Kalev                           ANNOUNCEMENT                       07.06.2005



RESOLUTIONS OF THE ORDINARY GENERAL MEETING OF THE SUBSIDIARY'S SHAREHOLDERS



At Friday's (3 June) ordinary general meeting of  the  shareholders of AS Kalev

subsidiary AS Vilma, 83.76% of the votes represented by shares were present.

Thus the general meeting had a quorum.



Resolutions of the ordinary general meeting of the shareholders



1. To approve the company's Annual Report 2004.



2. To transfer the profit for the financial year 2004 in  the  amount  of  430,882

kroons to retained earnings.



3. To approve the new redaction of the Articles of Association.



The major changes in the Articles of Association are as follows:



a) Earlier the Articles of Association only allowed  a  monetary  contribution  as

payment for shares. The new Articles of Association allow either a monetary  or  a

non-monetary contribution to be made. The means of payment will be decided at  the

same time as the decision  on  the  issue  of  shares  is  taken.  A  non-monetary

contribution may be any thing or proprietary  right  transferred  to  the  company

which can be  monetarily  valued  and  which  can  be  claimed.  The  non-monetary

contribution shall  be  evaluated  by  the  company's  Management  Board  and  the

valuation shall be reviewed by an auditor.



b) The company's financial year was changed: according to  the  new  redaction  of

the Articles of Association, the financial year shall begin on 1 July and  end  on

30 June. After the end of the financial year, the Management Board  shall  prepare

the financial statements and the management  report  pursuant  to  the  procedures

provided by the Accounting Act, and submit them first  to  the  auditor  and  then

along with the auditor's report and the profit allocation report  to  the  general

meeting.



The  remaining  amendments  included  changes  made  in  order  to   correct   the

consistency of dates.



4. It was decided to choose Ernst & Young  Baltic  AS,  registry  code  10877299,

address Harju 6, Tallinn, as the auditor. Remuneration of the auditor  shall  take

place on the basis of a contract to be concluded with Ernst & Young Baltic AS.





Ruth Roht

PR manager

+372 6 077 858