GRIGISKES

MATERIAL EVENT



OPERATING RESULTS OF THE NINE MONTHS OF 2003



(Unofficial translation done at the NSEL)



During the first nine months of the current year, Grigiskes AB, the largest

producer of wood pulp hardboard and sanitary paper in Lithuania, has sold

products and services for LTL 55.799 million, 12.7 % up on the corresponding

period last year, when the company sold products and services for LTL 49.536

million. In September the sales increased by 4.0 %. Sales of products and

services totalled LTL 6.647 million (last September the sales amounted to LTL

6.393 million).



During the first nine months of the current year, Grigiskes AB earned a net

profit of LTL 4.814 million, which is 2.7 times higher than in the same period

last year, when the Company’s net profit was LTL 1.753 million. In September,

the Company’s profit, if compared with that of September last year, augmented

1.5 times – from LTL 455 thousand to LTL 676 thousand.





Gintautas Pangonis

Director General

(+370-5) 243 58 00