Tallinn Stock Exchange                 TRADING                       01.09.2005



CHANGING REFERENCE LIMIT OF KALEV SHARE



Due to substantial price movement after disclosure of financial results of AS Kalev,

the lower reference limit of Kalev share will be increased from -15% to -25% as of 

today at 12.50 p.m. Thus, the new reference limits will be -25% and +15% and they 

will stay in force until the end of trading day.



Reference limit is the percentage rate within which the price of order and contract 

transaction may differ from the reference price of the instrument. The reference 

price of AS Kalev share is EUR 1.12, the lower reference limit is EUR 0.952 before 

the change and EUR 0.84 after the change.





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