TEO LT, AB - Notification on material event

Draft agenda and draft decisions for the AGM on 29 April 2008

Draft agenda and draft decisions for the annual general meeting of TEO LT, AB
(hereinafter ‘the Company' or ‘TEO') shareholders to be held on 29 April 2008
proposed by the Board of the Company: 

1. Information of the Company's auditors.

Taken for the information.


2. Approval of the Company's annual financial statements and presentation of
the Consolidated Annual Report of the Company. 

Draft decision:

1) To approve audited Company's annual financial statements for the year 2007,
prepared according to the International Financial Reporting Standards. 
2) Presented Consolidated Annual Report of the Company for the year 2007,
prepared by the Company, assessed by the auditors and approved by the Board of
Directors. 


3. Allocation of 2007 Company's profit.

Draft decision:
To allocate the Company's profit of the year 2007 according the draft of profit
allocation presented for Annual General Meeting of Shareholders. 

The Board proposes for the Annual General Meeting 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. 


4. Election of the Company's auditor.

Draft decision:
1. 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. 
2. To authorize the Company's General Manager to conclude the Agreement for
audit services, paying for services the price agreed between the parties but in
no case more than 480,000 (four hundred and eighty thousand) litas (VAT
excluded) for the audit of the Company's financial statements for the two
financial years and assessment of the Company Consolidated Annual Report for
the year 2008 and 2009 (i.e. 240,000 (two hundred and forty thousand) litas
(VAT excluded) per one year). 

5. Election of the Company's Board member.

Draft decision:
To elect to the Board of the Company for the current term of the Board
_______________, proposed by _________________. 


NOTE: As of the day of this announcement the Company has not received any
proposals regarding nominations for the Board member election. 


ENCL.:
- TEO LT, AB Financial Statements, Consolidated Annual and Independent
Auditor's Report for the Year Ended 31 December 2007 
- Statement of the Company's Profit Allocation for the Year 2007


The documents possessed by the Company related to the agenda of the Meeting,
including draft resolutions, are available at the headquarters of TEO LT, AB,
Savanorių ave. 28, Vilnius, Lithuania, or at the Company's internet website
www.teo.lt. 

Eglė Gudelytė-Harvey, 
Director of Corporate Administration and Legal Affairs Unit, 
tel. +370 5 236 72 92.

Attachments:

2007 profit allocation statement.pdf

2007_financial statements and annual report.pdf