Rokiskio Suris — Interim / Quarterly Report 2012

Aug 31, 2012

Supervisory Authority of 31st August 2012 The Central Bank of the Republic of Lithuania Žirmūnų str. 151, LT-09128 Vilnius

ENDORSEMENT BY THE RESPONSIBLE PERSONS

Pursuing Article 22 of the Law on Securities of the Republic of Lithuania and in accordance with the rules of preparation and submission of periodical and supplementary information approved by the Securities Commission of the Republic of Lithuania, we, the undersigned – the Chief Executive Officer Antanas Trumpa and the Chief Financial Officer Antanas Kavaliauskas – approve that the six month interim consolidated financial statements of "Rokiškio sūris" for the year 2012, are formed in accordance with the applicable accounting standards, they are true and show fair assets, obligations, financial state, profit (loss) and cash flows of the Company and total consolidated group.

Attached: Six month 2012 interim consolidated financial statements of "Rokiškio sūris".

Chief Executive Officer Antanas Trumpa

Chief Financial Officer Antanas Kavaliauskas

INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF AB "ROKIŠKIO SŪRIS" FOR SIX MONTH PERIOD OF THE YEAR 2012

(Prepared in accordance with the rules of preparation and submission of periodical and supplementary information approved by the Securities Commission of the Republic of Lithuania)

1. Reporting term of the prepared consolidated financial statements.

The consolidated financial statements are prepared for six month period of the year 2012.

2. Key information of the issuer:

Name of the issuer: Joint stock company "Rokiskio suris". Legal base: Joint Stock Company. Address – Pramones str. 3, LT 42150 Rokiskis, Republic of Lithuania. Telephone: +370 458 55 200, fax +370 458 55 300. E-mail address: rokiskio.suris@rokiskio.com Website: www.rokiskio.com Registered in on 28th February 1992 by the Authorities of Rokiskis region. Re-registered in on 28th November 1995 by the Ministry of Economy of the Republic of Lithuania. Company code 173057512. Manager of registry of legal entities – State company "Registru centras". The authorized capital of AB "Rokiskio suris" equals to LTL 35,867,970. There are 35,867,970 shares. Nominal value per share equals to LTL 1 (one litas).

3. Information on the issuer's daughter enterprises and subsidiaries

The consolidated group (hereinafter the "Group") consists of the Parent Company, two branches, four subsidiaries and one joint venture.

Subsidiaries of AB "Rokiškio sūris":

UAB "Rokiskio pienas" legal address: Pramonės g. 8, LT - 28216 Utena. Company code: 300561844. AB "Rokiškio sūris" is its founder and the only shareholder having 100 per cent of shares.

Dairy cooperative "Žalmargė" legal address: Kalnalaukio g.1, Širvintos. Company code: 178301073.

Latvian company SIA Jekabpils piena kombinats (company code 45402008851, legal address: Akmenu iela 1, Jekabpils, Latvija LV-5201).

Latvian company SIA Kaunata (company code 240300369, legal address Rogs, Kaunata pag., Rezeknes nov., Latvia)

Co-controlled company:

UAB "Pieno upės", legal address: Sandėlių g. 9, Kaunas. Company code: 135027862.

Branches of AB "Rokiškio sūris":

AB "Rokiškio sūris" branch Utenos pienas (Company code: 110856741, Pramonės g. 8, LT-28216 Utena);

AB "Rokiškio sūris" branch Ukmergės pieninė (Company code: 182848454, Kauno g. 51, LT-20119, Ukmergė).

4. Characterization of the issuer's basic business.

Basic business of the group of "Rokiškio sūris":

♦ Dairying and cheese production (EVRK 10.51);

Basic business of AB "Rokiškio sūris" is production and sales of fermented cheese, whey products, and skim milk powder.

Daughter enterprises:

Basic business of UAB "Rokiškio pienas" production and sales of fresh dairy products (fluid milk, kefir, sour milk, butter, curds, fresh cheese, sour cream, chocolate coated cheese bars, desserts). Basic business of KB "Žalmargė" is purchase of raw milk. Basic business of SIA Jekabpils piena kombinats –purchase of raw milk. Basic business of SIA Kaunata – purchase of raw milk.

Co-controlled company:

Basic business of UAB "Pieno upės" is purchase of raw milk.

Branches of AB "Rokiškio sūris":

Basic business of AB "Rokiškio sūris" branches Utenos pienas and Ukmergės pieninė is purchase of raw milk.

Company code 173057512, address: Pramonės g. 3, LT-42150 Rokiškis, Lithuania

(All tabular amounts are in LTL '000 unless otherwise stated)

Consolidated Balance sheet

	June 30th, 2012		December 31st, 2011		June 30th, 2011
PROPERTY
Long-term tangible assets	165 180		169 310		84 388
Intangible assets (with prestige)	1 222		1 330		1 424
Other receivables in a year	14 436		17 303		33 070
		180 838		187 943		118 882
Current assets
Inventories	111 182		94 968		68 063
Receivables and advance payments	119 965		100 880		101 905
Short-term investments	57 999		53 490		24 859
Cash and cash equivalents	2 948		10 576		35 249
		292 094		259 914		230 076
Total assets		472 932		447 857		348 958
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shares	35 868		35 868		35 868
Share premium	41 473		41 473		41 473
Reserve for acquisition of treasury	40 287		40 287		20 287
shares
Treasury shares	(3 868)		(3 868)		-
Other reserves	77 720		82 598		7 433
Retained earnings	104 095		93 004		95 127
Minority share		295 575		289 362		200 188
Non-current liabilities
Deferred income	17 359		18 108		5 374
		17 359		18 108		5 374
Current liabilities
Trade and other payables	67 554		58 568		71 369
Tax liabilities	9 483		6 030		6 632
Deferred income	3 259		3 258		1 621
Provisions	824		824		1 650
Financial debts	78 878		71 707		62 124
		159 998		140 387		143 396
Total equity and liabilities		472 932		447 857		348 958

Company code 173057512, address: Pramonės g. 3, LT-42150 Rokiškis, Lithuania

(All tabular amounts are in LTL '000 unless otherwise stated)

Statement of comprehensive income

	January - June		April - June
	2012	2011	2012	2011
Sales	360 882	316 780	196 641	166 422
Cost of sales	(320 909)	(281 129)	(168 565)	(145 608)
Gross profit	39 973	35 651	28 076	20 814
Selling and marketing expenses	(26 457)	(25 009)	(13 804)	(11 239)
Operating profit (loss)	13 516	10 642	14 272	9 575
Finance costs	(668)	670	(283)	1 005
Profit before tax	12 848	11 312	13 989	10 580
Income tax (accumulation)	(1 890)	(1 721)	(1 890)	(1 721)
Operating activity income (loss)	10 958	9 591	12 099	8 859
Minority interests	-	84	-	2
Net profit (loss)	10 958	9 675	12 099	8 861
Other comprehensive income	-	-	-	-
Total comprehensive income for the year	10 958	9 675	12 099	8 861

Company code 173057512, address: Pramonės g. 3, LT-42150 Rokiškis, Lithuania

(All tabular amounts are in LTL '000 unless otherwise stated)

Consolidated cash flow statement

	January - June
Operating activities	2012	2011
Profit before tax and minority interest	10 958	11 312
Corrections:
– depreciation	11 262	12 136
– depreciation (negative prestige not included)	172	51
– written off long-term tangible assets	29	18
– loss in long-term tangible asset sales	(42)	(26)
– interest expenses	589	540
– interest income	(1 018)	(1 002)
– net unrealized currency exchange profit	(202)	(81)
– export subsidies received	-	-
– depreciation of long-term tangible asset support	(1 467)	(1 632)
Circulating capital changes:
- inventories	(16 214)	(5 477)
- payables	8 986	12 961
- receivables and advance payments	(21 264)	(10 408)
Cash flows generated from operating activities	(8 211)	18 392
Interest paid	(589)	(540)
Income tax paid	-	-
Net cash flows from investing activities	(8 800)	17 852
Investing activities
Purchase of long-term tangible assets	(6 524)	(6 320)
Purchase of intangible assets	-	(68)
Loans granted to farmers and employees	(2 319)	(2 163)
Proceeds from long-term tangible asset sales	110	421
Repayments of loans granted to farmers and employees	5 728	4 624
Interest received Subsidies for long-term tangible assets	1 018 718	1 002 730
Net cash flows from investing activities	(1 269)	(1 774)
Financing activities
Acquisition of treasury shares	-	-
Finance lease principal payments	7	7
Loans granted	250 802	597 639
Loan repayments received	(231 509)	(579 487)
Dividends paid	(4 745)	(3 587)
Net cash flows from financing activities	14 555	14 572
Net increase in cash and cash equivalents	4 486	30 650
Cash and cash equivalents at the beginning of the period	(1 538)	4 599
Cash and cash equivalents at the end of the period	2 948	35 249

Company code 173057512, address: Pramonės g. 3, LT-42150 Rokiškis, Lithuania

(All tabular amounts are in LTL '000 unless otherwise stated)

Consolidated Own Capital Change Statement

	Share capital	Share premium	Reserve for acquisition of treasury shares	Treasury shares	Other reserves	Retained earnings	Total	Minority share	Total
Balance at December 31st 2010	38 445	41 473	29 188	(11 478)	7 433	89 123	194 184	450	194 634
Comprehensive income						9 591	9 591	84	9 675
Dividends relating to 2010						(3 587)	(3 587)		(3 587)
Decrease in share capital / cancellation of treasury shares	(2 577)		(8 901)	11 478
Acquisition of non controllable share of subsidiary								(534)	(534)
Balance at June 30th 2011	35 868	41 473	20 287	-	7 433	95 127	200 188	-	200 188
Comprehensive income						17 978	17 978		17 978
Other comprehensive income					75 165		75 165		75 165
Dividends relating to 2010						(101)	(101)		(101)
Acquisition of treasury shares				(3 868)			(3 868)		(3 868)
Allocation to reserves			20 000			(20 000)
Transactions with owners in total			20 000	(3 868)		(20 101)	(3 969)		(3 969)
Balance at December 31st 2011	35 868	41 473	40 287	(3 868)	82 598	93 004	289 362	-	289 362
Comprehensive income						10 958	10 958		10 958
Other comprehensive income					(4 878)	4 878
Dividends relating to 2011						(4 745)	(4 745)		(4 745)
Balance at June 30th 2012	35 868	41 473	40 287	(3 868)	77 720	104 095	295 575		295 575

Company code 173057512, address: Pramonės g. 3, LT-42150 Rokiškis, Lithuania

(All tabular amounts are in LTL '000 unless otherwise stated)

Commentary on the Report

1. General information

The joint stock company "Rokiškio sūris" (hereinafter – the company) is a public listed company incorporated in Rokiskis.

The shares of Rokiškio Sūris AB are traded on the Baltic Main List of the NASDAQ OMX Vilnius (symbol – RSU1L).

The Consolidated Group (hereinafter – the Group) consists of the Company, its two branches, four subsidiaries and one joint venture. (2011: two branches, four subsidiaries and one joint venture). The branches and subsidiaries that comprise consolidated Group are indicated below:

Operating as at June 30th

		Operating as at June 30th			Group's share (%) as at June 30th
Branches	2012	2011	Subsidiaries	2012	2011
Utenos pienas	Yes	Yes	UAB "Rokiškio pienas"	100,00	100,00
Ukmergės pieninė	Yes	Yes	KB "Žalmargė"	100,00	100,00
			SIA "Jekabpils Piena	100,00	50,05
			Kombinats"
			SIA "Kaunata"*	60,00	60,00

Jungtinės veiklos įmonė
UAB "Pieno upės"	50,00	50,00

* These subsidiaries were not consolidated due to their insignificance.

On 31st May 2011, the Company acquired 49.95% of the authorized capital of raw milk purchasing company SIA "Jekabpils piena kombinats".

All above subsidiaries, the joint venture and branches are incorporated in Lithuania, except for SIA "Jekabpils Piena Kombinats" and SIA "Kaunata" which are incorporated in Latvia.

The Group's main line of business is the production of fermented cheese and a wide range of other dairy products.

As of 30th June 2012, the average number of the Group's employees was equal to 1 556 (compared to 1 538 employees as at 30th June 2011).

2. Accounting Principles

These consolidated financial statements have been prepared according to International Financial Reporting Standards (IFRS) as adopted by the European Union.

The consolidated financial statements have been prepared under the historical cost convention. The principal accounting policies applied in the preparation of these consolidated and parent company's financial statements are set out below. These policies have been consistently applied to all the years present, unless otherwise stated.

The preparation of consolidated and parent company's financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Subsidiaries are the entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

Transactions among the Group's enterprises, residual values and retained transaction earnings between the Group's enterprises are eliminated. Unrealised loss is eliminated too; however, it is considered to be the sign of transfer asset value decrease. The accounting principles of daughter enterprises were changed where necessary in order to ensure their consistency with the accounting principles applied by the Group.

The Group applies a policy of treating transactions with minority interests as transactions with parties external to the Group. Disposals to minority interests result in gains and losses for the Group that are recorded in the statement of comprehensive income.

The group's interests in jointly controlled entities are accounted for by proportionate consolidation. The group combines its share of the joint ventures' individual income and expenses, assets and liabilities and cash flows on a line-by-line basis with similar items in the group's financial statements. The group recognises the portion of gains or losses on the sale of assets by the group to the joint venture that is attributable to the other venturers. The group does not recognise its share of profits or losses from the joint venture that result from the group's purchase of assets from the joint venture until it resells the assets to an independent party. However, a loss on the transaction is recognised immediately if the loss provides evidence of a reduction in the net realisable value of current assets, or an impairment loss.

Items included in the financial statements of the Company and each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (hereinafter "the functional currency"). The financial statements are presented in Litas (LTL), which is the Company's (and each of the Group entity's) functional and presentation currency.

The value of long-term tangible assets is valued at historical cost less accumulated depreciation. Subsequent costs are included into the asset's carrying amount or recognized as separate assets, as appropriate, only when it is likely that in future the Group will receive economic benefits associated with the item and the cost of the item will be measured accordingly. All other repairs and maintenance expenses are charged to the income statement during the financial period in which they have been incurred.

Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Buildings	15 – 55 years
Plant & machinery	5 - 29 years
Motor vehicles	4 - 10 years
Equipment and other property, plant and equipment	3 - 20 years

The asset residual values and useful lives are reviewed, and adjusted, if appropriate, at each balance sheet date.

The Group's software which is expected to bring the Group material benefit in future, is valued at cost price less accumulated depreciation. Depreciation is calculated using the straight-line method for the estimated useful life from 1 to 5 years.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are classified as 'trade and other receivables' in the balance sheet.

Inventories are subsequently carried at the lower of cost and net realisable value. Cost is determined by the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related indirect production overheads, but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses.

Loans granted and amounts receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less the amount of impairment loss. A provision for impairment of amounts receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The impairment amount is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The amount of the provision is recognised in the statement of comprehensive income within 'general and administrative expenses'. Bad debts are written off during the year in which they are identified as irrecoverable.

Cash and cash equivalents are carried at nominal value. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand and at bank and bank overdrafts. Bank overdrafts are included in borrowings in current liabilities on the balance sheet.

Ordinary shares are stated at their par value. Consideration received for the shares sold in excess over their nominal value is shown as share premium. Incremental external costs directly attributable to the issue of new shares are accounted for as a deduction from share premium.

Where the Company or its subsidiaries purchase the Company's equity share capital, the consideration paid including any attributed incremental external costs is deducted from shareholders' equity as treasury shares until they are sold, reissued, or cancelled. No gain or loss is recognised in the statement of comprehensive income on the sale, issuance, or cancellation of treasury shares. Where such shares are subsequently sold or reissued, any consideration received is presented in the consolidated financial statements as a change in shareholders' equity.

Other reserves are established upon the decision of annual general meeting of shareholders on profit appropriation.

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the amount at initial recognition and the redemption value is recognised in the statement of comprehensive income over the period of the borrowings using the effective interest method.

Profit is taxable at a rate of 15 per cent (2010: 15 per cent) in accordance with the Lithuanian regulatory legislation on taxation.

The Group pays social security contributions to the state Social Security Fund (the Fund) on behalf of its employees based on the defined contribution plan in accordance with the local legal requirements. Social security contributions are recognised as expenses on an accrual basis and are included in payroll expenses.

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Group's activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminated sales within the Group. Revenue from sales of goods is recognised only when all significant risks and benefits arising from ownership of goods is transferred to the customer.

Interest income is recognised on a time-proportion basis using the effective interest method.

Dividend distribution to the Company's shareholders is recognised as a liability in the Group's financial statements in the period in which the dividends are approved by the Company's shareholders.

Basic earnings per share are calculated by dividing net profit attributed to the shareholders from average weighted number of ordinary registered shares in issue, excluding ordinary registered shares purchased by the Company and the Group and held as treasury shares.

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of directors that make strategic decisions.

The Group's management identified the following operating segments within the Group: hard cheese, semi hard cheese, butter, milk, cream, sour cream, sour milk, yogurt, curds, curd cheese and other. These operating segments were aggregated into two main reportable segments, based on similar nature of products, production process, type of customers and method of distribution.

Government grants are recognised at fair value where there is sufficient evidence that the grant will be received and the Group and the Company will comply with all conditions attached.

Export subsidies paid by the Government for each exported tone of products meeting certain requirements are included in sales revenue.

________________________________________________________________________________________________

Government grants received to finance acquisition of property, plant and equipment are included in non-current deferred income in the balance sheet. They are recognised as income on a straight-line basis over the useful life of property, plant and equipment concerned.

Provisions are measured at the present value of expenditures expected to be required to settle the obligation using pre-tax rate that reflects current market assessments of the time value of money and the risks specified to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using effective interest method.

3. Information on segments

Business segments and the segments presented by the financial statements

The Group's top management indicated the following business segments of the Group: hard cheese, semi hard cheese, butter, milk, cream, sour cream, sour milk, yogurt, curds, fresh cheese etc. The segments were coupled into two main segments presented by the financial statements based on alike production procedure, customer group and distribution channels.

The Group's main business segments:

• Fresh dairy products
• Cheese and other dairy products.

Other operations of the Group comprise of raw milk collection. Transactions between the business segments are on normal commercial terms and conditions.

Geographic segments

Analysis of the Group's income from sales according to markets is as follows:

	2012 06 30	2011 06 30
Lithuania	123 553	117 032
European Union countries	166 821	145 885
Other (including the United States and Japan)	70 508	53 863
Total	360 882	316 780

Income analysis according to groups:

	2012 06 30	2011 06 30
Product Sales	360 248	316 623
Provided services	634	157
Total	360 882	316 780

4. Long-term tangible assets

In the income statement the depreciation charge of long-term tangible assets is reported in the following entries: selling and marketing expenses, general and administrative expenses and cost of sales, as well as in production in progress and ready production entries.

Software and intangible asset depreciation charge are accounted in the entry of general and administrative expenses.

5. Other receivables

As at 30th June 2012, the Group's receivables were made of:

	2012 06 30	2011 06 30
Long-term loans granted to farmers	4 524	1 813
Long-term loans granted to employees	628	352
Investments	551	7 431
Loans to other companies	6 778	21 847
Other	1 955	1 627
Total	14 436	33 070

The repayment terms of loans granted to farmers vary from 2 months to 10 years, whereas the annual interest rate varies from 0 to 10 per cent.

The repayment terms of loans granted to employees vary from 1 to 22 years, whereas the interest rate for them is not calculated.

The company's managing bodies believe that the balance sheet values of long-term receivables are their fair values.

6. Inventories

As at 30th June 2012, the Group's inventories were made of:

	2012 06 30	2011 06 30
Raw material	7 048	6 972
Production in progress	16 983	17 495
Ready production	83 833	37 721
Other inventories	3 318	5 875
Total	111 182	68 063

7. Selling and Other Receivables

As at 30th June 2012, the Group's selling and other receivables were made of:

	2012 06 30	2011 06 30
Selling receivables	107 189	87 747
VAT receivable	6 432	4 986
Other receivables	1 257	1 896
Advance payments and future period expenses	5 087	7 276
Total	119 965	101 905

8. Cash and cash equivalents

The money equivalents in Balance sheet and Cash Flow Statement are made of the following:

	2012 06 30	2011 06 30
Money in bank and cash-in-hand (Group)	2 907	16 480
Current deposits	41	18 769
Total	2 948	35 249

9. Share capital

As at June 30th 2012, the authorized capital of AB "Rokiškio sūris" was made of the following:

Type of shares	Number of shares	Nominal value, LTL	Total nominal value, LTL	Share of authorized capital (%)
Ordinary registered shares	35 867 970	1	35 867 970	100,00

All shares of AB "Rokiškio sūris" are paid-up, and they are not subject to any limitations of transference.

The amount of 35,867,970 of ordinary registered shares of AB Rokiskio suirs is included into Official Trading List of NASDAQ OMX Vilnius. (VVPB symbol is RSU1L). nominal value per share is 1 (one) litas.

AB "Rokiškio sūris" has acquired 802,094 treasury shares. It makes 2.24% of the authorized capital of AB "Rokiškio sūris". The shares are not granted with the voting right.

As at June 30th, 2012, the total number of shareholders of AB "Rokiškio sūris" is 5,767.

10. Financial ratios

The Group's financial ratios:

	2012 06 30	2011 06 30
Revenue (LTL thousand)	360 882	316 780
EBITDA (LTL thousand)	24 871	24 039
EBITDA margin (%)	6,89	7,59
Operations profit (LTL thousand)	13 516	10 642
Margin of operations profit (%)	3,75	3,36
Profit per share (LTL)	0,31	0,27
Number of shares (units)	35 867 970	35 867 970

11. Information on the managing bodies

Dalius Trumpa – Board Chairman (elected on 17th July 2012). Owns 1,002,697 ordinary registered shares. i.e. 2.80% of the Authorized capital and 2.86% of votes of AB "Rokiškio sūris".

Education – university degree. Works for the company since 1991. As from 2002 in the capacity of production director. As from 2007 appointed a deputy director. Also the director of UAB Rokiskio pienas from 2007.

Participation in the activities of other companies:

Shareholder of UAB" Pieno pramonės investicijų valdymas", having 3,91 % of the company's shares and votes;

Chief executive officer of UAB "Rokiškio pienas", having no shares;

Director of UAB "Rokvalda", having 100% of shares and votes;

Antanas Kavaliauskas - Deputy Chairman (elected on 17th July 2012), the Chief Financial Officer of AB "Rokiškio sūris", having no ownership of AB "Rokiškio sūris".

Works for the company since 2002 in the capacity of finance director. Education – university degree. In 1997, obtained a master degree of finance management in Kaunas technology university. As from 2002, a certified member of international accountants association ACCA.

Participation in the activities of other companies:

Shareholder of UAB "Pieno pramonės investicijų valdymas" owning 3,91% of shares of UAB" Pieno pramonės investicijų valdymas".

Board Chairman of Latvian company SIA Jekabpils piena kombinats, having no shares;

Director of Lithuanian dairy association "Pieno centras", having no shares.

Ramūnas Vanagas - Board member (elected on 17th July 2012), Development Director of AB "Rokiškio sūris", having no ownership of shares of AB "Rokiškio sūris".

Education – university degree. Works for the company since 2005 in the capacity of business development director.

Participation in the activities of other companies:

No participation in other companies' activities.

Darius Norkus - Board member, (elected on 17th July 2012), Sales and Marketing director of AB "Rokiškio sūris", having no shares of the company.

Education – university degree. Works for the company since 2001 in the capacity of the sales and marketing director.

Participation in the activities of other companies:

Shareholder of UAB "Pieno pramonės investicijų valdymas", having 3,91 % of the company's shares and votes;

The CEO of the Company:

Antanas Trumpa owning 7,267,465 ordinary registered shares of AB "Rokiškio sūris", i.e. 20.26% of the authorized capital of AB "Rokiškio sūris" and 20.73% of votes.

Education – university degree. Works for the company as from 1966. In 1979, prepared a dissertation "Organizing the work of vacuum aparatus" in Kaunas Politechnical Institute, consequently on 12th October 1994 was granted a doctor degree by Lithuanian Science Council. Participation in the activities of other companies:

Shareholder of UAB "Pieno pramonės investicijų valdymas" with 6,758, i.e. 67.04% of the shares and votes of UAB" Pieno pramonės investicijų valdymas".

12. Information on the audit

The audit according to the International Accounting Standards will be made for the full year 2012 by audit company UAB "PricewaterhouseCoopers".