Lietuvos energija, AB - Notification on material event

Regarding decisions adopted at the extraordinary general meeting of shareholders of public company Lietuvos energija, AB

Elektrenai, Lithuania, 2012-09-20 13:21 CEST (GLOBE NEWSWIRE) -- The
extraordinary general meeting of shareholders of public company Lietuvos
energija, AB (business ID: 302648707, legal form: public company, registered
office address: Elektrinės g. 21, Elektrėnai,  Republic of Lithuania, data on
the Company collected and stored by the Legal Persons‘ Registration Division of
Vilnius Branch of VĮ Registrų Centras) held on 20 September 2012 adopted the
following decisions: 

1. Regarding the Lietuvos Energija, AB "Construction of heat generation
capacities at the Lithuanian Power Plant” investment project. "To endorse the mortgaging of property created in the framework of the Lietuvos
Energija, AB "Construction of heat generation capacities at the Lithuanian
Power Plant” investment project to ensure fulfillment of the obligations of the
Company in accordance with the loan agreement.” 

2. Regarding the development of the Kruonis Pumped Storage Plant."In light of the National Energy Strategy and in order to develop the
electricity market and expand the range of services offered by the Company, to
endorse realization of the development of the Kruonis Pumped Storage Plant in
these stages and terms: 

  1. Upgrade of the technical specifications of the 225 MW asynchronous
     generator and publication of procurement of contract work by the end of
     2012;
  2. Provide for the start-up of the new Kruonis Pumped Storage Plant capacities
     before the beginning of operations of the NordBalt and LitPol Link
     electricity connections.”

3. Regarding the shut-down and dismantling of Units 3 and 4 of the Lithuanian
Power Plant. "To shut-down units 3 and 4 of the Lithuanian Power Plant by dismantling said
Lithuanian Power Plant units, and to sell the dismantled assets and/or take
other measures related to the disposal of the dismantled assets.” 

4. Concerning recalling of Members of the Board of Lietuvos energija, AB

“In order to duly implement the provisions of the EU Third Energy Package, Mr.
Rimantas Vaiktus (personal ID No. and place of residence not subject to
disclosure) and Mr. Aloyzas Vitkauskas (personal ID No. and place of residence
not subject to disclosure) are recalled from the positions of the Member of the
Board of Lietuvos energija, AB from the date of adoption of this decision.” 

5. Concerning election of Members of the Board of Lietuvos energija, AB

“Elect Ms. Laurentina Garbauskienė (personal ID No. and place of residence not
subject to disclosure) and Mr. Raimundas Petrauskas (personal ID No. and place
of residence not subject to disclosure) as Members of the Board Lietuvos
energija, AB from the date of adoption of this decision until the end of the
term of office of the present Board. 

Approve the form of model agreement by and between Lietuvos energija, AB and an
independent member of the Board (hereinafter referred to as the “Agreement“)
(appended). 

Authorise the CEO of Lietuvos energija, AB to amend any non-material terms and
conditions of the Agreement. 

Authorise the CEO of Lietuvos energija, AB to conclude an agreement on the
activities of an independent member of the Board with Mr. Raimundas Petrauskas,
Independent Member of the Board. 

Set for the independent member of the Board of Lietuvos energija, AB a hourly
rate of pay of LTL 150 (one hundred fifty Litas) excluding VAT for the actual
work of an independent member of the Board. 

Establish that the maximum remuneration for the independent member of the Board
of Lietuvos energija, AB shall be LTL 3,500 (three thousand five hundred Litas)
excluding VAT per month.” 


         Ernesta Dapkienė
         Head of Communications
         Lietuvos energija, AB
         Elektrinės str. 21
         Elektrėnai
         Tel. +370 528 33696
         ernesta.dapkiene@le.lt