KALEV

ANNOUNCEMENT



CHANGES IN SHAREHOLDINGS



Hode Investeeringud OÜ, 30.46% shareholder of AS Kalev, sold its

holding to Linderin Grupp OÜ, with regard to inclusion of permanent

investments into the respective company. The aim of the transaction 

was to collect shares of AS Kalev owners' circle into one holding company.



Hode Investeeringud OÜ will be liquidated after the transaction.

Proceeding from similar business field, Linderin Grupp OÜ will be 

merged with GKG Investeeringud AS within the next year. Oliver Kruuda 

is a 100% owner of both of the companies.



The respective transaction does not bring about any substantial 

changes to AS Kalev activities.





Ruth Roht

PR manager

+372 6 28 38 58