STUMBRAS

MATERIAL EVENT



DECISIONS OF THE GENERAL SHAREHOLDERS’ MEETING



(Unofficial translation done at the NSEL)



At 3 p.m. on 30 October, the extraordinary general shareholders’

meeting took place.

At the general shareholders’ meeting, it was decided to:

1) increase the authorised capital of Stumbras SPAB out of the company’s

funds accumulated in the reserve not available for distribution by

LTL 29,660,099 by increasing par value of shares by one Litas, establishing

that the company’s authorised capital equals LTL 118,640,396, and the nominal

value is LTL 4 per share.

2) Amend the following Paragraphs of the Articles of Association, registered

on 21 July 2000, and of the amendment thereto, registered on 18 December 2000

and 1 May 2001 with the Register Service of Kaunas.

2.1. Paragraphs 4.1 and 4.2 of Chapter IV “Capital and Reserve Funds”  and to

read them as follows:

“4.1. The authorised capital of the company equals LTL 118,640,396. It is

divided into 29,660,099 ordinary registered shares. Par value of a share is

LTL 4.

4.2. The state owns 27,272,556 ordinary registered shares of the total nominal

value of LTL 109,090,224.”

2.2. Paragraph 5.1. of Chapter V “Shares and granted rights” and to read it as

follows:

“5.1. The company issues non-material ordinary registered shares at LTL 4 par.

Records in the securities account is the proof of the ownership of shares.

The accounts are managed by the company or by a finance brokerage company.

A shareholder has the right to choose where to hold a securities account.

Upon request of the shareholder, an extract from his/her securities account

shall e given.”





S. Stupakovienė

Manager of Economic Analysis

(370 37) 308841