SNAIGE

MATERIAL EVENT



DECISIONS ADOPTED AT THE GENERAL SHAREHOLDERS’ MEETING



At the shareholders’ meeting:

1) the company’s Supervisory Board was dismissed;

2) a new Supervisory Board, consisting of 5 members, was elected for a four-

year term. The following persons were elected members of the Supervisory Board:

Domininkas Kasys, Giedrius Barysas, Jamie Richard, Algis Pakalnis, and

Romualdas Raudonis. Giedrius Barysas was elected chairman of the Supervisory

Board. The Supervisory Board elected the Management Board consisting of 5

members. Antanas Andriulionis was elected chairman of the Management Board.

3) It was decided to reduce the company’s authorised capital by LTL 12,304,216

from LTL 23,070,405 to LTL 10,766,189. The available funds will be paid to all

shareholders in proportion to the par value of the held shares. The authorised

capital is reduced by reducing par value of shares from LTL 15 to LTL 7. Each

shareholder will receive LTL 8 per one ordinary registered share. The amount to

be paid is calculated according to the list of shareholders on the day

reduction of the authorised capital and amendments to the Articles of

Association (due to reduction of the authorised capital) are registered with

the Ministry of Economy. The procedure for the reduction of the authorised

capital was approved: Having received the permission of the Securities

Commission to reduce the authorised capital and not less than 3 months after

all shareholders and creditors had been notified in the manner established by

laws, the Ministry of Economy will be addressed with an inquiry to register

reduction of the authorised capital and amendments to the Articles of

Association. It is expected to reduce the authorised capital until 1 February

2002. Settlements with shareholders should be completed by 30 September 2002.

4) It was decided to acquire up to 153,800 own shares on the NSEL central

market in order to maintain and increase the company’s share price. The low of

LTL 25 and the high of LTL 50 was established for acquisition of the own

shares. The company’s Management Board was authorised to carry out acquisition

of the own shares on behalf of the company. It was also decided to form a

reserve of LTL 6,273,000 for the acquisition of own shares.

5) It was decided to approve the company’s Articles of Association. The

company’s authorised capital equals LTL 10,766,189. It is divided into

1,538,027 ordinary registered shares.

6) It was decided to approve the audit company UAB KPMG Lietuva auditor for

2001 – 2003. The annual remuneration for audit services is LTL 50,000.





Irena Stočkūnaitė

Manager of budget unit

8 235 56229