MAZEIKIU NAFTA

MATERIAL EVENT



DECISIONS OF THE MANAGEMENT BOARD OF AB MAZEIKIU NAFTA



(Unofficial translation done at the NSEL)



On 8 July 2003, the Management Board of AB Mazeikiu Nafta adopted the following

decisions:

1. The amendment to the Investment Agreement concluded among the company, Yukos

Finance B.V. and the Government of the Republic of Lithuania as of 18 June 2002

was approved.

2. Execution of the Management Agreement between the Company and Yukos Finance

B.V. as of 29 October 1999 was suspended.

3. Concluding of the Service Agreement between the Company and Yukos Finance

B.V. was approved.

4. The Loan Agreement of the Government of the Republic of Lithuania of

29 October 1999 between the Company and the Government of the Republic of

Lithuania was amended by reducing the annual interest rate from 10% to 8% in

2003 and to 7% in the following year of the Agreement’s validity.





Giedrius Karsokas

Head of the Communication Unit

(370 443) 92608