Interim Consolidated Financial Statements for the First Three Months of 2008

TEO LT, AB Group, an integrated telecommunication, IT and TV services provider,
announces its unaudited Consolidated Interim Financial Statements for the first
three months of 2008, prepared according to International Financial Reporting
Standards as adopted by the European Union. 

The total consolidated TEO Group's revenue in January-March of 2008 was LTL 207
million (EUR 60 million), an increase by 11.3 per cent over the total revenue
of LTL 186 million (EUR 54 million) in the first three months of 2007. 

EBITDA for the first three months of 2007 went up by 9.6 per cent to LTL 94
million (EUR 27 million) over LTL 86 million (EUR 25 million) in the first
three months of 2007. EBITDA margin was 45.7 per cent. 

Profit before income tax in the first three months of 2008 was up by 15.3 per
cent and amounted to LTL 53 million (EUR 15 million) (LTL 46 million (EUR 13
million) a year ago). 

Profit for the period amounted to LTL 45 million (EUR 13 million), an increase
by 19.4 per cent over LTL 38 million (EUR 11 million) a year ago. 

Arūnas Šikšta, General Manager of TEO LT, AB, has made the following comments
on results for the first three months of 2008: 

“TEO Group's financial results for the first quarter of the year 2008 are
excellent. Revenue growth was more than 11 per cent and operating expenses were
lower than planned. Profitability indicators, compared to the same period last
year, increased substantially as well. In future, we expect good results from
the provision of the digital terrestrial television (DVB-T) service, which has
been recently introduced to the market. Also, we are planning to sustain growth
in the number of our broadband Internet access users.“ 

ENCL.: TEO LT, AB Interim Consolidated Financial Statements for the first three
months of 2008. 

Jan-Erik Elsérius, 
Chief Financial Officer and Deputy General Manager, 
tel. +370 5 236 76 03.