PIENO ZVAIGZDES

MATERIAL EVENT



ADOPTED DECISIONS OF A GENERAL SHAREHOLDERS’ MEETING



On 28 November 2000, the general meeting of AB Pieno Žvaigždės shareholders

took place. At the meeting it was decided to:

1) approve transfer-acceptance acts of assets, rights and liabilities of

AB Kauno Pienas to AB Pieno Žvaigždės and the compiled balance account.

2) determine that the reorganisation of AB Kauno Pienas and AB Pieno Žvaigždės

shall be deemed over after a new wording of Articles of Association of

AB Pieno Žvaigždės, which continues its activities after reorganisation,

is registered with the Register of Enterprises.

3) elect the following persons members of the Board: Arnoldas Burkovskis,

Virginijus Jankauskas, Voldemaras Klova, Julius Kvaraciejus,

Regina Kvaraciejienė, Kristina Mileiko, Valentinas Pauras,

Aleksandras Smaginas, and Janina Karečkienė.

4) re-elect auditing general partnership "J. Kabašinskas ir partneriai" auditor

of AB Pieno Žvaigždės until the end of the established term of office.

5) retain remuneration for the company’s auditor and the remuneration terms

following the previously concluded agreement.

6) establish that the newly elected managing body of the company acquires all

its powers, rights and obligations since the day of registration of Articles

of Association of AB Pieno Žvaigždės with the Register of Enterprises.

Until that day, the current Board and administration of the company are

entitled to continue to perform their functions.

7) sell own shares and authorise the newly elected Board to adopt decisions

regarding selling procedure and price of those shares.

8) mortgage all the previously mortgaged real estate, which was owned by

AB Kauno Pienas and then transferred to AB Pieno Žvaigždės, for the additional

loan of LTL 600,000 from AB Vilniaus Bankas on a secondary mortgage basis.





Ramutė Plaušinienė

Chief financier

8 (293) 67040