BANKAS SNORAS

MATERIAL EVENT



RESOLUTIONS OF THE GENERAL MEETING OF SHAREHOLDERS OF BANK SNORAS AB



(Unofficial translation done at the NSEL)



On 27 March 2003, a general meeting of shareholders of bank Snoras AB was held

and adopted the following resolutions:



1. Approve the report of the Bank’s Board on the Bank’s activity in 2002.

2. Approve the result of the audited financial statements for 2002 of the Bank.

3. Approve the Bank’s profit distribution report for 2002.

4. Approve the Bank’s estimate income and expenditure in 2003.

5. Increase the share capital of the Bank by LTL 25 000 000

 (twenty five million) by publicly distributing ordinary registered shares of

a new issue.  A total amount of shares of the new issue is   2 500 000

(two million five hundred thousand) shares with LTL 10 (ten) nominal value.

The price of one newly issued share is  LTL 10 (ten).

5.1 To grant the pre-emptive right not to all shareholders of the Bank to

acquire shares of a concrete issue issued by the Bank.

5.2 Shares of the new issue must be subscribed and fully paid up within 30 days

 after their registration with the Securities Commission and after investors

are granted permission to acquire and manage the block of shares, where the

investor is a foreign legal or natural person he must obtain permits from the

home country central bank and other relevant authorities which are necessary

for making investments into bank Snoras AB, as well as any other permits

necessary for settlement, acquisition and management of shares.

6. Approve changes to the Bank’s Statutes.

7. Accept the resignation of Yafim Borodulin, the Chairman of the Bank’s Board.

7.1 Approve the newly elected Board of the Bank:

 Stasys Brundza, Idrakas Dadašovas, Raimundas Jurevičius,

 Kazimieras Juozas Klimašauskas, Juozas Raišelis.

8. Elect Deloitte&Touche UAB as the audit firm of the Bank’s financial

statements for 2003  and set the remuneration terms.





Sergej Lomovskoj

Head of the Financial Brokerage Department

(370 5) 265 26 62