MAZEIKIU NAFTA

MATERIAL EVENT



RESOLUTIONS OF THE GENERAL MEETING



(Unofficial translation done at the NSEL)



The General Meeting held on 30 April 2003 adopted the following resolutions:

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

2. Take account of the company’s auditor’s conclusion when approving the

company’s annual financial statements for 2002.

3. Approve the company’s annual financial statements for 2002.

4. Approve the company’s profit (loss) distribution for 2002, bringing forward

the loss of the year 2002.

5. Taking account of the fact that in the financial year 2002 the company

operated at a loss due to clear reasons and that the accounting year results

are much better than in 2001, to consider the members of the Board and the

Supervisory Board of Mažeikių Nafta AB suitable for their duties.

6. Recall the company’s audit firm Ernst&Young Baltic UAB.

7. Elect Pricewaterhouse Coopers UAB as the company’s audit firm for a

four-year term.

8. Approve the remuneration conditions for the services of Pricewaterhouse

Coopers UAB for 2003 setting that the remuneration for the audit services may

not exceed LTL 660 000 without VAT.





Giedrius Karsokas

Head of the Comunications Division

(370 443) 92608