Kalev                           ANNOUNCEMENT                            31.01.2005



The enlargement of AS Kalev's share capital



The Commercial Register  has  registered  the  enlargement  of  AS  Kalev's  share

capital in the amount of 157,550,000 EEK (10,069,280 EUR). In the course  of  fund 

emission, the company issued an additional 15,755,000 new registered  shares  with  

a nominal value of 10 EEK (0.64 EUR) per share.



As of 27 January 2005,  AS  Kalev's  share  capital  amounts  to  236,325,000  EEK

(15,103,920 EUR), consisting of 23,632,500 shares with a nominal value of  10  EEK

(0.64 EUR).



The issued shares grant the right to receive dividends  from  the  financial  year

2004/2005 onwards.





Ruth Roht

PR manager

+372 6 077 858