Kalev                         NEWS RELEASE                      05/08/2002



ISSUE OF COMMERCIAL PAPERS



AS Kalev issued in a closed emission commercial papers in the 

amount of 20 million kroons (1.28 million euros). Emission was 

addressed to the local investors and was oversubscribed by 

more than four times.



2000 commercial papers were issued with the distribution price 

of 9716.49 kroons with the interest rate of 5.74 per sent 

and with the redemption date on November, 6th 2002.



The nominal value of the commercial paper shall be 10000 kroons. 

The emission was arranged by AS Eesti Ühispank.



AS Kalev  will use the funds obtained for financing development 

projects and for creating supplementary stocks for the period of 

collective vacation in summer.





Ruth Roht

PR manager

6 28 38 58