MAZEIKIU NAFTA

MATERIAL EVENT



CONVOCATION OF THE GENERAL SHAREHOLDERS’ MEETING



(Unofficial translation done at the NSEL)



By decision of the Board of Mažeikių Nafta AB (code of enterprise 6645172,

address: Juodeikiai, LT-5506 Mažeikiai district) a general meeting of

shareholders will be convened on 30 April 2003 at 11 a.m. at the cultural

centre of  Mažeikių Nafta AB  at Naftininkų st. 11, Mažeikiai.

Agenda includes:

1. Approval of the company’s activity report for 2002 prepared by the company’s

Board.

2. Consideration of the report of the company’s auditor on the financial

statements for the year 2002.

3. Approval of the company’s annual financial statements for 2002.

4. Approval of the company’s profit  (loss) distribution.

5. Consideration of the fitness of the members of the Management Board and the

Supervisory Board to hold their posts.

6. Revocation of the company’s auditor (firm of audit).

7. Election of a new company’s auditor (firm of audit).

8. Settlement of terms of remuneration for the audit services provided by the

company’s auditor.

9. Current issues.



Registration is from 10 a.m. to 11 a.m., for which an ID document and a

statement of the securities account must be provided, while persons acting as

proxies must have a statement of the securities account and a proxy validated

in a prescribed procedure.





Giedrius Karsokas

Head of the Communications Division

(370 443) 92608