INVALDA

MATERIAL EVENT



ADOPTED DECISIONS OF A GENERAL SHAREHOLDERS’ MEETING



1. On 19 March 2001, a general shareholders’ meeting took place.

2. General meeting of the holding company Invalda (code 2130434, 6/2

A. Juozapavičiaus St.) shareholders, which took place on 19 March 2001,

heard a report of A. Banys, Chairman of the Board, and conclusions of

the audit company UAB Auditas. The shareholders’ meeting approved report

of the Board of “Invalda” for 2000, transactions concluded by the company,

financial statements, and profit appropriation. The meeting also decided not

to pay dividends for 2000 and to allot all profit for investments.

UAB Auditas was elected the company’s auditor for 2001 and terms of

remuneration were established. The meeting approved amendments to

the Articles of Association, including change of the headquarters’

address to 3 Šeimyniškių St., reduction the number of Board members

from 5 to 4. It was also established that notifications on convocation

of a general shareholders’ meeting and general notifications to

shareholders and other interested parties shall be announced in the daily

“Lietuvos rytas”.

The meeting passed a decision to sell blocks of shares of AB Kauno Popieriaus

Fabrikas (7.31%) and AB FMĮ Finasta (34%). It also secured to AB Vilnius Bankas

that AB Gildeta will duly meet its liabilities under the loan agreement and

decided to mortgage an administrative building located at 6/2 A. Juozapavičiaus

St.

The meeting agreed to impose restrictions regarding sales, transfer, mortgage

or any other encumbrance on the own capital, real estate or its part, and

shares of UAB Valmeda as it is set forth in the franchise agreement between

UAB Valmeda and  "Bass Hotels & Resorts.INC" regarding construction of the

hotel "Holiday Inn" in Vilnius





Alvydas Banys

Vice president

79 06 98