The 2007 Annual General Meeting of Shareholders of AS Baltika will be held at 13:00 on Monday, 21 May 2007 in the premises of Baltika at Veerenni Street 24, Tallinn. Registration of shareholders begins at 12:30. The agenda and proposals to the General Meeting are as follows: 1. Approval of the 2006 Annual Report - To approve the 2006 Annual Report of AS Baltika as presented. 2. Profit distribution - To approve 2006 net profit of AS Baltika in the amount of 87,376,520 kroons (5,584,377 euros) and transfer it to the retained earnings. - To transfer 12,821,900 kroons (819,469 euros) from retained earnings to statutory reserve. - To pay out dividends from retained earnings in the amount of 14,915,880 kroons (953,298 euros); dividend per share is 2.40 kroons (0.15 euros). - To fix the list of shareholders entitled to receive the dividends on 3 June 2007 at 23:59 and pay out the dividends by 12 June 2007 the latest. 3. Amendment of the Articles of Association - To change the first sentence of the article 3.1. of the Articles of Association and state that the minimum capital of the company is 100,000,000 kroons (6,391,165 euros) and the maximum capital is 400,000,000 kroons (25,564,659 euros). - To approve the new Articles of Association. 4. Increase of the share capital via fund issue - To increase the share capital of AS Baltika by means of fund issue in the amount of 124,299,000 kroons (7,944,154 euros) on the account of retained earnings and share premium by issuing 1,242,990 new ordinary shares with a nominal value of 10 kroons (0.64 euros). The fund issue shall be carried out on the basis of the 2006 Annual Report of AS Baltika that has been approved by the shareholders together with the profit distribution before adopting the present resolution. The fund issue shall be carried out on the account of retained earnings in the amount of 65,210,501 kroons (4,167,711 euros) and share premium in the amount of 59,088,499 kroons (3,776,443 euros). The share capital after the fund issue shall be 186,448,500 kroons (11,916,231 euros) consisting of 18,644,850 shares. Upon adoption of the present resolution each shareholder entered in the share registry as of 8 June 2007 at 23:59 shall receive two (2) new shares per each share owned by the shareholder. The issued shares are entitled to dividends that are paid out of the net profits of the financial year starting on 01.01.2007. 5. Election and remuneration of the auditor - To elect AS PricewaterhouseCoopers as the auditing company for the financial year 2007 and remunerate the auditor pursuant to an agreement concluded. 6. Issue of convertible bonds - To issue 124,000 convertible bonds on the terms and conditions added to the resolution. The Management Board shall issue the shares and convert the bonds into shares increasing the share capital by a maximum of 1,240,000 kroons (79,250 euros). The shareholders waive the right to participate in the conditional share capital increase. 7. Presentation of plans and goals for 2007 The date of fixing the list of shareholders entitled to vote on the General Meeting is 20 May 2007 at 23:59. Starting from 4 May 2007, the 2006 Annual Report of AS Baltika, the new Articles of Association and information pertaining to other proposals will be available for the shareholders at the premises of AS Baltika at Veerenni Street 24, Tallinn, room number 301 and on the website of Baltika at www.baltikagroup.com and the Tallinn Stock Exchange at www.ee.omxgroup.com. Before the Annual General Meeting the shareholders of AS Baltika can obtain additional information about the agenda and proposals to the General Meeting by sending questions by e-mail to investors@baltikagroup.com. Triin Palge Head of investor relations +372 630 2886