Tallinna Börs                 NEWS RELEASE                      04/19/2004



GRANTING EXCEPTION TO KALEV PROHIBITION PERIOD



The Listing and Surveillance Committee of Tallinn Stock Exchange reviewed a 

petition from Oliver Kruuda, Director of AS Kalev, filed with the Committee 

on 15 April 2004, in which Mr Kruuda applies for an exception to restriction 

to effect a transaction during the prohibition period.



On 15 April 2004, the Stock Exchange received the petition of Oliver Kruuda, 

Director of AS Kalev, to the Listing and Surveillance Committee for making an 

exception to the requirement of a prohibition period set out in clause 4.5.2 

of the "Requirements for Issuers" section of the Stock Exchange Rules. Oliver 

Kruuda asked for permission for Tallinna Piimatööstuse AS to acquire 926,000 

shares of AS Kalev from OÜ Linderin Grupp on 16 April, that is before 

publication of the nine months’ financial results of AS Kalev.



Both parties to the transaction are persons related to Oliver Kruuda, 

Director of AS Kalev, and persons connected with him within the meaning of 

the Rules. In his petition, Mr Kruuda assured that the transaction will not 

be based on confidential information.



The Listing and Surveillance Committee of the Stock Exchange found that both 

Tallinna Piimatööstuse AS and OÜ Linderin Grupp are persons connected with 

Oliver Kruuda, Director of AS Kalev. Where two persons connected with the 

director of AS Kalev enter into a mutual transaction, there is no reason to 

believe that the transaction is based on confidential information. An 

exception is therefore justified.



On 16 April 2004, the Listing and Surveillance Committee of the Stock 

Exchange decided to satisfy the petition of Oliver Kruuda, director of AS 

Kalev, and grant an exception to the requirement set out in clause 4.5.2 of 

the Requirements for Issuers, and to permit the persons connected with Oliver 

Kruuda: Tallinna Piimatööstuse AS and OÜ Linderin Grupp, to enter into a 

mutual transaction with 926,000 shares of AS Kalev.





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