LIFOSA

MATERIAL EVENT



RESOLUTIONS OF THE GENERAL MEETING



(Unofficial translation done at the NSEL)





The General Meeting of Lifosa AB convened on 17 March 2003 adopted the

following resolutions:

1. Approval of the company’s activity report for 2002 stating that in 2002 the

company earned LTL 17.8 m. audited net profit, calculating according to the

IAS.

2. Approval of the audit report.

3. Approval of the profit distribution.

4. Approval of the annual statements for 2002.

5. No resolution concerning sale, transfer, lease and writing off of the

company’s long term assets was adopted.

6.1. In order to eliminate losses totaling LTL 127 469 340 accrued on the

company’s  balance sheet, resolution was adopted to reduce the company’s

authorized capital by LTL 25 012 200 by annulling own shares acquired by Lifosa

AB. 

6.2. In order to eliminate losses entered on the company’s  balance sheet,

resolution was adopted to reduce additionally the company’s authorized capital

by LTL 97 893 900 by reducing the nominal equity value  from LTL 20 to LTL 10.

7. Approval of the new version of the Articles of Association and filing for

the registration in the register of enterprises.

8. Due to the resignation of Board Chairman N. Levickij because of job change,

the General Meeting elected the following new members to the Board of Lifosa

AB:  D. Perevalov, G. Jakovlev, Aryan van den Blink, A. Fedotova and

J. Dastikas.

9. No other issues were considered.





Regvita Ivanovienė

Finance Director at interim

(370 347) 66 331