Option contract concluded

AS Kalev concluded an option contract 18.09.2008 giving AS Kalev the right to
acquire 100% of the shares of AS Uniprint by 5 April 2009. 

With the option contract, the parties restructured the contract of purchase and
sale of the shares of AS Uniprint concluded between the parties on 20 February
2007. Under this contract of purchase and sale of shares, AS Kalev would
similarly have acquired the shares of AS Uniprint by 5 April 2009, having
previously paid the corresponding instalments by the terms set forth in the
contract of purchase and sale. 

With the entry into force of the options contract, the contract of purchase and
sale of the shares of AS Uniprint concluded on 20 February 2007, as well as the
AS Uniprint shareholders' contract concluded between the same parties, lapsed
on the parties' agreement. 

The price of the acquired shares was not changed in connection with the
conclusion of the options contract. AS Kalev has the right to acquire from the
sellers, within the established term, all shares held by the sellers for a
purchase price of 54.8 million kroons (3.5 million euros), of which AS Kalev
paid 4 million kroons (0.26 million euros) in February last year. The
contractual option fee is 0.7% of the unpaid purchase price per calendar month. 

As a guarantee to the fulfilment of the terms and conditions of the option
contract, AS Kalev will transfer to the sellers' securities accounts the
previously acquired 160 shares of AS Uniprint. Upon acquisition of the shares
which form the object of the option contract, the shares will be returned to
the securities account of AS Kalev free of charge. 

AS Kalev's representative will hold a position on the Supervisory Board of AS
Uniprint for the term of the option. 

(See also AS Kalev's press release of 22.01.2007, “Conclusion of a share
acquisition contract” and the press release of 21.02.2007, “Agreement on the
acquisition of the shares of AS Uniprint”). 


Allan Viirma
Head of Legal Service
AS Kalev
688 6616