Resolutions of Extraordinary Shareholders Meeting of Šiaulių Bankas AB

2005-07-05

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 AB Vilniaus Vertybinių Popierių Birža and to the daily newspapers “Lietuvos rytas” and “Šiaulių kraštas”.

 

3. On 4 July 2006, following resolutions were made by the Extraordinary Meeting of Shareholders:

1) Re increase of the Bank’s authorized capital.

· To increase Bank’s authorized capital by additional contributions of LTL 15.000.000 (by issuing 15.000.000 ordinary registered shares of LTL 1 nominal value each.

· To rate a price of LTL 2,20 per share of the new share issue.

· To disseminate this share issue only to the Bank’s shareholders on two stages:

-         on the first stage that is not shorter than 15 days and not longer than 30 days to disseminate the shares in proportion to the number of shares owned on the Meeting day;

-         on the second stage that is not shorter than 15 days and not longer than 30 days to disseminate the rest of the shares in accordance with shareholders’ applications, in proportion the number of shares owned on the Meeting day and to the requested number of shares.

· To assign the Bank’s Board to confirm the order of share dissemination and payment, specifying signing and payment for the shares which have been signed but were not paid within the set period of time.

2)  Re amendment of the Charter in connection with capital increase.

· In case all the shares are disseminated within the set period, to amend the Charter of the Bank defining the authorized capital at LTL 109.039.200 (one hundred nine million thirty nine thousand two hundred).

· In case not all the shares are disseminated within the set period, the authorized capital is considered as increased in the amount of nominal value of the signed shares

·  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.

Chief Executive Officer

Algirdas Butkus

04 July 2006