MAZEIKIU NAFTA

MATERIAL EVENT



MANAGEMENT BOARD OF MAZEIKIU NAFTA APPROVED THE COMPANY'S ANNUAL FINANCIAL

STATEMENTS FOR 2002



On 28 March 2003, the Management Board of Mazeikiu Nafta AB approved

the company's annual financial statements for 2002, prepared according

to the requirements of the laws of the Republic of Lithuania and

accoring to the US GAAP standards.

According to the US GAAP standards, the audited loss for 2002 of

Mazeikiu Nafta AB amounts to LTL 114,333 million.





Giedrius Karsokas

Head of Communication department

610-65298, 443-92608