Sale of share in OÜ Eesti Spordikanal

AS Kalev subsidiary AS Kalev Meedia (thereafter Kalev Meedia) concluded a share
sale agreement on February 18, 2009 by which sold its share in OÜ Eesti
Spordikanal. 

OÜ Eesti Spordikanal is transmitting TV channels Kalev Sport and Neljas.

Kalev Meedia sold its holding of nominal value of 40 000 kroons, which forms
100% of OÜ Eesti Spordikanal share capital to OÜ Videomeedia Pluss. On the same
day, Alar Pink was removed from OÜ Eesti Spordikanal management board. The new
members of the management board are Toomas Lepp and Ivar Jurtšenko. 

AS Kalev Meedia manager Alar Pink says that by selling its shares Kalev Meedia
is giving the new owner liberty in finding OÜ Eesti Spordikanal new investors
who would be ready to make the necessary investments for continuation of TV
channels. 

Pursuant to the sales-agreement, Kalev Meedia has the right to re-purchase the
share during one year period after the transfer of the ownership. Object of
re-purchase agreement is holding of nominal value of 40 000 kroons of OÜ Eesti
Spordikanal. 

The transaction is not deemed as transaction with related party within the
meaning of rules and regulations of Tallinn Stock Exchange. AS Kalev Meedia and
AS Kalev supervisory board or management board members are not in any other way
personally interested in the transaction. 

 
Allan Viirma
Head of legal services
AS Kalev

688 6600