KLAIPEDOS NAFTA

MATERIAL EVENT



ANNUAL GENERAL MEETING OF SHAREHOLDERS CONVENED ON 27 APRIL 2004



(Unofficial Translation Done at the NSEL)



Acting on the decision of the Board, the Annual General Meeting of Klaipedos

Nafta AB shareholders is being convened on 27 April 2004 to take place at the

company’s premises at 19 Buriu, Klaipeda.

The registration date of the AGM is 20 April 2004.

On the agenda:

1. Approval of the Annual Report 2003 .

2. The company’s auditor’s statement.

3. Approval of the annual accounts for 2003.

4. Approval of the profit appropriation of 2003.

5. Approval of the new wording of the company’s Articles of Association.



The company’s Board has resolved to submit a plan of 2003 profit appropriation,

which foresees to allocate LTL 9,011,602 as dividend (LTL 0.0263 per share of

LTL 1 nominal value) for the approval of the Annual General Meeting of

shareholders.





D.Jasadaviciute

Chief Lawyer

(+370-46) 391626