Baltika                       NEWS RELEASE                      05/04/2004



RESOLUTIONS OF  SHAREHOLDERS MEETING



Resolutions of General Meeting of Shareholders of AS

Baltika





Date of meeting: 30 April 2004

Place of meeting: AS Baltika, Veerenni 24, Tallinn



The general meeting of shareholders of AS Baltika adopted

the following resolutions:

  1.   Resolution No. 1 for item 1 of the agenda:

     to approve the annual report for the financial year

     2003

    (voting results: in favour: 98.40%, undecided: 1.60%

    of registered votes).

  2.   Resolution No. 2 for item 1 of the agenda:

    to transfer the net loss for 2003 in the amount of

    EEK 63,031,235 into the retained earnings

     (voting results: in favour: 98.40%, against: 1.48%,

     undecided: 0.12% of registered votes).

  3.   Resolution No. 3 for item 2 of the agenda:

    at the request of the holders of convertible bonds,

    to supplement the "Conditions of convertible bonds",

    approved by resolution of the general meeting of

    shareholders of AS Baltika of 6 April 2001, so that

    the term for redemption of A bonds is extended by

    six months and shares for A bonds may be

    additionally subscribed for until 1 November 2004.

    (voting results: in favour: 97.61%, against: 1.48%,

    undecided: 0,91% of registered votes).



3,402,860 votes registered for the general meeting,

representing 61.88% of the total number of votes attached

to the shares (the total number of votes is 5,499,450).





Ülle Järv

Financial Director

+372 6302 731