LIETUVOS TELEKOMAS

MATERIAL EVENT



BOARD'S DECISIONS



On 27 March 2003, the Board of AB Lietuvos Telekomas decided to convoke the

Annual General Meeting of AB Lietuvos Telekomas’ Shareholders on 28 April 2003.



Company’s Board approved audited financial statements of Lietuvos Telekomas’

Group of the year 2002. According to International Accounting Standards

consolidated Lietuvos Telekomas’ revenue in the year 2002 was 968,212 thousand

litas and net profit in the year 2002 was 67,032 thousand litas.

According to Lithuanian Accounting Principles the Company’s revenue in the

year 2002 was 927,468 thousand litas and net profit in the year 2002 was

67,032 thousand Litas.



The Board proposes for the Annual General Meeting to allocate from the

Company’s net profit 46,609 thousand litas for the dividend payment for the

year 2002. Thus dividend per share would amount for 0.06 litas.



The Board proposes for the Annual General Meeting to change the By-laws of the

Company.



The Board of AB Lietuvos Telekomas proposes for the Annual General Meeting to

elect UAB PriceWaterhouseCoopers as a Company’s auditors.





Egle Gudelyte-Harvey

Director of Legal Divisions

+370 5 236 72 92