Limarko Laivininkystes Kompanija AB - Notification on material event

Unaudited operational results for the year 2008 and forecast for the year 2009

The unaudited results for the year 2008 of Limarko laivininkystės kompanija AB
(LLK) were prepared in accordance with International Financial Reporting
Standards. 

Sales revenue of LLK for the year 2008 totaled LTL 151.4 million (EUR 43.8
million) and increased by 11% when compared to the sales revenue of LTL 136.7
million (EUR 39.6 million) for the year 2007. 

Company's investment into fleet renewal and modernization during 2008 totaled
106.0 million (EUR 30.7 million). 

In 2008, LLK achieved the EBITDA of LTL 27.3 million (EUR 7.9 million) and the
EBITDA margin was 18%. In 2007, the EBITDA was LTL 31.4 (EUR 9.1 million) and
EBITDA margin was 22.9%. 

The loss of LLK in 2008 was LTL 12.7 million (EUR 3.7 million). The profit of
LLK in 2007 was LTL 21.0 million (EUR 6.1 million). 

The results of 2008 were mainly affected by:
- a steep rise in the US Dollar which resulted in the currency exchange rate
change loss of LTL 8.0 million (EUR 2.3 million). 
- record high marine bunker prices during the year 2008.
- the decreased demand for transportation of cargo by sea as a result of global
economic slowdown. 

Forecast for the year 2009:
- earning before financial expenses, taxes, depreciation and amortization
(EBITDA) - LTL 41.8 million (EUR 12.1 million). 

The forecast is based on the assumptions that there will be no more material
changes in the demand of international transportation of cargoes; the price of
marine diesel oil shall stay at the level of 580-600 USD/mt and the price of
fuel oil at the level of 205-300 USD/mt; EUR/USD exchange rate shall fluctuate
at about 1.3 ratio. 

Encl.: Interim Financial Statements for the year 2008 of Limarko laivininkystes
kompanija AB. 


Vytautas Lygnugaris
President and CEO
Tel. +370 46 340001-713

Attachments:

2008 12 men llk finansine atskaitomybe-en.pdf