AS Kalev                 Stock Exchange Release                 27.12.2005



Acquisition of shares



On Friday, 23 December 2005, AS Kalev acquired an additional 39,2% of 

the shares of its subsidiary AS Vilma. AS Kalev now holds 99,9% of the 

shares of AS Vilma.



A total of 7,3 million kroons was paid for the share. The right of ownership 

of the shares that formed the object of the transaction was transferred to 

AS Kalev on 23 December 2005. The transaction does not constitute a related 

party transaction.



On 1 July 2004, AS Kalev acquired 60.7% of the shares of AS Vilma. AS Kalev 

had a contractual obligation to acquire, in 2005, under the same conditions, 

the remaining shares from any shareholders who wished to sell their shares.



AS Vilma manufactures bakery and confectionery products and flour mixtures.





Ruth Roht

PR manager

+372 6 077 858