SNAIGE

MATERIAL EVENT



ESTABLISHMENT OF A JOINT COMPANY



(Unofficial translation done at the NSEL)



At the meeting of the Management Board as of 11 October 2002,

it was decided to establish  a joint Lithuanian –Ukrainian company

Snaige-Ukraine with the authorised capital of LTL 20 thousand.

Snaige AB will hold 99% of shares, and a natural person residing in

Ukraine would have 1% of shares.





Albinas Valašinas

Technical director; director general at interim

+370 (235) 56201