VILNIAUS VINGIS

MATERIAL EVENT



THE GENERAL MEETING OF SHAREHOLDERS OF VILNIAUS VINGIS AB



On 6 March 2004 a general meeting of shareholders of

Vilniaus Vingis AB was held (agenda announced in the daily

Lietuvos Rytas No. 33, 4 February 2003):

- Approval of Vilniaus Vingis AB activity report for 2003;

- Report of audit company KPMG Lietuva UAB on the company’s

activity in 2003;

- Approval of the company’s annual financial statements for 2003;

- Approval of the new wording of the Articles of Associations

of the Company;

- Approval of resolution regarding buying back and selling of

Vilniaus Vingis AB shares – to buy back ordinary registered shares

with LTL 4 nominal value by proposing voluntary tender offer

according to legal acts regulating securities market, and implementing

it in the National Stock Exchange. Voluntary tender can be announced

by 1 May 2005.

The total nominal value of buyable own shares together with nominal

value of other already owned own shares cannot make up more than 1/10

of authorised capital. The minimum buy back price is LTL 4, maximum –

LTL 25. The minimum selling price of own shares is LTL 4 per unit.

By securing equal opportunities to all shareholders to buy company’s

shares, Vilniaus Vingis AB purchased own shares will be sold only in

the National Stock Exchange.

The Board is authorised to set and decide upon specific conditions,

terms of voluntary tender offer, quantity and price of buyable shares,

stock selling price and conditions.

- Approval of the 2003 profit distribution, allocating for dividends

LTL 10.797 million (LTL 1.2 per LTL 4 nominal value share);

- Members elected to the new Board of Vilniaus Vingis AB are

representative of Amber Trust and Danske Capital Finland Martynas

Česnavičius, Vilniaus Vingis AB general director Vaclovas Šleinota,

marketing director Vladislovas Cybas, technical director Rimvydas

Savickas and head of HFV Nerijus Dagilis.





Ramūnas Pelanis

Head of department

852392711