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Pieno Zvaigzdes

Management Reports • Dec 10, 2009

2253_iss_2009-12-10_5d91b398-a22e-43b0-a580-e021fbe99f77.html

Management Reports

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Disclosure 274507

Pieno Zvaigzdes AB - Notification on material event

Pieno zvaigzdes AB, budgeted financial results for the year 2010

In 2010 Pieno Zvaigzdes expect sales of approx. 640 million LTL (185.4 million EUR). The largest growth is expected in export markets generating over half of total proceeds. The company's management is further implementing cost reduction programs to compensate increasing direct processing cost. Approx. 20 million LTL (5.8 million EUR) investment program for the coming year is directed to expansion of successful products and plant maintenance. We expect that Operating Cash Flows will enable the Company to further reduce financial debt by approx. 40 million LTL (11.6 million EUR). By year end 2010 the management forecasts 11% EBITDA profitability and approx. 3% net profitability. Audrius Statulevicius CFO (+370 5)246 1419