Balti Investeeringute Grupp             ANNOUNCEMENT                    21.03.2005



BIG issues bonds in the scope of 15 million Estonian kroons



Baltic Investment Group Ltd. issued bonds in the  scope  of  15  million  Estonian

kroons for a one year term and with a term of 20  March  2006  for  redeeming  the

bonds. The bonds were issued in a denomination  of  10,000  Estonian  kroons.  The

bonds are coupon bonds with a nominal interest of 6.0% per year.



The primary distribution of debt obligation took  place  in  the  form  of  direct

sale, and pursuant to the Securities Market Act section 12 subsection 2  clause  4

it was not a case of public tender of  securities.  The  tender  took  place  from

March 16-17 2005.  The  tender  took  place  according  to  the  decision  of  the

management of Baltic Investment Group Ltd. on 15 March 2005.



The payment obligations of the issuer arising from the  bonds  are  the  unsecured

payment obligations of the issuer that are pari  passu  equal  to  all  the  other

unsecured payment obligations of the issuer.



The underwriting was organised by Eesti Ühispank Ltd.

The instruments involved from the underwriting shall be used for issuing loans.





Eero Varkki

Financial Manager

Tel. 737 7599