LIETUVOS TELEKOMAS

MATERIAL EVENT



PRELIMINARY UNAUDITED RESULTS FOR THE YEAR 2003



Preliminary unaudited results of AB Lietuvos Telekomas and its subsidiary

companies for the year 2003 prepared according to International Accounting

Standards.



In 2003, the total revenue went down by 16.1 per cent to LTL 812 million

against the revenue of LTL 968 million in the year 2002.



During 2003 operating expenses decreased by 7.9 per cent to LTL 428 million

compared with the operating expenses of LTL 465 million for the year 2002.



EBITDA for the year 2003 amounted to LTL 384 million (LTL 504 million a year

ago) and EBITDA margin was 47.3 per cent (52.0 per cent).



The assets revaluation charge of LTL 45.2 million was reflected in the profit

(loss) statement of the Group for the year 2003.



Comparable net profit (excluding the assets revaluation charge) for the year

2003 was LTL 2 million, while actual result (including the assets revaluation

charge) was a loss of LTL 36 million.



Net cash flow after investment activities for the previous year amounted to

LTL 283 million (LTL 288 million for the year 2002). During the year cash and

cash equivalents increased by LTL 34 million.





Jan-Erik Elserius

Director of Finance Department

+370 5 236 73 03