Draft Resolutions to the Ordinary General Shareholders’ Meeting to be held on 29/03/2007

2007-03-14

Report on the Stock Event

1. Šiaulių bankas AB, enterprise code 112025254, the address Tilžės st. 149, Šiauliai.

2. This report is submitted to the Securities Commission of the Republic of Lithuania, to Vilnius Stock Exchange and to the daily newspapers “Lietuvos rytas” and “Šiaulių kraštas”.

3. The Board of Šiaulių Bankas AB has prepared the draft resolutions to be submitted to the General Shareholders’ Meeting to be held on 29/03/2007. The draft resolutions suggest the following:

 - to approve the Bank's financial accounting for 2006;
 - to approve the profit allocation according to  which LTL 745 thou (EUR 216 thou) of appropriated profit would be assigned to the compulsory reserves, LTL 450 thou (EUR 130 thou) for the bonuses to the Bank’s Council members which were accrued in the expenses of 2006, LTL 2,181 thou (EUR 632 thou) - to the dividends (2 per cent from the nominal value of share or LTL 0,02 per ordinary registered share with a nominal value of LTL 1);
  -to increase the Bank’s authorized capital by LTL 11,994,312 (EUR 3,473,793) from the capital reserve (share premium) issuing 11,994,312 ordinary registered shares with LTL 1 nominal value and to distribute bonus shares to the shareholders in proportion (11%)  to the nominal value of shares owned by them on the day of this General Shareholders’ Meeting;
 - to approve the Bank’s Charter amended in accordance with authorized capital increase from the Bank’s funds and to authorize the Chairman of the Board Algirdas Butkus to sign the amended Charter;
- to increase Bank’s authorized capital by additional contributions in the amount of LTL 40,000,000 (EUR  11,584,801) by issuing 40,000,000 ordinary registered shares with LTL 1 nominal value each, to rate a new share issue price at LTL 2.30 per share and to disseminate new share issue to the Bank’s shareholders in two 15-30 days stages;
 - to approve the Bank Charter changed in accordance with authorized capital increase by additional contributions and to authorize Chairman of the Board Algirdas Butkus to sign the amended Charter.

4. The report is not confidential.

5. Pranas Gedgaudas is authorized by the issuer to provide additional information on the stock event and is available on tel.: +370 41 595653.


Chairman of the Board                                               Algirdas Butkus