KLAIPEDOS NAFTA

MATERIAL EVENT



DECISIONS ADOPTED AT A GENERAL MEETING OF SHAREHOLDERS HELD ON 17 DECEMBER 2002



(Unofficial translation done at the NSEL)



On 17 December 2002, a general meeting of shareholders adopted the following

decisions:

1) purchase from Naftos terminalas AB rights to claim for nominal value LTL

9030400,79;

2) increase the company’s authorized capital by LTL 17 million by issuing 17

million ORS at LTL 1 par;

3) renounce the pre-emptive right of all the shareholders to purchase shares of

this issue;

4) grant Naftos Terminalas AB the right to purchase the shares of the new issue;

5) make changes in the by-laws of the company due to the change of the

company’s name, the amount of the authorized capital, the number of the

Supervisory Board members;

6) new version of the by-laws approved;

7) A.Minelgas, M.Bilkis, R.Latakas, V.Žalas,  S.Zmitrovič were withdrawn from

the positions of the Supervisory Board members;

8) Dominikas Pečiulis, Vytautas Aršauskas,  and Vanda Krenienė were elected

Supervisory Board members;

9) Ernst & Young UAB was approved auditor of the company.





D.Jasadavičiūtė

Chief lawyer

+370 46 391626