 

Stock Exchange (hereinafter: the Committee) reviewed the application by AS 

Kalev, filed with the Committee on December 01, 2004, for listing on the 

I-List of TSE the shares which were issued by AS Kalev additionally as 

a bonus issue. The Committee also reviewed the application submitted on 

December 06, 2004 for granting exceptions to the requirements of the part 

"Listing Rules" (hereinafter: LR) of the TSE Rules and the Decree "Listing 

Requirements" (hereinafter: Listing Regulation) by Minister of Finance.



The Committee decided to satisfy the applications of Kalev and grant AS 

Kalev an exception from the requirement to append to the listing application 

the documents specified in clause 3.3 of the LR (except for the document 

specified in clause 3.3.6) on the basis of clause 3.4 of the LR and an 

exception from the requirement of preparation and publication of the 

listing particulars on the basis of § 44 (1) of the Listing Regulation.



The Committee also decided to satisfy the listing application of AS Kalev 

and to list additionally on the I-List of the Stock Exchange the 

15,755,000 ordinary shares of AS Kalev that were issued as a bonus 

issue. The decision entered into force immediately after its adoption.



The first day of listing is the first trading day following the adoption 

of the decision. Until registration of the increase of share capital 

in the Commercial Register and re-registration of the new shares in the 

Estonian Central Register of Securities, the new shares are marked in the 

trading system by a trading code different from the earlier shares.



Therefore, 15,755,000 additional shares (ISIN: EE3802002461) of AS Kalev 

are traded on the I-List of the Tallinn Stock Exchange under the separate 

name KLV2T as from Monday, December 13, 2004.





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