Agrowill Group AB - Notification on material event

New management of Agrowill Group appointed

On 1 December 2008, the board of directors of largest agricultural investment 
and development company in the Baltic States Agrowill Group AB elected new 
chairman of the Board - Mr. Gediminas Žiemelis. Also, Mindaugas Juozaitis 
was appointed as the new General Director of the Company.

On 28 of November 2008, the Supervisory Council of Agrowill Group AB approved 
the new composition of the company's Board of Directors. In place of Valentas 
Šulskis and Robertas Čepaitis, who left the Company to continue their careers 
in other industries, Mindaugas Juozaitis (a significant shareholder owning 
more than 5% of the Companies shares) and Vladas Bagavičius (Companies legal 
counsel) were elected.

“The goal of Agrowill Group - to increase the value of managed companies by 
employing the most effective management methods and know-how. Until favorable
conditions to obtain bank financing existed - the Group focused more on 
expanding via new acquisitions” - said the Chairman of Supervisory Council 
Mr. Ramūnas Audzevičius. According to him, taking into account the situation 
in the financial markets the Supervisory Council recommended the company to 
slow the investment program, while currently focusing more on increasing 
the production efficiency and reaching at least 60-70 percent of the 
current infrastructure potential.

According to the new Director M. Juozaitis, the Company plans to present 
the plans on personnel and costs management, and increase of crop growing 
and milk producing efficiency. The new general manager believes that the 
economic slowdown will not influence the operations of the Group 
significantly, as the products produced by the Company (milk and grain) 
will always be needed by the people.

Domantas Savičius
CFO
8-5 233 5340

Attachments:

press release - management.pdf