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