Decisions of the annual general meeting


The annual general meeting of 2008 of AS Baltika was held at 10:00 a.m. on      
Wednesday, 18 June 2008 in the premises of Baltika at 24 Veerenni in Tallinn,   
Estonia. A total of 10,211,579 votes that represented 54.77% of the share       
capital of AS Baltika were present and the annual general meeting was competent 
to pass resolutions.                                                            

The agenda of the annual general meeting was as follows:                        

1. Approval of the 2007 annual report and profit distribution                   
2. Election and remuneration of the auditor                                     
3. Convertible bonds                                                            
4. Presentation of goals and outlook for 2008                                   

Decisions of the annual general meeting:                                        

1. Approval of the 2007 annual report and profit distribution                   
To approve the 2007 annual report of AS Baltika as presented and transfer the   
net profit for the year ended at 31 December 2007 in the amount of 40,773       
thousand kroons (2,606 thousand euros) to the retained earnings.                

The number of votes in favour of the resolution was 10,209,089 representing     
99.98% of the registered participants.                                          

2. Election and remuneration of the auditor                                     
To elect AS PricewaterhouseCoopers as the auditing company for the financial    
year 2008 and remunerate the auditor pursuant to the agreement concluded.       

The number of votes in favour of the resolution was 10,206,379 representing     
99.95% of the registered participants.                                          

3. Convertible bonds                                                            
To proclaim the subscription for E bonds as failed in connection with the       
withdrawal of the bond subscribers from the agreement and to change the         
resolution under the item number 6 on the agenda of the annual general meeting  
held on 21 May 2007 so that 62,000 F bonds will be issued on the terms and      
conditions added to the resolution and to reimburse the paid in funds to E bond 
subscribers within two weeks from the date of passing this resolution.          

The number of votes in favour of the resolution was 9,915,654 representing      
97.10% of the registered participants.                                          

Revision of revenue target for 2008                                             

Baltika published its outlook and goals for 2008 at the beginning of the year   
with the 2007 annual results. The published revenue target for 2008 was 1.3     
billion kroons/83 million euros, up 13% yoy. In conjunction with revising the   
store opening schedule and consequently retail sales estimate for the second    
half-year, the Group's new revenue target for 2008 is 1.2 billion kroons/77     
million euros, up 5% yoy. The Group plans to open 12-17 and close 4-8 stores in 
the second half of 2008. In the same period, retail revenues are expected to    
increase by 10-12% whereas wholesale revenues should decline by 5% yoy.         


Triin Palge                                                                     
Head of investor relations                                                      
+372 630 2886                                                                   
triin.palge@baltikagroup.com