Baltika                       NEWS RELEASE                      05/05/2003



GENERAL MEETING OF SHAREHOLDERS



Aktsiaselts BALTIKA, seat Veerenni 24, Tallinn, calls the

annual general meeting of shareholders, which will be held

at 9.30 on 22 May 2003 in the office of AS Baltika at

Veerenni 24, Tallinn.

Registration of participants begins on the spot at 9.00.



Agenda of general meeting:



1.   Approval of annual report for 2002 and division of

     profits

  

  The management board proposes that the general meeting

  approve the annual report for 2002.

  The management board, with the approval of the

  supervisory board, proposes that the profit for 2002 in

  the amount of EEK 6,797,626 (EUR 434,446) should be

  undivided and transferred to retained earnings.

  

2.   Election of auditor

  

 The management board proposes that AS Pricewaterhouse

 Coopers be elected as the auditor of AS Baltika for the

 years 2003-2004.

  

  

3. Presentation of goals of Baltika Group for the years

2003-2005.



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 8 May

2003.





Meelis Milder

CEO

+372 6302 731