ZEMAITIJOS PIENAS

MATERIAL EVENT



ADOPTED DECISIONS OF A GENERAL SHAREHOLDERS’ MEETING



At the general shareholders’ meeting it was decided to:

1) approve the Board’s report for 2000;

2) approve audit report;

3) approve financial statements for 2000;

4) approve profit appropriation for 2000;

5) increase the authorised capital out of additional contributions by LTL 4m,

from LTL 37m to LTL 41m by issuing 400,000 ordinary registered shares at LTL 10

par. The pre-emptive right to acquire this share issue will be granted not to

all shareholders. The issue price shall be not less than LTL 20. The company’s

Board was authorised to select investors, establish terms of share subscription

and payment, establish the issue price, and deal with all other matters related

to this share issue.

6) change two items in the Articles of Association:

1) increase of the authorised capital from LTL 37m to LTL 41m;

2) increase of the number of the Board members from 7 to 8;

7) grant authorisation to the chairman of the Board to lead negotiations with

potential strategic investors as well as with other Lithuanian dairies.





Irena Sketrienė

Responsible for securities’

(294) 22214