MAZEIKIU NAFTA

MATERIAL EVENT



CONVOCATION OF A GENERAL SHAREHOLDERS’ MEETING



At the sitting of the Board of AB "Mažeikių nafta" as of 14 March 2001,

it was decided to:

1) convene a general meeting of AB "Mažeikių nafta" shareholders at 1 p.m.

on 30 April 2001 at the Cultural Centre of AB "Mažeikių nafta" at 11

Naftininkų St., in Mažeikiai.

2) Approve draft agenda of the general shareholders’ meeting which is

to take place on 30 April 2001:

2.1. report of the Board on the economic activity of the company during

the period from 1 January 2000 to 31 December 2000.

2.2. report of audit on the company’s financial statements during the period

from 1 January 2000 to 31 December 2000.

2.3. approval of financial statements for the economic year beginning on

1 January 2000 and ending on 31 December 2000;

2.4. distribution of net profit/loss;

2.5. amendments to the Articles of Association (establishing that the company’s

 associated deputy director does not necessarily have to be employed at the

company).

2.6. authorisation of the Board to issue the company’s bonds;

2.7. current issues.





Tadas Augustauskas

Head of Communications Service

293-92608