Ordinary general meeting of shareholders decision contested

9/18/2012 2:55 AM EST

Baltika
Company Announcement 

Ordinary general meeting of shareholders decision contested

Clearstream Banking S.A. filed an action to Harju County Court against AS
Baltika and contested the decision made on 20.04.2012 by the ordinary general
meeting of shareholders under item 4 on the agenda. Clearstream Banking AS is
on the opinion that the decision of AS Baltika to issue the convertible bonds
and to increase conditionally the share capital was not made, or alternatively,
the decision is void. The decision is allegedly void as exclusion of
pre-emptive right to subsribe for shares in respect to part of shareholders,
needs their consent and the claimant did not gave its content to adopt the
decision. Harju County Court took an action into the proceedings on 07.09.2012.
AS Baltika will raise objections to all claims. Clearstream Banking S.A. filed
an action in the interests of E.Miroglio Finance S.A., who holds 5,684,330
shares of AS Baltika. 

Maigi Pärnik
Member of the Management Board