Shares acquired in private limited companies

On 19 December 2008, AS Kalev's subsidiary AS Kalev Meedia concluded a contract
under which the company acquired a 100% stake in the private limited companies
Kullasadu Invest and Tartu Ekspress. The rights associated with the share were
transferred to the buyer on signing, making AS Kalev Meedia the sole
shareholder of the private limited companies, holding shares with a nominal
value of 300,000 kroons and 40,000 kroons, respectively. 

The buyer will pay for the share in OÜ Kullasadu Invest by 31 December 2009 at
the latest. Under the contract, payment for the share of OÜ Tartu Ekspress will
be made within two banking days after signing. Under the contract, a commercial
pledge was established on the assets of AS Kalev Meedia to secure the buyer's
payment obligation. 

OÜ Kullasadu Invest owns the radio station SUN FM which broadcasts from Tartu,
Pärnu, southern Estonia and western Estonia. OÜ Tartu Ekspress publishes the
free weekly Tartu Ekspress. 

AS Kalev Meedia is a subsidiary of AS Kalev operating in the media segment,
incorporating developed media products and entrepreneurs. 

The above acquisition does not constitute a related party transaction under
Tallinn Stock Exchange rules. 


Allan Viirma
Head of legal service
607 7831