VAKARŲ SKIRSTOMIEJI TINKLAI

MATERIAL EVENT



CHANGING OF THE NOMINAL VALUE OF SHARES OF VAKARU SKIRSTOMIEJI TINKLAI AB



(Unofficial Translation Done at the NSEL)



On 31 May 2004, at 9 a.m. the Extraordinary General Meeting (EGM) of Vakaru

Skirstomieji Tinklai AB was held at 36 Kestucio St. Kaunas. The EGM resolved to:

1. Change the nominal value of the company’s shares from LTL 1 to LTL 109.

2. Approve the order of changing of the nominal value of the company’s shares.

3. Amend the company’s Articles of Association.

The order of changing of the nominal value of the company’s shares approved by

the EGM provides that the shares of the former nominal value will be changed

into the shares of the new nominal value without affecting the size of the

authorised capital to those shareholders who were the company’s shareholders at

the close of the day of registration of the Articles of Association of Vakaru

Skirstomieji Tinklai AB and changes in the nominal value of the shares in the

Register of Enterprises, i.e. on 31 May 2004 (hereinafter – Record day). While

computing the number of shares falling to each shareholder, first, the number

of shares falling to each shareholder who holds at least  4 % of the shares in

the company of the former nominal value will be allocated. After their portion

of shares of the new nominal value is allocated, the number of shares of the

new nominal value is calculated for the shareholder, who holds more than 96 %

of the company’s shares of the former nominal value. A shareholder who holds

less than 4 % of the company’s shares of the former value will be allocated the

number of shares obtained by dividing the total number of shares of the former

nominal value held by that shareholder by 109. If after dividing the number of

all shares of the former nominal value held by that shareholder by 109, the

figure obtained is a whole number, this whole number corresponds to the number

of shares of the new nominal value falling to this shareholder. If after

dividing the number of all shares of the former nominal value held by that

shareholder by 109, the figure obtained is not a whole number, this shareholder

is allocated the number of shares corresponding to the whole number obtained

plus one share (e.g. if the shareholder owns 108 shares in the company, the

shareholder’s 108 (one hundred and eight) shares of LTL 1 nominal value will be

changed into 1 (one) share of LTL 109 nominal value; in the event the

shareholder owns 110 shares in the company, the 110 (one hundred and ten)

shares held by that shareholder will be changed into 2 (two) shares of LTL 109

nominal value.)

The number of shares to be allocated to the shareholder who owns more than 96 %

of the shares of the former nominal value in the company will be calculated by

deducting the number of shares falling to all shareholders who own at least 4

(four) percent of the shares in the company from the total number of shares of

the new nominal value (3 717 998).



Acting in accordance with the decisions adopted at the EGM, on 31 May 2004 the

amendments made to the company’s Articles of Association and the change in the

nominal value of the company’s shares were registered in the Register of

Enterprises establishing that the company’s authorised capital is divided into

3 717 998 ordinary registered shares of LTL 109. Taking into account the fact

that after amendments to the company’s Articles of Association concerning the

change of the nominal value of the shares, no shares of the former nominal

value of LTL 1 are longer outstanding the company applied to the Central

Securities Depository of Lithuania concerning suspension of all entries in the

personal securities accounts related to the company’s shares until completion

of the securities registration, i.e. until all entries are changed by recording

the shares of the new nominal value per shareholder on the Record day in all

securities accounts related to the company’s shares.





Rokas Babravicius

Head of Public Relations and Information Division

(+370-37)-309259