Tallinna Börs                 TRADING                           06/10/2004



REMOVING WATCH NOTATION FROM KALEV SHARES



According to Tallinn Stock Exchange Managing Director's decision of June 10, 

2004, TSE removed a watch notation added to AS Kalev shares on 05.03.2003, 

as the circumstances that caused adding the watch notation ceased to be. 

AS Kalev published conclusion of the special audit results on May 28, 2004.





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