Guide to NASDAQ OMX Baltic Securities Market Guide to NASDAQ OMX Baltic Securities Market Contacts

NASDAQ OMX Tallinn

Tartu mnt 2, Tallinn 10145, Estonia Telephone: +372 640 8800 Fax: +372 640 8801 E-mail: [email protected]

NASDAQ OMX Riga

Vaļņu iela 1, Rīga LV 1050, Latvia Telephone: + 371 6721 2431 Fax: + 371 6722 9411 E-mail: [email protected]

NASDAQ OMX Vilnius

Konstitucijos pr. 7, LT-08501 Vilnius, Lithuania Telephone: + 370 5 272 3871 Fax: + 370 5 272 4894 E-mail: [email protected]

© Copyright 2010, The NASDAQ OMX Group, Inc. While every reasonable care has been taken to ensure the accuracy of data contained in this publication, the NASDAQ OMX GROUP, Inc., its subsidiaries and affiliates disclaim any liability for any expenses, losses, damages or costs which might be incurred as a result of the data being inaccurate or incomplete in any way and for any reason. Further, nothing herein is intended to constitute legal, tax or other professional advice. 1 2 / Table of contents

Welcome to the Baltic market 5 Latest developments at NASDAQ OMX Baltic 6 An in-depth look at NASDAQ OMX Baltic 9 The Baltic economies 22 Overview of taxation in the Baltic countries 26 Food for the people, fuel for the market 33 Company profiles 35 NASDAQ OMX Baltic Secondary list TOP 30 82 Baltic Fund List 84 Baltic Bond List 86 NASDAQ OMX Baltic members 87 Market data vendors 88 Contacts 89 4 Welcome to the Baltic market

Welcome to the 2010 edition of the NASDAQ sentiment after the lows of 2009. Development OMX Guide to the Baltic Securities Market, your of market indices and deeper interest in public indispensable reference point for news and securities market as a capital raising source developments affecting the Baltic securities indicate more optimistic view and increased markets, summaries of all Main List and some of confidence in the Baltic market. the larger Secondary List companies, as well as other investment ideas for established and new Moves towards adopting the Euro as the trading investors. and settlement currency in Estonia and Lithuania by the beginning of 2011, with plans to do Despite the challenging times endured by the the same in Latvia shortly thereafter, signal global financial system, the NASDAQ OMX Baltic the exchanges’ desire to ease the passage exchanges continue to improve the quality of of business for international investors. This is their offering in the region. backed up by efforts to bring investors more real- time information, with the introduction of the next NASDAQ OMX Group’s desire to acquire full generation trading platform, Genium INET, and ownership in the Baltic exchanges as well as more advanced trading surveillance systems. the harmonization of trading technology give proof of the region’s high potential and increase Alongside our continued promotion of better integration with the global securities markets. education services, these initiatives demonstrate Two successful IPOs - Premia Foods and Linas NASDAQ OMX Baltic’s commitment to improving Agro Group - and a rights offerings of City Service local equity culture and to welcoming investors and Ekspress Grupp mark a recovery in market from around the globe.

5 Latest developments at NASDAQ OMX Baltic

NASDAQ OMX to increase its presence start using the euro as the trading and clearing in the Baltics currency for equities on its regulated market in NASDAQ OMX acquired the minority stakes Swed- November 2010. NASDAQ OMX Riga will also move bank and SEB held in the NASDAQ OMX Baltic along with its plan to introduce trading in euros exchanges, thereby strengthening its position on its regulated equities market. in the Baltic market. NASDAQ OMX has a strategic interest in developing the region’s capital mar- Making markets more attractive kets and its goal is to reach 100 percent owner- to foreign issuers ship in all NASDAQ OMX’s Baltic entities in the near NASDAQ OMX Baltic has continuously worked future. to improve the attractiveness of its market- place and one of its initiatives has been aimed Trading and clearing of equities in euro at adjusting the setup of its market so that list- Business on the Baltic exchanges is closely ing and trading is as seamless for foreign issuers interrelated, with every third exchange trans- as it is for local customers. Following changes in action being across borders. Therefore, in order regulations passed in early 2010, an electronic to have more homogeneous markets, the Baltic issue of the Listing Guide for Foreign Companies exchanges are working towards introducing a was published. This publication provides foreign single trading and clearing currency in the Baltic issuers with information on the benefits, ser- market. Estonia will adopt the euro as a national vices, requirements and practices of listing and currency from January 1, 2011 and, consequently, trading in the Baltic states. Listing guide is avail- trading and clearing on NASDAQ OMX Tallinn will able on www.nasdaqomxbaltic.com be conducted in euros. NASDAQ OMX Vilnius will

6 Latest developments at NASDAQ OMX Baltic Genium INET efficiency, in reducing latency and in the inter- NASDAQ OMX Baltic and Nordic exchanges suc- face members use for derivatives, fixed income cessfully introduced the INET trading system for instruments trading, and issuing auctions across equities markets on February 8, 2010 followed Nordic and Baltic exchanges. by a new, real time, market surveillance system, SAGA. Volatility Guards - a complementary tool for The Baltic CSDs continuously work on equity markets to reduce the likelihood of erro- implementing their clearing and neous trades and to reduce the impact of sudden settlement strategies and extraordinary liquidity was implemented in Both Latvia’s and Estonia’s Central Securities September 2010. Depositories (CSDs) will introduce a common, centralized, message exchange service called The new trading platform, named Genium INET, the Central Message Hub by the end of 2010. will replace the existing SAXESS trading system This hub will be based on proven state-of-the- and will be used for fixed income trading and art technology, such as Java Messaging Services issuing auctions on the Baltic exchanges. Genium and IBM MQ, replacing existing local proprietary INET, developed to comply with Nordic and Baltic interfaces. Message Hub will ensure the integ- market conditions, will bring improved trad- rity of messages and will allow for further inte- ing interfaces and enhancements in the market gration and interoperability with the SWIFT and model. Target2 Securities systems, which use inter- national ISO20022 standards. After a one-and- It is planned that trading in Nordic derivatives will a-half year development phase, Message Hub be migrated to the new system during autumn is being used in a test environment and, at the 2010, while Nordic and Baltic fixed income trading time of its launch, will be the most reliable and and issuing auctions will be transferred in 2011. cost efficient interface between Baltic CSDs and Genium INET will enable further improvements in market participants.

Latest developments at NASDAQ OMX Baltic 7 New core system Depend in Estonian CSD bonds denominated in euros. Until then, bond Estonia’s CSD will introduce a new core system auctions had been held only in the Lithuanian called Depend on January 1, 2011, at the same national currency, the Litas. Government bond time as the country adopts the euro. Cash set- auctions are held on the NASDAQ OMX trading tlement will take place in Target2-Estonia and platform, whereas the clearing and settlement transactions will be settled in Euro only. Clear- of the trades executed at auctions is handled by ing and settlement processes will be amended the Central Securities Depository of Lithuania. to accord with the best practices and interna- tional standards. Settlement will be through Settlement for debt securities in euro Real Time Gross Settlement (RTGS) with optimiza- Quoting and trading in debt securities on NASDAQ tion batches instead of batch processing, which OMX Vilnius has been expanded, not only for should reduce the assets commitment periods trades conducted in litas or euros, but for other and risks for buyers and sellers. currencies as well (settlements are made in litas). Since February 2010, the settlement of trades in NASDAQ OMX Vilnius to hold euro-denominated euro-denominated securities at NASDAQ OMX Vil- Lithuanian Government bond auctions nius are performed via the TARGET 2 payment In July 2010, NASDAQ OMX Vilnius started hold- system. Currently this applies to trades in debt ing primary auctions of Lithuanian government securities.

8 Latest developments at NASDAQ OMX Baltic An in-depth look at NASDAQ OMX Baltic

NASDAQ OMX Baltic is part of the NASDAQ OMX NASDAQ OMX Baltic provides customers with con- Group, Inc., the world’s largest exchange com- venient access and quality products. We con- pany with capabilities in trading, technology and tinue to expand what we offer and to provide a service that reach across six continents. NASDAQ wider selection of joint Baltic services and instru- OMX operates a variety of listing platforms to pro- ments to local and international customers. vide multiple global capital raising solutions for private and public companies around the globe. NASDAQ OMX offers trading across multiple asset classes, including equities, derivatives, debt, NASDAQ OMX ownership commodities, structured products and ETFs. in the Baltics NASDAQ OMX Group is the world’s largest provider of technology for the exchange industry – pro- viding services to over 70 exchanges, clearing 100% of NASDAQ OMX Tallinn organizations and central securities depositories Estonian Central Depository (100%) in more than 50 countries. ~93% of NASDAQ OMX Riga NASDAQ OMX Baltic is positioned on the cross- Latvian Central Depository (100%) roads between central, western and northern Europe, the Baltic and CIS markets. The region’s ~95% of NASDAQ OMX Vilnius strengths provide exceptional business opportu- Central Securities Depository of nities for investors: political stability, economic Lithuania (8%) freedom, some of the most diversified industry in north-eastern Europe, an attractive investment 32% of the Central Securities Depository environment, which is relatively inexpensive with of Lithuania easy access to capital, and a young, well-edu- cated workforce.

An in-depth look at NASDAQ OMX Baltic 9 NASDAQ OMX Baltic – what we offer to Baltic investment products investors, members and information Altogether, close to one hundred companies are vendors listed on two Baltic equities lists. In addition, NASDAQ OMX Baltic’s securities market aims to NASDAQ OMX Baltic provides trading in almost a provide a one-stop-shop for trading and settle- hundred bonds of different maturities, presented ment in the Baltic region, thereby making the in the Baltic Bond List, which had a market cap of region more accessible and attractive to for- around EUR 2.1 billion in mid-2010. The concept eign and local investors, as well as listed com- of combining Baltic products into common lists panies. The market – comprising of three Baltic has also been extended to include investment exchanges, the central securities deposito- fund units. NASDAQ OMX’s exchanges in Riga and ries of Estonia and Latvia, and a network of local Vilnius have developed an infrastructure for pri- and international members – offers a compre- mary placement of new bond issues, used by the hensive, efficient and secure marketplace regu- Latvian and Lithuanian Governments and corpo- lated to global standards for companies to raise rate issuers. capital and for investors to transact and settle financial products seamlessly between the three countries.

Baltic Main List Baltic Secondary List First North Baltic Regulated market Regulated market Alternative marketplace Market cap of at least Smaller market cap No minimum market cap EUR 4 million requirements 25% free float or at least No minimum free float No minimum free float EUR 10 million capitalization requirement requirement Three years operating history No minimum requirements No minimum requirements (2 years in Vilnius) GICS classification GICS classification GICS classification IFRS/GAAP IFRS/GAAP/Local standards Local standards or IFRS (Riga)

Baltic Bonds Baltic Funds Listing and trading in: Listing and trading in: • Government bonds • Open-ended fund units • Corporate bonds • Closed-end fund units • Mortgage bonds Listing and trading in Baltic Fund Center displays national currencies, EUR and comparable performance USD (and other currencies of indicators for Baltic funds denomination in Vilnius)

10 An in-depth look at NASDAQ OMX Baltic NASDAQ OMX First North companies of tomorrow and the opportunity to NASDAQ OMX First North is an alternative mar- share in their growth and success. It may involve ketplace specifically designed for fast-growing, higher risk but, on the other hand, may provide developing companies with a need for market better returns. facilitation. In the Baltic countries, First North is harmonized across the NASDAQ OMX exchanges There are 18 Certified Advisers affiliated with First in Tallinn, Riga and Vilnius. First North utilizes North qualified to guide growth companies to the NASDAQ OMX trading, information and distri- the Baltic alternative market. To join First North, bution infrastructure – but has lower regulatory a company should enter into an advisory agree- demands and admission requirements. ment with one of our Certified Advisers.

At the same time, First North brings investors at For more information about First North visit: home and abroad a wider range of investment www.nasdaqomxbaltic.com/firstnorth possibilities, such as first-hand access to the

First North Baltic The NASDAQ OMX Baltic offering includes: certified advisers 1. Easy remote access for members through pan-Baltic membership NASDAQ OMX Tallinn 2. Easy access for investors to all Baltic ƒƒ Aare Raig Law Firm investment products through any of ƒƒ Law Firm Lepik & the numerous pan-Baltic members Luhaäär LAWIN 3. Efficient cross-border trading and settlement ƒƒ Law Firm Sorainen ƒƒ Cresco Väärtpaberite AS ƒƒ A common trading system - INET ƒƒ Deloitte Advisory ƒƒ A single access point to Baltic local ƒƒ Redgate Capital markets (Tallinn, Riga and Vilnius) ƒƒ SEB Enskilda ƒƒ Harmonized market practices and rules ƒƒ Swedbank ƒƒ Delivery-versus-payment (DVP) NASDAQ OMX Riga link between the Baltic CSDs ƒƒ Advante Corporate Finance ƒƒ Free-of-payment (FOP) link between the CSDs ƒƒ Ardente 4. One market information source ƒƒ Eventus Corporate Finance ƒƒ Baltic equity lists ƒƒ SEB Enskilda ƒƒ Baltic bond list NASDAQ OMX Vilnius ƒƒ Baltic fund list ƒƒ Baltijos įmonių finansai ƒƒ Common Baltic and harmonized local indexes ƒƒ Deloitte Lietuva ƒƒ GILD ƒƒ Common website – ƒƒ SEB Enskilda www.nasdaqomxbaltic.com ƒƒ Swedbank ƒƒ One market data package for vendors ƒƒ Verslo konsultacijų spektras

An in-depth look at NASDAQ OMX Baltic 11 International standards to Readily available information for facilitate benchmarking informed investment decisions NASDAQ OMX’s exchanges in the Nordic and NASDAQ OMX Baltic offers a comprehensive range Baltic regions use the Global Industry Clas- of real-time and historical data services, as well sification Standard (GICS), a global standard as other useful information products for inves- developed by Morgan Stanley Capital Interna- tors, financial professionals and the media. tional and Standard & Poor’s. Companies are classified according to their principal busi- www.nasdaqomxbaltic.com ness activity, defined according to the area Presents real time as well as historical market in which a company generates the major part information and periodical statistical informa- of its revenue. tion, including monthly statistical reports called Baltic Bulletins. All information is available free of charge.

Tradeable index NASDAQ OMX Baltic Fund Center www.nasdaqomxbaltic.com/balticfunds Benchmark index The Baltic Fund Center is an online information center providing investors with performance All-share & information for most of the funds offered in the Sector indexes Baltic countries. Data of funds is displayed in a consistent, user-friendly manner, making com- parison of fund performance easy. All information Tradable index All Share indexes • OMX Baltic 10 • OMX Baltic is available free of charge. • OMX Tallinn Benchmark index • OMX Riga • OMX Baltic • OMX Vilnius Benchmark indexes

Indexes historical overview

OMXT Value / OMXR Value / OMXV Value / OMXBBCAPGI Value

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12 An in-depth look at NASDAQ OMX Baltic Vendor information GlobeNewswire One of the main services of NASDAQ OMX Baltic The distribution service of GlobeNewswire is tai- is to provide the necessary market information lor-made for listed companies in the Nordic and to vendors, who further disseminate the data in Baltic region. Through GlobeNewswire, listed various forms to their redistributors, customers companies are able to fulfill the exchange’s dis- or end-users: brokers, institutions and individual closure requirements as well as those of other investors. authorities through our extensive distribution locally and across Europe. NASDAQ OMX Baltic’s exchanges offer a wide range of information products, covering real time The Market Data Feed is the main distribution information, information with a 15-minute delay, channel, reaching approximately 500,000 recipi- basic analysis data and batch data. ents through key media and data vendors, such as Reuters and Bloomberg. NASDAQ OMX Baltic’s exchanges apply the same Agreement as used by NASDAQ OMX Nordic’s The NASDAQ OMX news distribution service deliv- exchanges. Vendors who have already entered ers information instantly and simultaneously into an agreement with any NASDAQ OMX Nordic to some 3,000 traders, including those actively exchange need only mark the Baltic products buying or selling stocks via the trading system. they wish to subscribe to in the Application Form. Our market data feeds are subscribed to by more than 100 global information distributors, such as For more information about our market data Reuters, Bloomberg and SIX, as well as 80,000 offering, please visit the NASDAQ OMX Baltic web- professional investors and several major bank site. For a list of vendors see page 88. platforms. Our distribution network includes real- time integration to editorial systems at major newspapers and broadcast outlets, direct feeds to top news agency databases and websites, and customized emails sent directly to individual journalists, analysts and business professionals.

An in-depth look at NASDAQ OMX Baltic 13 Efficient cross-border trading and TRADING DAY settlement All three Baltic exchanges have the same NASDAQ OMX Baltic facilitates efficient cross- structure and hours to their trading day. The border trading and settlement between the day’s structure is also harmonized with other exchanges in Estonia, Latvia and Lithuania, exchanges at NASDAQ OMX Nordic. thereby making the Baltic region more accessi- ble and attractive to investors and listed com- Trading day structure panies. By utilizing a common trading system, as well as common rules and requirements between the exchanges, and offering an advanced deliv- Time Trading phase ery versus payment (DVP) link, investors are able 09:00 – 10:00 Pre-Open to trade and settle efficiently and seamlessly 10:00 Opening call (Uncross) between the three markets. 10:00 – 15:55 Continuous trading 15:55 – 16:00 Pre-Close * Advanced electronic trading system INET 16:00 Closing call (Uncross) NASDAQ OMX Baltic’s stock exchanges oper- 16:00 – 16:30 Post-trade ate according to the order-driven trading model, 16:30 - 09:00 Market closed where bids and offers are entered in the relevant * Randomly picked by the system between 15:59:30 and order book and automatically matched to trades 16:00:00. GMT +02:00, different trading hours apply to when price, volume and other order conditions the fixed income market are met.

NASDAQ OMX Baltic exchanges use the trad- Trading currencies ing system INET for equity trading. Recognized Trading takes place in the following currencies: as the most advanced securities trading tech- nology in the world, INET is used in NASDAQ OMX ƒƒ Estonia: trading in EUR, settlement in Group’s exchanges in the US, the Nordic and EUR as of January 1, 2011. Estonian Baltic countries. CSD joined TARGET2 in August 2009. ƒƒ Latvia: financial instruments issued in Latvia Having one single trading platform, used by are traded and settled in the currency they investors worldwide, eases and facilitates trans– are issued - LVL, USD or EUR. Cash legs in Atlantic access for members to the Nordic and USD/EUR are settled via commercial banks. Baltic markets. With the introduction of INET, ƒƒ Lithuania: both trading and settlement exchange members can enjoy greater flexibility in LTL. Settlement of trades concluded as the platform can be used via the internet. in debt securities denominated in EUR is performed in EUR. NASDAQ OMX Vilnius will Fixed income instruments are traded on the start using EUR as the trading and clearing Saxess platform. currency for share trading in November 2010. Lithuanian CSD joined TARGET2 in 2007.

14 An in-depth look at NASDAQ OMX Baltic All three Baltic countries are part of the EU’s for treasury securities listed in Lithuania is T+1. exchange rate mechanism, ERM-2. Participa- Other settlement cycles are possible for manual tion means that each country’s domestic cur- transactions. rency is pegged to the euro in order to prepare the respective country for full membership of the Cross-border settlement monetary union. The Baltic central securities depositories have harmonized clearing and settlement processes, Tick size and trading lots simplifying investments in Baltic securities - all As of November 2010, the tick size for listed equi- members and investors need is a single secu- ties is EUR 0.001 on NASDAQ OMX Tallinn and Vil- rities and cash account in one Baltic country, nius, and LVL 0.001 on NASDAQ OMX Riga. The min- to which the securities registered in any of the imum trading lot for Baltic listed securities is 1. Baltic CSDs can be settled.

Common trading rules and practices One of the cornerstones of the NASDAQ OMX Pan-Baltic settlement link Baltic is a harmonized regulatory framework. The Baltic exchanges have harmonized trading rules 1. An investor with a securities and membership requirements, and are com- account in Estonia/Latvia/Lithuania patible with member rules at other NASDAQ OMX can easily buy and sell securities exchanges in Copenhagen, Helsinki, Reykjavik in any of the three countries and Stockholm. 2. An investor interested in buying securities in one of the Clearing and settlement neighboring countries no longer needs to open a new account The Baltic central securities depositories pro- in the country in question vide centralized clearing and settlement in each 3. Payments are made in local currency market, as well as execution of corporate actions, (EEK in Estonia, LVL in Latvia, assuring a level playing field for local and inter- LTL in Lithuania); the cash-leg in national investors. foreign currencies is settled via commercial banks (EUR and USD) All securities listed on the Baltic exchanges must 4. One common clearing and settlement be registered in the respective national central time schedule for Baltic stock securities depository (CSD). Institutions that are exchange transactions. A market members of a stock exchange do not necessar- specific time schedule remains for Latvian tradable government bonds ily need to become participants of a CSD and/ or member of the national central bank, but can 5. Stock exchange transactions are facilitate all or part of the clearing and settle- settled via cross-border DVP ment process via appointed clearing agents. 6. Cross-border FOP transfers and OTC DVP transactions are available to The default settlement cycle for automatically all account operators and account managers of the Baltic CSDs matched stock exchange trades is three days after the trading day (T+3). However, settlement

An in-depth look at NASDAQ OMX Baltic 15 The cross-border link supports the clearing and NASDAQ OMX Baltic membership settlement of a full range of transaction types In order to trade on all three Baltic markets, a (i.e. stock exchange trades, FOP transfers and bank or brokerage firm needs to be a member of over-the-counter delivery versus payment (OTC all three exchanges. However, through a single DVP) transactions) on the cross-border second- application form, joint review and approval proce- ary market. dure, the Baltic exchanges have made the cross- border application procedure as simple and as The clearing and settlement solution between the smooth as possible. We encourage our members Baltic CSDs complies with the Issuer CSD Model, to become full Baltic members. Investors should meaning that the Issuer CSD takes the responsi- note that pan-Baltic brokerage services can only bility for the settlement of securities registered be provided by pan-Baltic members. with it. The cash clearing of a cross-border DVP transaction is conducted in its original currency To be eligible for NASDAQ OMX Baltic membership, in the respective central bank via local commer- a company must be authorized to carry out secu- cial banks. rities operations and be under adequate super- vision of an authorized supervisory body in the Further information on the Baltic market and company’s home country. A prospective member its clearing and settlement practices can be must meet capital adequacy requirements, have obtained from the Baltic Market Practice Guide a suitable business organization, adequate risk for Securities Settlement, available on the Baltic management routines, secure technical sys- CSDs’ websites.

Other depository services Basic steps to become a member Recent activities at the Baltic CSDs have con- centrated on step-by-step improvement of the ƒƒ Notify the financial supervisory information exchange on corporate actions. From authorities in the member’s January 2008, information on corporate actions is home country* exchanged between the Baltic CSDs using SWIFT ƒƒ File an application with one of the messaging. From June 2008, the Estonian CSD Baltic exchanges accompanied introduced ISO standard messages and e-mail, by the required appendices as well as SWIFT, to transmit corporate actions to ƒƒ Sign Membership Agreement(s) local account operators. with respective stock exchanges ƒƒ Set up access to clearing Further information on the practices and execu- and settlement for trading tion of corporate actions at the Estonian, Lat- on the Baltic exchanges vian and Lithuanian Central Depositories can be ƒƒ Make initial contribution to obtained from “The Corporate Actions Practice the Baltic Guarantee Fund Guide” available on the CSDs’ websites. * The notification is required only if the potential member provides cross-border investment services to persons residing or located in the Baltic countries.

16 An in-depth look at NASDAQ OMX Baltic tems, and must otherwise be deemed suitable Clearing and settlement of transactions made to participate in trading. In addition, at least two on the NASDAQ OMX Baltic takes place in the employees in the company must be authorized as local CSDs. A remote member (foreign-based exchange traders in order to trade via the elec- member firm) has two alternatives for clear- tronic trading system. ing and settling transactions concluded on the Baltic exchange(s): it can either use its own back As the NASDAQ OMX Nordic and Baltic exchanges office and conclude respective agreements with share the same trading system, the members of the Estonian, Latvian or Lithuanian CSD, or it can these exchanges can trade on the Baltic market outsource its clearing and settlement services. without having to incur additional technology Several service providers are available on the installment costs. Furthermore, they are not market. required to pay extra fees to the Baltic exchanges for the use of technical infrastructure. For a list of members see page 87.

An in-depth look at NASDAQ OMX Baltic 17 Safe place to invest Investor protection in the Baltics Providing a safe place to invest is one of our top priorities and a number of effective measures Supervision, surveillance and are in place to maintain investor confidence and enforcement integrity at NASDAQ OMX Baltic’s markets. Since Exchange rules & Corporate Governance joining the EU in 2004, the Baltic countries have EU & local legislation had to comply with all EU regulations as well as adjust local legislation concerning securities markets. Market supervision and enforcement play a vital role in ensuring market confidence. Each Baltic state has a national financial super- visory authority (FSA) to supervise the local secu- rities market. The stock exchanges themselves also act as self-regulatory bodies, supervising their member firms as well as their listed compa- nies. This multi-tier supervision and enforcement system is in place to ensure that issuers and member firms act in compliance with laws and consequently, the financial performance of those applicable rules, regulations and instructions. enterprises, both at the state and the municipal level, thus giving a competitive lift to the whole Corporate governance Baltic region. Listed companies must adhere to corporate gov- ernance requirements. At NASDAQ OMX Baltic, we More information: www.corporategovernance.lt continue to work with corporate governance to improve transparency and strengthen customer Detailed information disclosure requirements confidence in the market. for listed companies Companies traded on the exchange are subject The Baltic exchanges take an active part in the to information disclosure rules. NASDAQ OMX Bal- Executive Committee of the Baltic Institute of tic’s exchanges have a harmonized set of disclo- Corporate Governance (BICG), a non-profit orga- sure requirements for companies traded on the nization that advances the corporate governance Baltic market. Companies must disclose, without agenda in the Baltic states and seeks to improve delay, any information that may have a material the understanding of good corporate governance effect on the price of their securities in English and the value of adhering to established princi- and the local language. Disclosure rules require ples of corporate governance. The most recent any significant event in the issuer’s business to initiative of the BICG – the launch of “Baltic Guid- be reported to all market participants simultane- ance on the corporate governance” for the gover- ously, ensuring that investors and other market nance of government-owned enterprises (GOEs) - participants have an equal basis upon which to is designed to enhance the governance and, make informed investment decisions.

18 An in-depth look at NASDAQ OMX Baltic Investor protection NASDAQ OMX Baltic Market A wide range of measures are in place to ensure Awards 2009 winners a high level of investor protection on the NASDAQ OMX Baltic exchanges. It is mandatory for inter- ƒƒ Best Investor Relations in the mediaries and custodians to keep proprietary Baltic Countries - TEO LT investments on separate accounts from their cli- ƒƒ Best Investor Relations in NASDAQ ents’ investments. This eliminates securities risk OMX Tallinn - Tallinna Vesi in case of default of a bank or a brokerage com- ƒƒ Best Investor Relations in NASDAQ pany. Members are required to have sufficient OMX Riga - SAF Tehnika capital to cover risks associated with operations. ƒƒ Best Investor Relations in In addition, the exchanges have set up a Guaran- NASDAQ OMX Vilnius - TEO LT tee Fund, used in the case of a member’s default ƒƒ Best Investor Relations among Small to which all members contribute. Cap Companies - SAF Tehnika

Best market participants acknowledged in ƒƒ Best Annual Report - Tallinna Vesi NASDAQ OMX Baltic Market Awards ƒƒ Most Visible Improvement over NASDAQ OMX Baltic Market Awards recognize the Year - City Service excellence in investor relations according to best ƒƒ Best Investor Relations Online - practice and international standards in financial Grindeks, SAF Tehnika, TEO LT, VST and non-financial reporting. ƒƒ Member of the Year 2009 - SEB Bankas

This annual contest, launched in 2006, aims to identify and acknowledge the best NASDAQ OMX Baltic market participants and to improve the overall standard of investor relations among listed companies.

An in-depth look at NASDAQ OMX Baltic 19 Knowledge – the key to successful investing The Baltic exchanges implement No matter if it is to fund a college education, to a wide range of local and supplement current income, or save up for retire- pan-Baltic activities to raise ment, the key to successful investing is knowl- investor awareness, including: edge. And no matter how long one has been investing, there is always more to learn – with ƒƒ Local language web sections or sites changed market conditions to consider, new dedicated to investor education products to understand and different investment and containing background and strategies to suit changing lifestyles. NASDAQ current information relevant to potential investors according to OMX Baltic is committed to educating current and different levels of experience potential investors about investing in securities. ƒƒ Fairs, conferences and seminars to provide investors with an overview Through its investor awareness program, NASDAQ of securities market trends and OMX Baltic stock exchanges aim to provide inves- issuers with the opportunity to tors and other interested groups with neutral, present their story and visions practical information about investing, as well as ƒƒ Close cooperation with the to support a transparent marketplace and best universities in providing students practices together with governmental bodies and the general public with and supervisory authorities. The program aims to knowledge and understanding improve education on the securities markets and of the securities markets promote a steady flow of new and experienced ƒƒ Academic competitions to stimulate investors to the Baltic market. Interested people student involvement and interest in the Baltic securities market will be provided with information according to their level of expertise, from first-time investors ƒƒ Schoolbooks and other learning to advanced. materials, which are edited and released by stock exchanges

Informed investors drive market success and ƒƒ As well as other country- specific projects we see great potential for our market through enhancing the knowledge and awareness of our investors.

20 An in-depth look at NASDAQ OMX Baltic Aggregate Baltic market

2002 2003 2004 2005 2006 2007 2008 2009 2010 H1 Market capitalization 4 417.0 6 671.8 10 587.2 12 081.3 14 340.8 13 095.7 5 177.5 6 386.1 5 428.0 (MEUR) Market turnover 567.0 783.0 1 065.0 2 603.1 2 460.1 2 385.7 978.4 495.0 253.4 (MEUR) Average monthly 47.3 65.3 88.8 216.9 205.0 198.8 81.5 41.3 42.2 turnover (MEUR)

Number of companies 128 114 95 104 98 99 94 90 88

Number of IPOs 0 0 1 3 3 3 1 0 2

Average company 34.5 58.5 111.4 116.2 146.3 132.3 55.1 71.0 61.7 capitalization (MEUR) Market cap 13.5% 19.0% 27.1% 26.8% 26.9% 20.1% 7.3% 10.8% 9.3% (% of GDP) Market turnover 12.8% 11.7% 10.1% 21.5% 17.2% 18.2% 18.9% 7.8% 10.9% (% of market cap)

Sources: NASDAQ OMX, Eurostat, Statistics Estonia, Latvian Central Statistical Bureau

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©2010 Instinet Europe Limited. All Rights Reserved. INSTINET is a registered trademark in the United States and other countries throughout the world. Approved for distribution in Europe by Instinet Europe Limited which is authorised and regulated by the Financial Services Authority. The Baltic economies

Maris Lauri / Senior Analyst / Swedbank September 30, 2010

Estonia Taking into account its low production costs – By the end of 2009, adjustments in Estonia’s Estonia will be the country with the lowest pro- economy have helped it to recover from the deep duction costs in the euro zone – the country’s crisis it found itself in twelve months earlier. exports and production should grow vigorously in Although household consumption and private the coming years although growth in the EU will investments are still low, exports and related be slow. Still, the constant improvement of pro- industrial production have shown a strong recov- ductivity is required. ery and brought back economic growth. The most successful sectors are producing higher value- The government’s efforts to keep the public-sec- added products, but exports of mineral products tor budget deficit low despite the sharp economic and electricity have also grown strongly. contraction were successful and were rewarded with membership of the euro zone from 2011. The The recovery of exports and industry is directly reality of euro zone membership and the adjust- related to adjustments made in Estonia’s com- ments in the economy have already captured the panies: they have become more efficient, more attention of investors, which should bring more productive and found new markets outside the beneficial investments to the country. EU. The weakening of the euro and the recovery in Europe have been supporting factors as well. Consumption will remain weak for a long time as Still, the relatively bleak outlook for the devel- high levels of unemployment will decline only oped world’s economies poses some risk for slowly and income growth will need some time to the growth of Estonia’s economy as it is highly appear. The sharply increased saving rates at the dependent on exports. time of the crisis will only gradually decrease in next few years. Weak consumer demand keeps import levels low, although it grows hand-in- hand with exports and investments.

22 The Baltic economies Major statistic about the Baltic states

Estonia / Latvia / Lithuania

40

30

20

10

0

-10 GDP CPI budget balance public debt current account unemployment hourly labour GDP per capita (2010 2Q) (2010 Aug) (2009) (2009) (2010 2Q) rate (2010 2Q) cost (2008) (2009) Growth % of GDP % eur th eur

GDP & CPI of the Baltic states

GDP CPI Estonia / Latvia / Lithuania

20%

15%

10%

5%

0

-5%

-10%

-15%

-20% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 H1

High unemployment is one of the short-to- medium term challenges for the Estonian econ- omy, which may result in labour outflow and limit future growth. The business sector has to con- tinue its efforts to raise productivity and effi- ciency. Of the longer-term issues, ageing and population decline will remain the biggest chal- lenge for the country.

The Baltic economies 23 Latvia Economic growth rates The Latvian economy reached the bottom of its cycle at the end of 2009 and a slow recovery is Estonia / Latvia / Lithuania

expected in the forthcoming years. Although 15% exports have already shown vigorous growth, 10% domestic demand is still weak and will require 5% time to show improvement. 0 -5% -10% The recovery of exports has been rather impres- -15% sive: after cost cutting, which improved com- -20% panies’ competitiveness, a recovery of external 2005 2006 2007 2008 2009 2010 H1 demand has allowed Latvian firms to expand their production. It is therefore reasonable to expect Latvia to increase its share of world trade. Still, Budget balance / % of GDP as the global outlook remains challenged, there is a risk that export growth will slow. Therefore, Estonia / Latvia / Lithuania

it is crucial for Latvia’s companies to continue 4% increasing their efficiency and productivity and 2% to shift towards higher value products. 0 -2% -4% The situation and outlook for domestic demand -6% is far less promising. Unemployment is high and -8% any improvement has occurred mostly because -10% of seasonal factors or due to emigration. It 2004 2005 2006 2007 2008 2009 means that household incomes continue to be low, which in turn affects their spending abil- ity. Although export growth is already starting The Latvian government has managed to keep its to create jobs, this process will not be fast and promises regarding the budget deficit, and this exporting sectors will not be able to absorb most has improved the overall business environment. of the unemployed. However, fiscal consolidation has had rather a strong negative impact on domestic demand, Investment growth is expected to arrive late in and may deepen some of the problems with 2010 as excessive capacities will be employed infrastructure and in the social sphere. Structural and a more favourable economic outlook will reforms in the public services are the main chal- encourage companies to invest. However, real lenge for the Latvian economy, as only in this way estate and government investments will remain would it be possible to cut taxes and increase low due to strong oversupply and the need to cut budget spending on infrastructure, which in turn budget deficit. would benefit the Latvian economy. The budget deficit will decline, but remain high for some years to come; accession to the euro zone is expected in 2014.

24 The Baltic economies Lithuania Although most of the adjustment to the new The Lithuanian economy has started on a bumpy business reality has already taken place, the road upwards, supported by exports, while private sector still has to continue working on domestic demand remains weak. improving and maintaining its competitiveness. In that respect, efforts to increase the produc- Improved global economic developments and tion of high value added goods should continue, adjustments made by Lithuania’s companies, to keeping the need for investment high. The gov- increase productivity and efficiency, have gen- ernment’s major challenges are related to the erated a strong export recovery. Although a sub- public finances, where the budget deficit needs stantial part of the growth in exports is and will to be cut. At the same time, efforts to improve remain related to oil products, other exports and the business environment and attract more the production of different forms of capital and investment should continue, as this is only way intermediate goods have expanded strongly as to address the problem of high unemployment. well. The improved competitiveness of Lithua- Lithuania is expected to join the EMU in 2014. nia’s producers will promote export growth in the future, despite the relatively weak outlook for growth in the main export markets.

Domestic demand will remain low for some time as unemployment remains high and wages strug- gle to recover from the cuts made during the crisis. When unemployment starts to decrease and incomes rise, consumption will also recover. However, the recovery will be slow, as unemploy- ment is expected to remain high for years.

The investment outlook is bleak in the short term due to excess capacities and financial con- straints. However, investment will start to grow as limits in the capacity of the export sector start to show. Still, the real estate sector will remain weak for some years, and the government’s abil- ity to expand investments, other than those related to EU funding, will be limited as well due to budget constraints. Investments in infrastruc- ture, particularly in the energy sector, will grow and remain high for several years, being sup- ported both by private and public funds - the latter getting a substantial contribution from EU funds and institutional borrowing.

The Baltic economies 25 Overview of taxation in the Baltic countries

The following Taxation section has been written for informational purposes only and does not constitute legal advice. It is limited to the main aspects of income tax on interest, dividends and transactions with securities. The information in this section has been provided with regard to laws and regulations in force on October 1, 2010.

ESTONIA Non-Resident companies Resident companies With certain exceptions, the taxation of a non- In Estonia, corporate taxpayers are not subject resident’s permanent establishment in Estonia to traditional corporate income tax. Instead, they is similar to the taxation of resident companies. are subject to a distribution tax on distributed The taxation of non-residents that have no per- profits, including hidden profit distributions (e.g. manent establishment in Estonia is restricted fringe benefits, non-business expenses, trans- to their activities in Estonia. Types of non-res- fer pricing adjustments, gifts and donations). The idents’ income taxable in Estonia include busi- income of a company comprises its worldwide ness income earned in Estonia, capital gains income of all types but no tax is levied on this from real estate, gains from the shares of com- income until retained in the company. Losses panies holding more than 50% of their assets in have no significance for tax purposes. real estate, and excessive interest. Otherwise, interest and capital gains from the sale of shares Upon distribution, the distribution tax is levied are exempt of tax if received by non-residents. In at a rate of 21/79 (approximately 26.6%) on the addition to distribution tax, which is paid by the net amount of the profit distribution (21% on the distributing company, there is no additional with- gross amount). When a resident company redis- holding tax on dividends. tributes dividends received from its subsidiary where it has at least 10% participation, the fur- In general, the standard 21% tax rate also applies ther distribution is exempt of tax if either the to non-residents. In most cases non-residents subsidiary is (a) resident in Estonia, another EEA are taxed by way of a withholding tax. An excep- state or Switzerland or (b) resident outside those tion is that taxes on capital gains are not with- countries but was subject to tax on its profits or held; the non-resident has to declare the gain the dividends received by the parent were sub- and pay the tax. ject to withholding tax.

26 Overview of taxation in the Baltic countries Resident Individuals transferred back to the investment account. Individuals resident in Estonia are subject to taxa- Such gains will, therefore, be only taxable when tion on their worldwide income. Income (including transferred out of the investment account (i.e. dividends, interest and capital gains) is generally assumed to be used for consumption). Financial subject to tax at a flat rate of 21%. Domestic divi- assets acquired before 2011 are also eligible if dends received by individuals are not taxed. For- attributed to the investment account. eign dividends are exempt if they have been sub- ject to withholding tax or if the profit out of which Non-Resident Individuals the dividends are paid has been taxed in a foreign See under “Non-Resident companies”. state. Interest income is exempt if it is paid by a credit institution resident in Estonia or another The website of the Tax and Customs Board is EEA state. Losses from securities can be carried www.emta.ee forward indefinitely but can be deducted only from a gain from the disposal of other securities.

As of 1 January 2011, capital gains derived by individuals from the disposal of financial assets (e.g. shares and securities traded publicly in any of the EEA or OECD countries or under certain conditions in other countries, units of invest- ment funds, investment deposits) will not be tax- able if these assets had been acquired by funds deposited on an investment account opened for such purpose in a credit institution of an EEA or OECD country and the sales proceeds will be

Overview of taxation in the Baltic countries 27 LATVIA residents, interest from deposits and balance of Resident companies accounts paid by credit institutions registered in Resident companies are subject to income tax Latvia and payments regarding supply of goods, at a rate of 15%. Dividends are subject to income if such goods are goods of origin of the respec- tax if received from non-resident companies or tive low-tax territory. resident companies to which certain tax exemp- tions apply in Latvia. Dividends are tax exempt if Resident Individuals received from a company resident in another EEA Individuals resident in Latvia are subject to taxa- state or from a non-resident company (unless tion on their worldwide income. In general, income from a low tax territory) in which the resident tax is charged at a flat rate of 26%. Income from company owns 25% of capital and voting rights. disposal of capital assets is subject to personal Interest and capital gains received by resident income tax at a rate of 15%. If in a taxation year companies are generally taxed at the rate of the assessed capital gain from the disposal of 15%1. one capital asset is negative, while from the dis- posal of another capital asset it is positive, the Non-resident companies loss can be set off against the positive capi- With certain exceptions, the taxation of a non- tal gain. The losses realized in one taxation year resident company’s permanent establishment in cannot be set off against the capital gain realized Latvia is similar to the taxation of resident com- in subsequent taxation years or other income of panies. Taxation of non-residents that have no the same taxation year. permanent establishment in Latvia is limited to their activities in Latvia. The law contains a com- Dividends, interest income and income from pri- prehensive list of payments to non-residents vate pension funds, life insurance are subject to that are subject to withholding tax in Latvia. This personal income tax at a rate of 10%. list includes, among others, dividends paid by resident companies and interest payments. Non- Non-Resident Individuals resident companies being residents in EEA states In general, the standard personal income tax are not subject to withholding tax on dividends, rates also apply to non-residents. Taxation of while in general dividends paid to non-residents non-resident individuals is limited to their activ- are subject to 10% withholding tax. Interest pay- ities in Latvia. The law contains an exhaustive ments to non-resident companies are subject to list of income of non-residents that are subject 10% withholding tax if the payer and the recipi- to taxation in Latvia. This list includes, among ent are related parties. If the related party receiv- others, dividends paid by resident corporations, ing interest payment is resident in another EU interest payments and income from the disposal member state, 5% withholding tax applies. Inter- of capital assets. By way of exception, income est paid by commercial banks registered in Latvia of non-residents from the disposal of financial to persons affiliated with them is subject to 5% instruments is not subject to personal income withholding tax. All payments made by resident tax in Latvia. In most cases non-residents are companies to low-tax or tax-free countries or taxed by way of a withholding tax. territories are subject to 15% withholding tax, with the exception of dividends paid by Latvian The website of the State Revenue Service is www.vid.gov.lv 1 Except income gained from sale of securities in public circulation, 28 by which a company decreases its profits. LITHUANIA Operational losses may be carried forward indefi- Resident companies nitely, provided the company continues with the The profit of Lithuanian companies is subject same activity. Losses from the transfer of securi- to corporate income tax at a rate of 15%. Micro ties and derivatives may be carried forward for 5 companies which have up to 10 employees and years and may be offset only against income from up to LTL 500 000 income per taxable year may be the disposal of securities and derivatives. Carry subject to a reduced rate of 5%. back of losses is not allowed. As from January 1, 2010, losses may be transferred within a group of Generally, dividends received by a resident com- companies (subject to certain restrictions). pany are subject to corporate income tax at a rate of 15%. A participation exemption applies Non-resident companies to dividends paid to a parent company holding Non-resident companies are subject to tax only more than 10% of the voting shares in the dis- on income received by permanent establish- tributing company continuously for at least 12 ments in Lithuania and income sourced in Lithua- months, provided the distributing company is not nia (e.g. income gained from the transfer or lease established or otherwise organized in a tax haven of immovable property located in Lithuania, inter- country. Dividends received from the foreign com- est, royalties, dividends, etc.). The withholding pany, which is registered or otherwise organised tax rate differs depending on the income type. in EEA Member State and profit of which is sub- ject to corporate income tax or equivalent tax, Generally, dividends paid by a resident company are exempt from tax. to a non-resident parent company are subject to withholding tax at a rate of 15%. A participation Interest received by Lithuanian companies is exemption applies to dividends paid to a parent subject to corporate income tax at the rate of company holding more than 10% of the voting 15%. shares in the distributing company continuously for at least 12 months, provided the recipient Capital gains from the disposal of shares in the company is not established or otherwise orga- company, which is resident in an EEA member nized in a tax haven country. state or in a country that has concluded a double taxation treaty with Lithuania and the profit of As of January 1, 2010, withholding tax on inter- which is subject to corporate income tax or an est is abolished for companies resident in EEA equivalent tax, may be exempt from taxation. To member states and in countries that have con- qualify for the exemption, the resident company cluded the double tax treaty with Lithuania. Oth- must hold more than 25% of the voting shares erwise, the rate is 10%. continuously for at least 2 years (or 3 years in case of tax neutral former reorganisation). How- The sale of the shares in a Lithuanian company ever, the exemption is not applicable if the shares by a non-resident company is out of the scope of are transferred to the issuer. taxation in Lithuania.

Overview of taxation in the Baltic countries 29 Resident individuals Non-resident individuals Individuals resident in Lithuania are subject to Non-residents are subject to tax only on income personal income tax on their worldwide income. derived from activities through a fixed base in The standard tax rate is 15%. Lithuania and on income sourced in Lithuania.

Dividends are taxed at a rate of 20%. Moreover, Dividends are taxed at a rate of 20%, unless the part of the dividends (only distributed to indi- reduced under the double tax treaty. Moreover, viduals) proportional to the factually tax-free the part of the dividends (only distributed to indi- part of the Lithuanian company’s (except for a viduals) proportional to the factually tax-free company established in a free economic zone) part of the Lithuanian company’s (except for a profit is subject to corporate income tax at a rate company established in a free economic zone) of 15%. profit is subject to corporate income tax at a rate of 15%. Interest received by Lithuanian individuals is sub- ject to personal income tax at the rate of 15%. Interest received by non-resident individuals Interest is exempt from taxation if repayment is subject to personal income tax at the rate of commences not earlier than 366 days after the 15%, unless reduced under the double tax treaty. date when the loan was granted (some excep- Interest is exempt from taxation if repayment tions apply). commences not earlier than 366 days after the date when the loan was granted (some excep- Capital gains are tax exempt if derived from the tions apply). disposal of shares acquired before January 1, 1999. Exemption is also applicable to gains from The sale of shares in a Lithuanian company by the transfer of shares acquired after January a non-resident individual is out of the scope of 1, 1999 and held for at least 366 days, provided taxation in Lithuania. the individual’s participation has not exceeded 10% of the share capital during 3 years prior to The website of the State Tax Inspectorate is a tax year when the shares were disposed. How- www.vmi.lt ever, the latter exemption is not applicable if the shares are transferred to the issuer or the autho- rized capital of the company was increased by its own funds and the shareholder has received the shares for free.

Raidla Lejins & Norcous law firms in Estonia, Latvia and Lithuania are independent entities operating under joint business name. The firms belong to RR ALLIANCE including Raidla Lejins & Norcous firms in the Baltics and Roschier in Finland and Sweden. The network of 250 lawyers and over 420 professionals in total is one of the largest law firm operations in Northern Europe.

30 Overview of taxation in the Baltic countries Comparative Baltic tax table

The following table indicates the tax obligations arising in the relevant countries as of October 1, 2010. More favourable tax rates may be enjoyed under tax treaties in effect between the relevant countries and various other nations (most EEA states, USA and others).

Income Tax Rate Estonia Latvia Lithuania Non-Resident Companies 21% 15% 15%; 5% Resident Companies 21/79 on the net distribution 15% 15%; 5% Non-Resident Individuals 21% 26% 15% Resident Individuals 21% 26% 15%

Capital Gains Non-Resident Companies 21% on certain property-related 0%, exceptions apply 15% for real estate related transactions; 0% on the sale of transactions; the sale of shares shares (except shares of real- is outside the scope of taxation estate companies) Resident Companies 21/79 on the net distribution 15%, exceptions apply 15%; 0% on the sale of shares (exceptions apply) Non-Resident Individuals 21% on certain property-related 15%, exceptions apply 15% for real estate related transactions; 0% on the sale of transactions; the sale of shares shares (except shares of real- is outside the scope of taxation estate companies) Resident Individuals 21% (as of 2011, income from 15% 15%; 0% on the sale of shares securities that is attributed to a (exceptions apply) special investment account will not be taxed until taken out)

Dividends Non-Resident Companies 0% (dividends are, however, 10%, exceptions apply 15%; 0% if the participation subject to distribution tax exemption applies payable by the distributing Estonian company) Resident Companies 21/79 on the net distribution, 0%; 15% if received from a non- 15%; 0% if the participation exceptions apply resident, exceptions apply exemption applies Non-Resident Individuals 0% (dividends are, however, 10% 20%, unless reduced under the subject to distribution tax double tax treaty payable by the distributing Estonian company Resident Individuals 0% (dividends are, however, 10% 20% subject to distribution tax payable by the distributing Estonian company)

Interest Non-Resident Companies 0%; 21% on excessive interest 10% if the payer and recipient 10%; 0% for companies in EEA or are related parties; 5% if the double tax treaty country recipient is resident in another EU Member State; 5% if paid by Latvian banks to related parties Resident Companies 21/79 on the net distribution 15% 15% Non-Resident Individuals 0%; 21% on excessive interest 10% 15%, unless reduced under the double tax treaty; 0% (exceptions apply) Resident Individuals 21% (exceptions apply) 10% 15%, 0% (exceptions apply)

Overview of taxation in the Baltic countries 31 32 Food for the people, fuel for the market

2010 saw the first public equity Linas Agro Group offerings in the Baltics since the macroeconomic downturn took Business focus Agribusiness: farming and farming supply, agricultural commodity trading hold. That in itself is an impor- Exchange listing NASDAQ OMX Vilnius tant sign that both retail and Listing date February 17, 2010 institutional investor sentiment Coordinator Swedbank towards the region has improved Number of IPO shares 47 284 769 (total number of shares 158 940 398) significantly. Share price at IPO EUR 0.59 Total capital raised through IPO EUR 28.09 m There is a common bond between Distribution of open-market shares 39.40% 93.5% to institutional investors the two companies that made 6.5% to retail investors their public offering at the begin- Market Cap, Sept 1, 2010 EUR 86 080 440.73 GICS classification Agricultural Products ning of 2010 – Linas Agro Group and Premia Foods. Both operate in an industry there ultimately to provide some form of nour- Premia Foods ishment. Thereby two worthy causes were realized at the same Business focus Frozen foods and fish production and distribution time: a greater ability to supply Exchange listing NASDAQ OMX Tallinn a source of energy to humanity Listing date May 5, 2010 and the animal kingdom, and, at Coordinator Swedbank the same time, the development Number of IPO shares 14 500 000 (total number of shares: 38 682 860) of the Baltic capital markets. Share price at IPO EUR 0.89 Total capital raised through IPO EUR 12.97m Distribution of open-market shares 37.48% 31.3% to institutional investors 6.2% to retail investors Market Cap, Sept 1, 2010 EUR 33 654 088.20 GICS classification Packaged Foods and Meats

Recent IPOs 33 NASDAQ OMX Baltic Main List companies trading statistics

Period for trading statistics: August 1, 2009 –July 31, 2010

Average Company Ticker GICS Code Max Min Change Deals Turnover Market cap Page (EUR) (EUR) (%) (MEUR) (MEUR) 1 TEO LT TEO1L 50101020 0.72 0.36 61.11 22705 78.16 469.58 77 2 Olympic Entertainment Group OEG1T 25301010 1.68 0.53 116.98 23511 75.30 150.24 53 3 Tallink Grupp TAL1T 20303010 0.73 0.32 90.32 19392 64.91 335.85 48 4 Ūkio bankas UKB1L 40101010 0.48 0.2 44.29 38609 36.75 77.28 75 5 Tallinna Kaubamaja TKM1T 25503010 5.88 2.81 57.75 8719 26.22 181.70 56 6 Tallinna Vesi TVEAT 55104010 12.25 7.96 -5.00 7191 23.54 201.21 81 7 Nordecon International NCN1T 20103010 2.6 0.87 57.65 7709 18.28 49.83 46 8 City Service CTS1L 20201050 3.48 1.52 65.36 12349 14.42 59.90 42 9 Merko Ehitus MRK1T 20103010 8.67 3.35 108.96 4785 12.84 111.06 45 10 Arco Vara ARC1T 40403010 4.67 2.611 53.12 12110 11.93 20.17 69 11 Apranga APG1L 25504010 1.39 0.54 109.52 11378 11.17 51.92 50 12 Panevėžio statybos trestas PTR1L 20103010 1.46 0.7 60.00 13400 9.08 18.52 47 13 Baltika BLT1T 25203010 1.1 0.54 30.91 9546 8.69 13.49 51 14 Silvano Fashion Group SFGAT 25504010 1.84 0.38 411.43 2858 7.98 42.54 54 15 Linas Agro Group4 LNA1L 30202010 0.67 0.49 -16.34 4890 7.30 94.33 60 16 Rytų skirstomieji tinklai RST1L 55101010 0.91 0.48 19.39 8642 5.80 309.81 80 17 Šiaulių bankas SAB1L 40101010 0.45 0.2 42.86 6706 5.33 56.22 73 18 Invalda IVL1L 40201030 1.07 0.41 113.01 10292 5.30 35.77 70 19 Lietuvos dujos LDJ1L 10102030 0.8 0.38 58.33 5872 5.17 297.34 39 20 Olainfarm OLF1R 35202010 2.13 0.77 116.13 5539 4.25 19.91 67 21 Ventspils nafta VNF1R 10102040 2.56 1.24 35.00 2568 3.88 174.25 40 22 Sanitas SAN1L 35202010 4.17 2.1 83.77 4195 3.85 103.07 68 23 Latvijas kuģniecība LSC1R 10102040 0.98 0.5 -21.28 3101 3.49 128.04 38 24 Grindeks GRD1R 35202010 9.18 4.3 60.81 1660 3.47 66.29 66 25 Rokiškio sūris RSU1L 30202030 1.22 0.63 89.19 1524 3.44 37.62 63 26 Pieno žvaigždės PZV1L 30202030 1.19 0.67 54.00 1282 3.27 50.62 61 27 Harju Elekter HAE1T 20104010 2.99 1.57 49.04 2651 3.12 39.82 43 28 Ekspress Grupp3 EEG1T 25401040 1.352 0.482 117.14 3109 3.06 25.19 52 29 Grigiškės GRG1L 15105020 0.44 0.15 150.00 5051 2.30 18.80 41 30 Premia Foods5 PRF1T 30202030 0.93 0.78 -7.87 1186 1.53 32.45 62 31 Vilkyškių pieninė VLP1L 30202030 1.07 0.38 142.75 3011 1.49 10.84 65 32 Viisnurk VSN1T 25201020 1.24 0.44 134.09 1567 1.18 4.17 58 33 SAF Tehnika SAF1R 45201020 2.42 0.64 127.54 1838 1.04 2.86 76 34 Vilniaus baldai VBL1L 25201020 6.15 1.74 228.86 692 0.81 13.37 59 35 Trigon Property Development TPD1T 40403020 0.64 0.28 61.29 627 0.38 2.11 74 36 Utenos trikotažas UTR1L 25203010 0.39 0.22 26.39 285 0.17 6.11 57

1 Adjusted for cancellation of shares (factor = 20,09490464) 2 Adjusted for rights issue (factor = 0,89840895) 3 Ekspress Grupp additionally issued shares (EEG4T) deals and turnover added 4 Linas Agro Group, listed on February 17, 2010 5 34 Premia Foods AS, listed on May 5, 2010 Company profiles Company Page Klaipėdos nafta 36 Latvijas Gāze 37 Latvijas kuģniecība 38 Lietuvos dujos 39 Ventspils nafta 40 Grigiškės 41 City Service AB 42 Harju Elekter 43 Lietuvos jūrų laivininkystė 44 Merko Ehitus 45 Nordecon International AS 46 Panevėžio statybos trestas 47 The next section gives an overview of the companies Tallink Grupp 48 quoted on the Main List, with an added ten compa- Valmieras stikla šķiedra 49 nies from the Secondary List, chosen for their free Apranga 50 float market value and trading turnover. The compa- Baltika 51 Ekspress Grupp 52 nies are arranged alphabetically within their respec- Olympic Entertainment Group 53 tive GICS classification. Silvano Fashion Group 54 Snaigė 55 Free float and main shareholders are shown as of Tallinna Kaubamaja 56 Utenos trikotažas 57 1 2 June 30 for companies listed in Tallinn and Vilnius Viisnurk 58 and as of April 30 for issuers at NASDAQ OMX Riga3. Vilniaus baldai 59 Linas Agro Group 60 The data has been gathered by the stock exchanges Pieno žvaigždės 61 Premia Foods AS 62 in cooperation with Emerging Nordic Research. The Rokiškio sūris 63 financial information has been sourced from compa- Žemaitijos pienas 64 nies’ annual and quarterly reports. Vilkyškių pieninė 65 Grindeks 66 Olainfarm 67 Sanitas 68 Arco Vara 69 Invalda 70 Latvijas Krājbanka 71 Snoras 72 Šiaulių bankas 73 Trigon Property Development 74 Ūkio bankas 75 SAF Tehnika 76 TEO LT 77 Lietuvos elektrinė 78 Lietuvos energija 79 1 Free float and main shareholders for Baltika, Olympic Entertainment Group and Silvano Fashion Group are shown as of September 30, 2010 Rytų skirstomieji tinklai 80 after the change of the authorized capital. Tallinna Vesi 81 2 Free float and main shareholders for Snoras are shown as of August 17, 2010, for TEO LT as of September 9, 2010, and for Lietuvos energija as of September 15, 2010 after the increase of the authorized capital. 3 Main shareholders for Ventspils nafta are shown as of June 29, 2010 and for Grindeks as of July 1, 2010. Company profiles 35 NASDAQ OMX Vilnius Klaipėdos nafta Secondary list Energy

Contact information

Address: Burių str. 19, Klaipėda 91003, Lithuania Telephone: +370 4639 1700 / Fax: +370 4631 1399 E-mail: [email protected] / Webpage: www.oil.lt IR contact: Mantas Bartuška / Finance Director

Company in brief Company information

Klaipėdos nafta is a Lithuanian enterprise Listing date: January 16, 1996 offering oil cargo transit services. The oil Total number of shares: 342 000 000 terminal controlled by the company is one Free float: 29.37% of the most up-to-date in Europe. It han- Main shareholders: dles about one-third of all cargoes coming State represented by the Ministry of Energy of the Republic of Lithuania 70.63% through Klaipeda Seaport. The Terminal is of Achema Group UAB 9.33% major importance to the economy of Lithua- nia, not only because of earnings, but also because it allows for independent delivery of Financial information oil products from the West. In this way, the company is a strategic enterprise owned by 2006 2007 2008 2009 2010 H1 the state. Its function is not only to trans- Sales (MEUR) 20.66 22.78 34.64 33.70 18.23 ship exported oil products, but also to sup- Profit / Loss (MEUR) 3.71 2.53 8.28 10.89 5.11 ply Lithuania with fuels imported by sea from Total assets (MEUR) 132.60 129.28 131.93 134.95 134.33 the West. Moreover, the government of Lith- Dividend per share (EUR) 0.01 0.01 0.01 0.01 - uania has authorized Klaipėdos nafta to Auditor in 2009: KPMG Baltics UAB make preparations to build an LNG terminal – another strategic project of the state. Thus, Main subsidiaries with results consolidated into corporate: none. the role of the company in safeguarding the energy security of the whole country by sup- Share information plying it with fuels, as well as with natural gas, has become even more important. Share price (EUR) Trading Code: KNF1L Klaipėdos nafta manages to keep the oil flowing despite furious competition. Long- 0.40 term relations with clients and up-to-date 0.35 technology, which allow for effective oper- ation, play a decisive role in the company’s 0.30 effective performance. Close everyday coop- 0.25 eration with Lithuanian Railways ensures 0.20 efficient delivery of its cargoes. The tanker arrival schedule is strictly controlled. 0.15 Jan Jan Jan Jan Jan Qualifications, technological discipline and 2006 2007 2008 2009 2010 the honest labor of Klaipėdos nafta’s emplo- yees guarantee reliable protection of the 2006 2007 2008 2009 2010 H1 environment, the stable operation of the Market capitalization (MEUR) 113.91 99.05 86.17 93.11 121.83 terminal, and the high quality of the services As % of total Baltic equity cap 0.82 0.76 1.66 1.46 2.24 rendered. Turnover (MEUR) 15.64 14.80 11.20 7.86 2.69 Klaipėdos nafta was named as a finalist in two As % of total Baltic equity turnover 0.64 0.62 1.14 1.59 1.06 nominations, “Best Engineering and Techno- Number of deals 2 741 2 892 4 455 5 589 2 009 logical Capacity” and “Most Environmentally Safe Terminal”, at the international com- petition “Oil Terminal – 2006”, held for the first time in Moscow. In 2009 the company won two awards, “Successfully Performing Enterprise 2009” and “Lithuanian Exporter of the Year – 2009”, arranged by the Lithuanian Confederation of Industrialists.

36 Company profiles: Klaipėdos nafta NASDAQ OMX Riga Latvijas Gāze Secondary list Energy

Contact information

Address: Vagonu street 20, Riga LV-1009, Latvia Telephone: +371 6736 9144 / Fax: +371 6736 9165 E-mail: [email protected] / Webpage: www.lg.lv IR contact: Vinsents Makaris / PR Specialist

Company in brief Company information

Latvijas Gāze is the only natural-gas trans- Listing date: February 15, 1999 mission, storage, distribution, and sales Total number of shares: 39 900 000 operator in Latvia. The company ensures the Free float: 4.34% supply of natural gas to 442,000 custom- Main shareholders: ers in Latvia; and during the heating sea- E.ON Ruhrgas International AG 47.20% son, the company also supplies natural gas Gazprom AS 34.00% from the Inčukalns Underground Gas Storage Itera Latvija SIA 16.00% Facility to Estonia, northwestern Russia, and Lithuania. The company was established in 1991 after Financial information the collapse of the Soviet Union, when the Government of Latvia took over all gas sup- 2006 2007 2008 2009 2010 H1 ply companies and facilities in Latvia and Sales (MEUR) 259.45 340.69 499.44 469.13 252.89 consolidated them into the state-owned Profit / Loss (MEUR) 29.58 45.92 27.10 27.27 11.15 company, Latvijas Gāze. In 1994 the state- Total assets (MEUR) 473.12 676.78 695.57 656.65 639.54 owned company Latvijas Gāze became a Dividend per share (EUR) 0.43 0.71 0.54 0.57 - state joint-stock company and was slated for privatization. After the privatization, last- Auditor in 2009: PricewaterhouseCoopers SIA ing from 1997 to 2002, E.ON Ruhrgas Interna- Main subsidiaries with results consolidated into corporate: none. tional GmbH, OJSC Gazprom and ITERA Latvia LLC became the largest shareholders of the Share information company.

The company’s objective is to strengthen Share price (EUR) Trading Code: GZE1R Latvijas Gāze’s position as a leader in the Latvian fuel market, by increasing the avail- 20 ability of natural gas, promoting the variety of its consumption, and ensuring Latvia with 16 one of the most stable natural gas supplies 12 in Europe, continuing the long-term mod- ernization of infrastructure and the improve- 8 ment of security. The mission of Latvijas Gāze is to contribute to the Baltic region’s 4 economy, by ensuring the safety of energy Jan Jan Jan Jan Jan supply, the development of the sector, and 2006 2007 2008 2009 2010 competitive pricing. 2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) 585.89 404.22 258.32 232.77 315.09 As % of total Baltic equity cap 4.22 3.09 4.99 3.64 5.80 Turnover (MEUR) 1.87 2.28 0.45 0.39 0.15 As % of total Baltic equity turnover 0.08 0.10 0.05 0.08 0.06 Number of deals 1 066 1 074 1 711 1 267 342

Company profiles: Latvijas Gāze 37 NASDAQ OMX Riga Latvijas kuģniecība Main list Energy

Contact information

Address: Elizabetes street 1, Riga LV-1807, Latvia Telephone: +371 6702 0100 / Fax: +371 6702 0104 E-mail: [email protected] / Webpage: www.lk.lv IR contact: Ģirts Apsītis/ Adviser of Chairman of the Management Board

Company in brief Company information

JSC Latvijas kuģniecība (Latvian Shipping Listing date: June 26, 2002 Company - LASCO) is one of the leading Total number of shares: 200 000 000 companies in the global shipping indus- Free float: 12.51% try with operations focused on handy-size Main shareholders: and medium-range product tanker seg- The list of shareholders can be found at www.lk.lv ments, providing clients with highly quali- fied services that comply with international safety standards. Following the best Latvian Financial information maritime traditions, LASCO carries out safe 2006 2007 2008 2009* 2010 H1 and qualitative cargo shipments as well as offering technical management for interna- Sales (MEUR) 164.96 165.19 172.05 117.05 36.97 tional cargo shipping. Along with the above Profit / Loss (MEUR) 25.73 46.15 40.06 -75.98 -20.57 mentioned services, LASCO also offers pro- Total assets (MEUR) 507.64 590.21 785.14 749.13 806.38 fessional education for its seamen, provid- Dividend per share (EUR) ----- ing training and crewing in compliance with Auditor in 2009: n/a international conventions for both its own Main subsidiaries with results consolidated into corporate: LASCO Investment Ltd. (100%), vessels and vessels owned by other ship- LSC Shipmanagement Ltd.(100%), LSC Marine Training Ltd. (100%).

ping companies. * Figures for 2009 are non-audited The current optimism surrounding LASCO is based on a decision taken several years ago Share information to renew the fleet, which has been imple- mented tirelessly. Over a three-year period, Share price (EUR) Trading Code: LSC1R 14 vessels were launched from the “3.Maj” shipyard in Croatia and “Hyundai Mipo Dock- 2.5 yard Co., Ltd” in Korea. This is an important 2.0 signal to all of our business partners, dem- onstrating LASCO’s focus on development 1.5 and increased service quality standards. The 1.0 constant updating of the fleet has allowed 0.5 the company to reduce the average age of its ships by more than half – from 17.5 years 0 in 2005, to 6 years now. In accordance with Jan Jan Jan Jan Jan LASCO’s development strategy for its tanker 2006 2007 2008 2009 2010 fleet, agreements to build four new ships 2006 2007 2008 2009 2010 H1 have been signed. Market capitalization (MEUR) 304.49 369.95 187.82 113.83 108.14 In order to diversify its financial risks, LASCO As % of total Baltic equity cap 2.19 2.82 3.63 1.78 1.99 has invested in liquid and exclusive real Turnover (MEUR) 18.96 29.37 12.27 2.72 1.56 estate projects in some of the most valu- As % of total Baltic equity turnover 0.77 1.23 1.25 0.55 0.62 able areas of Latvia. The management and development of this new investment sphere Number of deals 7 970 6 251 3 297 2 591 1 066 is handled by LASCO’s fully-owned subsi- diary, LASCO Investment.

38 Company profiles: Latvijas kuģniecība NASDAQ OMX Vilnius Lietuvos dujos Main list Energy

Contact information

Address: Aguonų str. 24, Vilnius LT-03212, Lithuania Telephone: +370 5236 0210 Fax: +370 5236 0200 E-mail: [email protected] / Webpage: www.dujos.lt IR contact: Jolita Butkienė, Sigita Petrikonytė - Jurkūnienė

Company in brief Company information

AB Lietuvos Dujos’ major business activities Listing date: April 23, 1996 include: the import and sale of natural gas, Total number of shares: 469 068 254 gas transmission and distribution services, Free float: 6.3% as well as the balanced and economically Main shareholders: justified development of the natural gas E.ON Ruhrgas International GmbH 38.9% supply infrastructure. The company controls Gazprom OAO 37.1% assets worth EUR 0.72 billion. AB Lietuvos Ministry of Energy of the Republic of Lithuania 17.7% Dujos operates 1 900km of gas transmission pipelines, 8 100 km of gas distribution pipe- lines, 65 M&R stations, three GM-stations, Financial information and one gas compressor station. The com- pany supplies around 40% of all gas con- 2006 2007 2008 2009 2010 H1 sumed in Lithuania to a range of customers: Sales (MEUR) 225.79 296.65 450.47 366.17 278.88 energy, industrial, and agricultural compa- nies, small commercial ventures, and house- Profit / Loss (MEUR) 16.60 30.11 18.60 27.46 25.12 holds. AB Lietuvos Dujos also transits natural Total assets (MEUR) 667.02 712.16 732.53 738.88 721.84 gas to the Kaliningrad region of the Russian Dividend per share (EUR) 0.02 0.03 0.03 0.04 - Federation. AB Lietuvos Dujos employs 1 800 Auditor in 2009: Ernst & Young Baltic UAB employees; serving 550 000 consumers. Main subsidiaries with results consolidated into corporate: UAB Palangos Perlas 100%. Every year, AB Lietuvos Dujos invests in the modernization of its infrastructure and Share information new projects. In 2009, these investments amounted to EUR 40.49 million (in 2008: EUR 35.71 million, in 2007: EUR 34.29 million, in Share price (EUR) Trading Code: LDJ1L 2006: EUR 35.57 million). 1.6 The company develops the country’s nat- ural gas infrastructure, ensures a reliable 1.2 and secure supply of gas to consumers, 0.8 enhances its relationship with consumers, effectively implements management proce- 0.4 dures, rationally consumes resources, and ensures compliance with the highest quality 0 and environmental protection standards. Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010

2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) 517.59 479.56 175.25 285.29 294.80 As % of total Baltic equity cap 3.73 3.66 3.38 4.47 5.43 Turnover (MEUR) 6.19 8.45 3.35 3.61 2.64 As % of total Baltic equity turnover 0.25 0.35 0.34 0.73 1.04 Number of deals 1 876 2 599 3 091 5 256 2 378

Company profiles: Lietuvos dujos 39 NASDAQ OMX Riga Ventspils nafta Main list Energy

Contact information

Address: Vaļņu street 3-18, Riga LV-1050, Latvia Telephone: +371 6771 5911 / Fax: +371 6771 5920 E-mail: [email protected] / Webpage: www.vnafta.lv IR contact: Solvita Masule / Lawyer

Company in brief Company information

JSC Ventspils nafta is the central holding Listing date: October 20, 1998 company in a transit-oriented group whose Total number of shares: 104 479 519 task is to manage investments in its sub- Free float: 100.00% sidiaries, promoting the group’s joint values Main shareholders: and encouraging growth in the value of each Euromin Holdings (Cyprus) Limited 49.50% subsidiary. The Ventspils nafta Group is work- Latvijas Naftas Tranzīts, AS 39.11% ing in the following areas: transshipment of crude oil and petroleum products; transpor- tation of crude oil and petroleum products Financial information by pipelines. The history of Ventspils nafta dates back 50 years. 2006 2007 2008 2009* 2010 H1 Within the Ventspils nafta Group, the crude Sales (MEUR) 99.58 94.28 89.81 94.43 41.40 oil and petroleum product reloading and Profit / Loss (MEUR) 7.08 91.34 38.84 -2.84 -0.95 storage at Ventspils port is handled by the Total assets (MEUR) 498.27 620.38 629.01 544.24 587.50 Ventspils nafta subsidiary, Ventspils nafta Dividend per share (EUR) ----- termināls Ltd. In year 2010 Ventspils nafta Auditor in 2009: n/a termināls has made significant investments Main subsidiaries with results consolidated into corporate: in the diversification of its services and LatRosTrans Ltd. (66%), Ventspils nafta termināls Ltd. (51%). modernization. * Figures for 2009 are non-audited The owner and operator of the crude oil and petroleum product pipelines is another subsidiary of Ventspils nafta, LatRosTrans Ltd. JSC Ventspils nafta also owns a signif- Share information icant share (49.94%) of the publicly-listed JSC Latvian Shipping Company (Latvijas Share price (EUR) Trading Code: VNF1R kuģniecība). 4 The operations of Ventspils nafta’s business and management systems accord with the 3 highest international standards in the fields 2 of environmental protection, quality assur- ance and safety. They are further strength- 1 ened by the significant presence of a foreign investor, the international oil and gas com- 0 pany Vitol Group, which holds equity in the Jan Jan Jan Jan Jan company. 2006 2007 2008 2009 2010

In addition to contributing positively to 2006 2007 2008 2009 2010 H1 the Latvian economy, the main ambition Market capitalization (MEUR) 349.35 330.03 104.06 139.74 196.23 of Ventspils nafta is to create long-term As % of total Baltic equity cap 2.51 2.52 2.01 2.19 3.62 shareholder value, while meeting all neces- sary international safety and environmental Turnover (MEUR) 9.39 10.52 3.94 1.27 2.97 standards in all its operations. As % of total Baltic equity turnover 0.38 0.44 0.40 0.26 1.17 Number of deals 3 360 3 201 2 344 2 487 606

40 Company profiles: Ventspils nafta NASDAQ OMX Vilnius Grigiškės Main list Materials

Contact information

Address: Vilniaus g. 10, Grigiškės, Vilnius LT-27101, Lithuania Telephone: +370 5243 5801 / Fax: +370 52435802 E-mail: [email protected] / Webpage: www.grigiskes.lt Investor relations contact: Evaldas Burneika / Head of Finance Division

Company in brief Company information

AB Grigiškės is a rapidly growing company Listing date: February 2, 1994 and a leading manufacturer of paper and Total number of shares: 60 000 000 paper products in Lithuania and the Baltic Free float: 35.46% States. The paper mill, operating since 1823, Main shareholders: produces high quality products that meet UAB Ginvildos investicija 48.79% customer expectations. These include toi- Irena Ona Mišeikienė 14.55% let paper, paper towels, paper napkins, cor- Rosemount Holding LLC 9.40% rugated cardboard, corrugated cardboard boxes, and hardboard and painted hard fibreboard. AB Grigiškės employs around 440 Financial information professional employees. Around 50% of the toilet paper produced is 2006 2007 2008 2009 2010 H1 exported to Latvia, Estonia, Sweden, and Sales (MEUR) 34.75 41.71 42.13 34.44 29.98 other countries. AB Grigiškės fibreboard, Profit / Loss (MEUR) 1.56 1.49 -1.13 0.76 1.56 which is used to manufacture furniture, is Total assets (MEUR) 35.19 38.24 40.75 35.15 62.87 highly rated among Lithuanian buyers. 65% Dividend per share (EUR) 0.01 0.01 - 0.01 - of the company’s hard fibreboard is exported to Sweden, Great Britain, Germany, Poland, Auditor in 2009: Tezaurus Auditas UAB Finland, Denmark, Holland, Switzerland, Bel- Main subsidiaries with results consolidated into corporate: Klaipėdos kartonas AB (96,18 %), Baltwood UAB (100 %), Ekotara UAB (100 %), gium, the USA, and other countries. Naujieji Verkiai UAB (100 %), Mena Pak OAO (83.72 %), AGR Prekyba UAB (100%), The strength of the company lays in its regular Avesko UAB (100%), Klaipėda Recycling UAB (100%). investments in new technologies and equip- ment, the reduction of its energy costs and its ecologically-friendly production. All the Share information main raw materials are sourced fom renew- able timber and wood-pulp resources. Share price (EUR) Trading Code: GRG1L AB Grigiškės is the first paper manufacturer 0.8 in Lithuania to hold an EN ISO 9001 qual- ity management system certification. The 0.6 company also complies with the require- ments of the LST EN ISO 9001:2008 quality 0.4 management system, and is a member of the Lithuanian Timber association and the Euro- 0.2 pean Federation of Fibreboard Manufactur- 0 ers (FEROPA). Jan Jan Jan Jan Jan Since 1 July 2010, AB Grigiškės has been 2006 2007 2008 2009 2010 included on the Main List of NASDAQ OMX Vilnius. The company seeks to become a 2006 2007 2008 2009 2010 H1 leader in the markets of the Baltic States, Market capitalization (MEUR) 34.14 31.25 5.21 16.16 23.29 the Scandinavian countries, Belarus, and As % of total Baltic equity cap 0.25 0.24 0.10 0.25 0.43 the Kaliningrad Region of the Russian Fed- Turnover (MEUR) 3.76 1.88 0.78 1.58 1.57 eration, complying with the highest quality As % of total Baltic equity turnover 0.15 0.08 0.08 0.32 0.62 requirements and exporting 50-70% of its Number of deals 1 276 1 121 684 3 548 3 062 products.

Company profiles: Grigiškės 41 NASDAQ OMX Vilnius Baltic Market City Service Awards 2009 Most Visible Improvement over the Year Main list Industrials

Contact information

Address: Smolensko str. 12, Vilnius LT-03201, Lithuania Telephone: +370 5239 4900, Fax: +370 5239 4848 E-mail: [email protected] / Webpage: www.cityservice.lt IR contact: Jonas Janukėnas / Director of Finance and Administration

Company in brief Company information

AB City Service, together with its subsidiar- Listing date: June 8, 2007 ies, has been the facility management mar- Total number of shares: 31 610 000 ket leader in the Baltic States since 1999. Free float: 37.37% At present, the City Service group operates Main shareholders: in Lithuania, as well as in Latvia, St. Peters- ICOR UAB 61.09% burg and the Leningrad Oblast of the Rus- East Capital Asset Management AB 9.60% sian Federation. The Group manages more than 18m sq.m of building area. The company provides facility manage- Financial information ment administration; management of utility systems (heat and hot water supply, water 2006 2007 2008 2009 2010 H1 supply and sewerage, ventilation and air Sales (MEUR) 32.90 57.73 76.42 108.46 76.37 conditioning, electric power supply, etc.); Profit / Loss (MEUR) 2.18 2.71 2.52 4.43 2.84 management of energy resources; provision Total assets (MEUR) 22.84 35.08 40.31 68.38 93.72 of technical audit services and consulta- Dividend per share (EUR) - 0.05 0.03 0.02 - tions on maintenance and energy resource Auditor in 2009: Ernst & Young Baltic UAB use issues; supervision of various subcon- Main subsidiaries with results consolidated into corporate: tractors (premise and territory management, Žaidas UAB (99%), Ąžuolyno valda UAB (100%), UAB Namų priežiūros centras (100%), protection, repairs and renovation, mainte- City Service OAO (100%), City Service ZAO (100%), Riga City Service SIA (100%), Lazdynų nance of gas supply systems, elevators, būstas UAB (100%), Zhylkomservis goroda Lomonosov OOO (80%), Zhylkomservis No. 3 Frunzenskogo rayona OOO (80%), Zhylkomservis No. 2 Nevskogo rayona OOO (80%). etc.); management of heating facility proj- ects and renovation of energy facilities. The company is ISO 9001 quality management, Share information ISO 14001 environmental management and BS OHSAS 18001 health management Share price (EUR) Trading Code: CTS1L certified. 5 In November 2009 City Service was named the “Discovery of the Year” at an awards cer- 4 emony hosted by East Capital Fund in Stock- 3 holm, Sweden. The award recognised the group’s effective strategy of expansion in 2 the Baltic States and Russia, as well as the 1 results achieved this year. 0 The long-term goal of City Service is to Jun Jun Jun Jun expand the area of its managed facilities to 2007 2008 2009 2010 27m sq.m. and to operate in six countries by 2006 2007 2008 2009 2010 H1 2011–2012. Market capitalization (MEUR) - 73.61 18.76 35.75 81.48 As % of total Baltic equity cap - 0.56 0.36 0.56 1.50 Turnover (MEUR) - 12.43 3.94 4.99 10.82 As % of total Baltic equity turnover - 0.52 0.40 1.01 4.27 Number of deals - 3 199 2 060 6 668 7 394

42 Company profiles: City Service AB NASDAQ OMX Tallinn Harju Elekter Main list Industrials

Contact information

Address: Paldiski Rd. 31, Keila 76606, Estonia Telephone: +372 674 7400 / Fax: +372 674 7401 E-mail: [email protected] / Webpage: www.harjuelekter.ee IR contact: Moonika Vetevool / Corp. Communications Manager

Company in brief Company information

Harju Elekter was established in 1968 and Listing date: September 30, 1997 has become one of the biggest manufac- Total number of shares: 16 800 000 turers of electrical equipment and materials Free float: 50.46% in the Baltic region. Its main business area Main shareholders: is the design, production and marketing of AS Harju KEK 32.14% various electrical engineering and telecom- ING Luxembourg S.A. 11.31% munication systems. Harju Elekter has been Lembit Kirsme 8.33% listed on NASDAQ OMX Tallinn since 1997. Endel Palla 5.95% Harju Elekter is comprised of the follow- ing subsidiaries manufacturing electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika, Satmatic Financial information Oy and UAB Rifas, as well as AS Eltek, which 2006 2007 2008 2009 2010 H1 manufactures sheet metal products, and a Sales (MEUR) 39.76 46.78 55.71 40.44 16.91 sales organization, Harju Elekter AB, in Swe- den. In addition, Harju Elekter has sharehold- Profit / Loss (MEUR) 3.33 5.49 2.69 1.39 1.16 ings in an associated company, AS Darka Total assets (MEUR) 48.43 46.04 38.47 39.51 47.35 Keila Cables (34%), and long-term financial Dividend per share (EUR) 0.12 0.13 0.06 0.05 - investments in the Latvian sales organiza- Auditor in 2009: KPMG Baltics AS tion, SIA Energokomplekss (14%), and in the Main subsidiaries with results consolidated into corporate: publicly traded Finnish company, PKC Group AS Harju Elekter Elektrotehnika (100%), AS Eltek (100%), Satmatic Oy (100%), Oyj (8%). Harju Elekter AB (90%), UAB Rifas (51%). The production activities of all Harju Elekter’s subsidiaries meet the requirements of inter- Share information national quality standards, ISO 9001 and ISO 14001. Share price (EUR) Trading Code: HAE1T Harju Elekter fulfills clients’ needs with com- 5 petence and quality, offering greater value and reliability. The company aims to attain 4 its future goals through research, develop- 3 ment and expansion into other markets in the Baltics. 2 1

0 Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010

2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) 69.72 57.12 16.63 34.78 38.30 As % of total Baltic equity cap 0.50 0.44 0.32 0.54 0.71 Turnover (MEUR) 17.74 21.44 11.39 2.14 1.92 As % of total Baltic equity turnover 0.72 0.90 1.16 0.43 0.76 Number of deals 1 977 1 908 1 031 2 097 1 347

Company profiles: Harju Elekter 43 NASDAQ OMX Vilnius Lietuvos jūrų laivininkystė Secondary list Industrials

Contact information

Address: Malūnininkų str. 3, Klaipėda LT-92264, Lithuania Telephone: +370 4639 3105 / Fax: +370 4639 3119 E-mail: [email protected] / Webpage: www.ljl.lt IR contact: Arvydas Bogočionkas / Director General

Company in brief Company information

Lietuvos jūrų laivininkystė AB (LJL) was Listing date: July 9, 2001 established on 27 June 2001 after the reor- Total number of shares: 200 901 296 ganisation of the Lithuanian Shipping Com- Free float: 38.56% pany (LISCO), established since 1969. About Main shareholders: 61% of the company’s shares belong to Ministry of Transport and Communications of the Republic of Lithuania 56.66% the Republic of Lithuania while the rest of Achema Group UAB 6.15% the shares (39%) belong to other smaller DFDS TOR LINE A/S (Denmark) 5.53% shareholders. Swedbank AS (Estonia) 5.51% The core activity of LJL is cargo carriage by ships on international sea and ocean routes. At present, the company has 11 bulk carriers shipping general and bulk cargoes all over Financial information the world. The average age of the vessels is 2006 2007 2008 2009 2010 H1 14.8 years, while their general deadweight Sales (MEUR) 29.60 26.56 25.38 17.15 7.34 amounts to 134 500 tons. LJL itself performs technical and commercial management as Profit / Loss (MEUR) 3.28 8.73 -5.71 -8.36 -10.88 well as operating vessels in accordance Total assets (MEUR) 79.14 92.64 93.72 83.82 76.34 with long-term hire agreements. LJL actively Dividend per share (EUR) 0.00165 0.00072 --- participates in the work of shipping associ- Auditor in 2009: Moore Stephens Vilnius UAB ations and public activities. Main subsidiaries with results consolidated into corporate: none. All vessels of Lietuvos jūrų laivininkystė AB sail under the flag of the Republic of Lithua- nia and are certified by the IACS (International Share information Association of Classification Societies). All vessels and LJL have valid and regularly Share price (EUR) Trading Code: LJL1L updated Safety Management System Certifi- 0.25 cates (fully comply with the ISM Code). 0.20 LJL is well known in the shipping market and is considered a reliable partner. To continue 0.15 functioning effectively, LJL is planning to 0.10 renew its fleet and to purchase vessels of a larger cargo capacity. Due to the global 0.05 crisis, LJL aims to stabilize its financial sit- 0 uation by concluding long-term hire agree- Jan Jan Jan Jan Jan ments of vessels that ensure constant 2006 2007 2008 2009 2010 revenues. In the next 12 months, LJL plans 2006 2007 2008 2009 2010 H1 to raise its income by extending its contracts with the existing charterers at higher rates. Market capitalization (MEUR) 36.07 33.17 13.96 25.02 14.55 Further LJL development plans will depend As % of total Baltic equity cap 0.26 0.25 0.27 0.39 0.27 on the global economy and the recovery of Turnover (MEUR) 3.83 3.27 2.47 4.20 2.01 the freight market, as well as on the deci- As % of total Baltic equity turnover 0.16 0.14 0.25 0.85 0.79 sions taken by the government regarding LJL Number of deals 3 166 2 023 2 218 5 539 3 351 future operations.

44 Company profiles: Lietuvos jūrų laivininkystė NASDAQ OMX Tallinn Merko Ehitus Main list Industrials

Contact information

Address: Järvevana tee 9G, Tallinn 11314, Estonia Telephone: +372 680 5105 / Fax: +372 680 5106 E-mail: [email protected] / Webpage: www.merko.ee IR contact: Alar Lagus / CFO, Member of the Management Board

Company in brief Company information

Merko Ehitus is the construction com- Listing date: August 11, 2008 pany established at the beginning of 1990 Total number of shares: 17 700 000 which operates in Estonia, Latvia and Lith- Free float: 27.80% uania and which shares are quoted at Tal- Main shareholders: linn Stock Exchange from the year 1997. As AS Riverito 71.99% at the moment group employs more than 800 ING Luxembourg S.A. 5.44% persons. Long-term experience from different mar- kets, wide scope of construction services, Financial information flexibility, reliability and meeting of dead- lines and foremost quality have helped 2006 2007 2008 2009 2010 H1 Merko Ehitus to achieve and maintain dur- Sales (MEUR) 282.13 352.20 297.44 203.32 70.85 ing the years the position of market leader in Profit / Loss (MEUR) 37.75 35.79 19.58 7.12 3.30 the Baltics. Depending on the expectations Total assets (MEUR) 205.45 250.32 246.77 224.58 211.07 of the clients, the group companies perform Dividend per share (EUR) 0.45 - 0.22 0.70 - both small-scale construction works as well Auditor in 2009: PricewaterhouseCoopers AS as large scale, complicated and innovative Main subsidiaries with results consolidated into corporate: SIA Merks (100%), UAB Merko projects. Statyba (100%), Tallinna Teede AS (100%), AS Gustaf (75%), OÜ Gustaf Tallinn (80%), International quality, environmental protec- AS Merko Tartu (66%), OÜ Woody (100%), AS Merko Infra (100%), OÜ Fort Ehitus (75%), OÜ Tähelinna Kinnisvara (100%). tion and occupational safety certificates ISO 9001, ISO 14001 and OHSAS 18001 have been assigned to the company. Share information We operate on the wide scale in the con- struction sector: we build hotels, muse- Share price (EUR) Trading Code: MRK1T ums, cultural centres, business centres, service institutions, schools, kindergartens, 10 dwellings, offices, production buildings, 8 sport complexes. In the engineering sector we build the port facilities, waste manage- 6 ment facilities, bridges, viaducts, water and 4 sewerage networks, wastewater purifiers and other environmental protection facil- 2 ities. In the road construction we perform 0 all road maintenance works, we build roads, Aug Jun Jun carry out maintenance repairs of roads and 2008 2009 2010 supervision of the extracting works and road 2006 2007 2008 2009 2010 H1 status, produce the traffic signs and provide the repair services for the machinery. In the Market capitalization (MEUR) -- 49.56 88.85 130.98 sector of electrical works we foremost deal As % of total Baltic equity cap -- 0.96 1.39 2.41 with planning, adjustment and construction Turnover (MEUR) -- 3.08 9.38 7.71 of the medium and high voltage substations As % of total Baltic equity turnover -- 0.31 1.90 3.04 and cable lines. Number of deals -- 1 046 3 862 2 693

Company profiles: Merko Ehitus 45 NASDAQ OMX Tallinn Nordecon International Main list Industrials

Contact information

Address: Pärnu mnt 158/1, Tallinn 11317, Estonia Telephone: +372 615 4400 / Fax: +372 615 4401 E-mail: [email protected] / Webpage: www.nordecon.com IR contact: Raimo Talviste / Head of Investor Relations

Company in brief Company information

Nordecon International is a group of compa- Listing date: May 18, 2006 nies offering general contracting and con- Total number of shares: 30 756 728 struction management services currently in Free float: 42.02% Estonia, Ukraine and Finland. The competen- Main shareholders: cies of these companies are broadly divided AS Nordic Contractors 53.67% between superstructures (e.g. commercial, Skandinaviska Enskilda Banken Ab Clients 9.36% industrial and public buildings, residential development) and infrastructures (e.g. road construction and maintenance, environ- Financial information mental engineering and concrete works). The group has a balanced revenue mix in all 2006 2007 2008 2009 2010 H1 main segments of the construction market, Sales (MEUR) 160.03 239.80 247.21 154.59 37.40 coupled with experienced personnel and Profit / Loss (MEUR) 12.15 18.52 10.95 -5.72 -4.18 a strong reputation for service quality. The Total assets (MEUR) 90.04 140.09 151.30 120.84 109.72 group holds an ISO 9001 quality management Dividend per share (EUR) 0.19 0.19 0.06 -- certificate (1999) and an ISO 14001 environ- Auditor in 2009: KPMG Baltics AS mental management certificate (2002). It Main subsidiaries with results consolidated into corporate: Nordecon Ehitus AS* (100%), has won several awards from construction Nordecon Infra AS* (100%), AS Eston Ehitus (98%), Nordecon Betoon OÜ (52%), industry associations. OÜ Kaurits (66%), AS Järva Teed (100%), OÜ Hiiu Teed (100%), Eurocon OÜ (63%), TOV Eurocon Ukraine (63%). For the complete list see www.nordecon.com. Nordecon International is a construction market leader in Estonia in several fields * Subsidiaries will be merged with parent company Nordecon International AS as of January 1, 2011. of work, and has a well-established pres- ence in the Ukraine since 1996. The group consists of more than 15 subsidiaries and Share information employs more than 700 people. The recent slump in the construction mar- Share price (EUR) Trading Code: NCN1T kets in the Baltic States and Ukraine has 8 forced the group to focus its attention on the Estonian market. Still, the group is preparing 6 to resume more activities in foreign markets as soon as the situation improves, includ- 4 ing those where Nordecon International has had prior experience (Latvia and Lithuania) 2 as well as newer ones (Belarus and concrete 0 works in Finland). May May May May May The leitmotif of the strategy for 2010-2013 2006 2007 2008 2009 2010 is: “To respond to market changes swiftly and flexibly and to enter the next eco- 2006 2007 2008 2009 2010 H1 nomic growth cycle successfully”. By the Market capitalization (MEUR) 162.55 150.71 31.37 48.60 43.06 end of 2013, Nordecon International aims As % of total Baltic equity cap 1.17 1.15 0.61 0.76 0.79 to become the leading construction group Turnover (MEUR) 36.02 54.01 20.05 12.03 6.25 in Estonia, earning half of its revenues from As % of total Baltic equity turnover 1.47 2.27 2.05 2.43 2.47 infrastructure and the other half from build- Number of deals 3 785 6 071 3 073 5 264 3 393 ing construction.

46 Company profiles: Nordecon International AS NASDAQ OMX Vilnius Panevėžio statybos trestas Main list Industrials

Contact information

Address: P.Puzino str. 1, Panevėžys LT-35173, Lithuania Telephone: +370 4550 5503 / Fax: +370 4550 5520 E-mail: [email protected] / Webpage: www.pst.lt Investor relations contact: Dalė Bernotaitienė / Finance Manager

Company in brief Company information

Founded in 1957, Panevėžio statybos tres- Listing date: April 14, 1997 tas SC (PST) is the largest construction com- Total number of shares: 16 350 000 pany in Lithuania. The company operates Free float: 50.22% in the following areas: project manage- Main shareholders: ment, general contracting, design of build- Panevėžio keliai AB 49.78% ings and structures, general construction Skandinaviska Enskilda Banken (clients) 7.92% work, building decoration, outdoor engi- Bank of New York as custodian or trustee for ING B 6.74% neering systems and landscaping, produc- tion of timber frame houses, production of metal structures, electrical installations, Financial information real estate development, analysis and test- ing of construction materials, and modern- 2006 2007 2008 2009 2010 H1 izing apartment houses. Sales (MEUR) 98.33 149.73 164.53 53.49 24.48 Our capacities and capabilities are dem- Profit / Loss (MEUR) 3.90 8.84 7.00 -4.48 5.42 onstrated by attestations, licenses and Total assets (MEUR) 68.93 80.85 82.71 61.71 56.94 certificates, corroborating our company’s Dividend per share (EUR) 0.05 0.07 0.02 0.02 - high standards, which comply with Euro- pean standards. Over many years we have Auditor in 2009: KPMG Baltics UAB acquired valuable experience in the con- Main subsidiaries with results consolidated into corporate: Skydmedis UAB (100%), Metalo meistrai UAB (100%), Vekada UAB (96%), Vilniaus papėdė TŪB (69%), struction of complex objects, adhering to Alinita UAB (100%), PS Trests SIA (100%), Baltilstroij OOO (100%), PST investicijos UAB (67%). the following values: integrity, responsibi- lity, professionalism, quality performance and effective solutions. Share information Our goal is to remain the largest construc- tion company in Lithuania. We are continu- Share price (EUR) Trading Code: PTR1L ing with on-going projects and are looking 8 for new opportunities to pursue. Clients trust PST and appreciate our expe- 6 rience in developing large and technolog- 4 ically complicated projects. We strive to please our customers with our professional- 2 ism and determination, enabling us to imple- ment technologically complex projects of a 0 large scope. Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010 PST is now the largest construction com- pany in Lithuania with 1,080 employees and 2006 2007 2008 2009 2010 H1 a turnover of EUR 170 million (2008). In 2009 Market capitalization (MEUR) 71.50 73.87 7.10 17.95 17.85 turnover was lower, but the company was As % of total Baltic equity cap 0.51 0.56 0.14 0.28 0.33 able to maintain a high profitability level. Turnover (MEUR) 51.83 60.43 12.47 9.82 3.23 As % of total Baltic equity turnover 2.11 2.54 1.27 1.98 1.27 Number of deals 5 830 6 104 8 119 15 771 4 751

Company profiles: Panevėžio statybos trestas 47 NASDAQ OMX Tallinn Tallink Grupp Main list Industrials

Contact information

Address: Sadama 5/7, Tallinn 10111, Estonia Telephone: +372 640 9800 / Fax: +372 640 9810 E-mail: [email protected] / Webpage: www.tallink.com IR contact: Harri Hanschmidt / Head of Investor Relations

Company in brief Company information

Tallink is the leading short cruise and ferry Listing date: December 9, 2005 operator in the Baltic Sea, offering high- Total number of shares: 673 817 040 quality mini-cruise, passenger transport Free float: 57.68% services and ro-ro cargo services. The com- Main shareholders: pany owns a fleet of 19 vessels, including AS Infortar 40.01% cruise ferries, fast ro-pax ferries, ro-ro cargo Nordea Bank Finland PLC / Non-resident legal entities 10.18% vessels and a high-speed ferry. These ser- ING Luxembourg S.A. 10.07% vices are provided under the brand names “Tallink” and “Silja Line” on routes between Citigroup Venture Capital International Jersey Limited 7.31% Estonia - Finland, Finland - Sweden, Esto- nia - Sweden, Finland - Germany and Latvia – Sweden. Tallink maintains its leading mar- Financial information ket position on all of its main routes. 05/06* 06/07* 07/08* 08/09* 09/10* Tallink is growing quickly and has invested Sales (MEUR) 404.62 760.76 785.86 791.86 813.87 actively in a modern fleet, new routes and in acquiring other market players – in total, Profit / Loss (MEUR) 94.93 67.06 19.42 -8.18 21.85 about EUR 1.8bn in the last seven years. Total assets (MEUR) 1 657.33 1 698.19 1 898.29 1 947.24 1 871.32 As a result of these investments, Tallink Dividend per share (EUR) ----- owns one of the most modern fleets in Auditor in 2009/2010: KPMG Baltics AS the Baltic Sea. This enables passengers Main subsidiaries with results consolidated into corporate: to choose between more routes, depar- The consolidating group consists of 48 companies. ture times and different services and has * Financial year starts September 1st ends August 31st brought the region’s standard of shipping to a whole new level. The company’s manage- Share information ment believes that it has created a strong basis for the sustainable growth of business Share price (EUR) Trading Code: TAL1T volumes and for further strengthening of its leading position. 2.0 Tallink complies strictly with international 1.6 safety regulations and with the requirements 1.2 of the ISO 14001 environmental management standard. Each year, the safety manage- 0.8 ment system is audited by Lloyds Register, 0.4 and by the Estonian, Latvian, Swedish and 0 Finnish maritime administrations. Jan Jan Jan Jan Jan Tallink has also extended its services along 2006 2007 2008 2009 2010 the customer’s travel chain to include four hotels in Tallinn. The fifth hotel in Riga, 2006 2007 2008 2009 2010 H1 which was opened in 2010, makes the com- Market capitalization (MEUR) 697.52 707.51 256.05 249.31 377.34 pany one of the largest hotel operators in the As % of total Baltic equity cap 5.02 5.40 4.95 3.90 6.95 region. Turnover (MEUR) 195.26 362.67 93.48 54.36 31.12 A strong market position, flexible fleet, As % of total Baltic equity turnover 7.95 15.23 9.55 10.98 12.28 broad product offering, strong brands and Number of deals 14 598 25 408 14 754 15 769 10 022 an experienced management team with a proven track record are the main strengths of the company.

48 Company profiles / Tallink Grupp NASDAQ OMX Riga Valmieras stikla šķiedra Secondary list Industrials

Contact information

Address: Cempu street 13, Valmiera LV-4201, Latvia Telephone: +371 6420 2216 / Fax: +371 6428 1216 E-mail: [email protected] / Webpage: www.vss.lv IR contact: Dainis Šēnbergs / CFO, Member of the Management Board

Company in brief Company information

JSC Valmieras stikla šķiedra is the only enter- Listing date: February 24, 1997 prise in the Baltic states that produces fiber- Total number of shares: 23 903 205 glass and is one of the largest chemical and Free float: 94.93% textile companies within the Baltic states. Main shareholders: Valmieras stikla šķiedra was founded in Vitrulan International GmbH 36.20% 1963. By investing in new technologies, it P-D Glasseiden GmbH Oschatz 26.00% has retained its position as an experienced P-D Management Industries – Tehnologies GmbH 23.93% and reliable partner in Europe and the rest of the world. The company has an ISO 9001:2000 certificate. Financial information The company produces and sells various fiberglass products – „E” glass yarns, tex- 2006 2007 2008 2009 2010 H1 tured wovings, fabrics, nettings, nonwo- Sales (MEUR) 49.78 52.93 53.80 43.05 27.14 vens; high silica glass fiber fabrics, nettings, Profit / Loss (MEUR) 1.02 -0.61 0.72 0.03 0.33 nonwovens for: Total assets (MEUR) 86.13 86.83 92.19 83.94 81.68 • the automotive industry; Dividend per share (EUR) 0.01 ---- • the building industry; Auditor in 2009: Deloitte Audits Latvia SIA • shipbuilding; Main subsidiaries with results consolidated into corporate: none. • electronics; • the aerospace industry; • household appliances; Share information • medical appliances; • the chemical industry. Share price (EUR) Trading Code: VSS1R

Valmieras stikla šķiedra exports more than 4 95% of its production. The company’s main advantage is its wide 3 range of products; we can deliver every- 2 thing the client could possibly need, start- ing from the raw material all the way through 1 to impregnated materials. Our company has: skilled employees; pro- 0 Jan Jan Jan Jan Jan duction up to traditions and a stable posi- 2006 2007 2008 2009 2010 tion in the market. Valmieras stikla šķiedra operates on a rel- 2006 2007 2008 2009 2010 H1 atively low cost base and, in the future, Market capitalization (MEUR) 80.27 44.55 9.86 14.62 15.31 intends to reduce this further. We aim to As % of total Baltic equity cap 0.58 0.34 0.19 0.23 0.28 assume a leading position in the glass fibre Turnover (MEUR) 6.29 5.76 0.45 0.42 0.11 market, and set a good example for other As % of total Baltic equity turnover 0.26 0.24 0.05 0.09 0.05 manufacturers to follow. Number of deals 1 095 745 1 265 1 175 220

Company profiles: Valmieras stikla šķiedra 49 NASDAQ OMX Vilnius Apranga Main list Consumer Discretionary

Contact information

Address: Kirtimų str.51, Vilnius LT-02244, Lithuania Telephone: +370 5239 0808 / Fax: +370 5239 0800 E-mail: [email protected] / Webpage: www.apranga.lt IR contact: Saulius Bačauskas / Finance and Economy Director

Company in brief Company information

Apranga group is one of the leading cloth- Listing date: May 26, 1997 ing retailers in the Baltic States. The group Total number of shares: 55 291 960 develops its own distinctive retail con- Free float: 36.18% cepts: Apranga, Aprangos galerija, City Main shareholders: men&women, Mados Linija, and also oper- MG Baltic Investment UAB 53.67% ates under franchising agreements with Swedbank AS (Estonia) clients 10.89% Zara, Hugo Boss, Emporio Armani, Erme- Minvista UAB 6.50% negildo Zegna, Max Mara, Mango, Bershka, Pull and Bear, Stradivarius, Mexx, S.Oliver, SEB AB clients 5.92% Tommy Hilfiger and Promod. At the end of 2009, Apranga group operated a chain of 109 Financial information stores in the Baltic States: 74 in Lithuania, 29 in Latvia, 6 in Estonia, with a total sales area 2006 2007 2008 2009 2010 H1 more then 63 000 sq.m. Sales (MEUR) 73.42 106.84 121.24 91.20 37.05 The company can trace its history to 1945, Profit / Loss (MEUR) 5.05 7.22 3.98 -4.90 0.08 when it started business as a clothing and Total assets (MEUR) 41.46 58.66 61.82 50.54 44.08 footwear wholesaler. In 1993, the retail chain Dividend per share (EUR) 0.03 0.05 --- was established and in 2004, Apranga group Auditor in 2009: PricewaterhouseCoopers UAB became a partner of Inditex Group in the Bal- Main subsidiaries with results consolidated into corporate: UAB Apranga LT (100%), tic States. Presently, the group consists of UAB Apranga BPB LT (100%), UAB Apranga PLT (100%), UAB Apranga SLT (100%), the main company, Apranga APB, and 14 SIA Apranga (100%), SIA Apranga LV (100%), SIA Apranga BPB LV (100%), subsidiaries. SIA Apranga PLV (100%), SIA Apranga SLV (100%), OÜ Apranga* (100%), OÜ Apranga Estonia (100%), OÜ Apranga BEE (100%), OÜ Apranga PB Trade (100%), In 2009, the retail turnover of the chain oper- OÜ Apranga ST Retail (100%).

ated by Apranga Group amounted to LTL * The company directly owns 53.85% shares and indirectly through its subsidiary owns the rest 46.15% of shares. 392.6 million (VAT incl.), 22.9% less than in 2008. That same year, the Lithuanian mar- ket’s share of total turnover was 66.7%, with Share information foreign markets accounting for 33.3%. Due to the rapidly worsening economic situ- Share price (EUR) Trading Code: APG1L ation and a sharp decrease in consumption, 6 in 2009, Apranga Group focused on restruc- 5 turing its stores, optimising its operations and reducing expenses in the Baltic States. 4 These actions sought to mitigate the influ- 3 ence of the economic crisis, creating the 2 preconditions for a stronger performance in 1 2010 and beyond, as the economy starts to 0 recover. Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010

2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) 134.92 146.68 22.08 44.04 61.01 As % of total Baltic equity cap 0.97 1.12 0.43 0.69 1.12 Turnover (MEUR) 18.52 53.90 15.94 6.21 7.48 As % of total Baltic equity turnover 0.75 2.26 1.63 1.25 2.95 Number of deals 7 823 16 972 16 465 10 669 5 432

50 Company profiles: Apranga NASDAQ OMX Tallinn Baltika Main list Consumer Discretionary

Contact information

Address: Veerenni 24, Tallinn 10135, Estonia Telephone: +372 630 2731 / Fax: +372 630 2814 E-mail: [email protected] / Webpage: www.baltikagroup.com IR contact: Triin Palge / Head of Investor Relations

Company in brief Company information

Baltika, one of the biggest vertically inte- Listing date: June 5, 1997 grated fashion groups in the Baltics and Total number of shares: 27 494 850 CEE region, owns and runs four retail con- Free float: 67.65% cepts: Monton, Mosaic, Baltman and Ivo Nik- Main shareholders: kolo. The group currently operates over 120 BMIG OÜ 16.82% stores in Estonia, Latvia, Lithuania, Ukraine, ING Luxembourg S.A. 11.82% Russia and Poland. The biggest brands in E.Miroglio S.A 10.91% the portfolio are Monton and Mosaic and the biggest markets Estonia, Russia and Lithua- Skandinaviska Enskilda Banken Ab Clients 10.79% nia. Up to 10% of sales come from wholesal- Svenska Handelsbanken Clients Account 7.17% ing, including eastern and central European markets, together with Scandinavia and western Europe. Financial information Baltika’s roots can be traced back to 1928. From the 1960s until the 1990s, Baltika was 2006 2007 2008 2009 2010 H1 one of the biggest producers of tailored gar- Sales (MEUR) 57.49 73.60 76.33 56.25 23.64 ments in the region. From 2002-2005, the Profit / Loss (MEUR) 5.63 2.80 -1.37 -10.24 -2.91 company underwent a radical turnaround, Total assets (MEUR) 38.14 41.95 49.94 44.86 43.82 from a production company to a fashion Dividend per share (EUR) 0.15 ---- retailer. Auditor in 2009: PricewaterhouseCoopers AS Baltika uses a vertically integrated business Main subsidiaries with results consolidated into corporate: none. model, which means that the company con- trols all stages of the production-to-sales process. The company is responsible for the Share information design, manufacturing (partly), supply chain management, marketing of brands’ collec- Share price (EUR) Trading Code: BLT1T tions, distribution/logistics, creating the store concepts and operating its premises. 10 Such a model establishes a flexible struc- 8 ture for the business and enables Baltika to quickly update its products according to the 6 latest fashion trends and customer needs. 4 The company’s portfolio of brands serves 2 a broad customer base, offering stability in the fast-moving fashion business. 0 Jan Jan Jan Jan Jan Main subsidiaries: OÜ Baltman 100%, SIA Bal- 2006 2007 2008 2009 2010 tika Latvija 100%, UAB Baltika Lietuva 100%, Baltika Ukraina Ltd 99%, OOO Kompania “Bal- 2006 2007 2008 2009 2010 H1 tman RUS” 100%, Baltika Poland Sp.z.o.o. Market capitalization (MEUR) 137.97 72.71 21.44 13.61 10.44 100%, OÜ Baltika Tailor 100%, OÜ Baltika TP As % of total Baltic equity cap 0.99 0.56 0.41 0.21 0.19 100%. Turnover (MEUR) 72.75 53.55 23.62 7.57 3.61 As % of total Baltic equity turnover 2.96 2.25 2.41 1.53 1.43 Number of deals 6 091 7 883 8 750 8 515 3 880

Company profiles: Baltika 51 NASDAQ OMX Tallinn Ekspress Grupp Main list Consumer Discretionary

Contact information

Address: Narva mnt 11e, Tallinn 10151, Estonia Telephone: +372 669 8381 / Fax: +372 669 8181 E-mail: [email protected] / Webpage: www.egrupp.ee IR contact: Gunnar Kobin

Company in brief Company information

Ekspress Grupp is the leading media com- Listing date: April 5, 2007 pany in the Baltic States. The group plays Total number of shares: 29 796 841 a prominent role in newspaper and maga- Free float: 43.50% zine publishing and is a leading online media Main shareholders: company in the Baltic States. The company HHL Rühm OÜ 27.82% is active in Estonia, Latvia, Lithuania and Hans Luik 26.72% Ukraine and is also looking for opportunities ING Luxembourg S.A. 12.51% in other Eastern European countries. Skandinaviska Enskilda Banken Ab Clients 6.82% Ekspress Grupp started operations in 1992, Nordea Bank Finland PLC / Non-resident legal entities 5.42% publishing the first edition of the popu- lar weekly newspaper Eesti Ekspress. Since then, it has added daily newspapers, mag- Financial information azines and online websites to its portfolio. 2006 2007 2008 2009 2010 H1 The company also owns a modern print- Sales (MEUR) 59.49 73.50 80.20 62.86 25.19 ing facility and distributes magazines in the Lithuanian market. In 2007, Ekspress Grupp Profit / Loss (MEUR) 6.02 5.89 2.94 -12.08 -0.06 became a public company and its shares Total assets (MEUR) 42.59 111.99 109.07 95.22 87.09 were listed on Tallinn Stock Exchange (now Dividend per share (EUR) ----- NASDAQ OMX Tallinn). The IPO was more than Auditor in 2009: PricewaterhouseCoopers AS seven times oversubscribed. Main subsidiaries with results consolidated into corporate: The main strength of Ekspress Grupp is its Eesti Ajalehed AS (Estonia) (100%), UAB Ekspress Leidyba (Lithuania) (100%), SIA Delfi Holding (Latvia) (100%), AS Delfi (Estonia) (100%), AS Delfi (Latvia) (100%), very strong market position, with the com- UAB Delfi (Lithuania) (100%), TOV Delfi (Ukraine) (100%), SIA Mango.lv (Latvia) (100%), pany’s brands being the most popular among AS Printall (Estonia) (100%). For the complete list please see www.egrupp.ee. consumers. Ekspress Grupp owns the lead- ing online media portals in the Baltics and Share information publishes Estonia’s most widely read daily and weekly newspapers, in addition to seven Share price (EUR) Trading Code: EEG1T out of the top ten magazines in Estonia. The group is vertically integrated with everything 8 from content to printing and distribution car- ried out by its own companies. 6 In the near future, Ekspress Grupp expects 4 the share of revenues from online media to increase significantly, as well as the share of 2 revenues coming from Lithuania, Latvia and Ukraine. The company’s goal is to be a truly 0 modern media company with a strong foot- Jun Jun Jun Jun 2007 2008 2009 2010 hold in all markets where actively present, with a leading position in online media. 2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) - 88.78 14.99 21.47 25.03 As % of total Baltic equity cap - 0.68 0.29 0.34 0.46 Turnover (MEUR) - 44.50 8.56 2.18 1.27 As % of total Baltic equity turnover - 1.87 0.87 0.44 0.50 Number of deals - 9 686 1 938 2 233 1 456

52 Company profiles: Ekspress Grupp NASDAQ OMX Tallinn Olympic Entertainment Group Main list Consumer Discretionary

Contact information

Address: Pronksi 19, Tallinn 10124, Estonia Telephone: +372 667 1250 / Fax: +372 667 1270 E-mail: [email protected] / Webpage: www.olympic-casino.com IR contact: Kristi Ojakäär

Company in brief Company information

Olympic Entertainment Group’s (OEG) oper- Listing date: October 23, 2006 ations cover a range of activities centered Total number of shares: 151 329 505 on managing casinos and hotels. OEG is the Free float: 34.82% largest provider of casino entertainment in Main shareholders: the region. The company is a full member of OÜ Hansa Assets 45.87% the European Casino Association (ECA) and OÜ Hendaya Invest 19.28% employs more than 2 100 people across eastern and central Europe: in Estonia, Lat- via, Lithuania, Belarus, Romania, Poland Financial information and Slovakia. OEG’s shares are listed on the main lists of the Tallinn and Warsaw Stock 2006 2007 2008 2009 2010 H1 Exchanges. Sales* (MEUR) 106.01 158.97 156.86 108.09 52.54 OEG AS is the holding company which carries Profit / Loss (MEUR) 25.84 24.33 -29.06 -32.93 -1.23 out the strategic management and financ- Total assets (MEUR) 147.59 172.81 153.62 113.51 104.98 ing of the group. National casino opera- Dividend per share (EUR) 0.13 0.03 --- tions are handled by local entities. Non-core Auditor in 2009: PricewaterhouseCoopers AS operations, such as bar management, are Main subsidiaries with results consolidated into corporate: Olympic Casino Eesti AS (95%), separated from casino operations and are Kungla Investeeringu AS (100%), Olympic Casino Latvia SIA (100%), Olympic Casino Group managed by specialized legal entities. Baltija UAB (100%), Olympic Casino Bel IP (100%), Casino Polonia-Wroclaw Sp. Z.O.O. (80%), Olympic Casino Bucharest S.R.L. (100%), Olympic Entertainment Slovakia S.R.O. (100%). The group’s first company was established in September 1993 under the name, AS Ben- * Sales for 2006 and 2007 include sales from discontinued business areas. etreks (now Olympic Casino Eesti AS). Olym- pic Entertainment Group AS was established in November 1999 (previously called OÜ Share information Mecom Grupp). The company’s main competitive advan- Share price (EUR) Trading Code: OEG1T tages are a very strong concept and unique 8 business model. Other factors contributing to its success include diversity of services, 6 prime casino locations and a professional team. The work procedures of Olympic Casi- 4 nos in Estonia, Latvia and Lithuania are cer- tified according to international ISO 9001 2 quality requirements. 0 OEG aims to become a global casino and Oct Jun Jun Jun Jun resort operator with a passion for service 2006 2007 2008 2009 2010 excellence. 2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) 670.31 528.50 73.99 116.27 163.08 As % of total Baltic equity cap 4.82 1.65 1.43 1.82 3.00 Turnover (MEUR) 84.53 216.19 73.11 36.83 41.00 As % of total Baltic equity turnover 3.44 9.08 7.47 7.44 16.18 Number of deals 8 457 29 132 17 924 12 494 13 538

Company profiles: Olympic Entertainment Group 53 NASDAQ OMX Tallinn Silvano Fashion Group Main list Consumer Discretionary

Contact information

Address: Tulika 15/17, Tallinn 10613, Estonia Telephone: +371 716 1400 / Fax: +371 716 1410 E-mail: [email protected] / Webpage: www.silvanofashion.com IR contact: Baiba Gegere

Company in brief Company information

AS Silvano Fashion Group (SFG) is an interna- Listing date: May 20, 1997 tional manufacturer and retailer of lingerie, Total number of shares: 39 607 000 vertically integrated fashion group (design, Free float: 55.03% manufacturing, retail). The company is Main shareholders: located in Russia, Belarus, CIS, and Baltics Toomas Tool 24.77% and has a strong focus on developing its Krajowy Depozyt Papierow Wartošciowych S.A. [J] 23.60% own retail capacity through its own and fran- SEB Pank AS / Non-Resident Retail Clients 20.20% chised stores network. The holding company is headquartered in Tallinn, Estonia. SFG UniCredit Bank Austria AG 7.67% operates the top lingerie brands in Russia, Skandinaviska Enskilda Banken Ab Clients 7.17% Ukraine and Belarus, including “Milavitsa” – one of the region’s most recognized brands. Financial information The company’s strengths include in-house design, supported by experienced foreign 2006 2007 2008 2009 2010 H1 designers; the company’s own regional pro- Sales (MEUR) 27.01 98.58 101.00 74.04 46.76 duction facilities, which allow for a cost Profit / Loss (MEUR) 3.97 15.60 -6.41 -0.91 7.77 efficient and flexible production supply; self- Total assets (MEUR) 51.91 69.64 77.24 54.35 63.93 owned and franchised retail chain in Russia, Dividend per share (EUR) --- 0.05 - Belarus, Ukraine and the Baltic; favorable Auditor in 2009: KPMG Baltics AS trends in consumption habits in major target Main subsidiaries with results consolidated into corporate: none. markets – a shift from open-air shopping to branded stores; a large potential customer base – 252 million people in their target Share information markets and well-recognized and reputa- ble trademarks – the “Milavitsa”, “Lauma”, Share price (EUR) Trading Code: SFGAT “Alisee”, “Hidalgo”, “Laumelle” trademarks which are among the best-known lingerie 8 brands in Russia, CIS and the Baltic. 6 The group’s overall strategy primarily focuses on the simultaneous expansion of 4 its own retail and franchised operations and the continued development of its lingerie 2 manufacturing operations. Plans to expand its distribution network through controlled 0 regional representative offices and whole- Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010 sale distributors in core markets, like Rus- sia, Belarus and Ukraine, are also important 2006 2007 2008 2009 2010 H1 strategic decisions. The Group will also pro- Market capitalization (MEUR) 149.13 176.00 20.40 31.20 60.00 mote marketing activities that promote As % of total Baltic equity cap 1.07 1.34 0.39 0.49 1.11 brand awareness and brand loyalty. The group will continue to operate stores under Turnover (MEUR) 13.81 64.29 15.53 2.85 4.92 the “Lauma”, brand in the Baltic. As % of total Baltic equity turnover 0.56 2.70 1.59 0.58 1.94 Number of deals 2 145 7 456 2 395 2 080 1 480

54 Company profiles: Silvano Fashion Group NASDAQ OMX Vilnius Snaigė Secondary list Consumer Discretionary

Contact information

Address: Pramonės str.6, Alytus LT-62175, Lithuania Telephone: +370 3155 6206 / Fax: +370 3155 6207 E-mail: [email protected] / Webpage: www.snaige.lt IR contact: Gediminas Čeika / CEO

Company in brief Company information

Established in 1963, Snaigė is the only man- Listing date: July 11, 1995 ufacturer of refrigerators in the Baltics. The Total number of shares: 30 735 715 company produces a variety of high quality Free float: 90.24% domestic refrigerators, showcase-refriger- Main shareholders: ators, mini-bars, wine-storage, freezers and Swedbank AS (Estonia) 48.88% spare parts. Snaigė exports 95% of its prod- Skandinaviska Enskilda Banken (clients) 13.16% ucts to more than 30 countries. Hermis Capital UAB 9.76% The Snaigė Group owns plants in Alytus (Lithuania), with a capacity of 550 000 units per year and in Kaliningrad (Russia), with a capacity of 350 000 units per year. Also Financial information Snaigė has subsidiaries in Russia, Ukraine and Lithuania. 2006 2007 2008 2009 2010 H1 Sales (MEUR) 101.90 118.78 98.14 35.09 12.81 Snaigė owns two brands: Snaigė and General Profit / Loss (MEUR) -3.07 -3.40 -6.98 -11.06 -0.33 Frost. The company also produces refriger- ators under other brand names for trade Total assets (MEUR) 74.67 70.23 57.43 30.46 31.65 partners, retail networks, as well as other Dividend per share (EUR) ----- producers: SMEG (Italy), Whirlpool (Italy), Auditor in 2009: Ernst & Young Baltic UAB Electrolux (Sweden), SEVERIN (Germany), Main subsidiaries with results consolidated into corporate: Techprominvest OOO (100%), Alaska METRO, Far - CONFORAMA (France), Moroz Trade OOO (100%), Liga - Service OOO (100%), Snaigė-Ukraina OOO (99%), Almecha UAB (100%). others. The company has certified its quality man- agement system in compliance with ISO 9001. In 2005, Snaigė re-certified its environmen- Share information tal management system in compliance with ISO 14001 international standards. Snaigė Share price (EUR) Trading Code: SNG1L holds six golden medals from the annual 5 competition, Lithuanian Product of the Year, and has twice won the prize for innovation 4 in the Lithuanian Innovative Company of the 3 Year competition. 2 Snaigė is capable of competing with man- ufacturers in Eastern and Western markets 1 in terms of a high quality, modern approach, 0 combined with flexibility. The company’s Jan Jan Jan Jan Jan strengths include: excellent geographic 2006 2007 2008 2009 2010 location, application of ecological standards and continuous modernization of production 2006 2007 2008 2009 2010 H1 processes, good managerial standards, and Market capitalization (MEUR) 80.85 48.24 4.43 4.59 5.61 the usage of state-of-the-art technologies. As % of total Baltic equity cap 0.58 0.37 0.09 0.07 0.10 At the beginning of 2010, Snaigė presented Turnover (MEUR) 17.86 9.26 1.72 6.38 3.32 refrigerators with A++ standards of energy As % of total Baltic equity turnover 0.73 0.39 0.18 1.29 1.31 efficiency, according to the highest Euro- Number of deals 1 637 925 643 12 810 6 688 pean quality standards. Only a few man- ufacturers produce refrigerators to this standard.

Company profiles: Snaigė 55 NASDAQ OMX Tallinn Tallinna Kaubamaja Main list Consumer Discretionary

Contact information

Address: Gonsiori 2, Tallinn 10143, Estonia Telephone: +372 667 3200 / Fax: +372 667 3205 E-mail: [email protected] / Webpage: www.kaubamaja.ee IR contact: Raul Puusepp / Chairman of the Board

Company in brief Company information

Tallinna Kaubamaja is a leading Estonian Listing date: September 6, 1996 retail group operating across the Baltic Total number of shares: 40 729 200 states. The group operates two Kaubam- Free float: 32.98% aja department stores, 35 Selver super- and Main shareholders: hypermarkets, a chain of 30 footwear stores OÜ NG Investeeringud 67.00% (ABC and Shu), 4 I.L.U. cosmetics stores, and ING Luxembourg S.A. 6.84% a shopping mall. The group also acts as the Skandinaviska Enskilda Banken Ab Clients 5.46% importer and distributor of KIA motor vehi- cles in the three Baltic states, with three car centers in each of the Baltic capitals and Financial information owns 50% of a car parking operation in Tal- linn, Estonia. 2006 2007 2008 2009 2010 H1 Tallinna Kaubamaja dates back to 1960, Sales (MEUR) 270.93 376.59 417.43 408.28 192.36 when the landmark department store in Tal- Profit / Loss (MEUR) 17.55 26.26 5.31 -12.57 4.57 linn was opened. After the Soviet occupa- Total assets (MEUR) 162.11 212.74 277.01 254.43 244.95 tion ended, the company was privatized and Dividend per share (EUR) 0.06 0.13 0.03 0.04 - turned into a modern retail operation, open- ing its first supermarket in 1995. In 2005, the Auditor in 2009: PricewaterhouseCoopers AS company’s real estate business expanded Main subsidiaries with results consolidated into corporate: A-Selver AS (100%), Tallinna Kaubamaja Kinnisvara OÜ (100%), Tartu Kaubamaja Kinnisvara OÜ (100%), with a 14 500 sq.m shopping mall, half of KIA Auto AS (100%), Ülemiste Autokeskus OÜ (100%), KIA Auto UAB (100%), which is operated under the Kaubamaja KIA Automobiles SIA (100%), OÜ TKM Beauty Eesti (100%), OÜ Suurtüki NK (100%), brand. AS ABC King (100%) and others. Today, the company’s business opera- tions are strong, despite the recent tur- Share information moil in the global economy. Organic growth turned into a single-digit decrease in 2009, Share price (EUR) Trading Code: TKM1T with the recession hitting Baltic retail sales hard. Due to the extensive expansion of the 12 previous years, the company has still been 10 able maintain its position among the lead- 8 ing retailers of the Baltic region. In 2009, the 6 group’s share of the Estonian retail market 4 was 11%. 2 Kaubamaja’s main strengths lie in its estab- 0 lished retail brands, the excellent locations Jan Jan Jan Jan Jan of its different retail formats, strong supply 2006 2007 2008 2009 2010 channels, business diversification and an exciting, yet balanced portfolio of brands. 2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) 373.89 317.69 84.72 147.03 179.21 As % of total Baltic equity cap 2.69 2.43 1.64 2.30 3.30 Turnover (MEUR) 24.63 67.79 56.27 18.58 12.16 As % of total Baltic equity turnover 1.00 2.85 5.75 3.75 4.80 Number of deals 5 069 15 636 4 499 5 774 4 192

56 Company profiles: Tallinna Kaubamaja NASDAQ OMX Vilnius Utenos trikotažas Main list Consumer Discretionary

Contact information

Address: J. Basanavičiaus str. 122, Utena LT-28214, Lithuania Telephone: +370 3895 1445 / Fax: +370 3896 9358 E-mail: [email protected] / Webpage: www.utenostrikotazas.lt IR contact: Nerijus Vilūnas / Managing director

Company in brief Company information

Established in 1967, Utenos trikotažas is the Listing date: September 29, 1997 largest vertical manufacturer of knitwear Total number of shares: 19 834 442 fabrics and garments in Lithuania and one of Free float: 24.63% the most innovative apparel manufacturers Main shareholders: in central and eastern Europe. The main pro- Koncernas SBA UAB 51.12% duction facility in Lithuania, together with a Amber Trust S.C.A.(SCA) 13.61% subsidiary plant in Ukraine, covers the full East Capital Asset Management 10.63% production cycle. About 90% of the company’s production is exported, mostly to the large retail chains Financial information in western Europe, reaching end custom- ers in more than 50 countries. The company 2006 2007 2008 2009 2010 H1 succeeded in developing its organic cot- Sales (MEUR) 47.29 39.83 31.84 20.37 10.20 ton products, which account for approxi- Profit / Loss (MEUR) 0.61 -2.32 -5.08 -0.03 1.05 mately a quarter of sales. 10% of production Total assets (MEUR) 33.46 29.65 19.15 15.55 15.75 is sold domestically under Utenos trikotažas’ Dividend per share (EUR) 0.12 0.00 --- brands. Auditor in 2009: PricewaterhouseCoopers UAB The company’s strengths are long last- Main subsidiaries with results consolidated into corporate: ing relationships with its clients, reliability, Šatrija AB (89.78%), Gotija UAB (90.50%), MTF Mrija OAO (98.95%). rapid response time, flexibility, experience and know-how. The company is committed to fulfilling the highest quality requirements, which are reflected in the ISO 9001 certifica- Share information tion of its quality management system, the ISO 14001 certification of its environmen- Share price (EUR) Trading Code: UTR1L tal management system and the OEKO-TEX 3 100, EU-Flower, Organic Exchange 100 and GOTS certification of its production systems for organic products. Utenos trikotažas was 2 the first company in Lithuania to be certi- fied by SA 8000, proving its social account- 1 ability system complied with best practice standards. 0 The Utenos trikotažas’ group comprises the Jan Jan Jan Jan Jan parent company and three subsidiaries: 2006 2007 2008 2009 2010 Mrija, Šatrija (producer of complex, specific 2006 2007 2008 2009 2010 H1 garments, www.satrija.lt) and Gotija (retail shop). After strategic investments in Mrija in Market capitalization (MEUR) 35.90 28.38 7.98 6.55 5.40 2005, the company developed its production As % of total Baltic equity cap 0.26 0.22 0.15 0.10 0.10 capacities in Ukraine, increasing its flexibil- Turnover (MEUR) 0.70 0.47 0.08 0.13 0.06 ity and cost-efficiency. The company’s stra- As % of total Baltic equity turnover 0.03 0.02 0.01 0.03 0.03 tegic direction is to stay close to its clients, Number of deals 583 436 343 235 152 deliver excellent service, focus on products with high added value (e.g. organic products) and expand the sales of products under its own brand.

Company profiles: Utenos trikotažas 57 NASDAQ OMX Tallinn Viisnurk Main list Consumer Discretionary

Contact information

Address: Suur-Jõe 48, Pärnu 80042, Estonia Telephone: +372 447 8323, +372 447 8331 / Fax: +372 447 8368 E-mail: [email protected] / Webpage: www.viisnurk.ee IR contact: Einar Pähkel / CFO

Company in brief Company information

Viisnurk AS retails furniture and furnish- Listing date: September 25, 2007 ings, in addition to producing furniture and Total number of shares: 4 499 061 building materials. The Furniture and Build- Free float: 39.94% ing Materials Divisions are the business units Main shareholders: of Viisnurk AS. OÜ Trigon Wood 59.62% The Skano furniture store chain, operating ING Luxembourg S.A. 8.89% in Ukraine and the Baltics, and a plant pro- ducing original home furniture made of tim- ber belong to the Furniture Division. Financial information

The building materials division manufac- 2006 2007 2008 2009 2010 H1 tures and distributes two product catego- Sales (MEUR) 14.50 15.95 17.93 13.15 6.36 ries based on soft-boards: insulation and Profit / Loss (MEUR) 0.80 0.81 0.39 0.01 0.39 wind protection board under the Isoplaat brand name, and interior finishing boards Total assets (MEUR) 9.21 10.06 10.47 8.49 9.10 for walls and ceilings, which are distributed Dividend per share (EUR) 0.08 0.09 --- under the Isotex brand name. Auditor in 2009: PricewaterhouseCoopers AS Viisnurk dates back to 1945 when the Main subsidiaries with results consolidated into corporate: OÜ Skano. state enterprise, Pärnumaa Tööstuskombi- naat, was founded. In 1996 the Isotex pro- Share information duction line was launched in the building material division. And in 1997 the shares of Share price (EUR) Trading Code: VSN1T AS Viisnurk were listed on the Tallinn Stock Exchange. The company’s retail business 4 started in 2003 when the first Skano furni- ture store was opened in Tallinn. In 2007 AS 3 Viisnurk was divided into a real estate com- pany and manufacturing company, with both 2 of them listed on NASDAQ OMX Tallinn. 1 The competitive strengths of the furniture division include a focus on a limited number 0 of product ranges, allowing for greater effi- Sep Jul Jul Jul 2007 2008 2009 2010 ciency and saving on product development. Vertical integration with Skano, provides the 2006 2007 2008 2009 2010 H1 company with full access to demand-driven Market capitalization (MEUR) - 8.32 3.51 3.24 4.27 market information and direct feedback from end-customers. The competitive strengths As % of total Baltic equity cap - 0.06 0.07 0.05 0.08 of the building material division include cli- Turnover (MEUR) - 0.52 0.29 0.79 0.59 ent diversification in different markets, As % of total Baltic equity turnover - 0.02 0.03 0.16 0.23 allowing the company to re-organize sales Number of deals - 676 568 1 316 649 to a market where the construction cycle is currently peaking. Viisnurk holds an ISO 9001 quality certificate for management systems.

58 Company profiles: Viisnurk NASDAQ OMX Vilnius Vilniaus baldai Main list Consumer Discretionary

Contact information

Address: Savanorių ave. 178, Vilnius LT-03154, Lithuania Telephone: +370 5252 5700 / Fax: +370 5231 1130 E-mail: [email protected] / Webpage: www.vilniausbaldai.lt IR contact: Aidas Mackevičius / CEO

Company in brief Company information

Vilniaus Baldai AB is a global leader in pro- Listing date: June 5, 2000 ducing flat-pack furniture, with a core Total number of shares: 3 886 267 competence in BOF production. Originally Free float: 27.71% established in 1883 as small sawmill, today Main shareholders: the company is one of the most modern fur- Invalda AB 72.01% niture manufacturers in Lithuania. Swedbank (clients) 9.32% The company manufactures bedrooms, liv- ing-rooms and playroom furniture, made of wood particle boards, using the most mod- Financial information ern and popular technology as well as hon- eycomb substrate technology that helps 2006 2007 2008 2009 2010 H1 reduce the weight. Sales (MEUR) 31.94 43.85 39.83 43.14 25.11 Profit / Loss (MEUR) -1.54 0.52 2.20 4.52 3.64 Modern equipment from well-known manu- facturers enables the company to manufac- Total assets (MEUR) 31.82 26.79 26.61 22.59 28.24 ture different types of furniture, finished on Dividend per share (EUR) ----- HDF (high density fiberboard); a minor por- Auditor in 2009: PricewaterhouseCoopers UAB tion of the production includes the furniture Main subsidiaries with results consolidated into corporate: Ari-Lux UAB (100%). made of laminated wood particle boards. Vilniaus Baldai is ISO certified, with the ISO Share information 9001 quality system enacted in 2001. The company systematically strives for improve- Share price (EUR) Trading Code: VBL1L ments in furniture quality, analyzes con- sumer demand and looks for methods and 12 instruments to make the production pro- 10 cess more effective and flexible. Further- 8 more, the company tries to ensure that their customers receive not only high quality, but 6 also eco-friendly furniture, and have there- 4 fore become certified in compliance with the 2 ISO 14001 standard requirements. 0 Vilniaus Baldai will continue to improve Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010 its development of new products, find new materials, save costs and increase 2006 2007 2008 2009 2010 H1 efficiency. Market capitalization (MEUR) 20.37 24.76 13.51 10.13 21.16 As % of total Baltic equity cap 0.15 0.19 0.26 0.16 0.39 Turnover (MEUR) 1.42 1.70 0.83 0.32 0.50 As % of total Baltic equity turnover 0.06 0.07 0.09 0.06 0.20 Number of deals 647 645 374 337 350

Company profiles: Vilniaus baldai 59 NASDAQ OMX Vilnius Linas Agro Group Main list Consumer Staples

Contact information

Address: Smėlynės g. 2C, Panevėžys LT-35143, Lithuania Telephone: +370 4550 7303 / Fax: +370 4550 7304 E-mail: [email protected] / Webpage: www.linasagro.lt IR contact: Agnė Barauskaitė / Investor Relations Specialist

Company in brief Company information

Linas Agro Group, an integrated agribusi- Listing date: February 17, 2010 ness company and competitive European Total number of shares: 158 940 398 player, has subsidiaries and joint ventures Free float: 29.72% located in Lithuania, Latvia, Denmark and Main shareholders: Ukraine. The group is engaged in producing Akola ApS 55.14% and marketing agricultural products, feed- Darius Zubas 10.73% stuffs and other agriculture related supplies, as well as farming. The company sells around 1.3 million tons of Financial information agricultural and related products per year on the international market and has business 06/07* 07 /08* 08/09* 09/10* relations in over 40 countries. The compa- Sales (MEUR) 191.55 262.69 322.60 241.58 nies of the group are leaders in almost all of Profit / Loss (MEUR) 5.22 11.95 9.20 9.71 its business segments in the Baltics: grain Total assets (MEUR) 90.09 125.76 112.15 129.84 and oilseed sourcing, grain elevator services, Dividend per share (EUR) --- 0.006** agricultural inputs supply and farming. Auditor in 2009: Ernst & Young Baltic UAB The group started its activities in 1991 Main subsidiaries with results consolidated into corporate: AB Linas Agro (100%), by exporting rapeseeds. It then gradually Rosenkrantz A/S (60%), SIA Linas Agro (100%), UAB Linas Agro Grūdų centras (100%), expanded its activities towards supplying UAB Linas Agro Grūdų centras KŪB (100%), UAB Gerera (100%), UAB Lignineko (100%), UAB Linas Agro Konsultacijos (100%), Aukštadvario ŽŪB (65.35%), Sidabravo ŽŪB (55.90%), and farming agricultural products, trading Lukšių ŽŪB (93.93%), Medeikių ŽŪB (96.54%), ŽŪB Landvesta 1 (100%), ŽŪB Landvesta 2 (100%), these internationally, and finally became a ŽŪB Landvesta 3 (100%), ŽŪB Landvesta 4 (100%), ŽŪB Landvesta 5 (100%), vertically-integrated agribusiness company ŽŪB Landvesta 6 (100%), ŽŪK Kupiškio grūdai*** (72.53%). holding a “European Good Trading Practice“ * Financial year starts July 1st ends June 30th ** To be approved by AGM on October 28, 2010 certificate. *** As of August 27, 2010 The company’s main strengths in interna- tional trading are its own grain storage facil- Share information ities in Lithuania, long-term partnerships on sourcing markets, a diversified prod- uct portfolio and dispersed sales markets. Share price (EUR) Trading Code: LNA1L Meanwhile, its advantages on the agricul- 0.7 tural supply market include being a pioneer in agricultural contracting and having an attractive product portfolio as well as close cooperation with the farmers in the Baltics. 0.6 The vision of the company is to be the Bal- tic agribusiness leader with integrated and diversified businesses and to focus on 0.5 growth on neighboring markets, such as Feb Mar Apr May Jun Belarus and Ukraine. 2010 2010 2010 2010 2010

2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) ---- 85.62 As % of total Baltic equity cap ---- 1.58 Turnover (MEUR) ---- 5.21 As % of total Baltic equity turnover ---- 2.06 Number of deals - - - - 3 280

60 Company profiles: Linas Agro Group NASDAQ OMX Vilnius Pieno žvaigždės Main list Consumer Staples

Contact information

Address: Perkūnkiemio str. 3, Vilnius LT-12127, Lithuania Telephone: +370 5246 1414 / Fax: +370 5246 1415 E-mail: [email protected] / Webpage: www.pienozvaigzdes.lt Investor relations contact: Linas Sasnauskas / Executive Director

Company in brief Company information

Established through the merger of a few Listing date: January 11, 1999 specialized dairy processors in 1998, Pieno Total number of shares: 54 205 031 žvaigždės has benefited from the consolida- Free float: 45.77% tion of the Lithuanian dairy sector and has Main shareholders: quickly grown into one of the leading dairies Skandinaviska Enskilda Banken (clients) 17.06% in the Baltic States. The company’s primary Agrolitas Imeks Lesma UAB 14.77% focus is on fresh dairy products, while main- J. Kvaraciejus 13.06% taining a sound export record. Smilgelė ŽŪKB 10.58% Over the years Pieno žvaigždės has estab- Swedfund International 8.67% lished itself as a reliable dairy processor able to consistently produce premium quality products at competitive prices. The compa- Financial information ny’s product mix covers whole milk products, 2006 2007 2008 2009 2010 H1 such as fresh milk, cream, butter, a variety Sales (MEUR) 157.85 192.13 192.97 180.28 79.19 of curds, yogurts and milk based desserts. Pieno žvaigždės maintains an approximate Profit / Loss (MEUR) 5.36 9.65 -1.25 4.51 -0.22 30% share of the domestic market. A con- Total assets (MEUR) 92.68 109.08 116.26 97.09 88.58 sistent focus on quality has given Pieno Dividend per share (EUR) 0.06 0.07 0.03 0.07 - žvaigždės the operational direction nec- Auditor in 2009: KPMG Baltics UAB essary to meet strict international require- Main subsidiaries with results consolidated into corporate: none. ments through ISO, HALAL and KOSHER certification. Most of the company’s prod- uct range - yellow cheeses, butter, whey Share information and milk powder - are exported following the company’s adherence to standards in sales Share price (EUR) Trading Code: PZV1L markets. Modern processing facilities, strict quality control and innovative marketing 2.0 strategies backed by professional manage- 1.6 ment have helped the company to become the largest Baltic dairy, with sales of EUR 1.2 180m in 2009. Pieno žvaigždės will continue to strengthen 0.8 its leading position and exploit opportuni- 0.4 ties for further growth. By continually updat- Jan Jan Jan Jan Jan ing its already modern facilities, which have 2006 2007 2008 2009 2010 set new standards locally, the company will build on its competitive advantage and 2006 2007 2008 2009 2010 H1 deliver excellent value to its shareholders Market capitalization (MEUR) 84.77 91.05 32.03 46.15 59.81 and stakeholders. As % of total Baltic equity cap 0.61 0.70 0.62 0.72 1.10 Turnover (MEUR) 18.81 12.44 3.49 2.41 0.53 As % of total Baltic equity turnover 0.77 0.52 0.36 0.49 0.21 Number of deals 2 224 3 050 1 515 1 179 602

Company profiles: Pieno žvaigždės 61 NASDAQ OMX Tallinn Premia Foods Main list Consumer Staples

Contact information

Address: Betooni 4, Tallinn 11415, Estonia Telephone: +372 603 3800 / Fax: +372 603 3801 E-mail: [email protected] / Webpage: www.premiafoods.eu IR contact: Katre Kõvask / Marketing Director, Member of the Board

Company in brief Company information

AS Premia Foods is a dynamic and diversified Listing date: May 5, 2010 consumer goods group involved in ice cream Total number of shares: 38 682 860 production, fish production and farming, fro- Free float: 33.34% zen food and food products distribution. The Main shareholders: foundation of our group companies is built ING Luxembourg S.A. 60.15% on decades of dedication by founders and its current shareholders. Some of our group companies have been in business for more Financial information than fifty years. 2006 2007 2008 2009 2010 H1 AS Premia Foods was established in Decem- Sales (MEUR) --- 68.70 36.26 ber 2008 by merging previously separate Profit / Loss (MEUR) --- 0.69 1.83 legal entities who shared common owner- Total assets (MEUR) -- 65.72 62.83 74.55 ship and operational and management con- trol under single holding company. Today, Dividend per share (EUR) ----- the group is among the most advanced food Auditor in 2009: Alliott Kangust OÜ processing and distribution companies in Main subsidiaries with results consolidated into corporate: Saaremere Kala AS (100%), the Baltic and Nordic region and is unique for AB Premia KPC (100%), AS Premia TKH (100%), Heimon Kala OY (100%), Vettel OÜ (100%), GourmetHouse OÜ (100%), OOO Khladokombinat No 1 (100%), AS Premia FFL (100%). its ability to expand and adapt to new prod- uct and geographic markets. We believe that the team of AS Premia Foods Share information is one of the most valuable assets of our company. Different cultural backgrounds Share price (EUR) Trading Code: PRF1T enable us to maximize the best experiences 0.95 of those people and continue to develop products for today´s and tomorrow´s cus- 0.90 tomers tastes. Although great teamwork and team spirit are values that cannot be 0.85 directly expressed on income or balance sheet statements, it is the hard work and 0.80 dedication of all of our employees that has allowed us to demonstrate exceptional 0.75 May Jun Jul Aug financial performance. 2010 2010 2010 2010 The core of our business are brands that are well recognised and liked by our custom- 2006 2007 2008 2009 2010 H1 ers, whether they are kids or adults. We at Market capitalization (MEUR) ---- 32.11 AS Premia Foods pride ourselves to steadily As % of total Baltic equity cap ---- 0.59 live up to our consumers’ expectations by Turnover (MEUR) ---- 1.53 strengthening our existing and future brands As % of total Baltic equity turnover ---- 0.60 and products. Number of deals ---- 1 116 AS Premia Foods AS Premia Foods has been listed on the NASDAQ OMX Tallinn Stock Exchange since May 5th, 2010.

62 Company profiles: Premia Foods AS NASDAQ OMX Vilnius Rokiškio sūris Main list Consumer Staples

Contact information

Address: Pramonės str.3, Rokiškis LT-42150, Lithuania Telephone: +370 4585 5200 / Fax: +370 4585 5300 E-mail: [email protected] / Webpage: www.rokiskio.com IR contact: Antanas Kavaliauskas / Finance Director

Company in brief Company information

Rokiškio sūris is one of the largest and most Listing date: July 25, 1995 modern dairy production companies both in Total number of shares: 38 444 894 Lithuania and the Baltics. The main activity Free float: 42.85% of the company is producing and selling fer- Main shareholders: mented cheese, fresh dairy products, but- Pieno Pramonės Investicijų Valdymas UAB 39.90% ter, milk powders, and by-products from Antanas Trumpa 14.38% whey. The company produces around 30 000 Skandinaviska Enskilda Banken AB (clients) 10.60% tons of fermented cheese per year, of which 80% is exported to other countries. Swedbank AB (clients) 7.07% The company was first established in 1964 as a specialized cheese manufacturing company. In a couple of years, it became one Financial information of the leading creameries in Lithuania, with 2006 2007 2008 2009 2010 H1 its high quality products being well-known Sales (MEUR) 147.78 192.59 197.47 162.30 65.97 outside the country’s borders. Profit / Loss (MEUR) 3.77 9.92 -5.30 4.34 0.78 In 1992, Rokiskio sūris was one of the first Total assets (MEUR) 93.48 96.72 104.64 100.71 92.52 Lithuanian companies to become a joint- stock company. Dividend per share (EUR) 0.68 0.07 - 0.03 - Auditor in 2009: PricewaterhouseCoopers UAB To secure a constant supply of raw materi- Main subsidiaries with results consolidated into corporate: Rokiskio pienas UAB (100%), als and to strengthen its position in the local Žalmargė PK (100%), Skirpstas UAB (100%), Batėnai UAB (100%), Jekabpils piena market, Rokiškio sūris affiliated several dair- kombinats SIA (50.05%), Pieno upės UAB (50.00%). ies and formed the Rokiškio sūris AB group. Currently, there are three sites of produc- tion: Rokiškis, where fermented cheese, Share information milk sugar (lactose) and liquid whey protein concentrate are produced; Utena, which Share price (EUR) Trading Code: RSU1L specializes in the production of fresh dairy 2.5 products, butter and milk powders; while Ukmerge focuses on the production of quark 2.0 and quark products. 1.5

Every year the company undergoes signifi- 1.0 cant renovation and reconstruction, boldly introducing advanced technologies. 0.5 In 1998, the company was granted an EU vet- 0 erinary number, enabling it to export its pro- Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010 duction there. Rokiškio sūris was the first dairy company in Lithuania to be certified 2006 2007 2008 2009 2010 H1 as a safe food manufacturer. In 2001, the Market capitalization (MEUR) 75.60 96.99 21.40 33.40 37.41 company was awarded an HACCP certificate, As % of total Baltic equity cap 0.54 0.74 0.41 0.52 0.69 providing it with international recognition. In 2002, the HACCP system was introduced in Turnover (MEUR) 17.26 18.94 4.90 2.59 2.40 the subsidiaries as well. The international As % of total Baltic equity turnover 0.70 0.80 0.50 0.52 0.95 certification company, BVQI, awarded the Number of deals 1 691 3 258 2 238 1 836 545 company and its subsidiaries with the qual- ity certificate, ISO 9001, and the environ- mental management certificate, ISO 14001.

Company profiles: Rokiškio sūris 63 NASDAQ OMX Vilnius Žemaitijos pienas Secondary list Consumer Staples

Contact information

Address: Sedos str. 35, Telšiai LT-87101, Lithuania Telephone: +370 4442 2201 / Fax: +370 4447 4897 E-mail: [email protected] / Webpage: www.zpienas.lt IR contact: Ligita Šniaukaitė / Management Secretary

Company in brief Company information

Žemaitijos pienas, one of the region’s largest Listing date: October 13, 1997 milk processing companies, was established Total number of shares: 48 375 000 in 1924 in Telsiai. Almost 3 000 employees Free float: 44.71% work at the company. Today, the company Main shareholders: produces more than 200 new and popu- Algirdas Pažemeckas 44.15% lar dairy products, including a new group of Skandinaviska Enskilda Banken (clients) (Sweden) 10.52% eco-friendly dairy products, fermented and Klaipėdos pienas AB 7.45% melted cheeses, the only unripened cheese sticks in Lithuania, milk, sour milk, yogurt, Danutė Pažemeckienė 6.25% sour cream, cream, curd, coated sweet curd cheeses, natural and flavored butter as well as many other products. Financial information Žemaitijos pienas, operating on a system of 2006 2007 2008 2009 2010 H1 self-control, strictly monitors the raw mate- Sales (MEUR) 111.00 134.45 136.65 107.99 56.68 rials and production processes used by the company. The company’s laboratory, which Profit / Loss (MEUR) 3.74 7.10 -1.07 3.26 0.76 has been accredited under international Total assets (MEUR) 46.87 48.04 58.41 52.77 48.95 standards, analyses the finished products, Dividend per share (EUR) 0.06 ---- following the latest methodologies. Auditor in 2009: Nepriklausomas auditas UAB In 1998, Žemaitijos pienas received EU certi- Main subsidiaries with results consolidated into corporate: fication, which confirms the high quality of Tarpučių Pienas ŽUK (10.80%), Šilutės Rambynas ABF (87.82%). the products. Žemaitijos pienas’ products are being exported to the EU, Russia, USA, Canada, etc. Share information The high quality of the products is proved not only by their popularity, but also by an abun- Share price (EUR) Trading Code: ZMP1L dance of awards in national and interna- 0.8 tional exhibitions and contests. Constantly increasing sales of Žemaitijos pienas’ prod- 0.6 ucts prove that the company has a strong and stable position in the dairy products 0.4 market and is capable of keeping ahead of the competition. 0.2

Žemaitijos pienas applies a modern and 0 extremely reliable method of treating milk, Jan Jan Jan Jan Jan known as bactocatch. 2006 2007 2008 2009 2010

The company also produces whey pow- 2006 2007 2008 2009 2010 H1 der, which is exported around the world. Market capitalization (MEUR) 35.38 31.52 8.41 14.43 20.32 The powder is packed in a new packing line, As % of total Baltic equity cap 0.25 0.24 0.16 0.23 0.37 meeting strong quality requirements. Turnover (MEUR) 1.81 4.82 1.15 3.34 2.12 As % of total Baltic equity turnover 0.07 0.20 0.12 0.67 0.84 Number of deals 904 2 485 1 627 6 314 3 333

64 Company profiles: Žemaitijos pienas NASDAQ OMX Vilnius Vilkyškių pieninė Main list Consumer Staples

Contact information

Address: Vilkyškiai, Pagėgiai municipality LT-99254, Lithuania Telephone: +370 4415 5330 / Fax: +370 4415 5242 E-mail: [email protected] / Webpage: www.cheese.lt IR contact: Vilija Milaševičiutė / Finance Director

Company in brief Company information

Founded in 1993, Vilkyškių pieninė AB is cur- Listing date: May 17, 2006 rently one of the most up-to-date cheese Total number of shares: 11 943 000 factories in Lithuania, holding 17% of that Free float: 37.43% country’s cheese production market. Main shareholders: In January 2005, Vilkyškių pieninė AB was Gintaras Bertašius 50.38% restructured from a private limited company Orion Securities (clients) FMĮ UAB 14.62% into a public limited company and started a Linas Strėlis 8.50% new stage of activity. Skandinaviska Enskilda Banken AB 8.37% Today, the Vilkyškių pieninė AB group con- Finasta Group of Companies 6.57% sists of three companies: Vilkyškių pieninė Skandinaviska Enskilda Banken AB (clients) 5.33% AB, Modest AB and Kelmės pieninė AB. The main activity of the mother company is production and sales of various kinds of Financial information cheese. The company also produces and 2006 2007 2008 2009 2010 H1 sells whey products, raw milk and cream. Modest AB produces cheeses and various Sales (MEUR) 33.51 39.47 44.02 46.14 31.16 kinds of non-traditional cheese products, Profit / Loss (MEUR) 1.12 2.90 -3.47 1.95 0.75 such as blue cheese, feta cheese, ricotta Total assets (MEUR) 18.76 23.02 39.90 36.46 35.70 and various kinds of mozzarellas. Kelmės Dividend per share (EUR) 0.06 0.05 - 0.03 - pieninė AB produces fresh dairy products: Auditor in 2009: KPMG Baltics UAB milk, kefir, yogurt, sour cream and cottage Main subsidiaries with results consolidated into corporate: cheese products. This wide assortment of Modest AB (97%), Kelmės pieninė (AB 99%). dairy products allows successful competi- tion with other dairy processors. The main markets of Vilkyškių pieninė AB group are Share information in Lithuania, EU, Russia, and other Baltic countries. Share price (EUR) Trading Code: VLP1L From the very start, Vilkyškių pieninė AB has strived to improve the quality and variety of 2.0 its products. Over the past seven years, the 1.6 company has invested more than EUR 12m into modern production technologies to 1.2 increase automation and boost efficiency. 0.8

After implementing a quality manage- 0.4 ment program in 2000, Vilkyškių pieninė AB received an export license for EU coun- 0 May May May May May tries. In 2008, the company got ISO 9001 and 2006 2007 2008 2009 2010 ISO22000 certificates. The base of Vilkyškių pieninė’s success is 2006 2007 2008 2009 2010 H1 formed from reliable relationships with busi- Market capitalization (MEUR) 14.36 16.79 2.08 8.30 10.90 ness partners tested over time, rapid reac- As % of total Baltic equity cap 0.10 0.13 0.04 0.13 0.20 tions to the needs of customers and the Turnover (MEUR) 0.60 3.81 1.93 1.06 0.81 market, and the competence of employees. As % of total Baltic equity turnover 0.02 0.16 0.20 0.21 0.32 Equally important are its circle of reliable Number of deals 221 1 103 1 691 2 751 1 665 suppliers, established long-term sales rela- tionships and attractive pricing policy.

Company profiles: Vilkyškių pieninė 65 NASDAQ OMX Riga Baltic Market Grindeks Awards 2009 Best Investor Relations Online Main list Health Care

Contact information

Address: 53 Krustpils Street, Riga LV-1057, Latvia Telephone: +371 6708 3500 / Fax: +371 6708 3505 E-mail: [email protected] / Webpage: www.grindeks.lv IR contact: Vadims Rabša / Finance and Administrative director

Company in brief Company information

Based in Latvia, Grindeks is the leading phar- Listing date: June 1, 1998 maceutical companies in the Baltic states, Total number of shares: 9 585 000 with extensive know-how and experience in Free float: 55.81% research, development, manufacture, reg- Main shareholders: istration and sales of original cardiovascu- Kirovs Lipmans 33.29% lar and anti-cancer products, generics and Anna Lipmane 16.69% active pharmaceutical ingredients. Grindeks’ Pharmstandard OAO 11.38% products are exported to more than 40 coun- tries; exports account for more than 96% of Skandinavisa Enskilda Banker Nominal account 10.04% the company’s total turnover. The main mar- Swedbank AS Nominal account 6.57% kets are the Baltic states, Russia and other CIS countries, Japan, the USA. Financial information Grindeks’ origins date back to 1946. Since 2006 2007 2008 2009 2010 H1 then it has grown considerably and is deve- Sales (MEUR) 60.09 73.24 88.37 76.23 45.69 loping into a pharmaceutical company of European significance. The Grindeks Group Profit / Loss (MEUR) 9.42 10.13 12.85 5.08 5.87 consists of four subsidiaries in Latvia, Esto- Total assets (MEUR) 68.08 77.20 90.47 105.20 116.31 nia and Russia, as well as representa- Dividend per share (EUR) ----- tives and representative offices in fourteen Auditor in 2009: BDO Invest Riga countries. Main subsidiaries with results consolidated into corporate: JSC Kalceks, Latvia (98.7%), In developing its business, Grindeks focu-ses Namu apsaimniekosanas projekti Ltd., Latvia (100%), JSC Tallinn Pharmaceutical Plant, Estonia (100%), Grindeks Rus Ltd., Russia (100%). on expanding its pharmaceutical holdings by acquiring other pharmaceutical com- panies, spreading its international sales Share information network and developing new markets (China, Vietnam, Turkey, Eastern Europe Share price (EUR) Trading Code: GRD1R etc.). Grindeks continuously develops its product portfolio and registers its medica- 14 tions worldwide, in addition to increasing its 12 production capacities. 10 Grindeks constantly modernizes its manu- 8 facturing infrastructure, introducing modern 6 technologies and ensuring their com- 4 pliance with international quality stan- 2 dards – GMP, GLP, GDP, FDA, TGA, MHLW, Jan Jan Jan Jan Jan ISO 9001:2008, ISO 14001:2004. 2006 2007 2008 2009 2010 In 2008 and 2009, Grindeks received the Bal- tic Corporate Excellence Award as the best 2006 2007 2008 2009 2010 H1 Latvian company listed on the NASDAQ OMX Market capitalization (MEUR) 98.20 74.87 44.05 51.83 76.37 Baltic exchange. As % of total Baltic equity cap 0.71 0.57 0.85 0.81 1.41 Turnover (MEUR) 23.02 22.46 5.47 4.22 2.13 As % of total Baltic equity turnover 0.94 0.94 0.56 0.85 0.84 Number of deals 1 881 2 624 2 240 2 607 577

66 Company profiles: Grindeks NASDAQ OMX Riga Olainfarm Main list Health Care

Contact information

Address: Rūpnīcu street 5, Olaine LV-2114, Latvia Telephone: +371 6701 3700 / Fax: +371 6701 3777 E-mail: [email protected] / Webpage: www.olainfarm.lv IR contact: Salvis Lapiņš / Member of the Management Board

Company in brief Company information

JSC “Olainfarm” is one of the leading man- Listing date: June 9, 1997 ufacturers of ready-made medications and Total number of shares: 14 085 078 chemical pharmaceutical ingredients in the Free float: 27,43% Baltic States. The company’s product port- Main shareholders: folio consists of more than 70 final dosage SIA Olmafarm 42,56% forms and 50 active pharmaceutical ingredi- HB-19 Investments Limited 26,17% ents and chemical intermediates. Olainfarm exports its production to more than 30 coun- tries worldwide. Financial information The company’s predecessor was the state- owned Olaine Chemical-Pharmaceutical 2006 2007 2008 2009 2010 H1 Plant, established in 1972. Olainfarm was Sales (MEUR) 23.77 26.98 28.58 31.93 17.83 formed following Olaine’s privatization in Profit / Loss (MEUR) 1.11 0.48 -2.06 3.36 2.55 1997. Total assets (MEUR) 36.10 40.82 45.05 43.48 45.62 The production activities of Olainfarm meet Dividend per share (EUR) ----- the requirements of Good Manufacturing Auditor in 2009: Ernst & Young Baltic SIA Practice (GMP), the Food and Drug Adminis- Main subsidiaries with results consolidated into corporate: SIA Reinolds (100%). tration (FDA) and ISO 14001. Olainfarm has significantly diversified both Share information markets and products, so no single coun- try accounts for more than 50% of the total Share price (EUR) Trading Code: OLF1R sales, and no one product makes up more than 18%. In the last five years, Olainfarm’s 20 sales have more than doubled. The company’s strategy is to develop and 16 produce products with higher value added 12 and strengthen the company’s position in existing and new markets. Currently the 8 company is in the process of launching a series of new products including: Olvazol®, 4 R-Fenibut and R-Fenotropil. Meldonium and Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010 Memantine, announced earlier, have already been launched and are being sold to sev- 2006 2007 2008 2009 2010 H1 eral markets, including Russia, Australia Market capitalization (MEUR) 46.05 47.10 7.62 18.84 23.45 and Canada. When fully launched they are expected to boost Olainfarm’s sales by 30% As % of total Baltic equity cap 0.33 0.36 0.15 0.29 0.43 per annum. Turnover (MEUR) 3.87 6.84 1.18 1.92 2.46 As % of total Baltic equity turnover 0.16 0.29 0.12 0.39 0.97 Number of deals 2 492 3 104 1 851 4 066 2 316

Company profiles: Olainfarm 67 NASDAQ OMX Vilnius Sanitas Main list Health Care

Contact information

Address: Veiverių 134 B, Kaunas LT-46352, Lithuania Telephone: +370 3722 6725 / Fax: +370 3722 3696 E-mail: [email protected] / Webpage: www.sanitas.lt IR contact: Rūta Milkuvienė / Director of Legal and Corporate Affairs

Company in brief Company information

AB Sanitas (hereinafter - Sanitas or Com- Listing date: September 13, 1994 pany) is the oldest and largest pharmaceu- Total number of shares: 31 105 920 tical company in Lithuania. Sanitas group Free float: 25.08% includes Sanitas, the Polish company Jelfa Main shareholders: SA and its subsidiaries Laboratorium Far- Invalda AB 23.32% maceutyczne Homeofarm sp.z.o.o and San- Baltic Pharma Limited 20.30% itas Pharma a.s. Jelfa SA has representative Citigroup Venture Capital International Jersey Limited 17.56% offices in Slovakia, Hungary, Bulgaria, Rus- sia and Ukraine. Amber Trust II S.C.A 12.71% The main activities of Sanitas group’s com- panies are the manufacture and sale of var- ious generic drugs, the development of Financial information new products, and toll manufacturing. The 2006 2007 2008 2009 2010 H1 group’s main markets are Poland, Russia, Sales (MEUR) 46.84 97.14 110.78 93.47 51.34 the Baltics and other Central and Eastern European countries. Today, Sanitas focuses Profit / Loss (MEUR) -2.12 10.80 -0.55 5.17 5.01 on the least competitive segments, regularly Total assets (MEUR) 210.11 222.76 217.90 201.74 197.30 renewing its product portfolio and strength- Dividend per share (EUR) - 0.17 --- ening its position in the Central European Auditor in 2009: Deloitte Lietuva UAB market. Main subsidiaries with results consolidated into corporate: Sanitas group has two production sites, Jelfa SA (100%), HBM Pharma s.r.o. (100%) located in Kaunas (Lithuania) and Jelenia Gora (Poland). Both of them have “Good Man- ufacturing Practice” certification. In order to Share information increase the efficiency of its production, Sanitas sold its site located in Martin (Slova- Share price (EUR) Trading Code: SAN1L kia) in July 2010. After this sale, the Sanitas group’s total productive capacity is 1 350m 12 units of tablets and capsules, 150m units of 10 solutions for injections, 50m units of oint- 8 ments, 15m bottles of eye drops and 15m 6 units of syringes. 4 Sanitas’ mission is to be a fast growing, mul- 2 tinational pharmaceutical company with a 0 strong focus on Central and Eastern Europe. Jan Jan Jan Jan Jan It also aims to be one of the best in terms 2006 2007 2008 2009 2010 of efficiency and customer confidence. Over the next 3–5 years, Sanitas is planning to 2006 2007 2008 2009 2010 H1 focus on its own product portfolio and con- Market capitalization (MEUR) 122.52 269.37 78.29 85.85 121.35 tinue its roll-out of new branded generic As % of total Baltic equity cap 0.88 2.06 1.51 1.34 2.24 pharmaceuticals in its targeted therapeu- Turnover (MEUR) 5.98 18.46 8.02 3.57 1.80 tic niches. As % of total Baltic equity turnover 0.24 0.78 0.82 0.72 0.71 Number of deals 3 125 4 986 4 781 3 303 1 718

68 Company profiles: Sanitas NASDAQ OMX Tallinn Arco Vara Main list Financials

Contact information

Address: Jõe 2B, Tallinn 10151, Estonia Telephone: +372 614 4600 / Fax: +372 614 4601 E-mail: [email protected] / Webpage: www.arcorealestate.com IR contact: Rein Rätsep / CFO

Company in brief Company information

Arco Vara is one of the leading real estate Listing date: June 21, 2007 developers in the Baltics. Supported by its Total number of shares: 4 741 707 brokerage network, construction arm and Free float: 26.16% service division, Arco Vara Group is able to Main shareholders: cover all services related to a property, from Freier Projekt OÜ 23.58% its cost-benefit analysis, brokerage, valua- OÜ Toletum 21.89% tions, development, construction and facil- OÜ HM Investeeringud 21.90% ity management. Gamma Holding OÜ 6.47% The company was established in 1992 as a real estate agency. In 1996 its first devel- opment project was launched in Tallinn and 1997, the group expanded into Latvia. Arco Financial information Vara has operations and assets in Estonia, 2006 2007 2008 2009 2010 H1* Latvia, Bulgaria and Ukraine. The group cur- Sales (MEUR) 30.91 46.48 42.17 25.87 8.71 rently has branches in 17 different regions and employs more than 160 people. Profit / Loss (MEUR) 13.89 15.05 -74.15 -20.73 -1.14 Total assets (MEUR) 144.27 227.78 125.94 88.15 74.53 Arco Vara has long held experience in the real estate business and the highest pro- Dividend per share (EUR) 0.02 0.025 --- fessional competence. The company’s suc- Auditor in 2009: Ernst & Young Baltic AS cessful track record has enabled it to build Main subsidiaries with results consolidated into corporate: Arco Investeeringute AS (100%), up a significant land bank in addition to its Arco Ehitus OU (100%), Arco Real Estate AS (100%). existing developments portfolio. This gives * Rules for consolidating Group results have changed in 2010. the company the flexibility to carry through developments on its own. Share information

Share price (EUR) Trading Code: ARC1T

50

40

30

20

10

0 Jun Jun Jun Jun 2007 2008 2009 2010

2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) - 138.16 16.20 16.20 16.07 As % of total Baltic equity cap - 1.06 0.31 0.25 0.30 Turnover (MEUR) - 80.15 36.79 11.69 3.24 As % of total Baltic equity turnover - 3.37 3.76 2.36 1.28 Number of deals - 10 327 6 769 11 549 3 596

Company profiles: Arco Vara 69 NASDAQ OMX Vilnius Invalda Main list Financials

Contact information

Address: Šeimyniškių str. 1A, Vilnius LT-09312, Lithuania Telephone: +370 5279 0601 / Fax: +370 5279 0530 E-mail: [email protected] / Webpage: www.invalda.lt IR contact: Vytautas Plunksnis / Investment manager

Company in brief Company information

Invalda AB, an investment company, was Listing date: December 19, 1995 established in 1992 and has been listed Total number of shares: 51 659 758 on the NASDAQ OMX Vilnius exchange since Free float: 28.13% 1995. Invalda AB actively manages its invest- Main shareholders: ments, with the largest part of its assets Irena Ona Mišeikienė 26.69% currently allocated to Poland and Lithua- Vytautas Bučas 18.56% nia. The main portfolio companies with most Algirdas Bučas 9.02% interests in Poland are in the road and bridge construction (Kauno Tiltai, Tiltra Group and Alvydas Banys 6.16% Poldim) and pharmaceutical (Sanitas, Jelfa) Darius Šulnis 5.70% sectors. Invalda group’s companies are also involved in furniture manufacturing (Vilniaus Baldai), various real estate projects and Financial information facilities management services (Invalda Real Estate Fund, Invalda Service and other com- 2006 2007 2008 2009 2010 H1 panies), IT infrastructure (Baltic Amadeus Sales (MEUR) 64.98 73.45 89.62 62.94 33.31 Infrastructure Services) and several other Profit / Loss (MEUR) 21.88 25.36 -26.52 -24.81 3.52 smaller businesses. Total assets (MEUR) 271.67 346.63 255.57 176.70 164.08 Main investments of Invalda are: Dividend per share (EUR) 0.07 0.09 --- • Road and bridge construction companies Auditor in 2009: PricewaterhouseCoopers UAB Kauno Tiltai, Tiltra Group and Poldim group, Main group companies: Kauno Tiltai AB, Tiltra Group AB and Poldim S.A., Sanitas AB, with combined (pro-forma) sales in 2009 Jelfa SA, Vilniaus Baldai AB, Invalda nekilnojamojo turto fondas AB, Invalda Service UAB, of 291.4 MEUR, EBITDA of 28.8 MEUR and Baltic Amadeus infrastruktūros paslaugos UAB. net profit of 17.4 MEUR. Invalda’s stake is about 44%, the companies are unlisted; Share information • Generic pharmaceuticals producer San- itas, with sales in 2009 of 93.5 MEUR, Share price (EUR) Trading Code: IVL1L EBITDA of 21.5 MEUR and net profit of 5.2 MEUR. Invalda’s stake is about 26%, the 6 company is listed; 5 • Furniture manufacturing company Vilniaus 4 Baldai, with sales in 2009 of 43.1 MEUR, 3 EBITDA of 7.7 MEUR and net profit of 4.5 2 MEUR. Invalda’s stake is72%, the company 1 is listed. 0 Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010

2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) 162.68 211.44 20.59 22.68 44.29 As % of total Baltic equity cap 1.17 1.61 0.40 0.36 0.82 Turnover (MEUR) 11.47 23.27 13.64 4.11 2.48 As % of total Baltic equity turnover 0.47 0.98 1.39 0.83 0.98 Number of deals 8 808 11 508 9 162 8 443 4 527

70 Company profiles: Invalda NASDAQ OMX Riga Latvijas Krājbanka Secondary list Financials

Contact information

Address: Jana Dalina street 15, Riga LV-1013, Latvia Telephone: +371 6709 2020 / Fax: +371 6709 2070 E-mail: [email protected] / Webpage: www.lkb.lv IR contact: Kristīne Ozolniece / Expert of public relations

Company in brief Company information

JSC Latvijas Krājbanka is the oldest com- Listing date of ordinary shares: October 27, 2004 mercial bank in Latvia. It started operations Listing date of preferance shares: April 17, 2007 in 1924 as the Latvian Postal Service Sav- Total number of ordinary shares: 19 321 414 ings Bank during the first period of Latvian Total number of preference shares: 2 834 independence. In 2009 Latvijas Krājbanka Free float: 14.81% celebrated its 85th anniversary. Its biggest Main shareholders: shareholder is AB Bankas Snoras (85.19%). AB Bankas Snoras 85.19% Krājbanka is a universal network of commer- Ratto Holdings Limited 6.28% cial banks offering a full-range of services to businesses and private individuals, both Financial information residents and non-residents. The bank has the widest client service network in Latvia, 2006 2007 2008 2009 2010 H1 thus providing a convenient service for its Net interest income (MEUR) 16.30 22.41 27.63 13.98 -0.08 clients throughout the state. It ranks first Profit / Loss (MEUR) 5.75 7.05 3.96 -2.75 -6.59 among Latvian commercial banks in terms Total assets (MEUR) 576.45 955.24 969.65 806.44 852.18 of the number of client service centers it Dividend per share LKB1R (EUR) 0.28 0.30 --- operates (113 – 30.06.2010). While, with regards to ATMs, Krajbanka ranks third with Dividend per share LKB2R (EUR) 0.58 0.60 0.35 -- 190 machines. Auditor in 2009: Ernst & Young Baltic SIA Main subsidiaries with results consolidated into corporate: SIA LKB Līzings (100%), The bank retains stable numbers of clients AS Ieguldījumu pārvaldes sabiedrība LKB Krājfondi (100%), AS LKB LIFE (99,79%), and deposit accounts; Krājbanka has the SIA Krājinvestīcijas (100%), SIA LKB Drošība (100%), SIA LKB Collect (100%), SIA LKB Rīgas third largest amount of deposits by private īpašumi (100%), SIA Jēkaba 2 (100%), SIA LKB property (100%), SIA Brīvības 38 (100%). persons. Its activity is also directed towards attracting corporate clients. Share information For the fourth time in 2010, Krājbanka received the “Deutsche Bank’s STP Excel- Share price (EUR) Trading Code: LKB1R / LKB2R lence Award”, confirming the processing 16 quality of the bank’s outgoing payments. At the same time, the SNORAS group received 12 the World Finance Banking Award for the best Banking Group in the Baltics from the 8 World Finance organization. 4 In order to maintain the loyalty of Latvia’s residents and its small-and-medium enter- 0 prises, the bank will continue to prioritize its Jan Jan Jan Jan Jan clients’ needs, keeping up with all the latest 2006 2007 2008 2009 2010 developments. 2006 2007 2008 2009 2010 H1 LKB1R LKB1R LKB1R LKB1R LKB1R LKB2R LKB2R LKB2R LKB2R LKB2R 63.49 89.87 14.00 21.44 32.99 Market capitalization (MEUR) - 0.03 0.03 0.02 0.03 0.46 0.69 0.27 0.34 0.61 As % of total Baltic equity cap - 0.00 0.00 0.00 0.00 0.86 4.71 0.84 0.18 0.07 Turnover (MEUR) - 0.00 0.00 0.00 0.00 0.04 0.20 0.09 0.06 0.03 As % of total Baltic equity turnover - 0.00 0.00 0.00 0.00 1 331 3 779 1 973 631 221 Number of deals - 6 26 5 2

Company profiles: Latvijas Krājbanka 71 NASDAQ OMX Vilnius Snoras Secondary list Financials

Contact information

Address: A.Vivulskio str. 7, Vilnius LT-03221 , Lithuania Telephone: +370 5239 2239 / Fax: +370 5232 7300 E-mail: [email protected] / Webpage: www.snoras.com IR contact: Vladimir Streckij / Director of Brokerage Department

Company in brief Company information

During its eighteen years of activity (since Listing date of ordinary shares: January 24, 1994 1992), AB Bank SNORAS has become one of Listing date of preferance shares: December 28, 2006 the largest banks in Lithuania, with the most Total number of ordinary shares: 474 217 107 expansive and modern customer service Total number of preference shares: 2 000 000 network in Lithuania: ten regional branches, Free float*: 6.6% fourteen branch outlets, 230 territorial divi- Main shareholders*: sions and 339 ATMs. The bank has success- Vladimir Antonov 68.10% fully strengthened its position in Lithuania’s retail and corporate banking market. AB Bank Raimondas Baranauskas 25.31%

SNORAS owns branches in Estonia and Lat- * Free float and Main shareholders are shown as of August 17, 2010 after increase of the authorized capital. via, as well as representative offices in the United Kingdom, Belgium, the Czech Repub- Financial information lic, Ukraine and Belarus. 2006 2007 2008 2009 2010 H1* On 1st July 2010, AB Bank SNORAS was the Net interest income (MEUR) 43.80 56.88 63.82 18.49 10.68 third largest bank in Lithuania in terms of total deposits collected, the fourth larg- Profit / Loss (MEUR) 18.92 21.12 6.76 -12.78 2.90 est by capital and the fifth largest by total Total assets (MEUR) 1 893.96 2 605.71 2 447.79 2 615.95 2 806.04 assets. Over a million clients use the ser- Dividend per share SRS1R (EUR) 0.03 0.03 --- vices of the Bank. Dividend per share SRS2R (EUR) 0.29 0.29 --- AB Bank SNORAS directly manages eight Auditor in 2009: Ernst & Young Baltic UAB subsidiary companies in Lithuania, Lat- Main subsidiaries with results consolidated into corporate: AS Latvijas Krajbanka, via and Estonia. The SNORAS Group consol- JSC Finasta Holdig, JSC SNORO lizingas, JSC SNORAS Investment Management, JSC SNORAS Media. idates thirty one companies, which provide retail, corporate, investment banking, asset * Data for Snoras Financial Group only. management and other services for market Share information participants in the Baltic States and abroad. In July 2010 AB bank SNORAS was named Share price (EUR) Trading Code: SRS1L / SRS2L the best financial group in the Baltic States in 2010 (“Best Banking Group Baltics 2010”) 6 by “World Finance” and the users of www. 5 worldfinance.com. This is the first award of 4 its kind to be given to a bank operating in the 3 Baltic States. 2 The shares of AB Bank SNORAS have been 1 listed on the Secondary list of NASDAQ OMX Vilnius since 24 January 1994. Since 1 July 0 Jan Jan Jan Jan Jan 2009, the registered ordinary shares of AB 2006 2007 2008 2009 2010 Bank SNORAS have been included in OMX Bal- tic 10 index. 2006 2007 2008 2009 2010 H1 SRS1L SRS1L SRS1L SRS1L SRS1L SRS2L SRS2L SRS2L SRS2L SRS2L 153.27 248.03 43.13 113.51 104.43 Market capitalization (MEUR) 10.57 7.15 2.90 2.68 3.19 1.10 1.89 0.83 1.78 1.92 As % of total Baltic equity cap 0.08 0.05 0.06 0.04 0.06 10.35 29.67 8.66 17.08 4.75 Turnover (MEUR) 0.62 2.39 1.18 0.44 0.17 0.42 1.25 0.89 3.45 1.87 As % of total Baltic equity turnover 0.03 0.10 0.12 0.09 0.07 6 360 10 206 12 334 24 027 6 644 Number of deals 352 1 155 982 962 366 72 Company profiles: Snoras NASDAQ OMX Vilnius Šiaulių bankas Main list Financials

Contact information

Address: Tilžės str. 149, Šiauliai LT-76348, Lithuania Telephone: +370 4159 5602 / Fax: +370 4143 0774 E-mail: [email protected] / Webpage: www.sb.lt IR contact: Donatas Savickas / Deputy CEO

Company in brief Company information

Šiaulių bankas was established in 1992. Listing date: November 29, 1994 Since 1994, when the first territorial subdi- Total number of shares: 204 857 533 visions of the Bank started their operation, Free float: 51.64% Šiaulių bankas has expanded its network Main shareholders: to 51 territorial subdivisions operating in 31 European Bank for Reconstruction and Development 22.44% towns of the country. Gintaras Kateiva 7.28% Šiaulių bankas provides all the traditional Algirdas Butkus 5.17% services of commercial bank. It has a strong position in the sector providing credit for small and medium-sized enterprises. A pri- Financial information ority for the bank is financing municipal and regional projects, also expanding its ser- 2006 2007 2008 2009 2010 H1 vices to individuals. Šiaulių bankas actively Net interest income* (MEUR) 8.79 10.88 12.38 7.99 3.48 participates in state-supported credit pro- Profit / Loss* (MEUR) 3.95 7.89 5.08 -8.72 -3.22 grams as well as suggesting new bank- Total assets* (MEUR) 390.42 583.05 593.63 596.41 625.45 ing products and sources of finance to its Dividend per share* (EUR) 0.006 0.006 --- customers. Auditor in 2009: PricewaterhouseCoopers UAB In 2010 Šiaulių bankas started implement- Main subsidiaries with results consolidated into corporate: none. ing the JEREMIE initiative, financed by the European Investment Fund (EIF), accord- * All figures are non-consolidated ing to which the bank will extend more than EUR 40m to small and medium-sized enter- prises. Seeking to improve crediting condi- Share information tions, Šiaulių bankas has also participated in a state-supported program to modern- Share price (EUR) Trading Code: SAB1L ize multi-apartment buildings - the bank 1.2 became the first financial partner of the 1.0 European Investment Bank (EIB) in Lithuania, using the JESSICA financial instrument. 0.8 0.6 The major shareholder of the bank is the European Bank for Reconstruction and 0.4 Development (EBRD), which currently pos- 0.2 sesses 22.44% of the authorized capital. The 0 largest part of Šiaulių bankas’ capital is com- Jan Jan Jan Jan Jan prised of Lithuanian capital - 71.44% of the 2006 2007 2008 2009 2010 Bank’s shares are owned by residents and 2006 2007 2008 2009 2010 H1 individuals of Lithuania. Market capitalization (MEUR) 123.16 160.90 48.58 58.50 59.33 The fact that the bank actively participates in As % of total Baltic equity cap 0.89 1.23 0.94 0.92 1.09 the credit market contributes to the increas- ing popularity in Lithuania of new models of Turnover (MEUR) 14.53 71.25 24.33 5.54 1.97 fostering business, paying particular atten- As % of total Baltic equity turnover 0.59 2.99 2.49 1.12 0.78 tion to public, cultural and social projects. Number of deals 6 735 16 279 11 371 6 621 2 469 This leads to favorable conditions for the implementation of the Bank’s strategy – to grow organically and develop its activity in Lithuania.

Company profiles: Šiaulių bankas 73 NASDAQ OMX Tallinn Trigon Property Development Main list Financials

Contact information

Address: Viru Väljak 2, Tallinn 10111, Estonia Telephone: +372 667 9200 / Fax: +372 667 9201 E-mail: [email protected] / Webpage: www.trigonproperty.com IR contact: Ülo Adamson

Company in brief Company information

Trigon Property Development was estab- Listing date: June 5, 1997 lished on Feburary 17, 1945. It was listed on Total number of shares: 4 499 061 the main list of the Tallinn Stock Exchange Free float: 40.38% in June 1997. Main shareholders: Trigon Property Development has evolved as OÜ Trigon Wood 59.62% a result of the division of AS Viisnurk on Sep- ING Luxembourg S.A. 10.11% tember 19, 2007, when the property develop- ment and the furniture and building material divisions were divided into separate compa- Financial information nies. Since then, the core business activity of Trigon Property Development is property 2006 2007 2008 2009 2010 H1 development in central and eastern Europe. Sales (MEUR) 0.03 0.02 0.03 0.04 0.01 Profit / Loss (MEUR) 5.14 2.38 -0.84 -3.81 -0.01 Currently Trigon Property Development owns one property development project, which is Total assets (MEUR) 17.32 8.80 7.96 4.18 4.19 a 40ha land-area in Pärnu city, Estonia. The Dividend per share (EUR) ----- company is developing this site for logistics, Auditor in 2009: PricewaterhouseCoopers AS warehousing and light industrial purposes. Main subsidiaries with results consolidated into corporate: VN Niidu Kinnisvara OÜ.

Share information

Share price (EUR) Trading Code: TPD1T

4

3

2

1

0 Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010

2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) 13.54 7.33 1.75 1.98 2.43 As % of total Baltic equity cap 0.10 0.06 0.03 0.03 0.04 Turnover (MEUR) 2.55 3.74 0.27 0.29 0.12 As % of total Baltic equity turnover 0.10 0.16 0.03 0.06 0.05 Number of deals 1 708 1 582 444 553 210

74 Company profiles: Trigon Property Development NASDAQ OMX Vilnius Ūkio bankas Main list Financials

Contact information

Address: Maironio str. 25, Kaunas LT-44250, Lithuania Telephone: +370 3730 1301 / Fax: +370 3732 3188 E-mail: [email protected] / Webpage: www.ub.lt IR contact: M. Arlauskas / Head of Financial Institutions and Fund Raising

Company in brief Company information

Established in 1989 as the first private com- Listing date: August 2, 1994 mercial bank in Lithuania, Ūkio bankas is Total number of shares: 245 824 000 now operating a countrywide retail banking Free float: 63.41% network of 12 branches and 47 client ser- Main shareholders: vice units. Ūkio bankas has representative Vladimir Romanov 32.95% offices in Kiev and Almaty. Universal Business Investment Group Management UAB 9.99% Ūkio bankas is primarily focused on domes- Zinaida Romanova 8.73% tic commercial banking activities, followed FIRST Partneriai UAB 7.76% by retail customer banking. The bank offers a full range of financial services for both corporate and private clients: retail banking, commercial and corporate banking, secu- Financial information rities brokerage and investment banking, 2006 2007 2008 2009 2010 H1 international banking, foreign exchange and Net interest income (MEUR) 22.59 34.02 37.87 18.11 1.13 money market operations as well as internet banking. The company’s subsidiaries, Ūkio Profit / Loss (MEUR) 12.59 22.35 13.24 -20.42 0.65 banko lizingas, Ūkio Banko Investicijų Valdy- Total assets (MEUR) 927.50 1 251.88 1 152.72 1 244.38 1 364.67 mas and Ūkio Banko Rizikos Kapitalo Valdy- Dividend per share (EUR) 0.003 0.006 --- mas, supplement the range of its financial Auditor in 2009: Deloitte Lietuva UAB services with lease, investment manage- Main subsidiaries with results consolidated into corporate: UAB Ūkio Banko Lizingas (100%), ment and venture capital management UAB GD Bonum Publicum (100%), UAB Ūkio Banko Investicijų Valdymas (100%), UAB Ūkio services. Banko Rizikos Kapitalo Valdymas (100%), RAB Ūkio Bank Lizing* (100%), UAB Investicinio turto valdymas (100%), UAB Turto valdymo paslaugos (100%). In 2006, Ūkio bankas became the first finan- * UAB Ūkio Banko Rizikos Kapitalo Valdymas owns 100% of the shares of RAB Ūkio Bank Lizing cial company to be included on the Baltic Main List. In May 2010 the international capital and Share information financial market magazine, Euromoney, honored Ūkio bankas with two prestigious awards. Ūkio bankas was named the best Share price (EUR) Trading Code: UKB1L local bank in Lithuania’s private banking and 1.6 wealth management survey for 2010 and the best provider of private banking services in 1.2 Lithuania. 0.8 Ūkio bankas plans to achieve further growth by expanding its range of services and prod- 0.4 ucts, leading to an increase in the number of clients and activity. 0 Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010

2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) 200.11 210.79 42.16 75.47 59.09 As % of total Baltic equity cap 1.44 1.61 0.81 1.18 1.09 Turnover (MEUR) 75.28 136.04 64.81 33.56 12.55 As % of total Baltic equity turnover 3.06 5.71 6.62 6.78 4.95 Number of deals 22 556 47 158 53 664 38 316 12 744

Company profiles: Ūkio bankas 75 NASDAQ OMX Riga Baltic Market Best Investor Relations among Small Cap Companies SAF Tehnika Awards 2009 Best Investor Relations in NASDAQ OMX Riga Main list Best Investor Relations Online Information Technology

Contact information

Address: Ganību dambis 24a, Riga LV-1005, Latvia Telephone: +371 6704 6840 / Fax: +371 6704 6809 E-mail: [email protected] / Webpage: www.saftehnika.com IR contact: Aira Loite / CFO, Member of the Management Board

Company in brief Company information

JSC SAF Tehnika is a Latvian designer, manu- Listing date: May 26, 2004 facturer and distributor of digital microwave Total number of shares: 2 970 180 data transmission equipment. SAF Tehnika Free float: 36.96% products provide wireless backhaul solu- Main shareholders: tions for digital voice and data transmission Didzis Liepkalns 17.05% to mobile and fixed network operators, data Maleks S, SIA 10.72% service providers, governments and private Andrejs Grišāns 10.03% companies. Skandinavisa Enskilda Banker Nominal account 9.98% Located in Northern Europe, SAF Teh- Normunds Bergs 9.74% nika managed to acquire and consolidate Juris Ziema 8.71% the region’s microelectronics industry and spread its presence to almost 100 coun- Swedbank AS Nominal account 8.50% tries, covering all relevant market segments Vents Lācars 6.08% worldwide within just a decade. Financial information SAF was first registered as an enterprise in 1994, with SAF Tehnika registered in 1999. 05/06* 06/07* 07/08* 08/09* 09/10* In 2002 the company obtained ISO 9001 cer- Sales (MEUR) 18.87 19.01 15.15 12.56 14.55 tification and in 2004 launched a success- ful IPO on the Riga Stock Exchange (NASDAQ Profit / Loss (MEUR) 2.28 0.23 -0.67 -1.77 2.12 OMX Riga). In 2006, SAF Tehnika launched its Total assets (MEUR) 15.80 15.48 13.21 10.89 14.50 CFQ product line - high capacity radio equip- Dividend per share (EUR) 0.28 -- 0.33 - ment; in 2008 the new CFIP product line Auditor in 2009/2010: Potapoviča un Andersone, SIA - SAF’s Next Generation Microwave Radio Main subsidiaries with results consolidated into corporate: none.

System was presented. * Financial year starts July 1st ends June 30th The strengths of SAF Tehnika are highly reliable and durable products produced in Share information Europe, strong research and development capabilities, a flexible business approach, professional pre and after-sales support, Share price (EUR) Trading Code: SAF1R fast warranty service and a worldwide part- 20 ners network. 16 By reinvesting its profits into its research and development, the company aims to bet- 12 ter meet the needs of its customers. 8

The main targets for the company in the 4 coming years are to achieve steady growth, maintaining high production quality and 0 Jan Jan Jan Jan Jan customer satisfaction levels and to regain a 2006 2007 2008 2009 2010 1% share of the world’s microwave market. The total number of employees on June 30, 2006 2007 2008 2009 2010 H1 2009 was 143. Market capitalization (MEUR) 51.74 4.86 1.94 2.03 4.23 As % of total Baltic equity cap 0.37 0.04 0.04 0.03 0.08 Turnover (MEUR) 8.91 10.53 0.99 0.69 0.46 As % of total Baltic equity turnover 0.36 0.44 0.10 0.14 0.18 Number of deals 259 1 482 1 911 1 642 699

76 Company profiles: SAF Tehnika NASDAQ OMX Vilnius Baltic Market Best Investor Relations in the Baltic Countries TEO LT Awards 2009 Best Investor Relations in NASDAQ OMX Vilnius Main list Best Investor Relations Online Telecommunication Services

Contact information

Address: Lvovo str. 25, Vilnius LT-03501, Lithuania Telephone: +370 5262 1511 / Fax: +370 5212 6665 E-mail: [email protected] / Webpage: www.teo.lt IR contact: D. Džiaugys / Head of Information Sector, Corporate Communication

Company in brief Company information

TEO LT, AB is the largest integrated tele- Listing date: June 12, 2000 communication, IT and television services Total number of shares: 776 817 518 provider in Lithuania. TEO Group is a part Free float*: 31.47% of TeliaSonera Group, which provides tele- Main shareholders*: communications services in 20 markets in Amber Teleholding A/S (subsidiary of TeliaSonera AB) 62.94% Europe and Asia. East Capital Asset Managment AB 5.82% TEO has the largest share of the markets for TeliaSonera AB 5.14% fixed voice telephony, internet, data com- munication and leased lines in Lithuania. The * Free float and Main shareholders are shown as of September 9, 2010 after cancellation of the Company’s treasury stocks. company is also a leading provider of inter- net and digital terrestrial television services in the country. TEO’s subsidiary, Lintel, has Financial information the largest share of the directory inquiry ser- 2006 2007 2008 2009 2010 H1 vices market in Lithuania and another sub- Sales (MEUR) 212.82 229.80 239.30 236.20 112.08 sidiary, Baltic Data Center, is a leader in the data center business in the Baltic States. Profit / Loss (MEUR) 37.77 47.16 46.31 48.97 24.20 Total assets (MEUR) 361.75 349.18 342.51 333.27 302.89 In terms of revenue, TEO has 95% of the fixed voice telephony and 40% of the broadband Dividend per share (EUR) 0.08 0.07 0.07 0.06 - internet market in Lithuania. At the end of Auditor in 2009: PricewaterhouseCoopers UAB 2009, the company had 722 000 telephone Main subsidiaries with results consolidated into corporate: UAB Lintel (100%), UAB Baltic lines, 313 000 broadband internet connec- Data Center (100%), UAB Interdata (100%). For the complete list see www.teo.lt. tions and 102 000 TV services users. TEO Group employs more than 3 200 people. Since 2005 the company has been imple- Share information menting the Corporate Social Responsibil- ity (CSR) concept in business and was one of Share price (EUR) Trading Code: TEO1L the first to publish a CSR Report in 2006. 1.0 The company’s vision states that TEO is your best partner in communication, with the 0.8 constantly changing world. The company’s mission is to create value for shareholders 0.6 and customers by providing professional, 0.4 high-quality telecommunications, TV and IT services. 0.2 TEO’s awards in 2009: Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010 • Lithuania’s most successful listed company (Baltic Corporate Excellence 2006 2007 2008 2009 2010 H1 Awards) Market capitalization (MEUR) 651.40 559.36 273.78 431.91 481.47 • Innovative Company (Innovation Award) As % of total Baltic equity cap 4.69 4.27 5.29 6.76 8.87 • The “greenest” enterprise (The Ministry of Environment Awards) Turnover (MEUR) 92.19 145.80 75.64 79.56 25.50 • Socially Responsible Enterprise 2009 As % of total Baltic equity turnover 3.75 6.12 7.73 16.07 10.07 (National Responsible Business Awards) Number of deals 18 169 30 179 30 449 28 570 9 838

Company profiles: TEO LT 77 NASDAQ OMX Vilnius Lietuvos elektrinė Secondary list Utilities

Contact information

Address: Elektrinės str. 21, Eelektrėnai LT-26108, Lithuania Telephone: +370 5283 9066 / Fax: +370 5283 9733 E-mail: [email protected] / Webpage: www.lelektrine.lt IR contact: Rolandas Jankauskas / CFO

Company in brief Company information

Lietuvos elektrinė was established on Listing date: February 1, 2002 December 31, 2001, following the reorgani- Total number of shares: 145 800 689 zation of Lietuvos Energija. In 1972, the com- Free float: 4.46% pany finished building the biggest thermal Main shareholders: energy plant in Lithuania, with four energy Visagino Atominė Elektrinė UAB 95.54% blocks each generating 150 MW and four more producing 300 MW, in total 1,800 MW of installed power. Financial information

Lietuvos elektrinė manufactures, sup- 2006 2007 2008 2009 2010 H1 plies and distributes electricity and thermal Sales (MEUR) 55.25 75.95 112.30 120.17 109.65 energy. Profit / Loss (MEUR) 7.24 9.82 -9.94 26.23 2.04 After the decommissioning of the first block Total assets (MEUR) 408.63 454.559 488.02 617.05 852.64 of the Ignalina nuclear power plant, Lietu- Dividend per share (EUR) - 0.004 - 0.02 - vos elektrinė became the main producer of Auditor in 2009: Deloitte Lietuva UAB electricity in the country. In meeting grow- Main subsidiaries with results consolidated into corporate: none. ing demand and in order to reduce the cost of electricity, a new 445 MW combined gas cycle turboblock is being built. The value of Share information this project totals EUR 329m. The new turbo block is scheduled to be ready for 2012. The Share price (EUR) Trading Code: LEL1L company’s technology allows for the burn- ing of other liquid fuels, like fuel oil and other 2.5 cheaper emulsions in line with eco require- ments. This makes the company indepen- 2.0 dent from any single fuel source. To ensure a reliable performance in the future, a num- 1.5 ber of modernizations and repair works have 1.0 been completed. Having invested about EUR 289m (LTL 1 bn) into its modernization during 0.5 the last ten years, the company will serve as Jan Jan Jan Jan Jan a reliable source of energy and power over 2006 2007 2008 2009 2010 the next ten years. 2006 2007 2008 2009 2010 H1 In 2010 the reorganization of the Lithua- Market capitalization (MEUR) 189.60 257.58 162.57 215.36 187.91 nian electricity sector was launched, aim- As % of total Baltic equity cap 1.36 1.97 3.14 3.37 3.46 ing to organize the country’s electricity infrastructure along EU lines. The reorga- Turnover (MEUR) 0.91 0.75 0.34 0.23 0.11 nization plan comprises the establishment As % of total Baltic equity turnover 0.04 0.03 0.03 0.05 0.05 of four functional blocks of transmission, Number of deals 594 690 308 484 217 generation, distribution and maintenance. The goals in forming the generation block are: to purify and concentrate the activ- ity of generation in one company –Lietuvos energija (achieved by incorporating Lietuvos elektrinė into Lietuvos energija); to reorga- nize and centralize generation capacities, necessary to ensure the energy indepen- dence of Lithuania.

78 Company profiles: Lietuvos elektrinė NASDAQ OMX Vilnius Lietuvos energija Secondary list Utilities

Contact information

Address: Elektrinės str. 21. Elektrėnai LT-26108, Lithuania Telephone: +370 5278 2082 / Fax: +370 5212 6736 E-mail: [email protected] / Webpage: www.lietuvosenergija.lt IR contact: Linas Vinciūnas / Head of Legal Unit

Company in brief Company information

Lietuvos Energija AB, established in March Listing date: April 23, 1996 1991, is the owner of a high-voltage elec- Total number of shares: 993 614 306 tricity transmission (330 – 110 kV) grid and, Free float*: 2.50% through its daughter companies, performs Main shareholders*: the activities of an electricity transmission Visagino Atominė Elektrinė UAB 97.50% operator, a market operator and other activ- ities in the field of electric power. The com- * Free float and Main shareholders are shown as of September 15, 2010 after increase of the authorized capital. pany owns a dispatch center, two hydro power plants – Kaunas HPP and Kruonis PSP Financial information (ensuring the balance between generation, consumption and regulating power flows), 2006 2007 2008 2009 2010 H1 230 transformer substations and switch- Sales (MEUR) 290.22 347.62 443.20 454.34 242.95 yards, over 6 000 km of high voltage elec- Profit / Loss (MEUR) 5.42 14.01 12.67 5.96 20.60 tricity lines, and an information technology Total assets (MEUR) 784.95 800.65 999.90 927.52 929.96 and telecommunications center. Dividend per share (EUR) 0.003 -- 0.02 - In 2010 the reorganization of Lithuania’s Auditor in 2009: PricewaterhouseCoopers UAB electricity sector was launched with the Main subsidiaries and joint venture with results consolidated into corporate: aim to organize its infrastructure under EU LITGRID UAB (100%), Energijos Tiekimas UAB (100%), Inter Links UAB (100%), requirements: to separate and purify activ- Kruonio Investicijos UAB (100%), Energetikos Pajėgos UAB (100%), Kauno Energetikos ities, improve the efficiency of the electric- Remontas UAB (100%), LitPol Link Sp. z o. o. (50%), Lietuvos elektrinė (91.27%)*. ity system, promote energy independence, * As of August 18, 2010 interconnect with the European continen- tal grid and integrate into the EU’s electric- ity market. Share information The reorganization plan comprises the establishment of four functional (trans- Share price (EUR) Trading Code: LEN1L mission, generation, distribution and main- tenance) blocks. After the transfer of the 2.5 company’s functions as a transmission 2.0 system operator and market operator, the remainder of Lietuvos Energija AB will form 1.5 the basis of the electricity generation block. 1.0 Auxiliary functions will be transferred to 0.5 maintenance companies. Lietuvos Energija AB will be the Lithuania’s largest electric- 0 ity generation and supply company and will Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010 consolidate the country’s major electricity generating capacities, ensuring the elec- 2006 2007 2008 2009 2010 H1 tricity independence of Lithuania. Market capitalization (MEUR) 786.81 988.50 455.31 471.29 367.44 The key changes in the sector are expected As % of total Baltic equity cap 5.66 7.55 8.79 7.38 6.77 to be implemented by the end of 2010, with Turnover (MEUR) 3.01 5.94 1.75 1.50 0.48 all legal and business processes completed As % of total Baltic equity turnover 0.12 0.25 0.18 0.30 0.19 by the end of the first quarter of the year 2011. Number of deals 1 784 5 089 1 935 2 416 1 043

Company profiles: Lietuvos energija 79 NASDAQ OMX Vilnius Rytų skirstomieji tinklai Main list Utilities

Contact information

Address: Žvejų str. 14, Vilnius LT-09310, Lithuania Telephone: +370 5277 7524 / Fax: +370 5277 7514 E-mail: [email protected] / Webpage: www.rst.lt IR contact: Arvydas Zakalskis / Finance Director

Company in brief Company information

AB ‘Rytų skirstomieji tinklai’ (RST) is a rapidly Listing date: February 1, 2002 developing company that distributes elec- Total number of shares: 492 404 653 tricity in the eastern part of Lithuania. The Free float: 8.38% company provides services to 705 000 pri- Main shareholders: vate customers and 25 000 business clients. Visagino Atominė Elektrinė UAB 71.35% RST owns and maintains the electricity dis- E.ON Ruhrgas International GmbH 20.28% tribution system in eastern Lithuania, and is responsible for the reliability and quality of the electricity supply to end users, as well Financial information as developing, maintaining and moderniz- ing the network, ensuring adequate safety 2006 2007 2008 2009 2010 H1 standards. In recent years RST has been Sales (MEUR) 64.98 73.45 89.62 62.94 33.31 among the top twenty largest companies in Profit / Loss (MEUR) 21.88 25.36 -26.52 -24.81 3.52 Lithuania. Total assets (MEUR) 271.67 346.63 255.57 176.70 164.08 RST was founded in 2001 after the reorgani- Dividend per share (EUR) 0.07 0.09 --- zation of Lietuvos energija AB. Auditor in 2009: PricewaterhouseCoopers UAB Apart from distributing electricity through Main subsidiaries with results consolidated into corporate: Rytra UAB (100%), its subsidiary companies, RST also pro- Elektros tinklo paslaugos UAB (100%), Tetas UAB (100%). vides other services in the Lithuanian mar- ket, including the repair and maintenance of the power network, and renting out special Share information transport. Providing a reliable electricity supply is one Share price (EUR) Trading Code: RST1L of the major objectives of the company. The priority remains improving customer satis- 2.0 faction as well as introducing state-of-the- 1.5 art technologies, developing client service channels and improving the quality of cus- 1.0 tomer service. 0.5 RST aims to contribute to the welfare of the population, not only by securing uninter- 0 rupted supplies of electricity and taking care Jan Jan Jan Jan Jan of its employees, but also by highlighting the 2006 2007 2008 2009 2010 issues of electricity safety and rational con- sumption, and by initiating various social 2006 2007 2008 2009 2010 H1 and environmental projects. Market capitalization (MEUR) 534.79 656.01 283.79 260.98 282.37 In 2011, AB ‘Rytų skirstomieji tinklai’ will be As % of total Baltic equity cap 3.85 5.01 5.48 4.09 5.20 merged with AB ‘VST’. Together, both compa- Turnover (MEUR) 10.66 13.19 10.85 3.45 3.14 nies will supply and distribute electricity to As % of total Baltic equity turnover 0.43 0.55 1.11 0.70 1.24 the whole of Lithuania. This merger will boost Number of deals 4 868 7 265 4 617 5 375 4 475 the combined entity’s performance, reduc- ing the numbers of administrative staff and premises, cutting costs and improving the efficiency of public procurement.

80 Company profiles: Rytų skirstomieji tinklai NASDAQ OMX Tallinn Baltic Market Best Investor Relations in NASDAQ OMX Tallinn Tallinna Vesi Awards 2009 Best Annual Report Main list Utilities

Contact information

Address: Ädala 10, Tallinn 10614, Estonia Telephone: +372 626 2209 / Fax: +372 626 2300 E-mail: [email protected] / Webpage: www.tallinnavesi.ee IR contact: Priit Koff / PR Manager

Company in brief Company information

Tallinna Vesi is the largest water utility Listing date: June 1, 2005 company in Estonia, providing drinking water Total number of shares: 20 000 000 and wastewater disposal services to over Total number of preference shares: 1 400 000 people in Tallinn and in several of the Free float: 30.00% neighboring municipalities. It has exclusive Main shareholders: rights to run this service until 2020. The com- United Utilities (Tallinn) B.V. 35.30% pany operates a 2 000 sq.km catchment area Tallinna Linnakantselei Finantsteenistus 34.70% to collect raw water, and owns and operates the full range of assets required to treat and supply water and collect and dispose of Financial information wastewater and stormwater. Tallinna Vesi is IS09001, ISO14000, ISO 17025, OHSAS18001 2006 2007 2008 2009 2010 H1 and EMAS accredited. Sales (MEUR) 37.66 41.44 46.01 49.37 24.73 In textbook fashion, Tallinna Vesi has trans- Profit / Loss (MEUR) 15.85 17.76 18.92 21.73 2.56 formed itself from a 100% owned munici- Total assets (MEUR) 157.98 163.56 163.55 171.42 172.22 pal water company, through a privatization Dividend per share (EUR) 0.63 0.80 0.73 1.60 - in 2001, to a listed company on the Tallinn Stock Exchange in 2005. The company is at Auditor in 2009: PricewaterhouseCoopers AS present owned 35.30% by UU Tallinn B.V and Main subsidiaries with results consolidated into corporate: AS Watercom (100%). 34.70% by the city of Tallinn, with 30% traded publicly. Share information The company’s main strengths are visi- bility of earnings due to the fact that tariffs Share price (EUR) Trading Code: TVEAT are agreed. 20

16

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4 Jan Jan Jan Jan Jan 2006 2007 2008 2009 2010

2006 2007 2008 2009 2010 H1 Market capitalization (MEUR) 300.20 259.20 179.80 200.00 161.40 As % of total Baltic equity cap 2.16 1.98 3.47 3.13 2.97 Turnover (MEUR) 58.37 82.83 92.87 14.48 14.89 As % of total Baltic equity turnover 2.38 3.48 9.49 2.92 5.88 Number of deals 2 364 2 234 1 583 2 562 5 127

Company profiles: Tallinna Vesi 81 NASDAQ OMX Baltic Secondary List TOP 30 companies by turnover

Period for trading statistics: August 1, 2009 –July 31, 2010

Home Average Sales/ Profit/ Total Dividend per Company Ticker GICS Industry Exchange FF2 Max Min Change Deals Turnover Market cap Turnover loss assets share 2009 (%) (EUR) (EUR) (%) (EUR) (MEUR) (EUR) 1 Snoras SRS1L 40101010 Commercial Banks VLN 6.604 0.48 0.17 91.23 20093 14769898.67 119.58 18.49 -12.78 2615.95 - Snoras SRS2L1 VLN 45.00 2.08 1.07 69.46 856 416174.15 3.18 - 2 Snaigė SNG1L 25201010 Household Durables VLN 90.24 0.34 0.11 70.00 15677 8146000.50 5.59 35.09 -11.52 30.46 - 3 Klaipėdos nafta KNF1L 10102040 Oil, Gas & Consumable Fuels VLN 29.37 0.4 0.27 37.89 4283 5892512.53 108.60 33.70 10.89 134.95 0.01 4 Žemaitijos pienas ZMP1L 30202010 Food Products VLN 44.71 0.52 0.18 143.48 7596 4221818.93 17.29 107.98 3.26 52.77 - 5 Lietuvos jūrų laivininkystė LJL1L 20303010 Marine VLN 38.56 0.18 0.07 -28.95 5025 2739697.04 22.44 59.21 -28.86 289.43 - 6 Limarko laivininkystės kompanija LLK1L 20303010 Marine VLN 10.12 0.26 0.12 -21.82 4591 2396636.24 19.88 37.65 -3.60 90.64 - 7 Lietuvos energija LEN1L 55105010 Independent Power Prod.&Energy Traders VLN 2.503 0.98 0.49 -7.32 3051 1897443.94 476.19 454.34 5.96 927.52 0.02 8 Stumbras STU1L 30201010 Beverages VLN 4.91 1.77 1.23 11.36 1400 906982.15 57.75 34.49 6.71 35.34 0.14 9 Järvevana JRV1T 20103010 Construction & Engineering TLN 27.82 0.45 0.26 7.69 1088 593701.09 6.26 - -0.13 16.00 - 10 Rīgas kuģu būvētava RKB1R 20106010 Machinery RIG 52.47 0.5 0.23 52.38 1203 567058.84 3.67 30.38 -0.38 77.78 - 11 Linas LNS1L 25203010 Textiles, Apparel & Luxury Goods VLN 48.80 0.11 0.03 150.00 1514 549951.36 1.83 9.61 -0.52 6.33 - 12 Liepājas metalurgs LME1R 15104050 Metals & Mining RIG 7.89 2.7 1.12 39.29 693 455314.51 29.31 240.69 -17.37 200.46 13 Valmieras stikla šķiedra VSS1R 20102010 Building Products RIG 94.93 0.91 0.46 73.53 990 412208.72 16.40 43.05 0.03 83.94 - 14 Latvijas Gāze GZE1R 10102040 Oil, Gas & Consumable Fuels RIG 4.34 8.54 5.76 38.27 1104 399933.62 283.17 469.13 27.27 656.65 0.57 15 Latvijas tilti LTT1R 20103010 Construction & Engineering RIG 10.04 52.63 5.55 746.15 569 345914.49 11.09 32.62 6.40 19.79 9.53 16 Lietuvos elektrinė LEL1L 55101010 Electric Utilities VLN 4.46 1.83 1.16 12.22 641 303050.64 211.09 120.17 26.23 617.05 0.02 17 Latvijas balzams BAL1R 30201010 Beverages RIG 13.55 4.41 1.72 35.38 1007 253575.26 20.94 79.11 5.10 114.62 - 18 Latvijas Krājbanka LKB1R 40101010 Commercial Banks RIG 14.81 1.92 1.01 28.00 633 220476.53 24.79 13.98 -2.75 806.44 - Latvijas Krājbanka LKB2R1 RIG 100.00 11.38 7.11 33.33 5 2251.69 0.03 - 19 Klaipėdos baldai KBL1L 25201010 Household Durables VLN 27.65 1.01 0.38 140.80 376 170976.45 5.63 49.24 1.49 28.09 - 20 VST VST1L 55101010 Electric Utilities VLN 1.79 122.51 57.63 -24.14 355 140998.23 309.88 328.30 1.34 765.98 0.61 21 Anykščių vynas ANK1L 30201010 Beverages VLN 5.10 0.19 0.07 3.70 595 120289.57 4.96 7.56 -2.07 12.80 - 22 Latvijas Jūras medicīnas centrs LJM1R 35102010 Health Care Providers & Services RIG 34.29 2.99 1.78 28.00 50 107052.46 1.87 6.49 -0.08 5.00 - 23 Olaines kūdra OLK1R 15101030 Chemicals RIG 38.17 0.6 0.24 36.84 164 88034.90 0.72 1.47 0.04 2.91 - 24 Ditton pievadķēžu rūpnīca DPK1R 20106010 Machinery RIG 46.35 0.3 0.16 53.85 388 85124.60 1.45 6.98 -1.48 15.25 - 25 Kauno energija KNR1L 55105010 Independent Power Prod.&Energy Traders VLN 7.18 0.92 0.55 19.05 207 60074.15 28.97 81.21 1.85 109.98 0.02 26 Rīgas farmaceitiskā fabrika FRM1R 35202010 Pharmaceuticals RIG 52.30 1.95 1.04 -13.33 114 44634.41 1.00 2.54 -1.40 2.27 - 27 Liepājas autobusu parks LAP1R 20304020 Road & Rail RIG 39.46 2.76 1.24 52.94 123 35960.82 1.19 10.01 0.35 5.99 - 28 Vilniaus degtinė VDG1L 30201010 Beverages VLN 21.71 0.44 0.26 37.08 118 32891.16 9.28 15.41 0.21 22.32 - 29 Kurzemes CMAS KCM1R 30202010 Food Products RIG 48.45 2.63 1.64 -0.63 68 28239.44 0.90 0.92 0.15 1.47 0.10 30 Rīgas juvelierizstrādājumu rūpnīca RJR1R 25203010 Textiles, Apparel & Luxury Goods RIG 40.94 0.13 0.06 0 182 22254.53 0.37 0.37 -0.08 1.54 -

1 Preference shares 2 Free Float as of April 30, 2010 for NASDAQ OMX Riga and as of June 30, 2010 for NASDAQ OMX Tallinn and Vilnius listed companies. 3 Free float as of September 15, 2010, after increase of the authorized capital 4 Free float as of August 17, 2010, after increase of the authorized capital

82 Secondary List TOP 30 Home Average Sales/ Profit/ Total Dividend per Company Ticker GICS Industry Exchange FF2 Max Min Change Deals Turnover Market cap Turnover loss assets share 2009 (%) (EUR) (EUR) (%) (EUR) (MEUR) MEUR (Audited annual report for 2009) (EUR) 1 Snoras SRS1L 40101010 Commercial Banks VLN 6.604 0.48 0.17 91.23 20093 14769898.67 119.58 18.49 -12.78 2615.95 - Snoras SRS2L1 VLN 45.00 2.08 1.07 69.46 856 416174.15 3.18 - 2 Snaigė SNG1L 25201010 Household Durables VLN 90.24 0.34 0.11 70.00 15677 8146000.50 5.59 35.09 -11.52 30.46 - 3 Klaipėdos nafta KNF1L 10102040 Oil, Gas & Consumable Fuels VLN 29.37 0.4 0.27 37.89 4283 5892512.53 108.60 33.70 10.89 134.95 0.01 4 Žemaitijos pienas ZMP1L 30202010 Food Products VLN 44.71 0.52 0.18 143.48 7596 4221818.93 17.29 107.98 3.26 52.77 - 5 Lietuvos jūrų laivininkystė LJL1L 20303010 Marine VLN 38.56 0.18 0.07 -28.95 5025 2739697.04 22.44 59.21 -28.86 289.43 - 6 Limarko laivininkystės kompanija LLK1L 20303010 Marine VLN 10.12 0.26 0.12 -21.82 4591 2396636.24 19.88 37.65 -3.60 90.64 - 7 Lietuvos energija LEN1L 55105010 Independent Power Prod.&Energy Traders VLN 2.503 0.98 0.49 -7.32 3051 1897443.94 476.19 454.34 5.96 927.52 0.02 8 Stumbras STU1L 30201010 Beverages VLN 4.91 1.77 1.23 11.36 1400 906982.15 57.75 34.49 6.71 35.34 0.14 9 Järvevana JRV1T 20103010 Construction & Engineering TLN 27.82 0.45 0.26 7.69 1088 593701.09 6.26 - -0.13 16.00 - 10 Rīgas kuģu būvētava RKB1R 20106010 Machinery RIG 52.47 0.5 0.23 52.38 1203 567058.84 3.67 30.38 -0.38 77.78 - 11 Linas LNS1L 25203010 Textiles, Apparel & Luxury Goods VLN 48.80 0.11 0.03 150.00 1514 549951.36 1.83 9.61 -0.52 6.33 - 12 Liepājas metalurgs LME1R 15104050 Metals & Mining RIG 7.89 2.7 1.12 39.29 693 455314.51 29.31 240.69 -17.37 200.46 13 Valmieras stikla šķiedra VSS1R 20102010 Building Products RIG 94.93 0.91 0.46 73.53 990 412208.72 16.40 43.05 0.03 83.94 - 14 Latvijas Gāze GZE1R 10102040 Oil, Gas & Consumable Fuels RIG 4.34 8.54 5.76 38.27 1104 399933.62 283.17 469.13 27.27 656.65 0.57 15 Latvijas tilti LTT1R 20103010 Construction & Engineering RIG 10.04 52.63 5.55 746.15 569 345914.49 11.09 32.62 6.40 19.79 9.53 16 Lietuvos elektrinė LEL1L 55101010 Electric Utilities VLN 4.46 1.83 1.16 12.22 641 303050.64 211.09 120.17 26.23 617.05 0.02 17 Latvijas balzams BAL1R 30201010 Beverages RIG 13.55 4.41 1.72 35.38 1007 253575.26 20.94 79.11 5.10 114.62 - 18 Latvijas Krājbanka LKB1R 40101010 Commercial Banks RIG 14.81 1.92 1.01 28.00 633 220476.53 24.79 13.98 -2.75 806.44 - Latvijas Krājbanka LKB2R1 RIG 100.00 11.38 7.11 33.33 5 2251.69 0.03 - 19 Klaipėdos baldai KBL1L 25201010 Household Durables VLN 27.65 1.01 0.38 140.80 376 170976.45 5.63 49.24 1.49 28.09 - 20 VST VST1L 55101010 Electric Utilities VLN 1.79 122.51 57.63 -24.14 355 140998.23 309.88 328.30 1.34 765.98 0.61 21 Anykščių vynas ANK1L 30201010 Beverages VLN 5.10 0.19 0.07 3.70 595 120289.57 4.96 7.56 -2.07 12.80 - 22 Latvijas Jūras medicīnas centrs LJM1R 35102010 Health Care Providers & Services RIG 34.29 2.99 1.78 28.00 50 107052.46 1.87 6.49 -0.08 5.00 - 23 Olaines kūdra OLK1R 15101030 Chemicals RIG 38.17 0.6 0.24 36.84 164 88034.90 0.72 1.47 0.04 2.91 - 24 Ditton pievadķēžu rūpnīca DPK1R 20106010 Machinery RIG 46.35 0.3 0.16 53.85 388 85124.60 1.45 6.98 -1.48 15.25 - 25 Kauno energija KNR1L 55105010 Independent Power Prod.&Energy Traders VLN 7.18 0.92 0.55 19.05 207 60074.15 28.97 81.21 1.85 109.98 0.02 26 Rīgas farmaceitiskā fabrika FRM1R 35202010 Pharmaceuticals RIG 52.30 1.95 1.04 -13.33 114 44634.41 1.00 2.54 -1.40 2.27 - 27 Liepājas autobusu parks LAP1R 20304020 Road & Rail RIG 39.46 2.76 1.24 52.94 123 35960.82 1.19 10.01 0.35 5.99 - 28 Vilniaus degtinė VDG1L 30201010 Beverages VLN 21.71 0.44 0.26 37.08 118 32891.16 9.28 15.41 0.21 22.32 - 29 Kurzemes CMAS KCM1R 30202010 Food Products RIG 48.45 2.63 1.64 -0.63 68 28239.44 0.90 0.92 0.15 1.47 0.10 30 Rīgas juvelierizstrādājumu rūpnīca RJR1R 25203010 Textiles, Apparel & Luxury Goods RIG 40.94 0.13 0.06 0 182 22254.53 0.37 0.37 -0.08 1.54 -

For the complete list of Baltic Secondary List companies, see www.nasdaqomxbaltic.com.

Secondary List TOP 30 83 Baltic Fund List As of July 31, 2010

Return Return Fund manger Fund Name Market Currency NAV Date 6 months 1 year AB.LV Asset Management IPAS AB.LV Global USD ETF Fund LV EUR 30.07.2010 3.74 16.3 AB.LV Global EUR ETF Fund LV EUR 30.07.2010 5.56 16.22 AB.LV Emerging Markets USD Bond Fund LV EUR 30.07.2010 7.72 20.41 AB.LV Emerging Markets EUR Bond Fund LV EUR 30.07.2010 3.63 16.89 AB.LV High Yield CIS Bond Fund LV EUR 30.07.2010 6.32 29.36 Avaron Asset Management Avaron Emerging Europe Small Cap Fund A EE EUR 30.07.2010 2.77 27.27 Avaron Emerging Europe Small Cap Fund B EE EUR 30.07.2010 3.03 27.92 Avaron Emerging Europe Small Cap Fund C EE EUR 30.07.2010 2.5 Investment Fund Avaron Private Portfolio B EE EUR 30.07.2010 2.67 11.25 Baltikums Asset Management Baltikums Short-term Investment Strategy bond fund LV EUR 30.07.2010 2.51 Barclays Capital SEB Guarantee Fund 80 MT EUR 30.07.2010 -4.07 -2 Carlson Fund Management Company S.A. Carlson Fund - BRIC LU EUR 30.07.2010 15.04 34.73 Carlson Fund - China LU EUR 30.07.2010 14.98 19.06 Carlson Fund - China Micro Cap LU EUR 30.07.2010 3.25 17.56 Carlson Fund - Global Emerging Markets LU EUR 30.07.2010 5.28 19.11 Carlson Fund - Scandinavia LU EUR 30.07.2010 12.12 36.73 Carlson Fund - India LU EUR 30.07.2010 17.68 40.79 Carlson Fund - American Small Cap LU EUR 30.07.2010 9.81 15.88 Carlson Fund - Asian Small Cap LU EUR 30.07.2010 12 29.35 Carlson Fund - Far East LU EUR 30.07.2010 14.69 29.96 Carlson Fund - Global LU EUR 30.07.2010 8.7 23.31 Carlson Fund - Europe LU EUR 30.07.2010 5.57 18.54 Carlson Fund - North America LU EUR 30.07.2010 -2.58 9.56 Carlson Fund - DnB NOR Nordic Technology LU EUR 30.07.2010 13.18 39.67 Carlson Fund - DnB NOR Navigator LU EUR 30.07.2010 -7.22 17.42 Carlson Fund - DnB NOR Private Equity LU EUR 30.07.2010 12.15 37.28 Carlson Fund - DnB NOR Renewable Energy LU EUR 30.07.2010 0.17 7.93 Carlson Fund SEK Short Bond A LU EUR 30.07.2010 0.14 0.34 Carlson Fund SEK Long Bond A LU EUR 30.07.2010 1.99 4.6 Citadele Asset Management Citadele Ukrainian Equity Fund LV EUR 30.07.2010 19.67 83.33 Citadele Caspian Sea Equity fund LV EUR 30.07.2010 -4.55 32.12 Citadele Russian Equity Fund LV EUR 30.07.2010 5.46 40.8 Citadele Eastern European Balanced Fund LV EUR 30.07.2010 6.06 25.06 Citadele Baltic High Yield Fund LV EUR 30.07.2010 -64.62 -77.49 Citadele Eastern European Bond Fund LV EUR 30.07.2010 9.02 29.27 Citadele Active Strategy Fund - EUR LV EUR 30.07.2010 7.62 20.03 Citadele Active Strategy Fund - USD LV EUR 30.07.2010 1.24 11.5 Citadele Balanced Strategy Fund - EUR LV EUR 30.07.2010 4.92 15.61 Citadele Balanced Strategy Fund - USD LV EUR 30.07.2010 -0.22 9.27 Citadele Universal Strategy Fund - EUR LV EUR 30.07.2010 4.24 10.63 Citadele Universal Strategy Fund - USD LV EUR 30.07.2010 3.12 8.12 Citadele Baltic Real Estate fund - II LV EUR 30.07.2010 -0.35 -13.48 DnB NORD Fondi DnB NORD Target Fund LV EUR 30.07.2010 1.11 2.31 DnB NORD Investicijų Valdymas UAB DnB NORD Money Market Fund LT EUR 30.07.2010 2.65 6.91 DnB NORD Investicijų Valdymas UAB DnB NORD Equity Fund of Funds LT EUR 30.07.2010 7.62 21.42 Finasta Asset Management Baltic Index fund LV EUR 30.07.2010 3.24 51.52 Finasta Asset Management UAB JT Baltic Equity Fund I LT EUR 30.07.2010 0.3 14.95 JT Baltic Equity Fund II LT EUR 30.07.2010 3.8 17.37 JT Baltic Equity Fund III LT EUR 30.07.2010 0.12 23.57 JT Banks Fund LT EUR 30.07.2010 9.96 18.49 Finasta Central and Eastern Europe fund for Investment in Transferable Securities LT EUR 30.07.2010 8.14 39.09 Finasta Future Harmonized Investment Fund LT EUR 30.07.2010 4.11 29.86 Finasta Infrastructure Harmonized Investment Fund LT EUR 30.07.2010 3.49 22.93 Finasta New Europe Harmonized Investment Fund LT EUR 30.07.2010 2.62 24.83 Finasta Russian Harmonized Investment Fund LT EUR 30.07.2010 13.71 38.53 Finasta Bond Harmonized Investment Fund LT EUR 30.07.2010 9.19 17.73 SNORAS Balanced Fund of Funds LT EUR 30.07.2010 7.14 9.64 SNORAS Global Equity fund of Funds LT EUR 30.07.2010 7.85 17.02 GE Money Asset Management GE Money Eastern Europe Equity fund LV EUR 30.07.2010 6.46 39.47 GE Money European Bond fund LV EUR 30.07.2010 1.11 2.47 Hipo Fondi IPS Hipo Global total return fund LV EUR 30.07.2010 Hipo Global bond investment fund LV EUR 30.07.2010 Investicijų portfelių valdymas UAB NSEL 30 Index Fund LT EUR 30.07.2010 1.56 52.13 ZPR US Small Cap Fund LT EUR 30.07.2010 6.53 22.64 Kawe Kapital Kawe Investment Fund A-unit EE EUR 30.07.2010 -0.15 36.66 Kawe Investment Fund D-unit EE EUR 30.07.2010 -6.24 26.47 Kawe Investment Fund E-unit EE EUR 30.07.2010 -0.1 36.38

84 Baltic Funds List Return Return Fund manger Fund Name Market Currency NAV Date 6 months 1 year LHV Asset Management LHV Emerging Europe Alpha Fond A EE EUR 30.07.2010 3.55 25.08 LHV Emerging Europe Alpha Fund B EE EUR 30.07.2010 3.55 25.08 LHV Persian Gulf Fund A EE EUR 30.07.2010 7.83 3.01 LHV Persian Gulf Fund B EE EUR 30.07.2010 7.83 3.01 LHV World Equities Fund B EE EUR 30.07.2010 3.97 11.03 LHV World Equities Fund A EE EUR 30.07.2010 3.97 11.03 LKB Krājfondi LKB Balanced Fund LV EUR 30.07.2010 5.25 16.14 LKB Bond Fund LV EUR 30.07.2010 4.01 13.26 Citadele investicijų valdymas Citadele Baltic Sea Equity Fund LT EUR 30.07.2010 5.78 27.32 Prudentis UAB Prudentis Baltic Fund LT EUR 30.07.2010 4.03 49.8 RB Asset Management AS IPS RB Opportunity Fund - 1 LV EUR 31.07.2010 -0.58 -9.29 SEB Asset Management S.A. SEB Choice Asia Small Caps ex. Japan Fund LU EUR 30.07.2010 6.85 25.29 SEB Eastern Europe Small Cap Fund LU EUR 30.07.2010 1.75 56.49 SEB Europe Chance/Risk Fund LU EUR 30.07.2010 4.4 16.56 SEB Global Chance/Risk Fund LU EUR 30.07.2010 6.51 18.3 SEB High Yield C LU EUR 30.07.2010 5.41 SEB Choice Japan Chance/Risk Fund LU EUR 30.07.2010 2.57 5.34 SEB Choice Asia ex. Japan Fund LU EUR 30.07.2010 13.48 22.75 SEB Nordic Small Cap Fund C LU EUR 30.07.2010 2.39 36 SEB Russia Fund LU EUR 30.07.2010 5.04 59.38 SEB Ethical Europe Fund LU EUR 30.07.2010 2.59 13.29 SEB Biotechnology Fund LU EUR 30.07.2010 2.7 9.49 SEB Choice Emerging Markets Fund LU EUR 30.07.2010 10.44 25.8 SEB Eastern Europe Fund ex Russia LU EUR 30.07.2010 3.62 31.99 SEB Europe Fund LU EUR 30.07.2010 3.79 15.44 SEB Global Fund LU EUR 30.07.2010 -2.62 6.18 SEB Choice Japan Fund LU EUR 30.07.2010 5.99 6.72 SEB Medical Fund LU EUR 30.07.2010 -0.98 10.1 SEB Choice North America Chance/Risk Fund LU EUR 30.07.2010 7.61 17.4 SEB Nordic Focus Fund LU EUR 30.07.2010 10.76 30.81 SEB Nordic Fund LU EUR 30.07.2010 8.92 27.12 SEB Strategy Aggressive Fund LU EUR 30.07.2010 6.25 SEB Technology Fund LU EUR 30.07.2010 9.02 19.06 SEB deLuxe - Multi Asset Balance LU EUR 30.07.2010 3.54 12.65 SEB deLuxe - Multi Asset Defensive Plus LU EUR 30.07.2010 2.5 6.58 SEB Corporate Bond Fund EUR LU EUR 30.07.2010 2.8 10.63 SEB Short Bond Fund EUR LU EUR 30.07.2010 -0.09 -0.21 SEB Short Bond Fund USD LU EUR 30.07.2010 -0.34 -0.57 SEB Asset Selection Fund LU EUR 30.07.2010 2.82 1.6 SEB Listed Private Equity Fund C LU EUR 30.07.2010 2.14 31.52 SEB Investicijų Valdymas UAB SEB Fund of Funds - Equity LT EUR 30.07.2010 5.18 22.53 SEB Fund of Funds - Global LT EUR 30.07.2010 4.27 16.21 SEB Varahaldus SEB Generic Pharma Fund EE EUR 30.07.2010 5.85 27.76 SEB Growth Fund EE EUR 30.07.2010 0.97 31.14 SEB High Yield Bond Fund EE EUR 30.07.2010 20.74 24.04 SEB Eastern Europe Bond Fund EE EUR 30.07.2010 8.08 13.35 SEB Liquidity Fund EE EUR 30.07.2010 0.31 3.47 SEB Active Fund of Funds EE EUR 30.07.2010 2.94 20.18 SEB Balanced Fund of Funds EE EUR 30.07.2010 2.27 11.86 SEB Dynamic Fund of Funds EE EUR 30.07.2010 2.02 15.55 SEB Wealth Management The Lat Reserve Fund LV EUR 30.07.2010 1.29 5.92 The Real Estate Fund LV EUR 31.07.2010 14.41 Swedbank Investeerimisfondid Swedbank Eastern Europe Equity Fund EE EUR 30.07.2010 7.86 35.4 Swedbank Eastern Europe Real Estate Equity Fund EE EUR 30.07.2010 2.62 22.54 Swedbank Central Asia Equity Fund EE EUR 30.07.2010 -0.92 41.42 Swedbank Russian Equity Fund EE EUR 30.07.2010 6.06 55.46 Swedbank Fund of Funds 100 EE EUR 30.07.2010 7.58 26.66 Swedbank Fund of Funds 30 EE EUR 30.07.2010 3.97 13.31 Swedbank Fund of Funds 60 EE EUR 30.07.2010 5.77 19.38 Trigon Alternative Funds Trigon Active Alpha Fund EE EUR 30.07.2010 10.09 50.55 Trigon Funds Trigon Emerging Financials Fund EE EUR 30.07.2010 8.24 44.75 Trigon Agri-Sector Fund EE EUR 30.07.2010 -0.39 34.43 Trigon Top Picks Fund EE EUR 30.07.2010 28.02 104.56 Trigon New Europe Value Fund EE EUR 30.07.2010 9.03 32.94 Trigon Balkan Fund EE EUR 30.07.2010 6.1 33.19 Trigon New Europe Small Cap Fund EE EUR 30.07.2010 0.33 30.37 Ūkio banko investicijų valdymas UAB Ūkio bankas Opportunities Fund China Sub-fund LT EUR 30.07.2010 9.07 Ūkio bankas Opportunities Fund Europe Sub-fund LT EUR 30.07.2010 3.61 Ūkio bankas Opportunities Fund Russia Sub-fund LT EUR 30.07.2010 1.14 Ūkio bankas Opportunities Fund USA Sub-fund LT EUR 30.07.2010 1.86 Ūkio bankas Rational Investment Fund LT EUR 30.07.2010 7.6 12.72 Ūkio bankas bond fund LT EUR 30.07.2010 3.93 13.59 Ūkio bankas Opportunities Fund Money Market Sub-fund LT EUR 30.07.2010 0.06 World Investment Opportunities Funds (SICAV) WIOF Eastern Mediterranean Performance Fund LU EUR 30.07.2010 -22.77 -33.07 WIOF Russia and CIS Performance Fund LU EUR 30.07.2010 -0.24 32.39 WIOF Conservative Risk 3 % Portfolio LU EUR 30.07.2010 1.73 5.88 WIOF Global Strategy Alpha Portfolio LU EUR 30.07.2010 9.68 15.02

For the up to date list of funds visit www.nasdaqomxbaltic.com/balticfunds Baltic funds list 85 As of July 31, 2010 Baltic Bond List Excluding bonds with maturity before December 1, 2010

ISSUER Note ISIN Market Coupon Listing date Maturity date Issue size Security Currency rate (%) nominal Corporate bonds DnB NORD Bankas AB LT0000405052 VLN 5.00 22.07.2010 7.05.2015 150 000 100.00 LTL DnB NORD Bankas AB LT0000402489 VLN - 26.04.2010 5.03.2012 150 000 100.00 LTL GE Money Bank AS LV0000800316 RIG 4.63 1.08.2006 10.01.2011 22 108 100.00 LVL Parex banka AS LV0000800696 RIG 11.00 7.11.2008 8.05.2018 53 500 100.00 EUR Šiaulių Bankas AB LT1000401299 VLN - 15.12.2009 2.12.2010 41 187 100.00 EUR Snaigė AB LT1000401315 VLN 10.00 26.04.2010 11.04.2011 61 372 100.00 EUR Technikabank OJSC LV0000800746 RIG 13.50 24.02.2009 15.08.2011 100 000 100.00 USD Government and Central/European Banks bonds Latvian Government 12 months T-bills LV0000541472 RIG - 26.07.2010 22.07.2011 50 000 100.00 LVL Latvian Government 6 months T-bills LV0000532786 RIG - 26.07.2010 21.01.2011 50 000 100.00 LVL Latvian Government 12 months T-bills LV0000541464 RIG - 21.06.2010 17.06.2011 50 000 100.00 LVL Latvian Government 12 months T-bills LV0000541456 RIG - 7.06.2010 3.06.2011 50 000 100.00 LVL Latvian Government 12 months T-bills LV0000541449 RIG - 31.05.2010 27.05.2011 50 000 100.00 LVL Latvian Government 12 months T-bills LV0000541431 RIG - 24.05.2010 20.05.2011 80 000 100.00 LVL Latvian Government 12 months T-bills LV0000541423 RIG - 5.05.2010 29.04.2011 50 000 100.00 LVL Latvian Government 12 months T-bills LV0000541415 RIG - 19.04.2010 15.04.2011 50 000 100.00 LVL Latvian Government 12 months T-bills LV0000541407 RIG - 12.04.2010 8.04.2011 50 000 100.00 LVL Latvian Government 12 months T-bills LV0000541399 RIG - 6.04.2010 1.04.2011 100 000 100.00 LVL Latvian Government 12 months T-bills LV0000541381 RIG - 22.03.2010 18.03.2011 100 000 100.00 LVL Latvian Government 12 months T-bills LV0000541373 RIG - 15.03.2010 11.03.2011 100 000 100.00 LVL Latvian Government 12 months T-bills LV0000541365 RIG - 8.03.2010 4.03.2011 100 000 100.00 LVL Latvian Government 12 months T-bills LV0000541357 RIG - 1.03.2010 25.02.2011 100 000 100.00 LVL Latvian Government 12 months T-bills LV0000541340 RIG - 22.02.2010 18.02.2011 100 000 100.00 LVL Latvian Government 12 months T-bills LV0000541332 RIG - 15.02.2010 11.02.2011 100 000 100.00 LVL Latvian Government 12 months T-bills LV0000541324 RIG - 8.02.2010 4.02.2011 60 700 100.00 LVL Latvian Government 12 months T-bills LV0000541316 RIG - 1.02.2010 28.01.2011 70 000 100.00 LVL Latvian Government 12 months T-bills LV0000541308 RIG - 25.01.2010 21.01.2011 69 000 100.00 LVL Latvian Government 12 months T-bills LV0000541290 RIG - 18.01.2010 14.01.2011 100 000 100.00 LVL Latvian Government 12 months T-bills LV0000541282 RIG - 11.01.2010 7.01.2011 150 000 100.00 LVL Latvian Government 12 months T-bills LV0000541274 RIG - 21.12.2009 17.12.2010 50 000 100.00 LVL Latvian Government 12 months T-bills LV0000541266 RIG - 14.12.2009 10.12.2010 97 000 100.00 LVL Latvian Government 6 months T-bills LV0000532778 RIG - 21.06.2010 17.12.2010 50 000 100.00 LVL Latvian Government 6 months T-bills LV0000532760 RIG - 7.06.2010 3.12.2010 50 000 100.00 LVL Latvian Government 12 months T-bills LV0000541258 RIG - 7.12.2009 3.12.2010 150 000 100.00 LVL Latvian Government 3 year bond LV0000560043 RIG 5.88 26.04.2010 23.04.2013 267 950 100.00 LVL Latvian Government 11 year bond LV0000590024 RIG 6.75 7.07.2008 4.07.2019 21 500 100.00 LVL Latvian Government 5 year bond LV0000570067 RIG 6.75 7.07.2008 14.03.2013 28 170 100.00 LVL Latvian Government 2 year bond LV0000550093 RIG 6.00 1.03.2010 26.02.2012 500 000 100.00 LVL Latvian Government 11 year bond LV0000590016 RIG 5.63 13.08.2007 10.08.2018 132 990 100.00 LVL Latvian Government 10 year bond LV0000580017 RIG 5.13 17.02.2003 14.02.2013 971 509 100.00 LVL Latvian Government 5 year bond LV0000570059 RIG 5.00 6.11.2006 3.11.2011 680 620 100.00 LVL Latvian Government 10 year bond LV0000580025 RIG 4.75 2.04.2004 2.04.2014 289 250 100.00 LVL Latvian Government 10 year bond LV0000580033 RIG 3.50 5.12.2005 2.12.2015 671 241 100.00 LVL Lithuanian Governmnet 12 months T-bills LT0000601999 VLN - 5.05.2010 4.05.2011 800 000 100.00 LTL Lithuanian Governmnet 12 months T-bills LT0000601981 VLN - 21.04.2010 20.04.2011 2 900 000 100.00 LTL Lithuanian Governmnet 12 months T-bills LT0000601973 VLN - 3.03.2010 2.03.2011 1 700 000 100.00 LTL Lithuanian Governmnet 12 months T-bills LT0000601957 VLN - 13.01.2010 12.01.2011 1 600 000 100.00 LTL Lithuanian Governmnet 3 year bond LT0000603227 VLN 7.60 29.10.2009 29.10.2012 4 050 000 100.00 LTL Lithuanian Governmnet 10 year bond LT0000610032 VLN 6.10 22.03.2002 15.03.2012 1 244 060 100.00 LTL Lithuanian Governmnet 10 year bond LT0000610040 VLN 5.60 31.01.2003 24.01.2013 4 521 250 100.00 LTL Lithuanian Governmnet 5 year bond LT0000605107 VLN 4.90 29.04.2010 29.04.2015 1 900 000 100.00 LTL Lithuanian Governmnet 11 year bond LT0000611014 VLN 3.75 21.02.2005 10.02.2016 3 725 900 100.00 LTL Lithuanian Governmnet 1096 days bond LT1000600254 VLN - 9.02.2010 1.02.2013 100 000 100.00 EUR Lithuanian Governmnet 553 days bond LT1000600262 VLN - 21.07.2010 25.01.2012 150 000 100.00 EUR Lithuanian Governmnet 727 days bond LT0000602138 VLN - 19.02.2010 9.02.2012 551 000 100.00 LTL Lithuanian Governmnet 730 days bond LT1000600247 VLN - 9.02.2010 1.02.2012 200 000 100.00 EUR Lithuanian Governmnet 393 days bond LT1000600239 VLN - 29.01.2010 22.02.2011 350 000 100.00 EUR Lithuanian Governmnet 534 days bond LT1000600221 VLN - 22.01.2010 7.07.2011 200 1 000 000.00 EEK Lithuanian Governmnet 456 days bond LT1000600213 VLN - 13.01.2010 7.07.2011 750 000 100.00 EUR Mortgage bonds (asset-backed bonds) GE Money Bank LV0000800373 RIG 1.88 21.11.2006 1.10.2011 50 000 100.00 EUR Latvijas Hipotēku un Zemes Banka LV0000800340 RIG 1.25 20.07.2006 15.02.2012 200 000 100.00 EUR Latvijas Hipotēku un Zemes Banka LV0000800217 RIG 1.13 30.08.2004 15.08.2011 60 000 100.00 USD Latvijas Hipotēku un Zemes Banka LV0000800100 RIG 7.50 5.11.2001 15.08.2011 11 500 100.00 LVL Latvijas Hipotēku un Zemes Banka LV0000800142 RIG 6.00 28.10.2002 15.08.2012 50 000 100.00 LVL Latvijas Hipotēku un Zemes Banka LV0000800688 RIG 5.70 21.05.2008 15.02.2011 127 390 100.00 EUR Latvijas Hipotēku un Zemes Banka LV0000800159 RIG 5.25 1.12.2003 15.08.2013 38 624 100.00 LVL PrivatBank LV0000800381 RIG 2.63 17.04.2007 15.12.2011 70 000 100.00 EUR Trasta komercbanka LV0000800415 RIG 2.00 26.10.2007 1.12.2012 50 000 100.00 EUR

86 Baltic Bond List NASDAQ OMX Baltic members

Member Membership Contact Bankas Finasta T / R / V Maironio g. 11, LT- 01124, Vilnius, Lithuania, +370 5278 6833, [email protected] Carnegie Investment Bank, Finland branch T / V Eteläesplanadi 12, FI-00130, Helsinki, Finland, +358 961 8711, [email protected] Credit Suisse Securities T One Cabot Square, E14 4QJ, London, UK, +4420 7888 8888 Cresco Väärtpaberid T / R / V Tartu mnt. 2, EE-10145, Tallinn, Estonia, +372 640 5880, [email protected] Danske Bank T / R / V Holmen Kanal 2-12, DK-1092, Copenhagen, Denmark, +45 3344 0000 Danske Bank AS Estonia branch T Narva mnt. 11, 15015, Tallinn, Estonia, +372 675 2104, [email protected] Saltoniškių g. 2, LT-08500, Vilnius, Lithuania, +370 5215 6185, Danske Bank Lithuania branch V [email protected] DnB NORD T / R / V Skanstes iela 12, LV-1013, Riga, Latvia, +371 6707 7157, [email protected] DnB NORD Bankas T / R / V J.Basanavičiaus g. 26, LT-03601, Vilnius, Lithuania, +370 5239 3776, [email protected] Evli Bank Plc T / R / V Aleksanterinkatu 19 A PL 1081, 00100, Helsinki, Finland, +358 947 6690, [email protected] Finasta T / R / V Maironio g. 11, LT- 01124, Vilnius, Lithuania, +370 5278 6833, [email protected] Konstitucijos pr. 23-660, LT- 08105, Vilnius, Lithuania, +370 5272 5861, Finbaltus V [email protected] GE Money Bank T / R / V 13. janvara iela 3, LV-1050, Riga, Latvia, +371 6700 1878, [email protected] Hipotēku banka T / R / V Doma laukums 4, LV-1977, Riga, Latvia, +371 6777 4053, [email protected] Instinet Europe Limited T / R / V Canada Square 25, E14 5LB, London, UK, +4420 7154 8400 Latvijas Krājbanka T / R / V Jana Dalina iela 15, LV-1013, Riga, Latvia, +371 6709 2990, [email protected] LHV Pank T / R / V Tartu mnt. 2, EE-10145, Tallinn, Estonia, +372 627 0420, [email protected] Marfin Pank Eesti T / R / V Pärnu mnt 12, EE-10148, Tallinn, Estonia, +372 680 2500, [email protected] MP Bank hf. T / R / V Skipholti 50d, 105, Reykjavík, Iceland, +35 4540 3233, [email protected] Nordea Bank Finland Plc T / R / V Aleksis Kiven katu 9, FIN-00020, Helsinki, Finland, +358 91 651 Norvik banka T / R / V E.Birznieka-Upisa iela 21, LV-1011, Riga, Latvia, +371 6704 1100, [email protected] Orion Securities T / R / V A.Tumėno 4, corp.B, floor 9, LT-01109, Vilnius, Lithuania, +370 5231 3833, [email protected] Citadele banka T / R / V Republikas laukums 2A, LV -1010, Riga, Latvia, +371 6701 0000, [email protected] Citadele bankas V K.Kalinausko g. 13, LT-03107, Vilnius, Lithuania, +370 5266 4622, [email protected] RB Securities R Vesetas iela 7, LV-1013, Riga, Latvia, +371 6702 5584, [email protected] Rietumu banka R Vesetas iela 7, LV-1013, Riga, Latvia, +371 6702 5555, [email protected] Regionala investiciju banka T / R / V J. Alunana iela 2, LV-1010, Riga, Latvia, +371 6750 8982 SEB banka T / R / V Unicentrs, Ķekavas pagasts, LV-1076, Rīgas rajons, Latvia, +371 6721 5587, [email protected] SEB bankas T / R / V Gedimino pr. 12, LT-01103, Vilnius, Lithuania, +370 5268 2370, [email protected] SEB Pank T / R / V Tornimäe 2, EE-15010, Tallinn, Estonia, +372 665 5100, [email protected] Skandinaviska Enskilda Banken AB T / R / V Kungsträdgårdsgatan 4, SE-10640, Stockholm, Sweden, [email protected] SMP Bank R Elizabetes iela 57, LV-1772, Riga, Latvia, +371 6701 9153, [email protected] Swedbank T / V Liivalaia 8, EE-15040, Tallinn, Estonia, +372 613 1670, [email protected] Swedbank T / R / V Balasta dambis 1a, LV-1048, Riga, Latvia, +371 6744 4444, [email protected] Swedbank V Konstitucijos pr. 20A, LT-03502, Vilnius, Lithuania, +370 5258 2513, [email protected] Svenska Handelsbanken AB T Kungsträdgårdsgatan 2, 10670, Stockholm, Sweden, +468 411 2122 Šiaulių bankas V Tilžės g. 149, LT-76348, Šiauliai, Lithuania, +370 4159 5654, [email protected] Trasta komercbanka T / R / V Miesnieku iela 9, LV-1050, Riga, Latvia, +371 702 7777, [email protected] Ūkio bankas T / R / V Maironio g. 25, LT-44250, Kaunas, Lithuania, +370 3730 1432, [email protected]

T - NASDAQ OMX Tallinn / R - NASDAQ OMX Riga / V - NASDAQ OMX Vilnius NASDAQ OMX Baltic members 87 Market data vendors

International Estonia ABN Amro Bank www.abnamro.com Äripäev Online www.aripaev.ee Activ Financial Systems Inc www.activfinancial.com BNS www.bns.ee Blackrock Investment ETV www.etv.ee www.blackrock.co.uk Management (UK) Ltd LHV Pank www.lhv.ee Bloomberg Finance L.P www.bloomberg.com Marfin Pank Eesti www.marfinbank.ee Capco Reference Data Services www.capco.com SEB Pank www.seb.ee Danske Bank A/S www.danskebank.com Swedbank AS www.swedbank.ee DnBNOR Asset Management AB www.dnbnor.com Dow Jones & Company www.dowjones.com Latvia Exchange Data International www.exchange-data.com Dienas bizness www.db.lv Factset Research Systems Inc. www.factset.com Latvijas Hipotēku un zemes banka www.hipo.lv Fidessa plc. www.fidessa.com Latvijas Krājbanka www.lkb.lv FT Interactive Data (Europe) Ltd www.ftinteractivedata.com LHV Pank www.lhv.lv GL Trade S.A. www.gltrade.com Citadele banka www.citadele.lv Infront www.infront.no SEB banka www.seb.lv Instinet Europe Limited www.instinet.co.uk Swedbank AS ib.swedbank.lv Investis Flife Oy www.investisflife.com Ziņu aģentūra LETA www.leta.lv JPMorgan Chase Bank www.jpmorganchase.com TV24 www.tv24.lv Knight Capital Group www.knight.com Liquidnet Holdings www.liquidnet.com Lithuania Markit Equities www.markit.com Bankas Finasta www.finasta.lt Morgan Stanley & Co.Int.Ltd www.morganstanley.com DnB NORD bankas www.dnbnord.lt Nordea Bank Danmark www.nordea.com Finasta www.finasta.lt Options IT www.options-it.com LHV Pank www.lhv.lt Principal Global Investors www.principalglobal.com MP Investment Bank www.mp.is Reuters www.reuters.com Nomura International www.nomura.com RiskMetrics Group www.riskmetrics.com Orion Securities www.orion.lt SEB Wealth Management www.seb.se SEB bankas www.seb.lt Standard & Poor's www.standardandpoors.com Swedbank, AB ib.swedbank.lt SIX Telekurs Ltd www.telekurs-financial.com Terra Octo (Spekuliantai.lt) www.spekuliantai.lt Tele Trader Software www.teletrader.com Ūkio bankas www.ub.lt TGS Management Corporation www.tgsmc.com Verslo žinios.lt www.vz.lt Thomson Reuters www.thomsonreuters.com VWD Vereinigte www.vwd.com Wirtschaftsdienste AG Xignite, Inc. www.xignite.com

88 Contacts

NASDAQ OMX Tallinn

Tartu mnt 2, Tallinn 10145, Estonia Telephone: +372 640 8800 Fax: +372 640 8801 E-mail: [email protected]

NASDAQ OMX Riga

Vaļņu iela 1, Rīga LV 1050, Latvia Telephone: + 371 6721 2431 Fax: + 371 6722 9411 E-mail: [email protected]

NASDAQ OMX Vilnius

Konstitucijos pr. 7, LT-08501 Vilnius, Lithuania Telephone: + 370 5 272 3871 Fax: + 370 5 272 4894 E-mail: [email protected]

© Copyright 2010, The NASDAQ OMX Group, Inc. While every reasonable care has been taken to ensure the accuracy of data contained in this publication, the NASDAQ OMX GROUP, Inc., its subsidiaries and affiliates disclaim any liability for any expenses, losses, damages or costs which might be incurred as a result of the data being inaccurate or incomplete in any way and for any reason. Further, nothing herein is intended to constitute legal, tax or other professional advice. Guide to NASDAQ OMX Baltic Securities Market Guide to NASDAQ OMX Baltic Securities Market