THE COMPETITION COUNCIL AUTHORISED THE CONCENTRATION THROUGH THE ACQUISITION OF SHARES OF „LIETUVOS RYTAS“

Having examined the notification on concentration submitted by on 22 July 2009 by UAB SNORO Media Investicijos the Competition Council resolved to authorise the notified concentration transaction. According to the notification the company will acquire the 34 percent holding of UAB Lietuvos rytas. The resolution was passed by the Competition Council having established, that the notified concentration will not create or strenghten any dominant position or cause any restriction of competition in the relevant markets.

UAB SNORO Media Investicijos participating in the concentration transaction is a newly established and yet not actually operative subsidiary of AB bank SNORAS, belonging to the group of associated undertakings with the principal revenue source from banking and investment services. UAB SNORAS Asset Management also belonging to the bank SNORAS group manages the news portal www.jtn.lt; however, in terms of concentration the intended transaction will have no effect upon the market of individual users of the Internet websites. It has been concluded that the intended transaction from the point of concentration will not affect any of the markets of operation of the participants of concentration or any of its related entities.

As maintained by the participants of the concentration transaction on 18 June 2009, the bank SNORAS Group received a proposal to acquire a block of shares of the forthcoming issue of shares of the major Lithuanian media group. On 22 June, the Board of UAB SNORO Media Investicijos passed the decision to invest into UAB Lietuvos rytas and thus to become the major shareholder of the media group and the holder of the block of shares of the newly issued shares that represents 34 percept of the authorised capital of the company. The extraordinary meeting of shareholders of UAB Lietuvos rytas held on 3 July approved the resolution on the increase of the authorised capital of the company, and on 9 July, the share sale-purchase agreement was signed on the basis of the resolutions passed by bodies of management of both companies. The notification to the Competition Council indicated that the purpose of the concentration transaction, i.e., the acquisition of the first issue of the shares of UAB Lietuvos rytas that will constitute the first investment transaction by SNORO Media Investicijos, is a viable and promising undertaking intended to strengthen the financial position of UAB Lietuvos rytas and will provide new development prospects and the growth of the added value of the company without reorganising the structure of the company or affecting its management.

Upon the full payment by UAB SNORO Media Investicijos of the block of the new issue of shares and the registration thereof in the established manner the bank SNORAS Group will become the major shareholder of the company that owns the national daily Lietuvos rytas, national television channel Lietuvos ryto televizija, the on-line news portal lrytas.lt, the magazines Ekstra, Ekstra mergina and Moters savaitė, two printing-houses and press delivery services in twenty major towns of Lithuania.