Klaipedos Nafta - Notification on material event

Notice on the convened extraordinary general meeting of shareholders of Klaipėdos Nafta AB

We hereby inform you that on the initiative and by the decision of the Board of
AB Klaipėdos nafta, code 110648893, registered at Burių st. 19, Klaipėda
(hereinafter, the “Company”), an extraordinary General Shareholder Meeting of
AB Klaipėdos Nafta  was convened on 31 March 2015 at 13.00 p.m. The meeting was
held in the registered office of the Company at Burių st.19, Klaipėda. 

Agenda of the meeting:

1. Regarding the approval of the decision of AB Klaipėdos Nafta's Board to
conclude the Liquefied Natural Gas Terminal jetty usage agreement with the
Klaipeda State Seaport Authority. 

Decision adopted:

“To approve the decision of AB Klaipėdos Nafta Board:

1. To conclude the Liquefied Natural Gas Terminal (hereinafter - the LNGT)
jetty usage agreement (hereinafter - the Agreement) with the Klaipėda State
Seaport Authority (hereinafter - the Port Authority) under the following main
terms: 

1.1. The Port Authority allows AB Klaipėdos Nafta or any legal successors of
the company to use the LNGT jetty for a fee; 

1.2. The usage term of the LNGT jetty shall be 50 (fifty) years (of which the
last 30 years (or more depending on the Port Authority's investment into the
LNGT jetty pay-off terms) - shall be for the LNGT jetty usage under common
usage terms by the Port Authority); 

1.3. Until the investment into the LNGT jetty of the Port Authority pays-off,
the annual usage fee payable by AB Klaipėdos Nafta for the usage of the LNGT
jetty (hereinafter - the annual Usage Fee) shall be determined by the following
formula: 

Pkm =It1/20; IRR5% + St,

whereas:

• Pkm - the annual Usage Fee;

• It1/20; IRR5%  - Port Authority's investment into the port's infrastructure
related to the LNGT jetty, exclusively made before the date of transfer of the
LNGT jetty to AB Klaipėdos Nafta, annual share calculated by applying the
investment pay-off term of 20 years from 1 January 2015 and 5% internal rate of
return (the project's internal rate of return); 

• St - Port Authority's annual direct costs, exclusively related to the LNGT;

1.4. Payable annual Usage Fee shall be reduced by deducting from the annual
Usage Fee the sum of Klaipėda State Seaport duties collected by the Port
Authority from the vessels related to the LNGT activities and the Constant
Payment (a fee payable by AB Klaipėdos Nafta calculated under the provisions,
terms and other terms set in the Klaipėda State Seaport's Land Lease Fee
Calculation Rules as approved by the Order No. 3-671 by the Minister of
Transportation of the Republic of Lithuania dated 15 November 2010 (or under
the rules established in the equivalent legal act regulating the calculation of
the fee for the usage of the hydro technical constructions at the actual time),
and taking into consideration all accumulated income during the previous year
exceeding the annual Usage Fee in accordance with the formula of the Agreement. 

1.5. In accordance with the Agreement, from the moment the Port Authority's
investment into the LNGT jetty pays-off, the annual Usage Fee shall exclusively
consist only of the Constant Payment. 

1.6. The Parties shall have a right to terminate the Agreement only in case of
enactment of the new laws of the Republic of Lithuania and / or other legal
acts related to the regulation of legal terms regarding the usage of the LNGT
jetty. 

2. To authorize AB Klaipėdos Nafta General Manager, under the main terms
approved by the decision of AB Klaipėdos Nafta Board, to sign the Liquefied
Natural Gas Terminal jetty usage agreement with the Klaipėda State Seaport
Authority. 

3. To establish that these decisions of AB Klaipėdos Nafta Board shall enter
into force upon the approval of the General Shareholder Meeting of AB Klaipėdos
Nafta, as provided for in Article 16.10 of the Articles of Association of AB
Klaipėdos Nafta.“ 




         Marius Pulkauninkas, Director of Finance and Administration
Department, tel.: +370 46 391 763