SNAIGE

MATERIAL EVENT



RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS



(Unofficial Translation Done at the NSEL)



The Annual General Meeting held on 29 March 2004 passed the following

resolutions:

1.Approved the Annual Report 2003 of the Snaige AB Board.

2.Approved the annual accounts.

Approved the profit appropriation for 2003.

Profit share allocated to the mandatory reserve – 0;

Profit share allocated to the reserve for acquisition of the company’s own

shares - LTL 10,000,000;

Profit share allocated to other reserves – LTL 16,588,000, including: 

Investment in 2004  -   LTL 16,000,000;

Support in 2004  -   LTL 187,000;

Social, cultural needs and Christmas events  - LTL  401,000.

Profit share allocated to dividends - LTL 3,074,054.

Profit share allocated for employee bonuses – LTL 500,000.

Profit share allocated for the bonuses of the Supervisory Board -  LTL 65,000.

Profit share allocated for the bonuses of the Board - LTL 1,000,000.

Unapproriated profit brought forward to the next financial year –

LTL 23,988,735.

Dividends will be paid in the amount of LTL 2.00 per share in the manner

prescribed by law at the company’s cash desk or by transfer into a

shareholder’s personal bank account upon application to do so.

3.Adopted amendments to the company’s Articles of Association.

4.Elected the new Supervisory Board of  5 members for the period of four years.

 Persons elected to the Supervisory Board are: Dominykas Kasys, Saulius Butkus,

Jamie Richard, Algis Pakalnis, Martynas Cesnavicius.

The audit firm  KPMG Lietuva UAB was elected to perform audit of the company’s

accounts with regard to their compliance with the Business accounting standards

and consolidated accounts according to the IAS. Passed the resolution to

purchase own shares on the National Stock Exchange in the amount of up to 10%

for LTL 10,000,000 (ten million). This amount was allocated to the reserve to

purchase the company’s own shares. The purpose of purchasing these shares is to

maintain and increase the price of the company shares.

The company will be purchasing its shares until 1 June 2005. Minimum price of

own shares to be purchased is LTL 175 (one hundred seventy five) per ordinary

registered share.

Maximum price of own shares to be purchase is LTL 350 (three hundred fifty) per

ordinary registered share.

Minimum sale price of own shares is LTL 175 (one hundred seventy five) per

ordinary registered share.

The company Board is authorised to perform sale and purchase of own shares on

behalf of the company.

The notice is not confidential.





Romualdas Raudonis

Director General

(+370- 315) 56200