PANEVEZIO PIENAS

MATERIAL EVENT



RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS



Unofficial Translation Done at the NSEL)



On 28 April 2004, the Annual General Meeting of Panevezio Pienas AB

shareholders was held. It approved the company’s Annual Report 2003; the

company’s annual accounts for 2003 and the profit appropriation for 2003; and

the new wording of the company’s Articles of Association. It was resolved to

pledge the company’s long-term assets as surety the loan. The meeting elected

the Board of a new composition comprising 5 persons: Virginijus Jankauskas,

Voldemaras Klovas, Julius Kvaraciejus, Jonas Simutis and Aleksandr Smagin. Mr.

Voldemaras Klovas was elected Chairman of the Board. The company’s Board was

authorised to prepare conditions for the company’s reorganisation by way of

merger with  Pieno Zvaigzdes AB that will continue activities as a legal entity

after Panevezio Pienas AB is incorporated to it.





Jonas Simutis

Director General

(+370- 45) 502064)