SNAIGE

MATERIAL EVENT



DECISIONS OF THE EXTRAORDINARY GENERAL SHAREHOLDERS’ MEETING



(Unofficial translation done at the NSEL)



This is to notify about the decisions adopted at the Extraordinary General

Meeting held on 4 August 2003:

1. Regarding mortgage, lease, transfer of the long-term assets and guarantee of

other persons’ obligations.

1.1. Resolutions of the Management Board regarding pledging of the company’s

long-term assets under the loan contracts with banks and mortgage bonds (assets

at the book value on the day of pledging) were approved:

-to bank Vilniaus Bankas AB – long-term assets at a book value of up to LTL

47.3 million;

- to bank Hansabankas AB – long-term assets at a book value of up to LTL 2.075

million;

-long-term assets pledged to the bank Vereins and Westbank AG by secondary

mortgage of up to LTL 16.5 million (primary mortgage to the bank Vilniaus

Bankas AB);

1.2. Resolutions of the Management Board regarding sale and lease of the

company’s long-term assets at a book value of LTL 1.5 million were approved;

1.3. Authorisation was given to pledge long-terms assets at a book value of up

to LTL 25.5 million to the bank Vereins and Westbank AG by secondary mortgage

under the loan contract;

1.4. Authorisation was given to the Management Board of the company to pass

other decisions regarding additional sale, primary and secondary mortgage and

other transfer, lease of long term assets and securing other obligations of up

to LTL 30 million without having to convene a general shareholders’ meeting.

1.5. Authorisation was given to Mr. Romualdas Raudonis, Director General of the

company, or his deputy to sign off all transactions and other documentation

related to these resolutions.

2. Regarding buy-back of own shares;

In order to maintain and raise the company’s share price on the central market

of the NSEL, to buy back up to 10 per cent of the company’s shares within the

reserve allotted for the buy-back. It was decided that the company would buy

back own shares by 5 May 2004. The minimum price of shares to be bought back

was established at LTL 175, the maximum price was set at LTL 300 per ordinary

registered share. The company’s Management Board was authorized to carry out

buy-back of own shares on behalf of the company.





Romualdas Raudonis

Director General

(370 315) 56200