LIETUVOS TELEKOMAS

MATERIAL EVENT



RESULTS FOR THE THIRD QUARTER OF 2003



On 28 October 2003, the Board of AB Lietuvos Telekomas approved unaudited

financial statements of AB Lietuvos Telekomas’ Group for the third quarter and

the nine months of 2003 prepared according to International Accounting

Standards.



Lietuvos Telekomas’ Group revenue for the third quarter of 2003 amounted to

LTL 197 million (LTL 204 million for the second quarter of 2003). The total

revenue for the nine months amounted to LTL 605 million (LTL 729 million a year

ago).



Operating expenses for the third quarter of 2003 decreased to LTL 97 million.

(LTL 108 million for the second quarter of 2003). The total operating expenses

for the nine months amounted to LTL 308 million (LTL 340 million a year ago).



EBITDA margin for July-September of 2003 was 50.6 per cent and overall EBITDA

margin for the nine months of 2003 stood at 49.2 per cent.



In the third quarter of 2003, Lietuvos Telekomas’ Group revaluated all of its

assets and, as a result of this revaluation, an impairment charge of LTL 41.5

million was reflected in the profit (loss) statement of the Group.



Comparable net profit (excluding the impairment charge) for the third quarter

of 2003 was LTL 7 million and for the nine months of 2003 it was LTL 8 million,

while actual result (including the impairment charge) for the third quarter of

2003 was a loss of LTL 28 million and for the nine months - a loss of

LTL 27 million.





Jan-Erik Elserius

CFO and Director of Finance Department

+370 5 236 76 03