UKIO BANKAS

MATERIAL EVENT



CHANGES IN THE MANAGEMENT BOARD OF AB UKIO BANKAS



1. On 29 December 2001, the Council of Observers dismissed Vygantas

Sliesoraitis from the position of the Chairman of the Management Board upon his

own request. Edita Navickaite, former Deputy Chairwoman, was appointed

Chairwoman of the Management Board of AB Ukio Bankas.

2. The Council of Observers authorised Liutauras Varanavicius, Chairman of the

Council of Observers, to serve as a member of the Management Board on a

temporary basis from 2 January 2002 until the convocation day of the general

meeting of AB Ukio Bankas shareholders. While Liutauras Varanavicius ir serving

as a member of the Management Board, his mandate in the Council of Observers is

suspended.





G.Ugianskis

Deputy Chairman of Man. Board

8 (27) 301 305