Russia: �Baltika�, �Vena�, �Yarpivo� and �Pikra� association almost complete

There is one more step to do before the completion of the association between �Baltika�, �Vena�, �Yarpivo� and �Pikra�, Russian Beer Union announced on December 12.

The documents package is prepared for submission to exclude the joined to �Baltika� �Vena�, �Yarpivo� and �Pikra� from the public register. This would be the last stage in the companies� reorganization and the creation of a new united �Baltika� company. At the same moment, the 3 companies� stocks� conversion into �Baltika� shares will be done.

The completion of the association process is expected in the last days of 2006.

The process of association was conducted according to the previously outlined plan.
In March 2006, at an extraordinary meeting the shareholders of �Baltika� approved the process of association with the companies �Vena�, �Yarpivo� and �Pikra�. In spring 2006, an additional share emission, �Baltika� stock redemption and the purchasing of �Vena�, �Yarpivo� and �Pikra� shares was accomplished.

In July 2006, the 3 companies� shares are exchanged on �Baltika� new shares, and �Baltika� became the majority shareholder of companies �Vena�, �Yarpivo� and �Pikra�.

In August, the shareholders of �Vena�, �Yarpivo� and �Pikra� , with majority of votes, approved the association with �Baltika� and in autumn �Baltika� received the FAS permission to take over the 3 brewery companies.

At an extraordinary meeting, the shareholders approved the statement of �Baltika� succession on the joined companies� rights and obligations

In November 2006, new shares are issued for the conversion of those remained in �Vena�, �Yarpivo� and �Pikra�.