TEO LT, AB - Notification on material event

Board approved audited financial statements for 2008 and proposed to pay LTL 0.23 dividend for 2008

On 20 March 2009 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 2008, 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
2008. 

Audited financial results of the Company for the year 2008 are the same as on
10 February 2009 announced Company's results for the twelve months of 2008:
consolidated TEO Group revenue for the year 2008 amounted to LTL 826,267
thousand (EUR 239,303 thousand) and profit for the period was LTL 159,908
thousand (EUR 46,313 thousand). 

- To approve the Company's Consolidated Annual Report for the year 2008,
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. 

- To approve the draft of the Company's profit allocation for the year 2008 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 LTL 183,376 thousand (EUR 53,109 thousand) to allocate LTL
178,668 thousand (EUR 51,746 thousand) for the dividend payment for the year
2008 or LTL 0.23 (EUR 0.067) dividend per share. For annual payments
(tantiemes) to the members of the Board for the year 2008 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
28th of April 2009, 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 2008.
4) Election of the Company's Board members.


ENCL.: TEO LT, AB Financial Statements, Consolidated Annual and Independent
Auditor's Reports for the year ended 31 December 2008 


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

Attachments:

teo_ifrs_2008_en.pdf