Snaige AB

Capital/Financing Update • Apr 6, 2009

Disclosure 269169

Snaige AB - Notification on material event

Subscription of new bond issue

On 6 April 2009 the subscription period of AB „Snaigė“ convertible bonds with maturity of 367 days and annual interest rate of 18% has ended. During the subscription period the whole issue with nominal value of 7 500 000 EUR was subscribed. 80% of bonds were subscribed by holders of year 2008 AB “Snaigė” bond issue who decided to refinance their securities. Instead of receiving cash on the redemption day these investors were granted newly issued bonds for the corresponding subscription value. The remaining part of the issue was subscribed by major shareholders of AB “Snaigė“ who converted loans, earlier provided to the Company, into newly issued bonds. The fact that majority of the newly issued bonds were subscribed by the holders of year 2008 bond issue shows that bond holders do understand current complicated financial situation of the Company and believe in Company‘s ability to redeem the newly issued bonds after one year.