Tallinna Börs                 NEWS RELEASE                      06/01/2004



CONDITIONAL LISTING OF BALTIKA SHARES



On May 25, 2004, the Listing and Surveillance Committee of the Tallinn Stock 

Exchange (hereinafter: the Committee) reviewed the application by AS Baltika, 

filed with the Committee on 11 May 2004, for listing on the Main List of TSE 

the 88,000 shares which were to be issued by AS Baltika additionally by 

a directed issue. The Committee also reviewed the applications submitted on 

11 May 2004 for granting excemptions to the requirements of the part 

"Listing Rules" (hereinafter: LR) of the TSE Rules and the Decree "Listing 

Requirements" (hereinafter: Listing Regulation) by Minister of Finance.



The Committee decided to satisfy the applications of Baltika and grant AS 

Baltika an excemption from the requirement to append to the listing 

application the documents specified in clauses 3.3.1 - 3.3.9 of the LR 

(except for the documents specified in clause 3.3.6) on the basis of clause 

3.4 of the LR and an exception from the requirement of preparation and 

publication of the listing particulars on the basis of § 44 (1) of the 

Listing Regulation.



The exemptions were granted on the grounds that the existing shares of 

AS Baltika are already listed, and the increase in share capital will be 

less than 10%. Thus the data not to be presented and published would be 

of minor importance and not have an impact on the evaluation of the issuer's 

assets and liabilities, profit or loss, and future perspectives.



The Committee also decided to satisfy the listing application of AS Baltika 

and to conditionally list on the Main List of the Stock Exchange the 

88,000 ordinary shares of AS Baltika that were to be issued by a directed

issue. The decision will enter into force immediately after the company's 

share capital increase is registered with the Commercial Registry and new 

shares are registered with Estonian CSD.



The first listing day of the shares is the first stock exchange day 

(inclusive) after the decision becomes effective, i.e. the stock exchange 

day following the registration of shares at the Estonian CSD.





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