Snaige AB - Notification on material event

Subscription of new bond issue

On 6 April 2009 the subscription period of AB „Snaigė“ convertible bonds with
maturity of 367 days and annual interest rate of 18% has ended. During the
subscription period the whole issue with nominal value of 7 500 000 EUR was
subscribed. 

80% of bonds were subscribed by holders of year 2008 AB “Snaigė” bond issue who
decided to refinance their securities. Instead of receiving cash on the
redemption day these investors were granted newly issued bonds for the
corresponding subscription value. 

The remaining part of the issue was subscribed by major shareholders of AB
“Snaigė“ who converted loans, earlier provided to the Company, into newly
issued bonds. 

The fact that majority of the newly issued bonds were subscribed by the holders
of year 2008 bond issue shows that bond holders do understand current
complicated financial situation of the Company and believe in Company‘s ability
to redeem the newly issued bonds after one year.