Kalev                         BÖRSITEADE                        04.11.2004



Annual General Meeting of Shareholders



The annual general meeting of the shareholders of  AS  Kalev  (Põrguvälja  tee  6,

Lehmja, Rae vald, Harju maakond) will be held on 24 November 2004 at 4 pm  in  the

hall of TTÜ Sütiste Maja at Sütiste tee 21, Tallinn.



Agenda of the Meeting:



1     Election of a member of the Supervisory Board



2     Approval of the Annual Report



3     Distribution of profits



4     Election of an auditor



5     Increase of share capital through fund issue



Due to the need to increase share capital:

5.1   Increase the share capital of the Company without  making  contributions  on

account of owners' equity (fund  issue)  by  157,550,000  kroons.  The  new  share

capital of the Company will be 236,325,000 kroons.

5.2   Issue 15,755,000 new registered ordinary shares with nominal value ten  (10)

kroons per one (1) share.

5.3   The fund issue will be based on the annual balance sheet for  the  2003/2004

financial year. The fund issue will be conducted  on  account  of  owners'  equity

entry Retained Earnings in the extent of 141,514,656  kroons  and  on  account  of

owners' equity entry Profit for the Financial Year in  the  extent  of  16,035,344

kroons.

5.4    The  deadline  for  confirmation  of  the  list  of  security  holders  for

determination of shareholders entitled to participate  in  the  fund  issue  is  8

December 2004.

5.5   The shares to  be  issued  will  grant  the  right  to  dividends  from  the

2004/2005 financial year of AS Kalev.

5.6   The shares issued through the fund issues will be transferred to the

securities accounts of the shareholders on 8 December 2004.





Registration of shareholders  will  begin  at  3  pm.  Shareholders  and/or  their

representatives are requested to bring their ID or the document  evidencing  their

right of representation.



You can review the Annual Report of AS Kalev in the company's  office  (Põrguvälja

tee 6, Lehmja, vald, Harju maakond) on business days from 9.00 am to 4 pm  and  on

the website of Tallinn Stock Exchange  <a href='http://www.hex.ee' target='_blank'>http://www.hex.ee</a>  within  two  weeks  before  the

general meeting of shareholders.





Ruth Roht

PR manager

6 077 858