Siauliu Bankas AB

Company event



Proposal to acquire shares by exercising pre-emptive right



On 16 September 2004, the Securities Commission registered a share issue of

Siauliu Bankas AB, issued following the decision of the general meeting of

shareholders of 20 July 2004.



Offering of the registered shares will start on 21 September 2004. The shares

will be offered in the head-office of Siauliu Bankas AB in Tilzes str. 149,

Siauliai, room No 214, business hours 7:30-11:30, 12:30-16:30.

Offering of the shares will be carried out in two stages.

Stage 1 - from 21 Sept.2004 till 20 Oct.2004 (30 days). During this period the

shares will be offered only to the bank shareholders having a pre-emptive right

to acquire new shares in proportion to the number of the

shares they possessed. The number of shares to which the shareholders of the

bank may subscribe during this stage is proportionate to the number of the

shares held on the day of the adoption of a resolution to start a new share

issue (20 July 2004).

Stage 2 - from 21 Oct.2004 till 8 Nov.2004. During this period the unsold shares

left after the first stage will be offered to all who will request them: - from

21 Oct.2004 till 2 Nov.2004 requests will be accepted from those willing to buy

the residual shares in issue;

- from 3 Nov.2004 till 8 Nov.2004 share subscription contracts with the persons

who have filed their requests will be concluded.

In case the number of shares requested does not exceed the number of residual

shares not sold during the first stage, all the requests will be satisfied.  In

case the total number of the shares indicated in the requests of those willing

to acquire the shares exceeds the residual number of unsold shares, the requests

will be satisfied in proportion to the number of the shares requested and the

number of the shares left after the first stage. (Proportion ratio K=L/N, where

L- the number of the shares left after the first stage, N - total number of the

shares requested).



The Share Prospectus will be available for scrutiny in the head-office of

Siauliu Bankas AB in Tilzes str.149, Siauliai, Room No 214, business hours

7:30-11:30, 12:30-16:30.





Pranas Gedgaudas

Head of the Brokerage Department

(+370 41)595653