Klaipedos Nafta AB - Notification on material event

Regarding the decisions of the Board of AB Klaipėdos Nafta

On 1 March 2012, the Board of AB Klaipėdos Nafta (hereinafter, the Company)
decided to continue the implementation of the LNG terminal project and to
conclude a contract on lease, operation and maintenance (repair) of the
floating liquefied natural gas storage and regasification unit (hereinafter,
the FSRU) for 10 years with the right to redeem the FSRU with Höegh LNG Ltd.,
the winner of the public procurement tender of AB Klaipėdos Nafta “Acquisition
of a Floating Liquefied Natural Gas Storage and Regasification Unit”, providing
that the term of delivery of the FSRU to Klaipėda Port shall be from 1
September 2014 to 1 December 2014, setting a fixed price for lease of the FSRU,
whereas the FSRU operation, maintenance (repair) costs shall be reimbursed on
occurrence, however such costs will not exceed the agreed amount for the first
two years, therefore, the total FSRU lease and operation costs for the first
year, including remuneration for the crew and other payments, which will be
indexed annually according to the consumer price index, will not exceed USD
156,200 (VAT excluded) per day, and also providing that AB Klaipėdos Nafta will
have to submit to the FSRU supplier a warranty for payment of the amount not
exceeding USD 50,000,000, for the issue of which AB Klaipėdos Nafta will have
to pledge its property (funds in bank accounts, receivables) for the benefit of
the person that issues the warranty. This decision of the Board will enter into
force after its approval by the general meeting of shareholders of AB Klaipėdos
Nafta. 


         Mantas Bartuška, Finance Director, 8 46 391 763