TEO LT, AB - Notification on material event

TEO will change the organizational structure, G.Vegys and E.Kasperavičius will leave the management team

The Board of TEO LT, AB (hereinafter - TEO or “the Company”) on 20 March 2014
agreed to the changes of the Company structure, which will take effect in
several months. The changes will make it possible to understand better the
customers' needs and to create the solutions that are more suitable for them
and simpler. The Board has also approved the termination of labour relations
with the Company's Chief Financial Officer and Chief Sales Officer. 

According to TEO General Manager Kęstutis Šliužas, major changes in the Company
were started in March, when the company renewed its brand, which is now one and
shared by all the Company's services. The new structure of the Company, which
will take effect in a few months, will make it possible to concentrate more
competence and responsibility at a single point, in the hands of the
specialists who work directly with the customer. 

“The customers will become the focus of the Company. Therefore, in the new
Company structure the service development and sales units will be replaced by
two new units, creating services and providing customer care to private and
business customers accordingly. For customers these changes will mean simpler
and more useful solutions, as well as meeting the expectations of customer care
better. The new corporate structure will also make it possible to achieve more
management efficiency in the future," - said K. Šliužas. 

TEO Chief Sales Officer Edis Kasperavičius decided to end his career in the TEO
Group and, following the Board decision, he became acting Head of Sales and
Customer Care Division since 21 March 2014. It is expected that E.
Kasperavičius will occupy this position until July 2014. "I appreciate very much the skills of E. Kasperavičius, who has ten years work
experience with TEO and I am glad that he has agreed, along with other
managers, to implement the changes in the organization at this important
period," - said K. Šliužas. 

In the new TEO structure instead of Finance Division, the Finance and Strategic
Planning Division will be formed and will ensure financial and strategic
planning, more efficient management of investment and resources, as well as
strengthening partnership with suppliers of the Company. 

Starting from 21 March 2014 Giedrius Vegys is not performing functions of Chief
Financial Officer and will terminate his work in the Company on 22 May 2014.
Accordingly, starting from 21 March 2014, all the rights, duties and powers of
the chief accountant are vested to Antanas Poška, Director of the Accounting
Department. 




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