Deutsche Bank is planning to convert 10% of ordinary shares and 6% of preferred shares in Baltika, Russia's largest brewery, into General Depository Receipts. The action will be made in order to ease access for foreign investors to the shares. Baltika, owned by Baltic Beverage Holdings (BBH), said the initiative was from the Bank and not the company. There will be no additional shares issued. BBH is a joint venture between Carlsberg A/S and Scottish & Newcastle PLC.

15 August, 2003