BANKAS SNORAS

MATERIAL EVENT



RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS



(Unofficial Translation Done at the NSEL)



This is to announce that the Annual General Meeting of Shareholders was held

on 30 March 2004.

The AGM resolved to:

1. Approve the bank’s Annual Report 2003.

2. Approve the audited annual accounts for 2003

3. Approve the profit appropriation for 2003.

   Decision not to pay dividend approved.

4. Approve the bank’s income and expenditure estimate for 2004.

5. Remove all Supervisory Board of the bank from office.

6. Elect the following persons to the new Supervisory Board of the bank:

Vladimir Antonov, Julian Krasnopolskij, Andrej Serediuk, Veronika Dolenko,

Michail Orlov.

7. Elect firm of auditors Deloitte & Touche UAB to perform audit of the bank’s

annual accounts for 2004 and determine conditions of payment for audit

services.

8. Elect Virginija Sireviciene the bank’s inspector for the new period.

9. Increase the authorised capital of the bank Snoras AB by LTL 25,000,000 by

way of a public offering of ordinary registered shares of a new issue.

Total number of shares of the new issue is 2,500,000 shares of LTL 10 nominal

value each.

Total nominal value of shares to be issued is LTL 25,000,000; the issue price

of all these shares is LTL 25,000,000.

10. Revoke the right of pre-emption of all the bank’s shareholders. To grant

the right to acquire all 2,500,000 shares of the new issue to a Russian private

company, Konversbank.

11. Approve amendments to the Statute to reflect increase in the authorised

capital.





Vladimir Streckij

Director of Financial Brokerage Division

(+370-5) 2652662