TEO LT, AB - Notification on material event

Justas Pipinis resigns from the Board

TEO LT, AB (hereinafter TEO or “the Company”) received a resignation letter of
its Board member Justas Pipinis dated 20 November 2008. 

Following the provision of the Part 10 of the Article 33 of the Law on
Companies of the Republic of Lithuania that member of the Board may resign from
office prior to the expiry of his term of office by giving a written notice
thereof to the company at least 14 days in advance it is regarded that Justas
Pipinis is resigning from the Board member position as of 4 December 2008. 

Mr Justas Pipinis (born in 1973), Managing Director of East Capital Holding AB
(Sweden) and East Capital International AB (Sweden), was elected as member of
the Board of TEO on 15 July 2008. Justas Pipinis has no direct interest in the
share capital of TEO. As of 30 September 2008 East Capital owned 28,793,260
shares of TEO LT, AB which amounts to 3.53 per cent of the Company's share
capital and 3.71 per cent of votes. 


Paulius Pakutinskas, 
Senior Legal Adviser of Corporate Administration and Legal Affairs Unit, 
tel. +370 5 236 7330