Panevezio Pienas AB

Company event



Concerning decisions passed by the Board



The Board meeting of Pieno Zvaigzdes AB passed the following decisions on 30

August 2004:

1. To approve the terms of reorganisation of Pieno Zvaigzdes AB and Panevezio

Pienas AB;

2. To place one public announcement on the terms of reorganisation of Pieno

Zvaigzdes AB and Panevezio Pienas AB in the daily paper “Lietuvos Rytas”, as

referred to in the Articles of Association of the company, and notify in writing

all the creditors.

3. On the initiative and decision of the Board to convene an extraordinary

meeting of shareholders of Panevezio Pienas AB (company code 4702212, address of

the headquarters Tinklu str. 9, Panevezys), which will take place on 4 October

2004 at 1:00 p.m. at the headquarters of the company Laisves pr. 125, Vilnius.

Registration of shareholders will start at 10:30 a.m.

Agenda of the meeting:

1) Adoption of the decision concerning reorganisation of Pieno Zaigzdes AB and

Panevezio Pienas AB (by way of merger of the companies whereby Pieno Zaigzdes AB

acquires Panevezio Pienas AB);

2) Approval of the terms of reorganisation of Pieno Zvaigzdes AB and Panevezio

Pienas AB;

3) Approval of the amended Articles of Association of Pieno Zvaigzdes AB, which

is going to continue its activities after reorganisation;

4) Determination of redemption price of Panevezio Pienas AB shares.

5) Granting of authorisation.

The recording day of the meeting is 27 September 2004.

4. To approve draft decisions of GMS.

5. To remove the shares of Panevezio Pienas AB from the Current List of Vilnius

Stock Exchange, plc., as of the day of the GMS, which is to take a decision on

reorganisation. The terms of reorganisation and draft decisions of GMS will be

available for scrutiny in the headquarters of Panevezio Pienas AB in Tinklu str.

9, Panevezys since 3 September 2004.





Voldemaras Klovas

Chairman of the Management Board

(+370 45) 246 14 14