Pieno Zvaigzdes

Major Shareholding Notification • Jan 13, 2012

ANNEX to the Rule on the Submission of the Notification on the Acquisition or the Disposal of a Block of Shares

NOTIFICATION OF A GROUP ON THE DISPOSAL OF A BLOCK OF SHARES'

• 1. JSC Pieno Zvaigzdes, Code: 124665536 Address: Perkunkiemio 3, LT-12127 Vilnius
• 1. East Capital AB on behalf of East Capital Baltic Fund, East Capital Eastern European Fund, East Capital (Lux) Eastern European Fund and East Capital (Lux) Convergence Eastern European Fund. Registration nr: 556546-8435. Address: Box 1364, 111 93 Stockholm, Sweden.

• The reasons for crossing the threshold (specify the relevant reason)

[X] Disposal of shares

(Acquisition or a disposal of voting rights (underline the necessary and indicate the specific reason)

1. Securities that subject to a formal agreement upon a request of the owner thereof grant the right to acquire in the future the shares already issued by the issuer (underline the necessary and indicate the specific reason). $\prod$

(The triggering event (indicate the specific event)

1. The date of which the threshold was crossed (specify): 2012-01-06

2. Threshold that was crossed or reached (specify): Crossing of the 15% threshold - from 15.34% to 13.65% of the total votes.

Type, class of shares, ISIN code	Number of shares and votes held previous to acquisition the O 1 disposal of the block of shares		The number of shares and voting rights held at the date of crossing the threshold
	Number of shares (units)	Number of votes (%)	Number of shares (units)	Number rights (units)	οf voting	Number of rights $(\%)$	voting
			Directly	Directly	Indirectly	Directly	Indirectly
	2				6		8
JSC Pieno Zvaigzdes LT0000111676	8,316,021	15.34	7,401,506	7,401,056		13.65
		Total:	7,401,506	7,401,056		13.65

1. Votes held by the person: 13.65%

2. Data on the securities that subject to a formal agreement upon a request of the owner thereof grants the right to acquire in the future the shares already issued by the issuer.

Delete the unnecesary

Total votes and shares held (i.e. held directly and indirectly).

Type and class of securities	Date of expiry Number оf the securities	shares and $\vert$ votes to $be \mid$ acquired exercise of the $\vert$	of The data of The number of voting rights conversion and held after the exercise of the $(or)$ the exercise of the through the rights granted bγ the	votes granted by the securities
		rights attached securities the 10 o securities		Number of voting rights (units)	Number $\circ$ f voting rights (%)
			Total:

1. Total number of voting rights held by the notifying person (item 6+item 7);

--- $T1 \wedge T1$	. Number (units) voting rights. Οt . .	(%) lumber of ' võting rights'
	506 .401	13.65 __

Þ.

(The chain of controlled entities through which the voting rights and (or) securities that subject to a formal agreement and upon an initiative of the owner thereof grants the right to acquire the shares issued by the issuer are held (if applicable)

1. Disclosure is made based on the East Capital Group's total holding. 7,401,506 shares are held by East Capital Baltic Fund, East Capital Eastern European Fund, East Capital (Lux) Eastern European Fund and East Capital (Lux) Convergence Eastern European Fund. (Additional information)

11. The right granted to the proxy $\overline{\phantom{a}}$	to vote at his own discretion in
respect	(name and last name of the proxy)

of $\overline{\text{origin}(\text{voting rights, units, %)}}$ expires on $\overline{\text{[date]}}$

1. By signing the present information notification I hereby confirm that the information presented therein is complete and accurate, and that I have familiarised myself with the sanctions imposed for the provision of misleading information provided for in the Law on Securities and the Code of Administrative Violations of Law of the Republic of Lithuania.

Tim Ohlin, Portfolio Controller, East Capital AB on behalf of East Capital Baltic Fund, East Capital Eastern European Fund, East Capital (Lux) Eastern European Fund and East Capital (Lux) Convergence Eastern European Fund, January 12, 2012:

$2$ Chi

(The signature of the person notifying of the acquisition or disposal of a block of shares (name, last name and the signature of the Manager of the Company), the date of filling in the notification

Where for the purpose of performance of the obligation of the group of persons to notify the acquisition or the disposal of a block of shares the person appointed by the group of persons shall sign the notification and indicate that the notification is being signed on behalf of the entire group of persons,