TEO LT, AB - Notification on material event

The Board calls Annual General Meeting and proposes to pay 0.25 litas dividend for 2007

On 13 March 2008 the Board of TEO LT, AB (hereinafter TEO or “the Company”)
decided: 

- To approve the draft of the Company's audited annual financial statements for
the year 2007, prepared according to International Financial Reporting
Standards, and to propose the Company's Annual General Meeting of Shareholders
to approve the audited annual financial statements of the Company for the year
2007. 

Audited financial results of the Company for the year 2007 are the same as on
29 January 2008 announced Company's results for the twelve months of 2007:
consolidated revenue for the year 2007 amounted to LTL 793,450 thousand (EUR
229,799 thousand) and profit for the period was LTL 162,830 thousand (EUR
47,159 thousand). 

- To approve the Company's Consolidated Annual Report for the year 2007,
prepared by the Company and assessed by the auditors, and to present the
Consolidated Annual Report of the Company for information to the Company's
Annual General Meeting of Shareholders. 

Audited annual financial statements and Consolidated Annual Report of the
Company for the year 2007 will be publicly available in the nearest future. 

- To approve the draft of the Company's profit allocation for the year 2007 and
to propose for the Annual General Meeting of Shareholders to allocate the
profit according to the draft of the profit allocation: from the Company's
distributable profit to allocate LTL 194,204 thousand (EUR 56,245 thousand) for
the dividend payment for the year 2007 or LTL 0.25 (EUR 0.072) dividend per
share. For annual payments (tantiemes) to the members of the Board for the year
2007 to allocate LTL 378 thousand (EUR 109 thousand), i.e. LTL 54 thousand per
one member of the seven-members' Board. 

- To convoke the Annual General Meeting of Shareholders in TEO LT, AB
headquarters, at room 157, Savanorių ave. 28, Vilnius, Lithuania, at 13.00 on
29th of April 2008, and to propose to the Annual General Meeting of
Shareholders' the following draft agenda: 
1) Information of the Company's auditors.
2) Approval of the Company's annual financial statements and presentation of
the Consolidated Annual Report of the Company. 
3) Allocation of the Company's profit for the year 2007.
4) Election of the Company's auditor.
5) Election of the Company's Board member.

- To propose to the Annual General Meeting of Shareholders to elect UAB
PricewaterhouseCoopers as the Company's audit enterprise for two years to make
the audit of the Company's financial statements for the year 2008 and 2009 and
to make assessment of the Company's Consolidated Annual Reports for the year
2008 and 2009. 


Egle Gudelyte-Harvey, 
Director of Corporate Administration and Legal Affairs Unit, tel. +370 5 236 7292.