GRIGISKES

MATERIAL EVENT



RESULTS FROM OPERATIONS IN JANUARY-FEBRUARY 2004



(Unofficial Translation Done at the NSEL)



During February 2004, Grigiskes AB, the largest producer of wood pulp hardboard

and sanitary paper in Lithuania, gained a profit of LTL 520.9 thousand. It is

by 59% more than the profit in February 2003, when it was LTL 326 thousand.

In February 2004, the Company’s sales and services amounted to LTL 7,864.8

thousand. This figure is 1.4 times higher than during the corresponding month

last year, when the sales and services equalled LTL 5,600 thousand.During the

first two months of this year, the Company’s sales reached LTL 15,935.2

thousand, and it earned LTL 1.170 million of profit. Compared to January and

February of 2003, the Company’s profit this year has demonstrated a 44.6% rise

(LTL 809 thousand last year), while the sales increased 1.4 times (from LTL

11.775 million in 2003).





Gintautas Pangonis

Director General

(+370-5) 243 58 00