Pieno Zvaigzdes AB

Company event



AGM decisions of April 28, 2005, and performance for Q1, 2005



The annual general meeting of shareholders of Pieno Zvaigzdes AB held on April

28, 2005 adopted the following decisions:

- to approve the report on the activity of the company in 2004;

- to approve the annual financial statements for the year 2004;

- to approve the 2004 profit appropriation, according to which it was decided to

allot dividend in the amount of LTL 0.15 per ordinary share worth LTL 1 by

nominal value;

- to elect "KPMG Lietuva" UAB to serve as the company's auditor for 2 years;

- to adopt a decision to buy out own shares by a voluntary tender offer in

accordance with the procedure prescribed by legal acts regulating securities

market and using a reserve of LTL 1 000 000, which was approved during profit

appropriation. To establish that the nominal value of the shares to be acquired

together with other own shares already possessed may not exceed 1/10 of the

authorized capital, and the period during which the company can acquire its own

shares is 18 months.



The pretax profit of Pieno Zvaigzdes AB for the first quarter of 2005, approved

by the Board, is LTL 2.14 m (two million one hundred and forty thousand).





Audrius Statulevicius

Finance Director

(+370 5) 246 14 14