28.05.2003, Limarko laivininkystės kompanija, VLN

KLAIPEDOS TRANSPORTO LAIVYNAS

MATERIAL EVENT



RESOLUTIONS OF A GENERAL MEETING



(Unofficial translation done at the NSEL)



The company’s General Meeting held on 27 May 2003 adopted the following

resolutions: to recall the members of the company’s Supervisory Board, to elect

E.Bernotas, R.Jakaitis, and Ž.Susnys as members of the Supervisory Board; to

initiate reorganization of Klaipėdos Transporto Laivynas AB by way of merger as

stipulated in article 63(2)(1) of the Law on Companies and article 2.97(3) of

the Civil Code of the Republic of Lithuania, i.e. by annexing Limarkas UAB to

Klaipėdos Transporto Laivynas AB. Upon the reorganization, the former will

cease being a legal person and the latter will continue operating and will

receive all the assets, rights and obligations  of Limarkas UAB; to authorize

and obligate the Board of Klaipėdos Transporto Laivynas AB to draft, in

accordance with the requirements set forth in the law of the Republic of

Lithuania, a reorganization project (conditions), new Articles of Association

of the company, clarifications of the reorganization conditions, and other

documents which, under the law, must be drawn up by the management of a company

undergoing reorganization; to select and appoint consultants for any issue

related to  the reorganization; to appoint assessors for the assessment of the

company’s assets carried out in connection with the reorganization; to appoint

auditors for the evaluation of the reorganization project (conditions) and to

conclude agreements with them thereto; following the procedure and terms

stipulated in the law, to convene a General Meeting to assess the

reorganization project (conditions), adopt a resolution to reorganize the

company and consider other reorganization related issues; to perform any other

preparatory work (operation) necessary for the implementation of the

reorganization of  Klaipėdos Transporto Laivynas AB.





Andriejus Tenkutis

Vice President

(370 46) 34 00 01