Snaige AB - Notification on material event

Decisions project of the shareholder meeting of 23 February 2009

Decisions project of the shareholder meeting of 23 February 2009 

1.Convertible bonds issue and increase of subscribed capital; 
2.Change of articles of the Company; 
3.Grant of authorization. 

Proposed decisions project:                                                     

1. Convertible bonds issue and increase of subscribed capital;                  

A.	To issue Company‘s convertible bonds (hereinafter - Bonds) under the         
following conditions:                                                           
1.1.Number of issued Bonds - 75 000 (seventy five thousands) units; 
1.2.Nominal value of one Bond - 100,- EUR (one hundred Euros); 
1.3.Total nominal value of the issue - 7 500 000 EUR (seven millions five
hundred 
thousand Euros );                                                               
1.4.The shareholders of the company have a preemptive right to acquire issued
Bonds 
proportionally to nominal value of shares, which they owned on the rights       
accounting day of this general shareholder meeting, during the first 14         
subscription days. After the end of this period all the other investors are also
allowed to acquire issued bonds.                                                
1.5.Rights provided by the Bonds: at redemption day to receive preset interest
or 
convert Bonds to Company‘s ordinary shares according to the conversion ratio    
specified in this meeting decisions and Bonds subscription agreement;           
1.6.Shares, to which one Bond is convertible: 
1.6.1.Class - ordinary shares; 
1.6.2.Number - 345 (three hundred forty five) units; 
1.6.3.Nominal value - 1 LTL (one litas); 
1.6.4.Rights provided: 
1.6.4.1.To participate in the management of the company; 
1.6.4.2.To receive a dividend; 
1.6.4.3.To receive a part of Company's assets after liquidation; 
1.6.4.4.To receive free shares if the Company's share capital is increased from
the 
Company's capital;                                                              
1.6.4.5.Preemptive right to subscribe to newly issued shares or bonds of the
Company, 
with the exceptions described in the Company's articles of association and legal
acts;                                                                           
1.6.4.6.To give loans for the Company as described in legal acts; 
1.6.4.7.To sell or in any other way transfer all of part of the shares, or to
bequeath 
the shares in a will;                                                           
1.6.4.8.To participate and to vote in the shareholder meetings. This right can
be 
prohibited or limited as described in the legal acts of Lithuanian Republic, and
then the ownership rights are disputed;                                         
1.6.4.9.According to the articles of association and other legal acts, to
receive 
information about Company's activities;                                         
1.6.4.10 Other material and immaterial rights specified in legal acts and in
the articles of the Company. 
1.7. Ratio, by which bonds are convertible into ordinary shares of the Company
- 
1:345 (one bond is convertible to 345 ordinary shares);                         
1.8. Bonds redemption date - 367th day after the end of Bonds subscription
period. 
Bonds are convertible into shares on the redemption day;                        
1.9. Maximum annual interest rate - 18% (eighteen percent); 
1.10. Method of interest payment: interest is paid in one payment when
redeeming the 
Bonds;                         
1.11. Bonds are redeemed in Euros; 
B. If after the bonds redemption date there are Bonds which were converted into 
shares, to increase the Company‘s subscribed capital by the nominal value of    
shares to which the Bonds were converted.                                       

2. Grant of authorization 
2.1.To authorize (with the right to reauthorize) and to oblige Company‘s
director 
general:                                                                        
2.2.To sign an agreement with the public turnover intermediary UAB FMĮ „Orion 
securities“, enterprise code 1220 33915, regarding to the processes needed to be
taken to implement this meeting‘s decision of issuing convertible Bonds;        
To sign Bonds subscription agreements, while setting other parts of the         
agreement at discretion;                                                        
2.3.To sign changed articles of the Company after the increase in subscribed
capital 
and number of ordinary shares and to provide the articles to the enterprise     
register of Lithuania;                                                          
2.4.To execute any other actions, related to the implementation of the
decisions of 
this meeting.                                                                   



Managing Director Gediminas Čeika                                               
+370 315 56206