LIETUVOS TELEKOMAS

MATERIAL EVENT



DECISIONS OF THE BOARD



On 16 March 2004, the Board of AB Lietuvos Telekomas decided to convoke the

Annual General Meeting of AB Lietuvos Telekomas’ Shareholders on 23 April 2004.

The record day for Shareholders’ Meeting is 16 April 2004.



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

Group of the year 2003. According to International Accounting Standards

consolidated Lietuvos Telekomas’ revenue in the year 2003 was 812,277 thousand

litas and net loss was 36,095 thousand litas. According to Lithuanian

Accounting Principles AB Lietuvos Telekomas’ revenue in the year 2003 was

753,011 thousand litas and net loss was 36,095 thousand litas.



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

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

for the year 2003. 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.





Paulius Pakutinskas

Acting Director of Legal Division

+370 5 236 73 30