SNAIGE

MATERIAL EVENT



RESOLUTIONS OF THE GENERAL MEETING OF SHAREHOLDERS



(Unofficial translation done at the NSEL)



The general meeting of shareholders held on 14 March 2003 adopted the following

resolutions:

1.Approval of the report of the Board of Snaigė AB on the company’s activity in

2002.

 2. Approval of the annual financial statements.

 3. Approval of the 2002 profit distribution, allocating for dividends LTL 

18.456.324, (LTL 12.00 per share). Dividends will be paid out following the

procedure established in the law, either at the company’s premises or by making

a bank transfer to a personal securities account upon a shareholder’s request.

4. Granting of authorization to the Board to adopt decisions concerning

transfer, rent, mortgaging, or using as a guarantee of other entities’

obligations of the company’s long-term assets with a total balance sheet value

over 1/20 of the company’s authorized capital.

5. It was resolved to buy up on the NSEL up to 10% of the company’s shares with

an aim of maintaining and increasing the present level of the share price. 

The company will have bought up its own shares by 5 May 2003. It was resolved

to set the maximum price of the own shares subject to buying up at LTL 175 and

the minimum price – at LTL 80 per an ORS. It was resolved to entrust the Board

with the buying up of the company’s own shares on behalf of the company and

forming of a reserve fund of LTL 6.673.000 for the acquisition of those shares.

6. Extension of the list of the company’s activity types, amendments to the

by-laws.





Virginija Graudinienė

Finance Director

(370 315) 56205