SIAULIU BANKAS

MATERIAL EVENT



DISTRIBUTION OF A NEW SHARE ISSUE COMPLETED



(Unofficial translation done at the NSEL)



On 18 November 2002, the new share issue of Siauliu Bankas AB

(80,000 ORS at LTL 50 par) was distributed and fully paid up.

The issue was registered with the Securities Commission of

the Republic of Lithuania on 15 July 2002.





Pranas Gedgaudas

Head of FMD

(370 41) 595653