11.11.2003, Limarko laivininkystės kompanija, VLN

KLAIPEDOS TRANSPORTO LAIVYNAS

MATERIAL EVENT



RESOLUTIONS OF A GENERAL MEETING



First after reorganisation general meeting ( the Meeting) of the

Klaipedos transporto laivynas AB ( the Company) was held on November 10,

 2003. It adopted the following resolutions:

1.1. (i) to approve procedure for transferring of assets, rights and

obligations of Limarko laivininkystes kompanija UAB to the Company,

(ii) to approve the Main Transfer-Acceptance Deed   signed on  November 10,

2003 at 00:00 regarding the transfer of   assets, rights and obligations of

Limarko laivininkytes kompanija UAB,(iii) to establish and confirm that all

assets, rights and obligations of Limarko laivininkystes kompanija UAB ,

save assets, rights and obligations that are, pursuant to the terms and

conditions set out in the Reorganization Plan, to be transferred by way of

 the Transfer-Acceptance Deed of the Remaining Property, will be deemed to

have been passed over to the Company as of the date of execution of the Main

Transfer-Acceptance Deed, and to establish that the remaining assets, rights

and obligations of Limarko laivininkystes kompanija UAB  will be transferred

to the Company as of the moment of execution of the Transfer-Acceptance Deed

of the Remaining Property, unless mandatory rules of law provide other terms

for such transfer of assets, rights and/or obligations.

1.2. to reduce the authorised capital of the Company from  130 795 186 litas to

109 450 664 litas by annuing 21 344 522 ordinary registered shares owned by the

Company with the nominal  value of 1 litas each.

1.3. to approve new wording of   the Articles of Association of the Company.

1.4.  (i) to  prolong loan  that had been  granted  by Vilniaus bankas AB,

NORD/LB Lietuva  AB, Hansabankas  AB and Sampo bankas AB ( Primary lenders) or

refinance  the said loan by obtaining  loan(s) from the subject(s) chosen by

the Company Board; (ii) to mortgage  long-term assets  of the Company 

exceeding 1/20  of the authorised capital  for the benefit of  the Primary

lenders and/or new lender.

2. November 10, 2003  in accordance with the procedure and terms established

in the Reorganisation Plan  shares of Limarko laivininkystes kompanija UAB 

owned by the shareholders of Limarko laivininkystes kompanija UAB were

substituted   by the shares of the Company. 

Information is not confidential.





Marius Dvareckas

Finansų direktorius

8 46 340896