GRIGISKES

MATERIAL EVENT



ACTIVITY RESUT FOR THE FIRST HALF OF 2003



(Unofficial translation done at the NSEL)



The sales and services of Grigiskes AB, Lithuania’s leading producer of

cardboard and sanitary paper products, during the first half of the current

year amounted to LTL 37 million 34 thousand, which is by 22.7 percent more than

during a corresponding period last year (sales and services amounted to LTL 30

million 173 thousand). In June, the company’s sales jumped by 34.1 percent. In

total, sales and services amounted to LTL 6 million 275 thousand (in June of

last year sales and services totalled LTL 4 million 679 thousand).



During the first half of 2003, net profit of Grigiskes AB came to LTL 3 million

378 thousand, which is 4.9 times more than during the same period last year

when the company earned LTL 687 thousand of net profit. Comparing to June 2002,

profit of the company for June 2003 rose 7.8 times from LTL 67 thousand to LTL

525 thousand.



Grigiskes AB holds a stake of 49.92 percent in Naujieji Verkiai AB. According

to consolidated data, sales and income for services of Grigiskes AB and

Naujieji Verkai AB for the first half of 2003 amounted to LTL 46 million 400

thousand. The company earned LTL 3 million 640 thousand of net profit.





Gintautas Pangonis

Managing Director

(370 5) 243 58 01