LIETUVOS ZEMES UKIO BANKAS

MATERIAL EVENT



DECISIONS OF THE GENERAL SHAREHOLDERS’ MEETING



At 9 a.m on 25 March 2002, a general shareholders’ meeting took place at the

premises of AB Lietuvos Zemes Ukio Bankas at 26 J. Basanaviciaus St. in

Vilnius. The general shareholders’ meeting resolved to:

1. approve report of the Bank’s Management Board on the Bank’s performance in

2001;

2.1. approve report of the Bank’s internal auditor;

2.2. take into account the Bank’s auditor’s report;

3. approve the Bank’s financial statements of 2001, where (as of 31 December

2001) the Bank’s assets – LTL 1,866,020thou, capital and reserves – LTL

136,699thou, and net profit LTL 8,243thou.

4. approve the appropriation of the Bank’s profit by transferring the Bank’s

net profit of LTL 8,242,750.47 to the surplus;

5. approve the Bank’s income/expenditure estimate for the year 2002;

6. approve decisions of the Bank’s Management Board and allow the Bank’s

Management Board to solve issues regarding transfer, rent and mortgage of the

Bank’s long-term assets worth more than 1/20 of the Bank’s authorized capital

as well as securing it as a guarantee or indemnity against liabilities of other

entities exceeding 1/20 of the Bank’s authorized capital.

7.1. approve amendments to the statute of the Bank;

7.2. authorize the Management Board to register amendments to the Bank’s

statute in the manner prescribed by law.

8. elect Grazina Rimsiene the Bank’s internal auditor for a period of four

years and to establish annual remuneration;

9. revoke the Bank’s Council: Lina Adakauskiene, Danute Beganskiene, Lina

Liubauskaite, Vilma Macerauskiene, and Roberto Marzonati;

10. revoke the Bank’s Management Board due to revocation of the Bank’s Council:

dr.Jonas Dieninis, dr.Stasys Velyvis, Sigute Dindaite, Robertą Anuskevic,

Vaidotas Aleksius, and Modestas Keliauskas and to authorize the Board to remain

in the office until a new Management Board is elected and starts operating;

11. elect the following persons members of the bank’s Council for a period of 4

years: dr.Gunter Dunkel, dr.Jurgen Allerkamp, Hans-Gunter Friedrich, Sven

Herlyn, and Jurgen Kosters.





Imandra Daukšienė

Spokesperson to the press

23 90 00