Baltika                       NEWS RELEASE                      04/08/2002



ISSUE OF COMMERCIAL PAPERS



AS Baltika issued commercial papers in the form of

directed issue in value of  EEK 30,05 million (  EUR 1,92 million).  

The commercial papers nominal value is 10000 EEK. The issue

was organized in two parts: 520 commercial papers at

distribution price of  9780,91 EEK and 2485 commercial

papers at distribution price of  9788,73 EEK at  4,2 %

annual rate. Redemption date is October 14, 2002.

The initial offering of the commercial papers was

organized as Private Placement and the issue was

organized by Hansabank.

The proceeds from the issue will be used for redemption

of the previous commercial papers issue ( EEK 25,0

million) and for funding development projects.





Ülle Järv

Management  Board member

+372 6302 741