KLAIPEDOS BALDAI

MATERIAL EVENT



DECISIONS OF THE GENERAL MEETING OF SHAREHOLDERS



A general meeting of shareholders of AB Klaipedos Baldai took the following

decisions on 8 July 2002:

1. To approve the decision of the Management Board of AB Klaipedos Baldai:

1.1. To take a credit line of LTL 4 000 000 (four million) for a two-year

period from AB Hansa-LTB bank and 1 158 480.07 euros (one million one hundred

fifty eight thousand four hundred and eighty euros and 7 cents) of credit for a

five-year period with the start of repayment after two years.

1.2. To ensure appropriate carrying out of the obligations to AB Hansa-LTB bank

according to LTL 4 000 000 credit line agreement with all its amendments and

supplements; to pledge current and future funds in the company’s accounts in AB

Hansa-LTB bank to AB Hansa-LTB bank.

1.3. To ensure appropriate carrying out of obligations to AB Hansa-LTB bank

according to the 1 158 480.07 (one million one hundred fifty eight thousand

four hundred and eighty euros and 7 cents) euros credit agreement with all its

amendments and supplements, to pledge current and future funds in the company’s

accounts in AB Hansa-LTB bank as well as its industrial buildings with the

unique numbers 10P1/p and 11P1/p (Joniskes St. 21, Klaipeda) to AB Hansa-LTB

bank.

2. To approve the following decision of the Management Board:

To give a loan to UAB SBA concern to increase long-term assets and current

assets to LTL 8 million (eight million Litas), applying current interest rates

in the market.

3. To elect UAB SBA concern representative Zydrunas Zdanavicius to the

Supervisory Board of AB Klaipedos Baldai instead of a resigned member.





Dalius Jarmalavičius

Director of Economy

(370 26) 313958