LIETUVOS ZEMES UKIO BANKAS

MATERIAL EVENT



THE FIRST STAGE OF PLACEMENT OF THE BANK’S SHARES ENDED



(Unofficial translation done at the NSEL)



Lietuvos Zemes Ukio Bankas AB informs that the first stage of placement

of ordinary registered shares of Lietuvos Zemes Ukio Bankas AB ended on

8 October 2002. During the fist stage, 684,178 ORS were subscribed for,

for the total of LTL 64,996,910. During the first stage, 88.14% of the

share issue, which was registered with the Securities Commission

on 5 September 2002 by the Registration Act No. B-5105, was subscribed for.

On 9 October, at 8.00 a.m., the second stage of placement of shares will start

and it will continue for ten days, from 9 October 2002 until 18 October 2002

inclusive. 92,099 ORS that were not subscribed for during the first stage of

placement will be offered during the second stage to shareholders who exercised

the pre-emptive rights and had subscribed for shares in the first stage

(i.e. concluded share subscription agreement with the Bank).

Securities can be subscribed for at Finance Brokerage Division of LZUB,

Vilniaus g. 18, Vilnius, room 302.

Detailed information about the issuer and securities to be issued as well as

the order of placement and settlement is presented in the prospectus of the

share issue which available at Finance Brokerage Division of LZUB, Monday to

Thursday at 8.00 a.m. until 4.30 p.m. and on Fridays from 8.00 a.m. until 3 p.m.





Martynas Kulvinskas

Head of Finance Brokerage Division

+370 (5) 2393 338