AS Kalev                 Stock Exchange Release               16.12.2005





Resolutions of the ordinary general meeting of the shareholders



52.36% of the company’s share capital was represented at the ordinary general 

meeting of the shareholders of AS Kalev, held on 14 December 2005. The general 

meeting thus had a quorum.



The right of the general meeting to pass resolutions was inspected by Kersti 

Paeveer who replaced Tallinn notary Ragne Tehver.



Resolutions of the ordinary general meeting of the shareholders.



1. To appoint Marko Kaha as member of the Supervisory Board of AS Kalev 

from 14 December 2005;



2. To approve the Annual Report of AS Kalev for 01.07.2004-30.06.2005;



3. To transfer the net loss of AS Kalev for the financial year 2004/2005 

in the amount of -41,048 thousand kroons to retained earnings;



4. To appoint Ernst & Young Baltic AS as the auditor of the company. The 

auditor was appointed for conducting an audit of the financial years 2005/2006 

and 2006/2007, and will be remunerated under the contract concluded with 

Ernst & Young Baltic AS.





Ruth Roht

PR Manager

+372 6 077 858