TEO LT, AB - Notification on material event

Procedure for the payout of dividends for the year 2007

On 29 April 2008, the Annual General Meeting of Shareholders of TEO LT, AB
decided to allocate the Company's profit for the year 2007 and to pay out 0.25
litas dividend per share. 

Dividends will be paid to the shareholders who on the day of the Annual General
Meeting of Shareholders, i.e. on 29 April 2008, were on the Shareholders' List
of the Company. 

From 28 May 2008 the dividends will be paid out in the following manner: 

- to the shareholders, who's TEO LT, AB shares are accounted by a financial
brokerage company or bank, the dividend amount after deduction of applicable
withholding tax will be transferred to the shareholders' accounts held with
respective financial brokerage company or bank; 

- to the shareholders, who's TEO LT, AB shares on behalf of the Company are
accounted by authorised custodian AB SEB Bank, the dividend amount after
deduction of applicable withholding tax will be transferred to the
shareholders' accounts with AB SEB Bank or the accounts with any other
Lithuanian commercial bank as indicated by the shareholders (account
indications should be submitted by fax +370 5 268 2683); 

- to the shareholders, who's TEO LT, AB shares on behalf of the Company are
accounted by authorised custodian AB SEB Bank, but who do not have accounts
with AB SEB Bank or have not indicated their accounts with any other Lithuanian
bank, the dividend amount after deduction of applicable withholding tax will be
available at any branch of AB SEB Bank. The shareholders will be requested to
present their personal identification documents when taking dividends at the
branch of AB SEB Bank. 

Dividends for the year 2007 are subject to withholding tax of 15 per cent,
unless otherwise provided for by the laws. 

For additional information on payout of the dividends please contact AB SEB
Bank by phone +370 5 268 2478. 


Darius Dziaugys,
Head of Information Sector,
tel. +370 5 236 7878