AS BALTIKA                      ANNOUNCEMENT                       27.04.2005



CONVOCATION NOTICE OF REGULAR GENERAL MEETING OF SHAREHOLDERS



Limited company BALTIKA, seat Veerenni 24, Tallinn, calls the annual general

meeting of shareholders, which will be held on 18 May 2005 at 12.00 in the 

office of AS Baltika at Veerenni 24, Tallinn.

Registration of participants begins on the spot at 11.30.



Agenda of general meeting:

   1. Approval of annual report for 2004.

   2. Distribution of profit.

   The management board makes a proposal for:

      - distribution of voluntary reserves from the retained earnings of the

        previous periods:

           a. to increase the obligatory reserve by 833 950.- EEK

           b. to increase the retained earnings of the previous periods by

              17 250 573.- EEK

      - to transfer the net profit for 2004 in the amount of 16 701 299.- EEK to

        the retained earnings of the previous periods

      - to pay dividends in the amount of 0.75 EEK per share.

   3. Selection of auditor.

   4. Recall of council members and selection of new members.

   5. Baltika Group's action programs / goals for 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 Baltikas's web site <a href='http://www.baltika.ee' target='_blank'>http://www.baltika.ee</a> as from 04 May

2004.





Ülle Järv

Financial Director

+372 6302 731