OREANDA-NEWS. January 16, 2012. Dear Creditor,

Please be informed that on 7 December 2011 the Vilnius Regional Court passed a ruling to initiate bankruptcy proceedings of AB bank SNORAS (legal entity code 112025973, with a registered address at A. Vivulskio str. 7, Vilnius, Lithuania) (hereinafter – the Bank), reported the press-centre of Bank SNORAS. 

Mr Neil Hunter Cooper (10 Fleet place, London, EC4M 7RB United Kingdom, Certificate No 11198) was appointed as a bankruptcy administrator of the Bank. The part of the ruling initiating the bankruptcy proceedings of the Bank became effective and the Bank acquired the status of the company in bankruptcy on 20 December 2011.

According to the Court’s ruling, the creditors have to submit their financial claims within one month after the day the ruling to initiate bankruptcy case comes into force. This means that the creditors have to submit their claims to the bankruptcy administrator by 20 January 2012.

Failure and/or delays to meet time requirements set above, or to provide all required information may result in the claim not being accepted in bankruptcy. According to Article
10.9 of the Law on Enterprise Bankruptcy, the court shall have the right to accept creditors’ claims which have been submitted in breach of the time limits specified above provided that it recognises the reasons for missing the time limits as important.

Please draw your attention to the following legal information stipulated in the Article 14.1 (1), Article 16 and Article 17.1 of the Law on Enterprise Bankruptcy and Article 85.3 (1) of the Law on Banks of the Republic of Lithuania:

(i) Upon the day of initiation of bankruptcy proceedings, the administrator shall commence the exercise of his functions, and powers of bodies of the bank shall be suspended.

(ii) Since the ruling to initiate bankruptcy becomes effective, the right to manage, use and dispose the assets (funds) of the Bank shall be granted only to the bankruptcy administrator
The creditors of the Bank or any other person are not entitled to take over the assets and funds owned by the Bank in other manner than prescribed by laws of the Republic of
Lithuania.

(iii) All the terms of payment of debt owed by the Bank shall be considered to have matured as of the day of initiation of bankruptcy proceedings, namely 7 December, 2011.

(iv) The bankruptcy administrator may continue executing the transactions entered into by Bank prior to the initiation of the bankruptcy proceedings within the procedure and terms
established by laws of the Republic of Lithuania.

For submission of financial claims we would recommend to use the form attached to this letter.

Please fill in the form in capital letters and provide all the information indicated in the form clearly and correctly. The form must be signed by authorised person. If the form is signed by the representative of the creditor, the copy of power of attorney must be added to the form. The creditors have to provide the copies of the documents (if available) evidencing the claim (e.g. invoices, contracts etc.) together with the form to the bankruptcy administrator. The creditors must also specify the nature of the claim, date of arising thereof, amount and information on enforcement measures held.

Please send the claim with all the attachments to the following address:

AB bankas SNORAS (in bankruptcy)

A. Vivulskio str. 7,

Vilnius,

Lithuania

Please note, that any creditor who has his/her domicile, normal place of residence or head office in Lithuania, must lodge his/her claim in Lithuanian language.

According to the Article 92.6 of the Law on Banks of the Republic of Lithuania, a creditor of a Bank who has his domicile or office in a host Member State of the European Union shall have the right to lodge claims in the official language or one of the official languages of that state, however, a translation into the Lithuanian language must be attached. In that event, the lodgement of the claim submitted in the official language or one of the official languages of that state other than Lithuania shall bear the heading ‘Reikalavimo pateikimas’.