GRIGISKES

MATERIAL EVENT



PERFORMANCE RESULTS FOR THE PERIOD OF JANUARY TO NOVEMBER 2003



(Unofficial translation done at the NSEL)



During the eleven 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 72.183 million, 14.9 % up on the corresponding period last

year, when the Company sold products and services for LTL 62.770 million.

In November the Company’s sales went up by 13.8 %. Sales of products and

services totalled LTL 7.527 million (last November the sales amounted to

LTL 6.811 million).



During the eleven months of the current year, Grigiskes AB earned a net profit

of LTL 9.901 million, which is 3.6 times higher than in the same period last

year, when the Company’s net profit was LTL 2.749 million. In November, the

Company’s profit compared with that of November 2002 soared 7.6 times – from

LTL 591 thousand to LTL 4.496 million.





Gintautas Pangonis

Director General

(370 5) 243 58 01