SIAULIU BANKAS

MATERIAL EVENT



PROPOSAL TO ACQUIRE SHARES UNDER THE PRE-EMPTIVE RIGHT



On 18 July 2002,  distribution of a new share issue of Siauliu Bankas starts.

The issue was registered following the resolution of the Securities Commission

of 15 July 2002.

The bank’s shareholders are offered to acquire new shares under the pre-emptive

right from 18 July 2002 to 16 August 2002, inclusive.

The number of shares which can be acquired under the pre-emptive right is equal

to the product of the number of shares held by that shareholder on 26 March

2002 (the day of the general shareholders’ meeting where the decision to issue

new shares was passed) and the coefficient of 0.1176 which is then rounded up.

Shareholders, who had 1 to 4 shares on 26 March 2002, may acquire 1 share.





Pranas Gedgaudas

Head of FBD

8-21 595653