Baltika                       NEWS RELEASE                      09/09/2002



A SPECIAL MEETING OF SHAREHOLDERS



CALLING A SPECIAL MEETING OF SHAREHOLDERS

Aktsiaselts  BALTIKA, seat Veerenni 24, Tallinn, calls a  special  meeting  of

shareholders on 17 September 2002 at 10 hours in the office of AS  Baltika  at

Veerenni 24, Tallinn.



Registration  of  the  participating shareholders  and  their  representatives

starts at the same location at 9 hours. To register, shareholders are required

to  present  an  identity  document (representatives  also  need  a  power  of

attorney),  and a copy of the valid commercial register card is required  from

shareholders  who are legal persons (their representatives are also  asked  to

present an identity document and a power of attorney).



Agenda of general meeting:

1. Increasing of share capital



To   involve   further  capital,  the  supervisory  board  has  proposed   the

shareholders  to increase the share capital of the public limited  company  by

EEK 6,444,500 by issuing 644,450 new shares with a nominal value of EEK 10 and

the  issue price of EEK 36.00 each. The new amount of share capital  would  be

EEK  54,444,500.  The  new shares entitle holders to  dividends  as  from  the

financial year of increasing the share capital.



The  subscription term for the new shares is 17 September 2002 and the  shares

shall  be  paid  for  by monetary contributions totalling  EEK  23,200,200  by

1  October  2002 at the latest. AS Baltika has opened a separate bank  account

for that purpose.



The  supervisory board has also proposed to preclude the pre-emptive right  of

shareholders to subscribe for the new shares and to invite to the subscription

BMIG OÜ, a company currently being founded, whose shareholders are members  of

the  Baltika  management  board  and chairman of  the  supervisory  board.  An

agreement  will  be  made with BMIG OÜ to underwrite the subscription  of  the

issue,  according  to which the underwriter undertakes to  subscribe  for  the

entire  new  issue  and  to  buy the shares at the price  established  by  the

shareholders. Oversubscription or undersubscription is not allowed.





MANAGEMENT BOARD OF AS BALTIKA





Meelis Milder

Chairman of the management boa

+372 6302 736