Baltika                       NEWS RELEASE                      04/12/2004



GENERAL MEETING OF SHAREHOLDERS



AS  B A L T I K A



CONVOCATION NOTICE OF REGULAR GENERAL MEETING OF



SHAREHOLDERS







Aktsiaselts BALTIKA, seat Veerenni 24, Tallinn, calls the

annual general meeting of shareholders, which will be held

at 14.00 on 30 April 2004 in the office of AS Baltika at

Veerenni 24, Tallinn.

Registration of participants begins on the spot at 13.30.



Agenda of general meeting:

  1.   Approval of annual report for 2003 and division of

     profits.



  The management board proposes that general meeting approve

the annual report for 2003. The management board proposes to

cover the loss for 2003 in the amount of EEK 63 031 235 (EUR

4 028 420) with retained earnings.



  2.   Amendment of the terms of convertible bonds.



The shareholders will discuss additions to the terms and

conditions of the convertible bonds during the general

meeting.

  

  3.   Baltika Group’s action programs for 2004.



Documents requested for participation:

* Shareholders who are natural persons are requested to

present an identity document; representatives must present a

power of attorney;

* Representatives of shareholders who are legal persons are

requested to present a copy of the valid commercial register

card and an identity document; representatives acting under

a power of attorney are also requested to present the power

of attorney.



The annual report of AS Baltika is available to shareholders

for examination on working days at the secretarial office of

AS Baltika at Veerenni 24, Tallinn, room No. 301, and at the

web site <a href='http://www.hex.ee' target='_blank'>http://www.hex.ee</a> as from 15 April 2004.





Ülle Järv

Financial Director

+372 6302 731