Market announcement

Title

AS Kalev Real Estate Company removed a member of management board

Message

AS Kalev subsidiary AS Kalev Real Estate Company supervisory board removed Ott
Karolin from the management board on 18th of February 2009. Peeter Lillestik
will continue as a member of management board. 

AS Kalev Real Estate Company member of the management board does not have
shares of AS Kalev. 


Allan Viirma
Head of Legal Service
688 6600