SIAULIU BANKAS

MATERIAL EVENT



DECISIONS OF THE GENERAL MEETING



(Unofficial translation done at the NSEL)



On 27 March 2003, the General Meeting adopted the following decisions:



1. To approve profit distribution, by paying out dividends of 1 percent of

nominal value per share (LTL 0.50  per share of LTL 50 nominal value).

Dividends will be paid to persons, who were shareholders of the bank on the day

of the general meeting of shareholders (27 March 2003). The Bank will pay

dividends from 1 April 2003.



2. To increase the Bank’s share capital by LTL 5,322,940 (five million three

hundred twenty two thousand nine hundred and forty) out of the Bank’s funds

(LTL 5,019,828 of undistributed profit and LTL 303,112 of revaluation

reserves). In order to secure shareholders’ right to subscribe for new shares

in proportion to the nominal value of shares held on the day of this General

Meeting, and to reduce the period, for which share trading will be suspended,

up to the minimum, the following share capital increase procedure was

established:



- to change the nominal value of the Bank’s  ordinary registered shares from

LTL 50 to LTL 1;

- to distribute the new shares to the Bank’s shareholders on the day of

registration of the changes of the Bank’s Statutes according to the Lithuanian

laws in the following way:

a) to allot 50 ordinary registered shares at LTL 1 nominal value for each share

at LTL 50 nominal value held on the day of registration of the company’s

Statutes;

b) to allot additional 7 ordinary registered shares at LTL 1 nominal value for

each share at LTL 50 nominal value held on the day of the General Meeting.



To record the change of the Bank’s share capital in the Bank’s Statutes.



3. To change the Bank’s Statutes by establishing the Council of the bank out of

seven members.





Pranas Gedgaudas

Head of financial brokerage division

370 41 595653