KLAIPEDOS BALDAI

MATERIAL EVENT



RESOLUTIONS OF THE GENERAL MEETING



(Unofficial translation done at the NSEL)



The General Meeting of Klaipedos Baldai AB convened on 22 April 2003 adopted

the following resolutions:

1. Ernst&Joung Baltic UAB was approved to be the company’s auditor for 2002,

and remuneration for the services was established.

2. Approval of the company’s activity report for 2002

3.  Approval of the audit report.

4. Approval of financial report for 2002 (assets of LTL 74,820,158; net profit

of LTL 5,293,694)

5. Approval of the profit distribution. It was decided not to pay dividends,

and to leave the remaining profit of LTL 16,588,358 unappropriated and to use

it for supplementation of working capital.

6. PricewaterhouseCooper UAB was selected as the company’s auditor for 2003,

and remuneration of the services was established.

7. A new wording of Articles of Association of Klaipedos Baldai AB was approved.

8. The following decisions of the Management Board were taken:

a)to extend loan agreement for EUR 300,000 and to mortgage assets and stocks;

b)to take a loan of EUR 200,000 from NEFCO and to mortgage movable property –

equipment;

c)to merge a loan agreement with Hansa-LTB AB of LTL 4 million and EUR 1,158.48

thousand and to mortgage leisure centre and movable property – equipment by

vacating other building without increasing total obligations.

9. It was resolved not to discuss the issue regarding purchase of Klaipedos

Baldu Prekyba UAB shares.





Dalius Jarmalavičius

Finance Director

370-46-313958