Guide to NASDAQ OMX Baltic Securities Market

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3 Convergence underway in Northern Europe

Emerging Nordic - the new name for the Baltics With compliments The region’s ﬁ rst independent institutional research provider

Emerging Nordic Research Raua 39-13 Tallinn 10124 Estonia

+372 534 11114 “On the ground emergingnordicresearch.com in the Baltics”

Euro IRP Memberships / Aﬃ liations 4 Table of contents

Welcome to the Baltic market 7

Latest developments at NASDAQ OMX Baltic 8

An in-depth look at NASDAQ OMX Baltic 10

Baltic economies 18

Taxation 21

NASDAQ OMX Baltic – a safe place to invest 24

NASDAQ OMX First North - 26 tailor-made to facilitate growth

Company information 29

Formulae 75

NASDAQ OMX Baltic Main List 76 trading statistics

Baltic Secondary List companies 77

Secondary List TOP 30 78

Baltic Bond List 80

Market data vendors 82

List of members 83

Contacts 84

5 6 Welcome to the Baltic market

Welcome to the 2009 edition of the NASDAQ OMX Baltic Guide, your indispensable reference point for news and developments affecting the Baltic securities markets, detailed summaries of all Main List and some of the larger Secondary List companies, as well as other ideas for new and established investors.

Despite the challenging times endured by the global financial Andrus Alber Chairman of the NASDAQ OMX Tallinn Management Board system, the NASDAQ OMX Baltic exchanges continue to improve the quality of their offering in the region.

In 2009, all three exchanges have formally taken on the NASDAQ OMX title, reflecting the attainment of the high standards that investors around the world have come to expect from the Group. Longer trading hours – allowing better access for international investors – and the introduction of INET, a new, sleeker trading platform, are also designed to accelerate this process, removing many of the differences between local and global practices.

The establishment of the Baltic’s first independent institutional equity research company, Emerging Nordic Research, in part- nership with NASDAQ OMX Baltic, will bring a new approach to equity research in the region. While there have been suffi- Daiga Auziņa-Melalksne Chairman of the NASDAQ OMX Riga Management Board cient levels of research available for retail investors, this has not been the case for institutional investors. This also gives institutional investors better visibility to better differentiate between their research and execution costs – leading to more efficient markets.

Continued efforts to bring investors more real-time information and our commitment to provide improved education services aim to raise standards across the board, improving local equity culture as well as welcoming investors from around the globe.

In the second half year of 2009, the Baltic states have seen equity values rebound strongly as investors have poured back into the markets. The OMX Baltic benchmark, the main measure of the three markets, has gained over 50% since March, putting the Arminta Saladžienė Chairman of the NASDAQ OMX Vilnius Management Board Baltics among the best performing markets in the world this year according to Financial Times (Sept 17, 2009).

Henrik Elfving NASDAQ OMX Vice President / Baltic market

7 Latest developments at NASDAQ OMX Baltic

For the NASDAQ OMX Baltic exchanges, 2009 has been highly productive and significant for growth. Productive because many large initia- NASDAQ OMX Baltic to tives were launched in order to develop the marketplace. Significant introduce INET Nordic because of the continued development of services according to international standards, making the Baltic exchanges even more accessi- The next generation INET technology is the most efficient ble and attractive for foreign investors. and scalable trading platform in the world, with micro- second speeds, and high reliability and capacity. NASDAQ OMX’s INET is the common technology utilized across NASDAQ OMX’s U.S. and European markets.

INET Nordic, the new trading platform for Nordic and Baltic equities, will enable further improvements in efficiency, reduced latency and increased throughput. With INET Nordic in place by November 30, 2009 in the Baltic markets and Iceland, and by December 7, 2009 in other Nordic countries, all NASDAQ OMX equity markets will trade on the same global trading platform. As part of the INET roll-out, NASDAQ OMX Baltic and Nordic exchanges are implementing new, electronic surveillance technology to strengthen the regulatory systems on their markets.

Being part of NASDAQ OMX’s global trading platform will help customers to technically streamline growth in other geographic markets with a single connection, standardized access methods and trading interfaces.

The trading platform also brings in a new market model, developed to match today’s Nordic and Baltic market conditions as well as the new European trading environment under the Markets in Financial Instruments Directive, MiFID.

The Nordic and Baltic fixed income markets and derivatives are not affected by the move to the new platform.

New names of the NASDAQ OMX Baltic stock exchanges From the beginning of 2009 the legal names of the Baltic stock exchanges in Tallinn, Riga and Vilnius were changed to NASDAQ OMX Tallinn, NASDAQ OMX Riga, and NASDAQ OMX Vilnius. The continuing integration of the NASDAQ OMX Group enables the exchanges to better deliver the benefits of a strong global brand to their issuers and members and become more visible to investors around the world. It is also proof of the Group’s confidence in the quality of the Baltic exchanges’ service and their compliance with exchange industry standards.

8 Extended trading hours on settlement, we aim to increase the attractiveness of the Baltic mar- NASDAQ OMX Baltic market kets and reduce entry costs. The launch of this new marketplace is As of February 2, 2009 the trading hours on the NASDAQ OMX Baltic planned for the spring of 2010. exchanges were extended by two hours to better correspond to the working hours of other markets in Europe. ECSD accession to TARGET2, solutions for EUR settlement Real time last price on the web The Estonian CSD has been a direct member of the RTGS system for Aiming to increase the Baltic market’s transparency for investors, the the EUR - Target2 (T2) - since the beginning of August 2009. T2 facili- exchanges have been publishing last price information in real time tates the further development of services in EUR, like offering pay- on their website since the begining of 2009. This includes last price, ments incurring from securities (dividend, interest, redemption) in previous close, volume and turnover and is being updated after every EUR and enhanced services to funds (subscription, redemption) in executed trade. EUR. This also covers EEK-EUR conversions and the settlement of transactions in EUR, which has been launched even before Estonia NASDAQ OMX Vilnius chosen to organize has adopted the EUR as its official currency. The ECSD retail payment auctions for government borrowing system for processing payments was also replaced by a new system In February 2009, primary auctions for Lithuanian Government in July 2009. The new system reduces operational risk and can easily bonds, previously organized by the Bank of Lithuania, started being be linked to other payment and C&S systems (e.g. Target2). held on the NASDAQ OMX Vilnius trading platform. This makes NASDAQ OMX Vilnius the second Baltic exchange to be chosen as a Implementing a clearing and settlement financial agent for state borrowing. The primary placement of Latvian strategy in the Latvian and Estonian Government debt has been held on NASDAQ OMX Riga’s exchange depositories since July 2005. The Baltic CSDs continuously work on implementing their clearing and settlement strategies. The work is very much focused on con- First institutional investor equity necting both Latvian and Estonian CSDs via a single access point. This research company in the Baltics solution is to be implemented in 2010 and will allow market partici- In 2009, NASDAQ OMX Baltic exchanges and Ivars Bergmanis, a pants to access both CSDs via one technical hub using an ISO stand- global financial market professional with more than 20 years of expe- ard based interface. This will increase efficiency since the biggest rience, established the first independent equity research company in market participants work across all three Baltic states. The Estonian the Baltics – Emerging Nordic Research. Emerging Nordic Research CSD is also working to replace its core depository IT system in 2010. provides comprehensive analysis on the Baltic Market that meets the particular needs of institutional investors focusing on the leading Completely implemented requirements of companies on NASDAQ OMX Baltic. European Code of Conduct The Baltic exchanges and central depositories have implemented eCSD EXPERT all requirements of the European Code of Conduct for Clearing and eCSD EXPERT, a separate entity in the NASDAQ OMX Tallinn Group, Settlement, including service unbundling and accounting separation. started operations in early 2009 with the goal of sharing the know- The Code of Conduct represents a significant step towards an inte- how and expertise acquired as the Estonian capital market was set grated and efficient post-trading market in the EU, with measures up. eCSD EXPERT focuses on the following areas: aimed at enhancing transparency and increasing competition in the • pension systems and models; post-trading sector addressing three main issues: • pension system software development, • transparency of prices and services implementation and maintenance; • access and interoperability • clearing, settlement and depository services; • unbundling of services and accounting separation. • fund managers back-office services and software. Baltic central depositories and European Central Bank sign Memorandum of Understanding In 2009 the European Central Bank and 27 European central depositories, including those of Estonia, Latvia and Lithuania, signed eCSD EXPERT was chosen as the main partner in developing Memorandum of Understanding on the TARGET2-Securities project. Armenia’s Mandatory Pension System, original title above. TARGET2-Securities is a major step forward in the delivery of a single integrated securities market for financial services in Europe. NASDAQ OMX Baltic marketplace TARGET2-Securities will create a single, borderless pool of pan-Euro- When developing the single Baltic securities market vision, the Baltic pean securities, as well as providing a core, neutral, state-of-the- exchanges decided to establish a single marketplace in the form of art settlement process. This initiative is expected to reduce signifi- a multilateral trading facility for securities that are listed in all three cantly the costs of cross- border settlement fees in Europe. TARGET2- Baltic regulated markets, using EUR as a single trading and settle- Securities is planned to go live in June 2013. ment currency. With a single rulebook and currency for trading and

Latest developments 9 An in-depth look at NASDAQ OMX Baltic

NASDAQ OMX Baltic is part of the NASDAQ OMX Group, Inc., the world’s largest exchange company with capabilities in trading, tech- NASDAQ OMX ownership nology and service that reach across six continents. It is the premier in the Baltics choice for over 3 700 industry-leaders from more than 50 countries, representing all sectors and $ 4.1 trillion in total market value. ~62% nasdaQ OMX Tallinn NASDAQ OMX operates a variety of listing platforms to provide mul- Estonian Central Depository (100%) tiple global capital raising solutions for private and public companies around the globe, including its U.S. listings market; NASDAQ OMX ~93% nasdaQ OMX Riga Baltic and NASDAQ OMX Nordic, including NASDAQ OMX First North; and the 144A sector. NASDAQ OMX Nordic includes the exchanges in Latvian Central Depository (100%) Helsinki, Copenhagen, Stockholm and Iceland. NASDAQ OMX Baltic consists of the exchanges in Tallinn, Riga, and Vilnius, as well as CSDs ~93% nasdaQ OMX Vilnius in Tallinn and Riga. Central Securities Depository of Lithuania (8%)

NASDAQ OMX offers trading across multiple asset classes includ- ~32% Central Securities Depository of Lithuania ing equities, derivatives, debt, commodities, structured products and ETFs. The company’s newest trading platform - NASDAQ OMX Europe - is the first to connect Europe’s liquidity pools with Pan- European routing, enabling the best execution in high volume securities trading across borders, in a multimarket environment. NASDAQ OMX highlights

NASDAQ OMX Group is the world’s largest provider of technology •• NASDAQ OMX companies represent all industry for the exchange industry – providing services to over 70 exchanges, sectors in $ 4.1 trillion of total market value clearing organizations and central securities depositories in more than 50 countries. •• Owns and operates 22 markets and 10 clearing houses worldwide NASDAQ OMX Baltic is positioned on the crossroads between cen- •• NASDAQ OMX Market Technology powers more than tral, western and northern Europe, the Baltic and CIS markets. The 70 exchanges in 50 countries region’s strengths provide exceptional business opportunities for •• NASDAQ OMX data is accessed by more than 2 million investors: political stability, economic freedom, some of the most users in 83 countries diversified industry in north-eastern Europe, an attractive investment environment, which is relatively inexpensive with easy access •• NASDAQ’s average transaction execution speed is less to capital, and a young, well-educated workforce. In terms of list- than one millisecond ing, NASDAQ OMX Baltic is a window to the EU market. It is a niche •• NASDAQ OMX powers 1 in every 10 of the world’s market that serves as a gateway for companies doing or planning to securities transactions do business in the Baltic and eastern European region and wanting to become more visible, reliable and recognized. •• NASDAQ OMX Global Index Group works with counterparties in 37 countries As a growing marketplace, NASDAQ OMX Baltic strives to continu- •• NASDAQ OMX is a constituent of the S&P 500 Index ously innovate and provide customers with convenient access and since 2008 quality products. We continue expanding what we offer and provid- •• Best company in the Diversified Financial Sector ing a wider selection of joint Baltic services and instruments to local among S&P 500 companies in terms of the highest and international customers. revenue per employee according to CNBC •• BusinessWeek Top 50 Company in April 2009 •• Awarded Company of the Year 2008 by Forbes Magazine •• One of the 100 Fastest Growing Companies according to Fortune magazine

10 NASDAQ OMX Baltic in depth NASDAQ OMX Baltic – what we offer to investors, members and The NASDAQ OMX Baltic information vendors offering includes:

NASDAQ OMX Baltic’s securities market aims to provide a one-stop- 1. Easy remote access for members through shop for trading and settlement in the Baltic region, thereby making pan-Baltic membership the region more accessible and attractive to foreign and local investors as well as listed companies. The market – comprising of three 2. Easy access for investors to all Baltic investment Baltic exchanges, the central securities depositories of Estonia and products through any of the numerous pan-Baltic Latvia, and a network of local and international members – offers members a comprehensive, efficient and secure marketplace regulated to 3. Efficient cross-border trading and settlement global standards for companies to raise capital and for investors to • A common trading system transact and settle financial products seamlessly between the three • A single access point to Baltic local markets countries. (Tallinn, Riga and Vilnius) • Harmonized market practices and rules • Delivery-versus-payment (DVP) link Baltic investment products between the Baltic CSDs • Free-of-payment (FOP) link between the CSDs Altogether, almost one hundred companies are listed on two Baltic 4. One market information source equities lists. While our core business is the listing and trading of • Baltic equity list cash equities, there are also growth opportunities in fixed income • Baltic bond list instruments. NASDAQ OMX Baltic provides trading in almost a hun- • Baltic fund list dred bonds of different maturities, presented in the Baltic Bond List, • Common Baltic and harmonized local indexes which had a market cap of around EUR 2.2 billion in September 2009. • Common website – www.nasdaqomxbaltic.com NASDAQ OMX’s exchanges in Riga and Vilnius have developed an • One market data package for vendors infrastructure for primary placement of new bond issues, used by the Latvian and Lithuanian Governments and corporate issuers. The concept of combining Baltic products into common lists has also been extended to include investment fund units.

Baltic Main List Baltic Secondary List

• Regulated market • Regulated market

• GICS classification • GICS classification • Market cap at least EUR 4 million • Free float 25% or at least EUR 25 million • Three years operating history • IFRS

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 Baltic Fund Center displays in national currencies, comparable performance EUR and USD (in Latvia) indicators for Baltic funds

NASDAQ OMX Baltic in depth 11 International standards NASDAQ OMX news distribution to facilitate benchmarking service -> Globe Newswire

NASDAQ OMX’s exchanges in the Nordic and Baltic regions use the The distribution service of GlobeNewswire is tailor-made for listed Global Industry Classification Standard (GICS), a global standard companies in the Nordic and Baltic region. Through GlobeNewswire, developed by Morgan Stanley Capital International and Standard listed companies are able to fulfill the exchange’s disclosure require- & Poor’s. GICS currently consists of 10 sectors, 24 industry groups, ments as well as those of other authorities through extensive distri- 68 industries and 154 sub-industries. Companies are classified accord- bution locally and across Europe. ing to their principal business activity, defined according to the area in which a company generates the major part of its revenue. The Market Data Feed is the main distribution channel, reaching approximately 500 000 recipients through key media and data vendors, such as Reuters and Bloomberg. This high-end, stand-alone solution is not dependant on the internet for transmission, which means it is delivered with extremely low latency and a high degree of reliability.

NASDAQ OMX Baltic indexes The NASDAQ OMX news distribution service delivers information instantly and simultaneously to some 3 000 traders, including those actively buying or selling stocks via the trading system. The market Tradable index: data feeds are subscribed to by more than 100 global information • OMX Baltic 10 distributors, such as Reuters, Bloomberg and SIX, as well as 80 000 Benchmark index: Tradable • OMX Baltic Benchmark professional investors and several major bank platforms. The distri- index indexes bution network includes real-time integration to editorial systems at All Share indexes: major newspapers and broadcast outlets, direct feeds to top news • OMX Baltic Benchmark index agency databases and websites, and customized emails sent directly • OMX Tallinn • OMX Riga to individual journalists, analysts and business professionals. • OMX Vilnius All Share & Sector indexes GlobeNewswire ensures that your material news reaches the required target audiences, instantly and simultaneously, in up to ten languages. The service complies with the new EU Transparency Obligations Directive and is offered to all listed companies on the NASDAQ OMX Nordic and Baltic in Estonia, Latvia, Lithuania, Denmark, Finland, Sweden and Iceland. Today, there are around 800 companies releas- ing more than 40 000 announcements per year.

Indexes historical overview January 1, 2000 - September 30, 2009

OMXT Value OMXR Value OMXV Value OMXBBCAPGI Value 1 200

1 000

800

600

400

200

0 01 01 01 01 01 01 01 01 01 01 09 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2009

12 NASDAQ OMX Baltic in depth Readily available information for informed investment decisions OMX Baltic Benchmark index (OMXBBCAPGI) constituents The NASDAQ OMX Baltic offers a comprehensive range of real- time and historical data services as well as other useful informa- As of September 1, 2009 tion products for investors, financial professionals and the media. The depth and range of available information allows timely and informed investment decisions. A list of available information Code Company name Weight Exchange More (%) info sources designed to help the investor follows: APG1L Apranga 2.57% Vilnius page 44

WWW.NASDAQOMXBALTIC.COM ARC1T Arco Vara 1.08% Tallinn page 61 Presents market information, a variety of periodical statistical BLT1T Baltika 1.36% Tallinn page 45 information, including monthly statistical reports called Baltic Bulletins. All information is available free of charge. ETLAT Eesti Telekom 8.21% Tallinn page 68 GRD1R Grindeks 2.84% Riga page 58 NASDAQ OMX BALTIC FUND CENTER GRG1L Grigiškės 0.95% Vilnius www.nasdaqomxbaltic.com/balticfunds - The Baltic Fund Center is an online information center providing HAE1T Harju Elekter 2.49% Tallinn page 37 investors with performance information for most of the funds IVL1L Invalda 1.17% Vilnius page 62 offered in the Baltic countries. Data of funds that have joined the Baltic Fund Center is displayed in a consistent, user-friendly KNF1L Klaipėdos nafta 3.50% Vilnius page 30 manner, making comparison of fund performance easy. All infor- LJL1L Lietuvos jūrų laivininkystė 1.32% Vilnius page 38 mation is available free of charge. LME1R Liepājas metalurgs 0.30% Riga - VENDOR INFORMATION LSC1R Latvijas kuģniecība 3.04% Riga page 32 One of the main services of NASDAQ OMX Baltic is to provide the MRK1T Merko Ehitus 3.62% Tallinn page 39 necessary market information to vendors, who further dissemi- NCN1T Nordecon International AS 2.03% Tallinn page 40 nate the data in various forms to their redistributors, customers or end-users: brokers, institutions and individual investors. NRM1T Norma 3.12% Tallinn page 47 OEG1T Olympic Entertainment Group 3.06% Tallinn page 48 NASDAQ OMX Baltic’s exchanges offer a wide range of informa- PZV1L Pieno žvaigždės 3.74% Vilnius page 54 tion products, covering real time information, information with a 15-minute delay, basic analysis data and batch data. RST1L Rytų skirstomieji tinklai 4.31% Vilnius page 72 RSU1L Rokiškio sūris 2.05% Vilnius page 55 In order to obtain the right to disseminate trading information, a market data vendor must enter into an Information Distribution SAB1L Šiaulių bankas 4.93% Vilnius page 64 Agreement. NASDAQ OMX Baltic’s exchanges apply the same SAF1R SAF Tehnika 0.18% Riga page 67 Information Distribution Agreement as used by NASDAQ OMX SAN1L Sanitas 3.64% Vilnius page 60 Nordic’s exchanges. Vendors who have already entered into an agreement with any NASDAQ OMX Nordic exchange need SFGAT Silvano Fashion Group 2.24% Tallinn page 49 only mark the Baltic products they wish to subscribe to in the SRS1L Snoras 1.01% Vilnius page 63 Application Form. TAL1T Tallink Grupp 7.56% Tallinn page 42

For more information about our market data offering please visit TEO1L TEO LT 8.22% Vilnius page 69 the NASDAQ OMX Baltic website. For a list of vendors see page 82. TKM1T Tallinna Kaubamaja 4.45% Tallinn page 50

TVEAT Tallinna Vesi 3.94% Tallinn page 73

UKB1L Ūkio bankas 4.50% Vilnius page 66

VLP1L Vilkyškių pieninė 0.32% Vilnius page 56

VNF1R Ventspils nafta 7.55% Riga page 34

ZMP1L Žemaitijos pienas 0.70% Vilnius page 57

More about NASDAQ OMX Baltic indexes: www.nasdaqomxbaltic.com/about-indexes

NASDAQ OMX Baltic in depth 13 Efficient cross-border trading and TRADING DAY settlement All three Baltic exchanges have the same trading day structure and trading hours. The day’s structure is also harmonized with other NASDAQ OMX Baltic facilitates efficient cross-border trading and exchanges at NASDAQ OMX Nordic. settlement between the exchanges in Estonia, Latvia and Lithuania, thereby making the Baltic region more accessible and attractive to investors and listed companies. By utilizing a common trading system, as well as common rules and requirements between the exchanges, Trading day structure to be used and offering an advanced delivery versus payment (DVP) link, inves- after INET launch tors are able to trade and settle efficiently and seamlessly between the three markets. All three Baltic exchanges have the same trading Closed day structure and opening hours. Trading takes place in national cur- 09:00 Pre-open 10:00 Uncross rencies in Latvia and Lithuania and in EUR in Estonia. Continuous trading ADVANCED ELECTRONIC TRADING SYSTEM -> INET NASDAQ OMX Baltic’s exchanges currently use the electronic trad- 15:55 Pre-close 16:00 Uncross ing system SAXESS™, which will be replaced by new and ultra low latency system INET, designed especially for Nordic and Baltic mar- 16:00 Post-trade kets. INET is scheduled to be launched on November, 30 2009. Saxess 16:30 Closed will remain as a platform for fixed income trading. * GMT +02:00, different trading hours apply to fixed income market NASDAQ OMX Baltic’s stock exchanges operate according to the order-driven trading model where bids and offers are entered in the relevant order book and automatically matched to trades when price, volume and other order conditions are met. TRADING CURRENCIES Trading takes place in the following currencies: Trading is decentralized, which means that member firms are con- • Estonia: trading in EUR, settlement in EEK (EUR settlement can nected to the system and perform trading from their respective be provided by local banks if agreed so with the client). Estonian home offices, both inside and outside the Nordic and Baltic regions. CSD has joined TARGET2 in August 2009 and the settlement in All brokers have the same simultaneous overview of the market situ- EUR via the central bank will be offered in the future. ation since all trading information is distributed in real time. • Latvia: as of now financial instruments issued in Latvia are The exchange’s members will benefit from state-of-the-art techno- traded and settled in the currency they are issued - LVL, USD or logical solutions and enjoy greater flexibly as INET can be used via EUR. Cash legs in USD/EUR are settled via commercial banks. the internet. Investors will benefit from increased limit order interac- tion, improved quality of execution and increased speed. • Lithuania: both trading and settlement in LTL. The Bank of Lithuania and the Lithuanian market joined TARGET2 Being part of NASDAQ OMX’s global trading platform will help cus- in November 2007, creating the possibility for the Central tomers to technically streamline growth in other geographic markets Securities Depository of Lithuania and market participants to with a single connection, standardized access methods and trading provide clearing and settlement of Lithuanian securities in EUR interfaces. via the central bank.

The trading platform also brings in a new market model, developed All three Baltic countries are part of the EU’s exchange rate mecha- to match today’s Nordic and Baltic market conditions as well as the nism ERM-2. Participation means that each country’s domestic cur- new European trading environment under the Markets in Financial rency is pegged to the euro in order to prepare the respective country Instruments Directive, MiFID. for full membership of the monetary union.

TICK SIZE AND TRADING LOTS The tick sizes for equities listed on the NASDAQ OMX Tallinn, Riga and Vilnius are EUR 0.01, LVL 0.01 and LTL 0.01, respectively. The minimum trading lot for Baltic listed securities is 1.

COMMON TRADING RULES AND PRACTICES One of the cornerstones of the NASDAQ OMX Baltic is a harmonized regulatory framework. The Baltic exchanges have harmonized trading rules and membership requirements, and are compatible with member rules at other NASDAQ OMX exchanges in Copenhagen, Helsinki, Reykjavik and Stockholm.

14 NASDAQ OMX Baltic in depth CLEARING AND SETTLEMENT The Baltic central securities depositories provide centralized clearing and settlement in each market as well as execution of corporate events, assuring a level playing field for local and international investors.

All securities listed on the Baltic exchanges must be registered in the respective national central securities depository (CSD). Institutions that are members of a stock exchange do not necessarily need to become participants of a CSD and/or member of the national central bank, but can facilitate full or part of the clearing and settlement process via appointed clearing agents.

The default settlement cycle for automatically matched stock exchange trades is three days after the trading day (T+3). However, settlement for treasury securities listed in Lithuania is T+1. Other settlement cycles are possible for manual transactions.

CROSS-BORDER SETTLEMENT The Baltic central securities depositories have harmonized clearing and settlement processes, simplifying investments in Baltic securities - all members and investors need is a single securities and cash account in one Baltic country, to which the securities registered in any of the Baltic CSDs can be settled.

In 2005, the cross-border link was activated. At the same time, the clearing and settlement of stock exchange and free of payment (FOP) transfers started. Since April 30, 2007, this has supported the clearing and settlement of a full range of transaction types (i.e. stock exchange trades, FOP transfers and over-the-counter delivery versus payment (OTC DVP) transactions) on the cross-border secondary market.

The clearing and settlement solution between the Baltic CSDs complies with the Issuer CSD Model, meaning that the Issuer CSD takes Pan-Baltic settlement link the responsibility for the settlement of securities registered with it. The cash clearing of a cross-border DVP transaction is conducted in 1. An investor with a securities account in Estonia/Latvia/ its original currency in the respective central bank via local commer- Lithuania can easily buy and sell securities in any of the cial banks. three countries

Further information on the Baltic market and its clearing and settle- 2. An investor interested in buying securities in one of the ment practices can be obtained from the Baltic Market Practice Guide neighboring countries no longer needs to open a new for Securities Settlement, available on the Baltic CSD’s websites. account in the country in question 3. Payments are made in local currency (EEK in Estonia, OTHER DEPOSITORY SERVICES LVL in Latvia, LTL in Lithuania); the cash-leg in foreign Recent activities at the Baltic CSDs have concentrated on step- currencies is settled via commercial banks (EUR and by-step improvement of the information exchange on corporate USD) actions. From January 2008, information on corporate actions will be 4. One common clearing and settlement time schedule exchanged between the Baltic CSDs using SWIFT messaging. From for Baltic stock exchange transactions. A market specific June 2008, the Estonian CSD introduced ISO standard messages time schedule remains for Latvian tradable government and e-mail, as well as SWIFT, to transmit corporate actions to local bonds account operators. 5. Stock exchange transactions are settled via cross-border DVP Further information on the practices and execution of corporate actions at the Estonian, Latvian and Lithuanian Central Depositories 6. Cross-border FOP transfers and OTC DVP transactions can be obtained from “The Corporate Actions Practice Guide” are available to all account operators and account available on the CSDs' websites. managers of the Baltic CSDs

NASDAQ OMX Baltic in depth 15 NASDAQ OMX Baltic membership Knowledge – the key to successful investing In order to trade on all three Baltic markets, a brokerage firm needs to be a member of all three exchanges. However, through a single No matter if it is to fund a college education, to supplement current application form, joint review and approval procedure, the Baltic income, or save up for retirement, the key to successful investing is exchanges have made the cross-border application procedure as knowledge. And no matter how long one has been investing, there is simple and as smooth as possible. We encourage our members to always more to learn – with changed market conditions to consider, become full Baltic members. Investors should note that pan-Baltic new products to understand, different investment strategies to suit brokerage services can only be provided by pan-Baltic members. changing lifestyles. NASDAQ OMX Baltic is committed to educating current and potential investors about investing in securities. To be eligible for NASDAQ OMX Baltic membership, a company must be authorized to carry out securities operations and be under ade- Through its investor awareness program, NASDAQ OMX Baltic aims quate supervision of an authorized supervisory body in the compa- to provide investors and other interested groups with neutral, practi- ny’s home country. A prospective member must meet capital ade- cal information about investing, as well as to support a transparent quacy requirements, have a suitable business organization, adequate marketplace and best practices together with governmental bodies risk management routines, secure technical systems, and must oth- and supervisory authorities. The program aims to improve educa- erwise be deemed suitable to participate in trading. In addition, at tion on the securities markets and promote a steady flow of new and least two employees in the company must be authorized as exchange experienced investors to the Baltic market. Interested people will be traders in order to trade via the electronic trading system. provided with information according to their level of expertise, from first-time investors to advanced. As the NASDAQ OMX Nordic and Baltic exchanges share the same trading system, the members of these exchanges can trade on the Baltic market without having to incur additional technology install- ment costs. Furthermore, they are not required to pay extra fees to The Baltic exchanges implement the Baltic exchanges for the use of technical infrastructure. a wide range of local and pan- Baltic activities to raise investor Clearing and settlement of transactions made on the NASDAQ OMX awareness, including: Baltic takes place in the local CSDs. A remote member (foreign-based member firm) has two alternatives for clearing and settlement of transactions concluded on the Baltic exchange(s); it can either use •• Local language web sections or sites dedicated to its own back office and conclude respective agreements with the investor education and containing background and Estonian, Latvian or Lithuanian CSD, or it can outsource its clearing current information relevant to potential investors and settlement services. Several service providers are available on according to different levels of experience the market. •• Fairs, conferences and seminars to provide investors For a list of members see page 83. with an overview of securities market trends and issuers with the opportunity to present their story and visions •• Close cooperation with the universities in providing students and the general public with knowledge and Basic steps to become a member: understanding of the securities markets •• Notify the financial supervisory authorities in the •• Academic competitions to stimulate student member’s home country* involvement and interest in the Baltic securities market •• Schoolbooks and other learning materials, which are •• File an application with one of the Baltic exchanges edited and released by stock exchanges accompanied by the required appendices •• As well as other country-specific projects •• Sign Membership Agreement(s) with respective stock exchanges

•• Set up access to clearing and settlement for trading on the Baltic exchanges

•• Make initial contribution to the Baltic Guarantee Fund Informed investors drive market success and we see great potential for our market through enhancing the knowledge and awareness of our investors. * The notification is required only if the potential member provides cross-border investment services to persons residing or located in the Baltic countries.

16 NASDAQ OMX Baltic in depth 2000 2001 2002 2003 2004 2005 2006 2007 2008 H1 2009*

Aggregate Baltic market Market capitalization (MEUR) 4 077 3 550 4 417 6 672 10 587 12 081 14 341 13 096 5 177 4 882 Market turnover (MEUR) 721 639 567 783 1 065 2 603 2 460 2 386 978 155 Average monthly turnover (MEUR) 60.1 53.3 47.3 65.3 88.8 216.9 205.0 198.8 81.5 25.8 Number of companies 131 127 128 114 95 104 98 99 93 91 Number of IPOs 0 0 0 0 1 3 3 3 1 0 Average company capitalization (MEUR) 31.1 27.9 34.5 58.5 111.4 116.2 146.3 132.3 55.7 53.6 Market cap (% of GDP) 15.1% 11.9% 13.5% 19.0% 27.2% 26.9% 27.0% 20.2% 7.3% 7.4% Market turnover (% of market cap) 17.7% 18.0% 12.8% 11.7% 10.1% 21.5% 17.2% 18.2% 18.9% 11.0%

NASDAQ OMX Tallinn Market capitalization (MEUR) 1 923 1 666 2 316 3 005 4 627 3 022 4 578 4 105 1 403 1 382 Market turnover (MEUR) 349 259 263 494 663 1 938 766 1 526 618 74 Average monthly turnover (MEUR) 29.1 21.6 21.9 41.2 55.3 161.5 63.8 127.2 51.5 12.3 Number of companies 21 18 15 15 14 16 16 18 18 17 Number of IPOs 0 0 0 0 0 3 2 2 0 0 Average company capitalization (MEUR) 91.6 92.5 154.4 200.3 330.5 188.9 286.1 228.1 78.0 81.3 Market cap (% of GDP) 31.5% 24.1% 29.9% 34.6% 47.9% 27.2% 34.9% 26.9% 8.8% 9.4% Market turnover (% of market cap) 18.1% 15.6% 11.4% 16.4% 14.3% 64.1% 16.7% 37.2% 44.0% 21.4%

NASDAQ OMX Riga Market capitalization (MEUR) 673 846 692 900 1 207 2 122 2 034 2 098 1 166 1 013 Market turnover (MEUR) 248 153 127 123 88 77 88 103 28 6 Average monthly turnover (MEUR) 20.7 12.8 10.6 10.3 7.3 6.4 7.3 8.6 2.4 1.0 Number of companies 63 63 62 56 39 45 40 41 35 34 Number of IPOs 0 0 0 0 1 0 0 0 0 0 Average company capitalization (MEUR) 10.7 13.4 11.2 16.1 31.0 47.2 50.9 51.2 33.3 29.8 Market cap (% of GDP) 7.9% 9.1% 7.0% 9.0% 10.8% 16.3% 12.7% 9.9% 5.0% 4.8% Market turnover (% of market cap) 36.8% 18.1% 18.4% 13.7% 7.3% 3.6% 4.3% 4.9% 2.4% 1.7%

NASDAQ OMX Vilnius Market capitalization (MEUR) 1 481 1 038 1 409 2 767 4 753 6 937 7 728 6 892 2 608 2 487 Market turnover (MEUR) 124 227 177 166 314 588 1 607 757 332 75 Average monthly turnover (MEUR) 10.3 18.9 14.8 13.8 26.2 49.0 133.9 63.1 27.7 12.5 Number of companies 47 46 51 43 42 43 42 40 40 40 Number of IPOs 0 0 0 0 0 0 1 1 1 0 Average company capitalization (MEUR) 31.5 22.6 27.6 64.3 113.2 161.3 184.0 172.3 65.2 62.2 Market cap (% of GDP) 12.0% 7.6% 9.4% 16.8% 26.2% 33.2% 32.2% 24.2% 8.1% 8.3% Market turnover (% of market cap) 8.4% 21.9% 12.6% 6.0% 6.6% 8.5% 20.8% 11.0% 12.7% 9.1%

Sources: NASDAQ OMX, Eurostat, Statistics Estonia, Latvian Central Statistical Bureau * Ratios are calculated using four quarter rolling GDP and market turnover

NASDAQ OMX Baltic in depth 17 The Baltic economies Maris Lauri / Senior Analyst / Swedbank September 7, 2009

Estonia The situation with domestic demand is more uncertain, as growth prospects remain slim, particularly in household and government It is highly likely that the Estonian economy will have reached the consumption. Increasing unemployment and declining incomes and bottom of the current crisis in the 2nd and 3rd quarters of 2009, but the need to keep the budget deficit under control will not enable recovery will be slow and bumpy. There remain a lot of uncertainties, spending to resume any time soon. However, investments could and you cannot ignore the possibility of setbacks, although the mood start to recover as early as 2010 – first and foremost in companies (as has recently become a little more optimistic. inventories are low), but also those related to EU funds (e.g. roads, energy and the environment). Recovery in real estate investments The Estonian economy is very open: exports of goods and services will take several more years. amount to ca 75% of GDP, of which approximately one third are exports of services. Most Estonian industries export between 80% The crisis has brought about strong adjustments in the Estonian and 100% of their production; exceptions are the food industry (ca economy – the current account now has a growing surplus and infla- 25%) and the production of building materials (ca 50%). Among serv- tion has been replaced by modest deflation. The deficit is expected to ice exports, the biggest income derives from tourism-related services return, due to investment needs, and inflation to strengthen in a few – tourist spending and transport. Other transport and logistic serv- years together with economic growth exceeding 3-4%. ices are also important. The major challenge Estonia now faces is related to balancing its Estonia’s exports primarily come from ‘cyclical’ sectors and hence budget: the financing of the deficit is difficult in the current global the dependence of Estonian producers on global economic develop- situation and hence there is a need to keep it low. If the government ments is high. There are good chances that exports will pick up along succeeds in keeping the deficit below 3% of GDP, Estonia will be able with the global economy, taking account of the substantial adjust- to join the euro zone in 2011 or 2012. ments companies have made in 2008 and 2009 – slashing jobs, cutting wages and other costs and increasing efficiency.

Major statistic about Estonia, Latvia and Lithuania Estonia Latvia Lithuania 20

-5

-10

-15

-20 GDP CPI budget balance public debt current account unemployment rate hourly labour cost GDP per capita (2009 Q2) (2009 Aug) (2008) (2008) (2009 Q2) (2009 Q2) (2007) (2008)

Growth (%) % of GDP % eur 1000 eur

18 Baltic economies Latvia a high oversupply of real estate, and government policies are yet to reach areas which would inject some optimism. Still, the situation is The Latvian economy will probably reach the bottom of the current expected to improve gradually in 2010 and 2011 as the economy starts crisis in winter 2009-2010, but recovery will be very slow and growth – along the slow and presumably bumpy road to recovery. even in 2011 – will be modest. Government policy, particularly the situation with the budget, is the Recovery will begin in exporting companies: stabilisation in some biggest concern for Latvia in 2009 and the years to come. Massive industries in mid-2009 will be replaced by gradual growth at the end cuts will mean that the government’s contribution to the economy of 2009 and early 2010 as the global situation improves. The ongo- cannot come from consumption, but rather from building up more ing process of strong adjustment – primarily in jobs and other cost- efficient and sustainable public services and economic policy for the cutting – has improved companies’ cost competitiveness, so demand future. The budget deficit, which may exceed 10% of GDP in 2009 and is now the key to growth. The share of cyclical products in exports is which will remain relatively high for several years, is being financed relatively high – wood, chemicals, different type of machinery and with the help of the IMF and the European Commission. Accession equipment and subcontracting to car industries – so dependence to the euro zone is unlikely in the next 2 to 3 years due to budget on global developments is high. Exports account for close to 50% constraints. of Latvia’s GDP and ca 35% of this is services, most of all transport services. Lithuania The situation with domestic demand is much less certain. Unemployment continues to grow, and the public sector is set to Lithuanian economic growth will continue to fall until the beginning make a substantial contribution. Besides growing unemployment, of 2010, after which small quarterly growth rates are expected as wages and state allowances (including pensions) have been cut, export growth outweighs the decline in domestic demand. and as a result householders’ ability to spend has fallen sharply. Improvements may only come in the second half of 2010. Recovery in Lithuanian exports depends above all on global developments (exports account for almost 60% of GDP), and companies The near-term outlook in investments is not encouraging: a high from machinery and equipment industries, the chemical and food level of capacity, weak demand and unfavourable lending terms industries and metalworking are expected to take the lead. Strong are discouraging company investment. The same effect stems from adjustments in production processes, cost-cutting and investments

Economic growth rates Unemployment rate

Estonia Latvia Lithuania Estonia Latvia Lithuania

15% 20% 10% 16% 5% 0 12% -5% 8% -10% 4% -15% -20% 0 2004 2005 2006 2007 2008 2009 H1 2004 2005 2006 2007 2008 2009 latest

Budget balance, Current and capital account % of GDP balance, % of GDP Estonia Latvia Lithuania Estonia Latvia Lithuania

4% 5% 3% 0 2% 1% -5% 0 -10% -1% -15% -2% -3% -20% -4% -25% 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2009 H1

Baltic economies 19 from previous periods should promote growth at the end of 2009, but primarily in 2010. Exports of services – especially transport, but Consumer prices, yoy also tourism – will depend on the global economic situation and grow hand-in-hand with increasing trade flows. Estonia Latvia Lithuania 20% Domestic demand is under pressure from falling employment and 15% wages, budget limits and the unfavourable investment situation. 10% Unemployment is likely to peak in the first few months of 2010, but after a few quarters increased employment and income are forecast 5% to also generate growth in consumption. While the real estate sector 0 will take several years to recover, company investments will begin to -5% grow as demand prospects become apparent and excess capacities 01 01 01 01 01 01 01 01 01 01 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 are employed. EU funds and government measures are planned to support investments in infrastructure and major exporting sectors.

The major challenge for Lithuania’s economy is now related to the Consumer price growth change in the energy balance (primarily electricity) due to the closure of the Ignalina nuclear power plant. Capacity shortages will be offset Estonia Latvia Lithuania with imports from Belarus, Ukraine, Russia and Estonia, but strong 16% efforts are being made to increase domestic capacity and broaden the range of other energy suppliers. 12% 8% The government’s major efforts are related to the public sector budget – efforts have been made to reduce the budget deficit, make 4% substantial cuts in spending and increase revenue, and more are 0 needed. Adoption of the euro has been put back to 2012 or 2013. 2004 2005 2006 2007 2008 2009 7m

GDP per capita, EUR

Estonia Latvia Lithuania

12 000 10 000 8 000 6 000 4 000 2 000 0 2004 2005 2006 2007 2008

GDP per capita, % PPS (EU-27=100) Estonia Latvia Lithuania 80%

60%

40%

20%

0 2004 2005 2006 2007 2008

20 Baltic economies The following Taxation section has been written Taxation for informational purposes only and does not constitute legal advice. It is limted 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 September 4, 2009.

Estonia Latvia

Resident companies Resident companies In Estonia, corporate taxpayers are not subject to traditional cor- Resident companies are subject to income tax at a rate of 15%. porate income tax. Instead, they are subject to a distribution tax on Dividends are subject to income tax if received from non-resident distributed profits, including hidden profit distributions (e.g. fringe companies or resident companies to which certain tax exemptions benefits, non-business expenses, transfer pricing adjustments, gifts apply in Latvia. Dividends are tax exempt if received from a com- and donations). The income of a company comprises its worldwide pany resident in another EEA state or from a non-resident company income of all types but no tax is levied on this income until retained (unless from a low tax territory) in which the resident company owns in the company. Losses have no significance for tax purposes. 25% of capital and voting rights. Interest and capital gains received by resident companies are generally taxed at the rate of 15%1. Upon distribution, the distribution tax is levied at a rate of 21/79 (approximately 26.6%) on the net amount of the profit distribution Non-resident companies (21% on the gross amount). When a resident company redistributes With certain exceptions, the taxation of non-resident’s permanent dividends received from its subsidiary where it has at least 10% par- establishment in Latvia is similar to the taxation of resident compa- ticipation, the further distribution is exempt of tax if either the sub- nies. Taxation of non-residents that have no permanent establish- sidiary is (a) resident in Estonia, another EEA state or Switzerland ment in Latvia is limited to their activities in Latvia. The law contains a or (b) resident outside those countries but was subject to tax on its comprehensive list of payments to non-residents that are subject to profits or the dividends received by the parent were subject to with- withholding tax in Latvia. This list includes, among others, dividends holding tax. paid by resident companies and interest payments. Non-resident companies being residents in EEA states are not subject to withhold- Non-Resident companies ing tax on dividends, while in general dividends paid to non-residents With certain exceptions, the taxation of a non-resident’s permanent are subject to 10% withholding tax. Interest payments to non-resi- establishment in Estonia is similar to the taxation of resident compa- dent companies are subject to 10% withholding tax if the payer and nies. The taxation of non-residents that have no permanent estab- the recipient are related parties. If the related party receiving interest lishment in Estonia is restricted to their activities in Estonia. Types payment is resident in another EU Member State, 5% withholding of non-residents’ income taxable in Estonia include business income tax applies. Interest paid by commercial banks registered in Latvia to earned in Estonia, capital gains from real estate, gains from the shares persons affiliated with them is subject to 5% withholding tax. All pay- of companies holding more than 50% of their assets in real estate, ments made by resident companies to low-tax or tax-free countries and excessive interest. Otherwise, interest and capital gains from the or territories are subject to 15% withholding tax, with the exception sale of shares are exempt of tax if received by non-residents. In addi- of dividends paid by Latvian residents, interest from deposits and tion to distribution tax, which is paid by the distributing company, balance of accounts paid by credit institutions registered in Latvia there is no additional withholding tax on dividends. and payments regarding supply of goods, if such goods are goods of origin of the respective low tax territory. In general, the standard 21% tax rate also applies to non-residents. In most cases non-residents are taxed by way of a withholding tax. The website of the State Revenue Service is www.vid.gov.lv. An exception is that taxes on capital gains are not withheld; the non- resident has to declare the gain and pay the tax.

The website of the Tax and Customs Board is www.emta.ee.

1 Except income gained from sale of securities in public circulation, by which a company decreases its profits.

Taxation 21 Lithuania Non-residents With some exceptions, the taxation of non-resident companies with permanent establishments is similar to the taxation of resident com- Resident companies panies. The law contains a comprehensive list of circumstances under The profit of Lithuanian companies is subject to corporate income tax which income received by a non-resident with no permanent estab- at a rate of 20%. Dividends received by resident companies are taxed lishment is taxable in Lithuania (e.g. income gained from the transfer at a 20% corporate tax rate with two exemptions. Firstly, dividends or lease of immovable property located in Lithuania, interest, royal- received by resident companies from foreign companies, which are ties, dividends, etc.). The withholding tax rate differs depending on registered or otherwise organised in EEA country and profit of which the type of the income. is subject to corporate income tax or an equivalent tax, are not subject to taxation in Lithuania. Secondly, dividends received by resident In general, 20% tax shall be withheld from dividends paid by a resi- companies which hold (or intend to hold) continuously for at least 12 dent company to non-resident companies. However, dividends are months shares granting more than 10% of votes in the company dis- tax exempt if distributed by a Lithuanian company to non-resident tributing dividends (either Lithuanian or foreign company) are not companies which are not located in a low tax zone and hold (or taxed, provided that such a company is not established in a low tax intend to hold) continuously for at least 12 months shares granting zone. Application of the above exemptions is restricted if the taxa- more than 10% of votes. Application of the participation exemption ble profit of a Lithuanian company (except for a Lithuanian company is restricted if the taxable profit of a Lithuanian company distributing established in the free economic zone) or a foreign company distrib- dividends (except for a Lithuanian company established in the free uting dividends is subject to 0% corporate income tax rate or if the economic zone) is subject to 0% corporate income tax rate or if the company’s taxable profit (or any part thereof) is not taxed due to the company’s taxable profit (or any part thereof) is not taxed due to the application of certain tax exemptions. In such cases, the participation application of certain tax exemptions. In such case, the participation exemption will not apply in respect of the part of dividends propor- exemption will not apply in respect of the part of dividends propor- tional to the factually tax-free part of taxable profit. tional to the factually tax-free part of taxable profit.

Interest received by Lithuanian companies is subject to corporate Interest is generally taxed at a withholding tax rate of 10%. Starting income tax of 20%. Capital gains from the transfer of shares in the with July 1, 2009, interest received by a company resident in another companies (organized in EEA jurisdiction or certain other countries) EU Member State is taxed at a rate of 5%. Interests received by a are tax exempt provided that shares are held for a period of 2 years company resident in EEA country or in a country with which the and constitute at least 25% of the authorized share capital of the com- double taxation avoidance treaty is concluded will be tax exempt pany. The mentioned exemption is not applied if shares are trans- from January 1, 2010. ferred to the issuer. Tax losses can be carried forward indefinitely. Capital losses from the transfer of securities and derivatives can be The website of the State Tax Inspectorate is www.vmi.lt. carried forward for 5 years and can cover only the gains derived from the disposal of securities and derivatives.

22 Taxation Comparative Baltic Tax Table

The following table indicates the tax obligations arising in the relevant countries as of September 4, 2009. 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).

Corporate Income Tax Rate Estonia Latvia Lithuania Non-Resident Corporations 21% 15% 5%, 10%; 20% Resident Corporations 21/79 on the net distribution 15% 13%, 20%

Capital Gains Non-Resident Corporations 21% on certain property-related 0%, exceptions apply 20% for real estate related transactions; transactions 0% on the sale of shares (except shares of real-estate companies) Resident Corporations 21/79 on the net distribution 15%, exceptions apply 20%, exceptions apply

Dividends Non-Resident Corporations 0% (dividends are, however, subject 10%, exceptions apply 0% (under the participation to distribution tax payable by the exemption rule); distributing company) WHT 20% Resident Corporations 21/79 on the net distribution, 0%; 0% (under the participation exceptions apply 15% if received from a non-resident, exemption rule and other exceptions apply exemptions); 20%

Interests Non-Resident Corporations 0%; 10% if the payer and recipient are 0% (exemptions); 21% on excessive interest related parties; WHT 5%, 10% 5% if the recipient is resident in another EU Member State; 5% if paid by Latvian banks to related parties Resident Corporations 21/79 on the net distribution 15% 20%

For the latest information on taxation see www.rln.ee/tax

Raidla Lejins & Norcous law firms in Estonia, Latvia and Lithuania are independent entities operating under joint business name. The firms belong to RoschierRaidla network including Raidla Lejins & Norcous firms in the Baltics and Roschier in Finland and Sweden. The network of 270 lawyers and over 400 professionals in total is one of the largest law firm operations in Northern Europe.

Taxation 23 NASDAQ OMX Baltic – a safe place to invest

Providing a safe place to invest is one of our top priorities and a The executive committee of the Baltic Institute of Corporate number of effective measures are in place to maintain investor confi- Governance is chaired by Arminta Saladžienė, president of NASDAQ dence and integrity at NASDAQ OMX Baltic’s markets. OMX Vilnius, who was awarded the 2009 Swedbank Baltic Sea Award for her initiative to improve business and public awareness on the Since joining the EU in 2004 the Baltic countries have had to comply importance of corporate governance. with all EU regulations as well as adjust local legislation concerning securities markets. In conjunction with the introduction of MiFID in DETAILED INFORMATION DISCLOSURE 2007, a number of regulatory requirements for securities markets REQUIREMENTS FOR LISTED COMPANIES were established to further improve investor confidence. These har- Companies traded on the exchange are subject to information dis- monized investor protection rules aim to increase investor confi- closure rules. NASDAQ OMX Baltic’s exchanges have a harmonized dence in using investment services in the Baltic states, as anywhere set of disclosure requirements for companies traded on the Baltic in the EU. market. Companies must disclose, without delay, any information that may have a material effect on the price of their securities in English and the local language. Disclosure rules require any significant event in the issuer’s business to be reported to all market partici- Investor protection in the Baltics pants simultaneously, ensuring that investors and other market participants have an equal basis upon which to make informed investment decisions.

MARKET SUPERVISION AND ENFORCEMENT Supervision, surveillance Market supervision and enforcement play a vital role in ensuring and enforcement market confidence. Each Baltic state has a national financial supervi- Exchange rules & sory authority (FSA) to supervise the local securities market. Corporate Governance FSAs conduct financial supervision in order to enhance the stability EU & local legislation and reliability of the entire financial sector. Developing cooperation between national FSAs and stock exchanges aims to ensure a fair and transparent market for all members and investors interested in trading in the Baltic market.

Corporate governance For more information about local FSAs visit: Listed companies must adhere to corporate governance require- • Financial Supervisory Authority of Estonia – www.fi.ee ments. At NASDAQ OMX Baltic, we continue to work with corporate • Financial and Capital Market Commission of Latvia - www.fktk.lv governance to improve transparency and strengthen customer con- • Lithuanian Securities Commission – www.lsc.lt fidence in the market. The Baltic exchanges have chosen to apply the “comply or explain” principle. The stock exchanges themselves also act as self-regulatory bodies, supervising their member firms as well as their listed companies. This Baltic Institute of multi-tier supervision and enforcement system is in place to ensure Corporate Governance that issuers and member firms act in compliance with laws and appli- In 2009 NASDAQ OMX Baltic, cable rules, regulations and instructions. together with Ernst & Young, Glimstedt Law Firm, ISM University, Bonniers Business Newspapers and the Swedish Chamber of INVESTOR PROTECTION Commerce, launched the non-profit initiative, the Baltic Institute of A wide range of measures are in place to ensure a high level of inves- Corporate Governance, aimed at further improving corporate gov- tor protection on the NASDAQ OMX Baltic exchange. It is mandatory ernance in Estonia, Latvia and Lithuania. The institute focuses on for intermediaries and custodians to keep proprietary investments defining good corporate governance, raising awareness and stressing on separate accounts from their clients’ investments. This elimi- the importance of the work of the supervisory boards and company nates securities risk in case of default of a bank or a brokerage com- directors for profitability and growth. pany. Members are required to have sufficient capital to cover risks associated with operations. In addition, the exchanges have set up a Guarantee Fund, used in the case of a member’s default to which all members contribute.

24 a safe place to invest For settlement of disputes, the members can turn to the local supervisory authority (in the case of Estonia and Latvia – also to the Arbitration Court). Also, individual investors can file their complaints with the local supervisory authority. During the past years, several amendments have been made to national legislation in all three countries with a view to enhancing the protection of minority shareholders and bringing local legislation in the Baltic states in line with the legislative measures introduced in the EU under the Financial Services Action Plan.

Investment protection legislation implementing the Investor Compensation Schemes Directive has been put into place in the Baltic countries – the Guarantee Fund Act in Estonia, the Investment Protection Law in Latvia, and the Law on Insurance of Deposits and Liabilities to Investors in Lithuania. The purpose of these laws is to protect investor funds, thus increasing the reliability and stability of the financial sector.

The creation of investor associations has also helped to enhance the investment climate. These associations strive to improve protection of investor rights and promote investing by facilitating greater understanding of investing and the financial markets among current and prospective investors of all ages.

Best market participants acknowledged in NASDAQ OMX Baltic Market Awards

NASDAQ OMX Baltic Market Awards recognize excellence in investor relations according to best practice and international standards in financial and non-financial reporting.

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

NASDAQ OMX Baltic Market Awards 2008 winners

• Best Investor Relations in the Baltic Countries – SAF Tehnika • Best Investor Relations in the Baltic Countries among Small Cap Companies – SAF Tehnika • Best Annual Report in the Baltic Countries – VST • Best Investor Relations Online in the Baltic Countries – Grindeks • Most visible improvement over the year in the Baltic Countries – Eesti Ehitus • Best Investor Relations in NASDAQ OMX Tallinn – Baltika • Best Investor Relations in NASDAQ OMX Riga – SAF Tehnika • Best Investor Relations in NASDAQ OMX Vilnius – TEO LT • Member of the Year 2008 – SEB Bankas

BMA winners in 2009 will be announced on www.nasdaqomxbaltic.com on December 11, 2009.

a safe place to invest 25 NASDAQ OMX First North - tailor-made to facilitate growth

NASDAQ OMX First North is an alternative marketplace specifically • Access for potential IPOs designed for fast-growing, developing companies with a need for Companies interested in bringing their shares to First North in market facilitation. With 131 companies traded on it, NASDAQ OMX the Baltic countries are admitted via the local stock exchanges First North (September 2009) has become one of Europe’s leading in Tallinn, Riga or Vilnius. First North is an attractive marketplace marketplaces for growth companies. not only for local but also for foreign companies that either do business in the Baltic region or are looking for a window to the Companies in all industries and of all sizes have the opportunity to EU markets. benefit from First North’s unique offering. It gives companies greater visibility and ease of access to capital, combining the benefits of • Easy investor access being on-market with simplicity. First North utilizes the NASDAQ First North in the Baltic countries is automatically accessible to OMX trading, information and distribution infrastructure – but has all members on the exchanges in Riga, Tallinn or Vilnius thereby lower regulatory demands and admission requirements. giving easy investor access

At the same time, First North brings investors at home and abroad ALTERNATIVE MARKETPLACES VS a wider range of investment possibilities, such as first-hand access REGULATED MAIN MARKETPLACES to the companies of tomorrow and the opportunity to share in their The basic principles of operation of alternative marketplaces are very growth and success. It may involve higher risk but on the other similar to those of regulated markets and stock exchanges. However, hand may provide better returns. It should be noted that investing there are some notable differences. Alternative marketplace issu- on an alternative market such as First North compared with invest- ers are able to obtain virtually the same benefits as on a regulated ing on a regulated market may require more detailed analysis and market, but with lower resource consumption both financially and in preparation. terms of man-hours spent.

FIRST NORTH IN THE BALTIC COUNTRIES In the Baltic countries, First North is harmonized across the NASDAQ OMX exchanges in Tallinn, Riga and Vilnius to fit the needs of growth companies and investors:

Regulated Market – Baltic Main List Alternative marketplace First North in the Baltics

Regulated market listing with Admission to trading on alternative marketplace, Legal status all applicable regulations mainly regulated by stock exchange Prospectus meeting all requirements, Admission documents Prospectus or simplified company description approved by FSA Minimum size At least EUR 4 million market capitalization No minimum requirements History At least 3 years of operations No minimum requirements Minimum free float requirements Dispersion of shares No minimum requirements 25% or EUR 25 million Reporting according to International Reporting according to local Reporting standards Financial Reporting Standards (IFRS) accounting standards or IFRS Disclosure languages Local and English language disclosures Local or English language disclosures Financial reports Annually, semi-annually and quarterly Annually and semi-annually Submission of Corporate Compulsory Voluntary Governance report Certified Adviser continuously supports Role of Certified Adviser Issuer fulfills all the requirements by itself issuer in fulfilling requirements Controlled risks given high admission and Investment risk Higher risks given lower requirements information disclosure requirements

26 NASDAQ OMX first north There are 16 Certified Advisers affiliated with First North that are qual- First North is suitable for: ified to guide growth companies to the Baltic alternative market. For • Growth companies with the ambition to develop joining First North, a company should enter into an advisory agree- • Established companies that need capital to move into ment with one of our Certified Advisers. new markets, prevail over competition in existing ones or make acquisitions • Family-owned companies carrying out a generation shift • Companies open to acquisition NASDAQ OMX Tallinn • Companies aiming for a regulated main market listing Aare Raig Law Firm and compliance with regulated market requirements Law Firm Lepik & Luhaäär LAWIN • Companies that want to benefit from increased Law Firm Sorainen transparency and public awareness of their activities Deloitte Advisory and development Swedbank SEB Enskilda

NASDAQ OMX Riga Eventus Partners First North provides the company with: SEB Enskilda • Capital for the development of the business Advante Corporate Finance • New investors willing to facilitate the company’s growth • Objective market assessment of the company’s value NASDAQ OMX Vilnius • Possibility for existing owners to realize created Baltijos įmonių finansai value by selling shares to other investors Deloitte Lietuva • Increased visibility and international exposure GILD • Stronger reputation in terms of reliability SNORAS - Jūsų tarpininkas in the eyes of clients and partners SEB Enskilda • A first step towards a listing on the regulated Swedbank Corporate Finance main market Verslo konsultacijų spektras

For more information about First North visit: Or contact us at: www.nasdaqomxbaltic.com/firstnorth NASDAQ OMX Tallinn: [email protected], +372 640 8800 NASDAQ OMX Riga: [email protected], +371 6721 2431 NASDAQ OMX Vilnius: [email protected], +370 5272 3871

NASDAQ OMX first north 27 28 Company information

Changes from Last Year’s Guide

Regular readers of this guide will notice that some changes have been made on the companies’ pages. Firstly, in addition to those companies listed on the Baltic Main List, we have profiled ten companies from the Secondary List to offer a better illustration of the cross- section of industries to be found in the region. We have ordered the Energy Materials companies according to their GICS (Global Industry Classification Standard) sector. The ten companies from the Secondary List profiled in this year’s Guide were chosen on the basis of the market value of the free float and trading turnover.

This year, the ratios and statistics compiled in this guide have been collated by Emerging Nordic Research, with data from a variety of sources: listed companies, stockmarket data as well as company Industrials Consumer Discretionary reports. Some of the ratios have been revised in 2009, for a complete list see page 75. 12 months trailing period has been used for all calculations with 2009 trailing period from July 1, 2008 until June 30, 2009 (except for Tallink Grupp).

In addition to ratios used in previous publications, the net debt to equity ratio has been introduced in 2009. Over the past few years, debt has been the instrument of choice for many companies in the Consumer Staples Health Care region. With debt lately becoming less accessible due to tighter bank financing and the percentage of bank loans with payment arrears and provisions increasing, it has become increasingly important to monitor indicators such as net debt and the level of borrowing in the company.

Free float and main shareholders are shown as of April 30 for NASDAQ OMX Riga and June 30 for NASDAQ OMX Tallinn & Vilnius Financials Information Technology listed companies.

Share prices are shown on graphs from January 1, 2006 (or listing date, if later) - to September 30, 2009 in company’s trading currency.

Telecommunication Services Utilities

Company information 29 Klaipėdos nafta

COMPANY INFORMATION

Listing date: January 16, 1996 Total number of shares: 342 000 000 Free float: 29.34% Main shareholders: Home exchange: NASDAQ OMX Vilnius State represented by the Ministry of Energy 70.63% List: Secondary list of the Republic of Lithuania Sub-Industry name: Oil & Gas Storage & Transportation AB Achema 9.14%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Burių g. 19, LT-91003 Klaipėda, Lithuania June 30, Telephone: +370 4639 1700 2006 2007 2008 2009* Fax: +370 4631 1399 Sales (MEUR) 20.66 22.78 34.64 31.84 E-mail: [email protected] Profit / Loss (MEUR) 3.71 2.53 8.28 7.03 Webpage: www.oil.lt ROE (%) 3.24 2.19 6.97 5.79 Investor relations contact: ROA (%) 3.14 2.30 6.57 5.51 Ričardas Milvydas / Commercial director Net profit margin (%) 17.95 11.11 23.91 22.08 Fixed assets turnover 0.16 0.18 0.28 0.27 Equity ratio 0.87 0.90 0.93 0.95 COMPANY IN BRIEF Operating profit margin (%) 23.91 16.14 28.01 25.94 The public company, Klaipėdos nafta, is a Lithuanian oil terminal renowned EPS (EUR) 0.01 0.01 0.02 0.02 in the Baltic market for oil cargo transit services, valuing cooperation with old Dividend per share (EUR) 0.01 0.01 0.01 - clients and ready to enter into new business relationships. P/E 30.71 39.13 10.40 14.37 The company started operations in 1959 as the Klaipeda oil depot, engaged P/BV 0.99 0.86 0.71 0.82 in oil export and reloading. It changed names time and again, until in 1994, EBITDA (MEUR) 10.26 9.26 15.46 14.06 a Lithuanian and American joint venture, Klaipėdos nafta, was set up and entrusted with the terminal’s reconstruction and the operation. In 2002, after EBITDA margin (%) 49.64 40.67 44.62 44.15 a change in the composition of the shareholders, the company was renamed EBIT (MEUR) 4.94 3.75 9.70 8.26 Klaipėdos nafta AB, a company controlled by the state through the Ministry Net Debt to Equity 0.10 0.07 0.02 -0.01 of Energy. The state currently owns 70.63% of the company. The authorized capital of the company amounts to LTL 342 m. Klaipėdos nafta is one of Lithua- Auditor in 2008: KPMG Baltics nia’s strategic enterprises and is not subject to privatization, as approved by IFRS accounting: YES separate laws. Main subsidiaries with results consolidated into corporate: none. The mission of the terminal is not only to transship exported oil products, but also to provide Lithuania with oil products imported from the West: gasoline, * 12-mo rolling to end June 2009 diesel fuel, orimulsion, etc.

Long years of experience, qualified specialists, efficient management and some of the most up-to-date technology guarantee a high quality of services, which always satisfies the business needs of the clients and meet their expec- tations. For the convenience of the clients the terminal contains customs and excise storehouses, where clients can carry out buy-sell operations. SHARE INFORMATION Klaipėdos nafta is a universal terminal. Although its projected annual capa- Share price (in LTL) Trading Code: KNF1L city is about 7.1 m tons of exported and imported oil products of all types, it can handle a larger amount of cargo. Reloaded oil products account for 1.4 33 percent of all cargo coming through the Klaipeda port. 1.2 The terminal is equipped with the latest Western technology. Automatic fire detection and extinction, as well as load management computer systems are on the site. Technologies to prevent air, soil and water pollution, which meet 1.0 the European standards, have also been put in place. The site’s mechanical and biological water cleaning equipment is unique in Europe and guarantees that the water discharged into open reservoirs is in compliance with the Euro- 0.8 pean Union requirements. 0.6 The Klaipeda oil terminal is one of the first terminals in Europe to have built 01 07 01 07 01 07 01 07 a fume collection and incineration facility, where it burns up to 98% of the 2006 2006 2007 2007 2008 2008 2009 2009 volatile organic compounds collected from tankers serviced by the company. In this way, the pollution by hydrocarbons is avoided in Klaipeda and its surroundings. Each cargo batch is stored separately – it is not mixed with 2006 2007 2008 2009 H1 others, which preserves the quantity and quality of the delivered products. Market capitalization (MEUR) 113.91 99.05 86.17 101.03 A computerized metering system is installed in the storage tanks. The qual- As % of total Baltic equity cap 0.82 0.76 1.66 2.07 ity parameters are controlled by a modern laboratory of the terminal. Envi- ronmental pollution is also minimized by using natural gas in the terminal’s Turnover (MEUR) 15.64 14.80 11.20 4.79 boiler-house. As % of total Baltic equity turnover 0.64 0.62 1.14 3.10 Klaipėdos nafta was named as a finalist in two nominations, “Best engineer- Number of deals 2 741 2 892 4 455 3 616 ing and technology capacity” and “Most environmentally safe terminal,” at the international competition of oil terminals “Oil Terminal – 2006” held for The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, the first time in Moscow. 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

30 Company profiles: Klaipėdos nafta Latvijas Gāze

COMPANY INFORMATION

Listing date: February 15, 1999 Total number of shares: 39 900 000 Free float: 4.34% Main shareholders: Home exchange: NASDAQ OMX Riga E.ON Ruhrgas International AG 47.20% List: Secondary list Gazprom AS 34.00% Sub-Industry name: Oil & Gas Storage & Transportation Itera Latvija SIA 16.00%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Vagonu Street 20, LV-1009 Riga, Latvia Telephone: +371 6736 9144 2006 2007 2008 Fax: +371 6736 9165 Sales (MEUR) 259.45 340.69 499.44 E-mail: [email protected] Profit / Loss (MEUR) 29.58 45.92 27.10 Webpage: www.lg.lv ROE (%) 8.93 11.49 5.86 Investor relations contact: ROA (%) 6.59 8.10 3.97 Vinsents Makaris / PR specialist Net profit margin (%) 11.40 13.48 5.43 Fixed assets turnover 0.82 0.88 1.09 Equity ratio 0.71 0.68 0.66 COMPANY IN BRIEF Operating profit margin (%) 12.63 15.50 6.13 EPS (EUR) 0.74 1.15 0.68 JSC Latvijas Gāze is the only natural-gas transmission, storage, distribution, Dividend per share (EUR) 0.43 0.71 0.54 and sales operator in Latvia. The company ensures the supply of natural gas P/E 19.81 8.80 9.53 to 442,000 customers in Latvia; and during the heating season, the company P/BV 1.74 0.87 0.56 also supplies natural gas from the Inčukalns Underground Gas Storage Facility EBITDA (MEUR) 51.36 79.11 58.07 to Estonia, northwestern Russia, and Lithuania. EBITDA margin (%) 19.80 23.22 11.63 EBIT (MEUR) 32.77 52.80 30.59 The company was established in 1991 after the collapse of the Soviet Union, Net Debt to Equity -0.05 -0.07 -0.01 when the Government of Latvia took over all gas supply companies and facilities in Latvia and consolidated them into the state-owned company, Latvijas Auditor in 2008: Pricewaterhouse Coopers SIA Gāze. In 1994 the state-owned company Latvijas Gāze became a state joint- IFRS accounting: YES stock company and was slated for privatization. After the privatization, lasting Main subsidiaries with results consolidated into corporate: none. from 1997 to 2002, E.ON Ruhrgas International AG, OJSC Gazprom and ITERA Latvia LLC became the largest shareholders of the company.

The company’s objective is to strengthen its leading position in the Latvian energy market by making natural gas more accessible and diversifying its forms of use, and to become one of the most stable suppliers in Europe, continuing the long-term modernization of infrastructure and the improve- SHARE INFORMATION ment of security. The mission of Latvijas Gāze is to contribute to the economy Share price (in LVL) Trading Code: GZE1R in the Baltic region by ensuring reliable energy supplies, developing the gas 12 industry and providing competitive prices. 10

2 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 585.89 404.22 258.32 242.99 As % of total Baltic equity cap 4.22 3.09 4.99 4.98 Turnover (MEUR) 1.87 2.28 0.45 0.15 As % of total Baltic equity turnover 0.08 0.10 0.05 0.10 Number of deals 1 066 1 074 1 711 470

The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

Company profiles: Latvijas Gāze 31 Latvijas kuģniecība

COMPANY INFORMATION

Listing date: June 26, 2002 Total number of shares: 200 000 000 Free float: 12.51% Main shareholders: Home exchange: NASDAQ OMX Riga Ventspils nafta, AS 49.94% List: Main list International Baltic Investments Ltd AS 27.55% Sub-Industry name: Oil & Gas Storage & Transportation VAS Valsts sociālās apdrošināšanas aģentūra 10.00%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Elizabetes iela 1, LV-1807 Riga, Latvia June 30, Telephone: +371 6702 0111 2006 2007 2008 2009* Fax: +371 6782 8106 Sales (MEUR) 118.55 144.41 172.05 175.60 E-mail: [email protected] Profit / Loss (MEUR) 25.73 46.15 40.06 19.91 Webpage: www.lk.lv ROE (%) 7.99 14.08 11.36 5.43 Investor relations contact: ROA (%) 5.24 8.41 7.34 4.68 Marita Ozoliņa-Tumanovska / Head of the PR department Net profit margin (%) 21.70 27.94 23.29 11.34 Fixed assets turnover 0.30 0.36 0.29 0.31 Equity ratio 0.63 0.57 0.47 0.50 COMPANY IN BRIEF Operating profit margin (%) 26.80 33.86 29.36 18.85 EPS (EUR) 0.13 0.23 0.20 0.10 JSC Latvijas kuģniecība (Latvian Shipping Company - LASCO) is one of the Dividend per share (EUR) - - - - leading companies in the global shipping industry with operations focused P/E 11.82 8.02 4.69 6.65 on handy-size and medium-range product tanker segments, providing clients P/BV 0.95 1.10 0.51 0.33 with highly qualified services that comply with international safety stand- EBITDA (MEUR) 52.55 78.25 78.64 66.13 ards. Following the best Latvian maritime traditions, LASCO carries out safe EBITDA margin (%) 44.33 54.18 45.71 37.66 and qualitative cargo shipments as well as offering technical management EBIT (MEUR) 31.77 55.93 50.51 33.09 for international cargo shipping. Along with the above mentioned services, Net Debt to Equity 0.44 0.59 0.71 0.69 LASCO also offers professional education for its seamen, providing training and crewing in compliance with the international conventions for both its Auditor in 2008: Ernst & Young Baltic own vessels and vessels owned by other shipping companies. IFRS accounting: YES Main subsidiaries with results consolidated into corporate: Latmar Holdings Corporation 100%, Latalpha Holdings Corporation 100%, Optimistic forecasts for LASCO future perspectives are based on the deci- Latstrand Holdings Corporation 100%, Lattanker Holdings Corporation sion taken several years ago to renew the fleet, which has been implemented 100%, Reeferlat Holdings Corporation 100%, Crown Navigation Inc. 100%, LSC Holdings Ltd. 100%, Latvian Shipping Corporation 100%, SIA LASCO persistently. Over a three year period there have been 14 vessels launched investment 100%, Kristaps Insurance Ltd 100% and others. from the “3.Maj” shipyard in Croatia and “Hyundai Mipo Dockyard Co., Ltd” in Korea. This is an important signal to all our business partners, demonstrating * 12-mo rolling to end June 2009 a focused development and increased service quality standards of LASCO. SHARE INFORMATION Following the scenario for the tanker fleet’s development included in LASCO’s Share price (in LVL) Trading Code: LSC1R strategy, additional agreements on building four medium-range tankers have 1.6 been signed.

1.2 In order to diversify its financial risks, at the end of 2008, LASCO invested in liquid and exclusive real estate projects in some of the most valuable areas 0.8 of Latvia, as well as the publishing and printing industries. The management and development of this new investment sphere is handled by LASCO’s 100% 0.4 daughter company, LASCO Investment. 0 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 304.49 369.95 187.82 130.90 As % of total Baltic equity cap 2.19 2.82 3.63 2.68 Turnover (MEUR) 18.96 29.37 12.27 1.03 As % of total Baltic equity turnover 0.77 1.23 1.25 0.66 Number of deals 7 970 6 251 3 297 735

32 Company profiles: Latvijas kuģniecība Lietuvos dujos

COMPANY INFORMATION

Listing date: April 23, 1996 Total number of shares: 469 068 254 Free float: 6.32% Main shareholders: Home exchange: NASDAQ OMX Vilnius E. ON Ruhrgas International AG 38.91% List: Main list Gazprom OAO 37.06% Sub-Industry name: Oil & Gas Refining & Marketing The State Property Fund 17.70%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Aguonų str. 24, LT-03212 Vilnius, Lithuania June 30, Telephone: +370 5236 0210 2006 2007 2008 2009* Fax: +370 5236 0200 Sales (MEUR) 225.78 296.65 450.47 431.12 E-mail: [email protected] Profit / Loss (MEUR) 16.60 30.11 18.60 12.86 Webpage: www.dujos.lt ROE (%) 3.11 5.49 3.37 2.31 Investor relations contact: Jolita Butkienė / Manager of External Relations ROA (%) 2.52 4.37 2.60 1.87 Group, Sigita Petrikonytė - Jurkūnienė / Spokesperson of External Relations Net profit margin (%) 7.26 10.08 4.11 2.97 Group Fixed assets turnover 0.36 0.47 0.70 0.66 Equity ratio 0.81 0.78 0.74 0.79 COMPANY IN BRIEF Operating profit margin (%) 9.02 12.08 4.33 3.34 EPS (EUR) 0.04 0.06 0.04 0.03 Lietuvos Dujos’ core activities are importing and selling natural gas to custom- Dividend per share (EUR) 0.02 0.03 0.03 - ers, providing transmission and distribution services, and developing a well- P/E 31.75 16.05 9.21 13.22 balanced infrastructure to deliver natural gas. In all, Lietuvos Dujos operates P/BV 0.96 0.86 0.32 0.30 1.8 thou km of gas transmission pipelines, 7.9 thou km of gas distribution EBITDA (MEUR) 48.57 63.47 46.91 42.31 pipelines, 65 gas distribution stations, 3 gas metering stations, 1 gas compres- EBITDA margin (%) 21.23 21.24 10.37 9.78 sor station. The company supplies natural gas to energy, industrial and agri- EBIT (MEUR) 21.14 36.10 19.58 14.44 cultural companies, small commercial customers and households. It is also Net Debt to Equity 0.01 -0.01 -0.04 -0.01 transits natural gas to Kaliningrad. Lietuvos Dujos’ 1.8 thou employees serve more than half a million customers. Auditor in 2008: Ernst & Young Baltic IFRS accounting: YES Every year, Lietuvos Dujos invests considerable amounts into moderniza- Main subsidiaries with results consolidated into corporate: Palangos Perlas UAB 100%. tion of the infrastructure and into new projects. In 2008, the investments amounted to LTL 123.3 million (2007: LTL 118.4 million; 2006: LTL 122.8 million; * 12-mo rolling to end June 2009 2005: LTL 187. 7 million).

In 2009, the company has been implementing two important Lithuania's National Energy Strategy projects. The construction of the gas transmission pipeline from Šakiai gas metering station to the border of Kaliningrad Region SHARE INFORMATION of the Russian Federation, is approaching completion. Enhancing the capacity Share price (in LTL) Trading Code: LDJ1L of the Šakiai metering station is an integral part of the project. The transit reli- 5 ability and the increase in transit volumes to neighboring countries are major aims of Lithuania’s National Energy Strategy. 4

3 One major investment project, the construction of a new gas compressor station in Jauniūnai, Širvintos District, is still ongoing. This station will increase 2 gas transit volumes, as well as enhancing the security and reliability of gas 1 supplies after the closure of the Ignalina Nuclear Power Plant. 0 The company was privatized in two stages. The main shareholders are two 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009 well known leaders in the field of natural gas: E.ON Ruhrgas International AG (Germany), which holds 38.9% and OAO Gazprom (Russia), which holds 2006 2007 2008 2009 H1 37.1%. The state of Lithuania owns another 17.7%, with a total of 6.3% held Market capitalization (MEUR) 517.59 479.56 175.25 161.66 by small shareholders. As % of total Baltic equity cap 3.73 3.66 3.38 3.31 Turnover (MEUR) 6.19 8.45 3.35 1.32 The company is focused on activities that continually expand the natural gas As % of total Baltic equity turnover 0.25 0.35 0.34 0.85 market in Lithuania: methodically developing the country’s natural gas infra- Number of deals 1 876 2 599 3 091 1 929 structure, providing a stable and safe supply of gas to customers, strengthening customer and public relations, efficiently managing the company and The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, making rational use of resources and ensuring the highest quality standards. 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

Company profiles: Lietuvos dujos 33 Ventspils nafta

COMPANY INFORMATION

Listing date: October 20, 1998 Total number of shares: 104 479 519 Free float: 100.00% Main shareholders: Home exchange: NASDAQ OMX Riga Euromin Holdings (Cyprus) Limited 47.89% List: Main list Latvijas Naftas Tranzīts, AS 37.98% Sub-Industry name: Oil & Gas Storage & Transportation

CONTACT INFORMATION FINANCIAL INFORMATION Address: Ostas iela 23, LV-3601 Ventspils, Latvia June 30, Telephone: +371 6366 6934 2006 2007 2008 2009* Fax: +371 6366 6979 Sales (MEUR) 98.62 116.68 89.81 87.47 E-mail: [email protected] Profit / Loss (MEUR) 9.74 70.58 38.83 32.26 webpage: www.vnafta.lv ROE (%) 1.53 17.65 8.01 5.46 Investor relations contact: ROA (%) 1.41 16.33 6.22 5.01 Olga Pētersone / Chairwoman of the Management board Net profit margin (%) 7.18 78.28 43.24 36.88 Fixed assets turnover 0.22 0.23 0.16 0.17 Equity ratio 0.93 0.92 0.97 0.97 COMPANY IN BRIEF Operating profit margin (%) -3.54 64.03 -7.25 -15.64 EPS (EUR) 0.09 0.68 0.40 0.31 The joint stock company, Ventspils nafta, is the central holding company in Dividend per share (EUR) - - - - a transit-oriented group whose task is to manage investments in subsidiary P/E 35.82 4.68 2.46 4.08 companies by promoting the group’s joint values and growth in the value of P/BV 0.75 0.58 0.21 0.26 each subsidiary company. The Ventspils nafta Group is working in the follow- EBITDA (MEUR) 11.35 94.69 9.57 0.99 ing directions: transshipment of crude oil and petroleum products; transport EBITDA margin (%) 11.51 81.15 10.65 1.14 of crude oil and petroleum products by pipelines; shipping business. The EBIT (MEUR) -3.49 80.60 -6.51 -13.68 history of JSC Ventspils nafta dates back some 50 years and is closely linked Net Debt to Equity 0.01 0.00 -0.08 -0.15 with the beginning of crude oil and petroleum product reloading in the Ventspils port. Auditor in 2008: Ernst & Young Baltic IFRS accounting: YES Currently within the JSC Ventspils nafta Group, the crude oil and petroleum Main subsidiaries with results consolidated into corporate: LatRosTrans Ltd 66%, Ventspils nafta termināls Ltd 51%. product reloading and storage at Ventspils port is handled by the JSC Ventspils nafta subsidiary, Ventspils nafta termināls Ltd.. Meanwhile the owner and * 12-mo rolling to end June 2009 operator of crude oil and petroleum product pipelines is another subsidiary of JSC Ventspils nafta – LatRosTrans Ltd. JSC Ventspils nafta also owns a significant share (49.94%) of the equity of the publicly listed JSC Latvian Shipping Company (Latvijas kuģniecība), a well-known company on the international shipping market. SHARE INFORMATION Share price (in LVL) Trading Code: VNF1R The operations of JSC Ventspils nafta business and management systems, 3.5 in accordance with the highest international standards in the fields of environmental protection, quality assurance and safety, are strengthened by 3.0 the significant presence of a foreign investor – the international oil and gas 2.5 company Vitol Group – which holds equity in the company. 2.0

1.5

1.0

0.5 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 349.35 330.03 104.06 132.31 As % of total Baltic equity cap 2.51 2.52 2.01 2.71 Turnover (MEUR) 9.39 10.52 3.94 0.35 As % of total Baltic equity turnover 0.38 0.44 0.40 0.23 Number of deals 3 360 3 201 2 344 515

34 Company profiles: Ventspils nafta Lifosa

COMPANY INFORMATION

Listing date: May 12, 1997 Total number of shares: 21 020 564 Free float: 8.73% Main shareholders: Home exchange: NASDAQ OMX Vilnius Eurochem, Mineral and Chemical joint stock company 91.15% List: Secondary list Sub-Industry name: Fertilizers & Agricultural Chemicals

CONTACT INFORMATION FINANCIAL INFORMATION Address: Juodkiškio str. 50, LT-57502 Kedainiai, Lithuania June 30, Telephone: +370 3476 6483 2006 2007 2008 2009* Fax: +370 3476 6166 Sales (MEUR) 197.66 266.93 506.48 382.74 E-mail: [email protected] Profit / Loss (MEUR) 10.78 64.04 68.71 -12.08 Webpage: www.lifosa.com ROE (%) 9.97 44.02 32.43 -4.86 Investor relations contact: ROA (%) 8.78 38.35 26.81 -4.16 Jonas Dastikas / Director General Net profit margin (%) 5.45 23.99 13.57 -3.16 Fixed assets turnover 2.89 3.63 6.16 4.46 Equity ratio 0.90 0.85 0.81 0.86 COMPANY IN BRIEF Operating profit margin (%) 6.49 29.05 15.12 -6.07 EPS (EUR) 0.51 3.05 3.27 -0.57 AB „Lifosa,“ founded in Kedainiai, in 1963 is a part of global phosphate ferti- Dividend per share (EUR) - - - - lizer industry and the first plant producing mineral phosphate fertilizers in P/E 12.09 6.37 1.55 - Lithuania. P/BV 1.15 2.30 0.43 0.61 EBITDA (MEUR) 20.37 85.76 85.38 -14.45 High quality products, a responsible approach towards the environment, EBITDA margin (%) 10.30 32.13 16.86 -3.78 highly motivated personnel and successful marketing solutions are keys to EBIT (MEUR) 12.82 77.55 76.59 -23.24 the company‘s success. Net Debt to Equity -0.06 -0.28 -0.07 -0.01 The company‘s history divides neatly into two periods: before the reorganiza- Auditor in 2008: PricewaterhouseCoopers UAB tion or the Soviet period and after the reorganization. IFRS accounting: YES Main subsidiaries with results consolidated into corporate: none.

During the first period, the main facilities came on stream: powder and granu- * 12-mo rolling to end June 2009 lated superphosphate plants, aluminium fluoride plant, three sulphuric acid production lines and a complex of ammophos production units, which grew later into two separate plants – phosphoric acid and ammophos. The reconstruction process was always in progress – some old plants were closed and more modern plants built instead. SHARE INFORMATION AB „Lifosa‘s“ privatization took place in the second period. About LTL 240m Share price (in LTL) Trading Code: LFO1L was invested to hasten the modernization of the company, solving many 100 issues with production, logistics and product sales. The company initiated the production of fodder additives – calcium phosphates. Since 2002, the Russian 80 chemical and mineral company „EuroChem“ became the owner of the main 60 AB „Lifosa“ equity holding. It was a progressive and fortunate stage in the company’s history as MCC „EuroChem“ unified the manufacturers and the 40 suppliers of the raw materials. 20

In 2007, AB „Lifosa“ was among the first large companies in Lithuania certified 0 with all the three basic international certificates: quality management system 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009 standard, ISO 9001, ethe nvironmental management system standard, ISO 14001, and the occupational health and safety management system stand- 2006 2007 2008 2009 H1 ard OHSAS 18001. All three systems are integrated, allowing to take care for Market capitalization (MEUR) 130.28 407.89 106.17 148.55 product quality, safe environment, health and safety of the employees in a As % of total Baltic equity cap 0.94 3.11 2.05 3.04 complex way. In 2009 AB „Lifosa“ was certified with GMP+, signifying that Turnover (MEUR) 7.90 18.94 42.10 2.85 the products manufactured by the company meet all the requirements and As % of total Baltic equity turnover 0.32 0.80 4.30 1.85 conditions under feed additives production and processing standard GMP B1 Number of deals 8 960 12 161 32 785 5 865 and feed raw material quality standard GMP B2.

Company profiles: Lifosa 35 City Service

COMPANY INFORMATION

Listing date: June 8, 2007 Total number of shares: 19 110 000 Free float: 25.79% Home exchange: NASDAQ OMX Vilnius Main shareholders: List: Main list Rubicon Group 69.62% Sub-Industry name: Environmental & Facilities Services

CONTACT INFORMATION FINANCIAL INFORMATION Address: Smolensko str. 12, LT-03201 Vilnius, Lithuania June 30, Telephone: +370 5 239 49 00 2006 2007 2008 2009* Fax: +370 5 239 48 48 Sales (MEUR) 32.90 60.59 76.42 84.16 E-mail: [email protected] Profit / Loss (MEUR) 2.18 3.20 2.52 2.93 Webpage: www.cityservice.lt ROE (%) 26.73 25.29 15.31 16.78 Investor relations contact: ROA (%) 11.31 10.96 6.84 8.25 Jonas Janukėnas / Director of Finance and Administration Net profit margin (%) 6.63 5.28 3.29 3.48 Fixed assets turnover 14.10 9.94 6.96 4.76 Equity ratio 0.40 0.45 0.43 0.39 COMPANY IN BRIEF Operating profit margin (%) 6.64 6.61 4.71 5.78 EPS (EUR) 0.21 0.18 0.13 0.15 AB City Service, together with the controlled subsidiaries, has been the facil- Dividend per share (EUR) - 0.05 0.03 - ity management market leader in the Baltic States since 1999. At present, the P/E n/a 21.58 7.48 9.56 City Service group comprises of 30 facility management companies operating P/BV n/a 4.54 1.10 1.53 in Lithuania, as well as in Latvia, St. Petersburg and Leningrad Oblast of the EBITDA (MEUR) 3.01 3.45 4.19 5.65 Russian Federation. The Group manages almost 18m sq.m of building area. EBITDA margin (%) 9.15 5.69 5.48 6.71 EBIT (MEUR) 2.18 3.03 3.60 4.87 The company provides facility management administration; management of Net Debt to Equity 0.05 -0.35 0.12 0.55 engineering systems (heat and hot water supply, water supply and sewerage, ventilation and air conditioning, electric power supply, etc.); management of Auditor in 2008: Ernst & Young Baltic energy resources; provision of technical audit services and consultations on IFRS accounting: YES maintenance and energy resource use issues; supervision of various subcon- Main subsidiaries with results consolidated into corporate: Žaidas UAB 99%, Ąžuolyno valda UAB 100%, UAB Namų priežiūros tractors (premise and territory management, protection, repairs and reno- centras 100%, City Service OAO 100%, City Service ZAO 100%, vation, maintenance of gas supply systems, elevators, etc.); management of Riga City Service SIA 100%, Lazdynų būstas UAB 100%, Zhylkomservis goroda Lomonosov OOO 80%, Zhylkomservis No. 3 Frunzenskogo heating facility projects and renovation of energy facilities. The company is rayona OOO 80%, Zhylkomservis No. 2 Nevskogo rayona OOO 80%. ISO 9001 quality management and ISO 14001 environmental management certified. * 12-mo rolling to end June 2009

The type of buildings managed by City Service and its subsidiaries include SHARE INFORMATION apartment buildings, various commercial and public buildings, offices and Share price (in LTL) Trading Code: CTS1L specialized sites such as kiosks, telephone booths and mobile communica- 20 tions stations all over Lithuania. The company provides the management for heating facility renovation projects in Lithuania and foreign markets. As 16 the price of energy resources in Lithuania has increased significantly, the 12 company recently started focusing on activities aimed at reducing energy costs: providing consultations on optimizing energy costs and actively partici- 8 pating in apartment building renovation programs. 4

In 2009, City Service successfully expanded its activities, a key strategic goal. 0 The company won privatization auctions for six state-owned facility manage- 06 12 06 12 06 2007 2007 2008 2008 2009 ment companies in St. Petersburg (Russian Federation). Three of the companies were sold later as they showed signs of decline in profitability. City Serv- 2006 2007 2008 2009 H1 ice currently controls six companies in St. Petersburg and manages more than Market capitalization (MEUR) - 73.61 18.76 28.01 7m sq.m of facilities in multi-dwelling apartment houses. The area of facili- As % of total Baltic equity cap - 0.56 0.36 0.57 ties managed by City Service group in both the Baltic states and in Russia has Turnover (MEUR) - 12.43 3.94 1.55 grown from 13.4m to nearly 18m sq.m after the takeover of newly acquired As % of total Baltic equity turnover - 0.52 0.40 1.00 companies. Number of deals - 3 199 2 060 1 631

The long-term goal of the City Service group of companies is to expand the The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, area of its managed facilities to 27m sq.m. by 2011–2012. 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

36 Company profiles: City Service Harju Elekter COMPANY INFORMATION

Listing date: September 30, 1997 Total number of shares: 16 800 000 Free float: 48.26% Main shareholders: AS Harju KEK 32.14% Home exchange: NASDAQ OMX Tallinn ING Luxembourg S.A. 11.31% List: Main list Lembit Kirsme 8.33% Sub-Industry name: Electrical Components & Equipment Endel Palla 5.95%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Paldiski Rd. 31, 76606 Keila, Estonia June 30, Telephone: +372 674 7400 2006 2007 2008 2009* Fax: +372 674 7401 Sales (MEUR) 39.76 46.78 55.71 50.19 E-mail: [email protected] Profit / Loss (MEUR) 3.33 5.49 2.69 1.58 Webpage: www.harjuelekter.ee ROE (%) 8.73 14.62 8.67 5.36 Investor relations contact: ROA (%) 7.16 11.63 6.81 4.42 Moonika Vetevool / Corp. Communications Manager Net profit margin (%) 8.37 11.74 4.83 3.16 Fixed assets turnover 1.11 1.37 2.10 1.98 Equity ratio 0.82 0.77 0.70 0.77 COMPANY IN BRIEF Operating profit margin (%) 7.26 7.04 5.74 5.18 EPS (EUR) 0.18 0.32 0.15 0.08 Harju Elekter was established in 1968 and has become one of the biggest Dividend per share (EUR) 0.12 0.13 0.06 - manufacturers of electrical equipment and materials in the Baltic region. P/E 23.07 10.58 6.75 14.34 Its main business area is the design, production and marketing of various P/BV 1.75 1.62 0.66 0.75 electrical engineering and telecommunication systems. Harju Elekter has EBITDA (MEUR) 3.94 4.53 4.41 3.84 been listed on the Tallinn Stock Exchange since 1997. EBITDA margin (%) 9.92 9.68 7.91 7.66 EBIT (MEUR) 2.89 3.29 3.20 2.60 Harju Elekter is comprised of the following subsidiaries manufacturing Net Debt to Equity 0.07 0.04 0.08 0.03 electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika, Satmatic Oy and UAB Rifas, as well as AS Eltek, which manu- Auditor in 2008: KPMG Baltics AS factures sheet metal products. In addition, Harju Elekter has shareholdings in IFRS accounting: YES an associated company, AS Darka Keila Cables (34%), and long-term financial Main subsidiaries with results consolidated into corporate: AS Harju Elekter Elektrotechnika 100%, AS Eltek 100%, investments in the Latvian sales organization, SIA Energokomplekss (14%), Satmatic Oy 100%, UAB Rifas 51%. and in the publicly traded Finnish company, PKC Group Oyj (8%). * 12-mo rolling to end June 2009 The production activities of all Harju Elekter’s subsidiaries meet the requirements of international quality standards, ISO 9001 and ISO 14001.

Harju Elekter fulfills clients’ needs with competence and quality, offering SHARE INFORMATION greater value and reliability. The company aims to attain its future goals Share price (in EUR) Trading Code: HAE1T through research, development and expansion into other markets in the 5 Baltics. 4

0 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 69.72 57.12 16.63 19.32 As % of total Baltic equity cap 0.50 0.44 0.32 0.40 Turnover (MEUR) 17.74 21.44 11.39 0.86 As % of total Baltic equity turnover 0.72 0.90 1.16 0.56 Number of deals 1 977 1 908 1 031 772

Company profiles: Harju Elekter 37 Lietuvos jūrų laivininkystė COMPANY INFORMATION

Listing date: July 9, 2001 Total number of shares: 200 901 296 Free float: 35.05% Main shareholders: Ministry of Transport and Communications 56.66% Home exchange: NASDAQ OMX Vilnius of the Republic of Lithuania List: Secondary list State Property Fund 8.27% Sub-Industry name: Marine UAB Koncernas "Achemos grupė" 6.65% Swedbank (clients) 5.83% DFDS TOR LINE A/S (Denmark) 5.53%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Malunininkų str.3, LT-92264 Klaipėda, Lithuania June 30, Telephone: +370 4639 3105 2006 2007 2008 2009* Fax: +370 4639 3119 Sales (MEUR) 29.60 26.56 25.38 22.57 E-mail: [email protected] Profit / Loss (MEUR) 3.28 8.73 -5.71 -17.31 Webpage: www.ljl.lt ROE (%) 5.22 12.73 -8.18 -23.84 Investor relations contact: ROA (%) 4.90 11.26 -5.25 -16.76 Genadij Titov / Manager, Insurance and claims department Net profit margin (%) 11.07 32.86 -22.52 -76.69 Fixed assets turnover 0.41 0.33 0.29 0.24 Equity ratio 0.81 0.79 0.71 0.73 COMPANY IN BRIEF Operating profit margin (%) 14.95 33.66 -14.39 -62.99 EPS (EUR) 0.02 0.04 -0.03 -0.09 The “Lithuanian Shipping Company” (LJL), was established on 27th June Dividend per share (EUR) 0.0017 0.0007 - - 2001 as a result of the reorganization of the “Lithuanian Shipping Company” P/E 11.01 3.80 - - (LISCO), established since 1969. About 65% of the company’s shares belong P/BV 0.56 0.46 0.21 0.36 to the Republic of Lithuania and the rest of the shares (about 35%) belong to EBITDA (MEUR) 9.50 4.84 2.03 -0.04 small shareholders. EBITDA margin (%) 32.10 18.23 7.99 -0.20 EBIT (MEUR) 4.43 8.94 -3.65 -14.22 The principal LJL activities are cargo conveyance by vessels on international Net Debt to Equity 0.18 0.24 0.36 0.33 sea and ocean voyages. At present, 13 dry cargo vessels of LJL are engaged in the conveyance of general and bulk cargoes around the world. The total dead- Auditor in 2008: UAB Moore Stephens Vilnius weight of the fleet is 152,500 tons. The vessels are employed under long - term IFRS accounting: YES charter parties. All vessels and LJL comply fully with the requirements of the Main subsidiaries with results consolidated into corporate: none.

ISM Code. In order to be competitive on the worldwide shipping market the * 12-mo rolling to end June 2009 company constantly renews the fleet, rejecting old and old-fashioned vessels and purchasing modern vessels of bigger deadweight. The company has been on the shipping market for many years and has a good reputation as a reliable partner. The crews are high qualified and have good seamanship training and SHARE INFORMATION are employed on the basis of long - term contracts. Share price (in LTL) Trading Code: LJL1L

Due to the worldwide financial crisis, which has impacted strongly on the 0.8 shipping market, LJL aims to stabilize its financial system, preserving working places and continue the renewal of the fleet. Other plans of LJL might change 0.6 as a result of the company’s privatization, following an improvement on the world shipping market. 0.4

0.2

0 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 36.07 33.17 13.96 23.27 As % of total Baltic equity cap 0.26 0.25 0.27 0.48 Turnover (MEUR) 3.83 3.27 2.47 3.50 As % of total Baltic equity turnover 0.16 0.14 0.25 2.27 Number of deals 3 166 2 023 2 218 4 078

38 Company profiles: Lietuvos jūrų laivininkystė Merko Ehitus

COMPANY INFORMATION

Listing date: August 11, 2008 Total number of shares: 17 700 000 Free float: 28.01% Main shareholders: Home exchange: NASDAQ OMX Tallinn AS Riverito 71.99% List: Main list Skandinaviska Enskilda Banken Ab Clients 5.65% Sub-Industry name: Construction & Engineering ING Luxembourg S.A. 5.44%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Järvevana tee 9G, 11314 Tallinn, Estonia June 30, Telephone: +372 680 5105 2006 2007 2008 2009* Fax: +372 680 5106 Sales (MEUR) 282.13 352.20 297.44 238.36 E-mail: [email protected] Profit / Loss (MEUR) 37.75 35.79 19.58 5.51 Webpage: www.merko.ee ROE (%) 43.36 30.58 14.73 3.87 Investor relations contact: ROA (%) 21.74 15.70 8.35 2.87 Alar Lagus / CFO, Member of the Management Board Net profit margin (%) 13.38 10.16 6.58 2.31 Fixed assets turnover 11.57 13.71 9.65 8.08 Equity ratio 0.50 0.52 0.55 0.58 COMPANY IN BRIEF Operating profit margin (%) 14.34 9.46 7.05 1.75 EPS (EUR) 2.10 1.97 1.08 0.30 The construction company Merko Ehitus was established in early 1990 and Dividend per share (EUR) 0.45 - 0.22 - operates in Estonia, Latvia and Lithuania. Its shares have been listed on the P/E 9.35 6.61 2.59 11.46 Tallinn Stock Exchange since 1997. At the end of 2008 the group employed P/BV 3.37 1.76 0.37 0.45 nearly 1 000 people. EBITDA (MEUR) 42.41 35.13 23.11 6.22 EBITDA margin (%) 15.03 9.98 7.77 2.61 On August 1, 2008 the former AS Merko Ehitus was renamed AS Järvevana and EBIT (MEUR) 40.45 33.30 20.97 4.16 a new spin-off company, AS Merko Ehitus, was created. The core business of Net Debt to Equity -0.14 0.24 0.11 0.14 the former company, i.e. all assets, liabilities and contracts, including shareholdings in other companies, as well as the company name were transferred Auditor in 2008: AS PricewaterhouseCoopers to the spin-off company. IFRS accounting: YES Main subsidiaries with results consolidated into corporate: SIA Merks 100%, UAB Merko Statyba 100%, Tallinna Teede AS 100%, Today, Merko Ehitus is among the market leaders in Estonia, accounting for AS Gustaf 75%, OÜ Gustaf Tallinn 80%, AS Merko Tartu 66%, around 5% of all construction in Estonia. The company continues to develop OÜ Woody 100%, AS Tartu Maja Betoontooted 25%. its operations in Latvia and Lithuania, aiming for its subsidiaries, SIA Merks * 12-mo rolling to end June 2009 and UAB Merko Statyba, to take leading roles in both countries.

Many years of experience in different markets, a broad range of construction services, flexibility, reliability, consistently meeting deadlines and, most of all, SHARE INFORMATION quality, have helped Merko Ehitus to achieve and maintain its position as a Share price (in EUR) Trading Code: MRK1T market leader in the Baltics. Merko Ehitus’ companies perform both small- 9 scale construction works and large scale, innovative, complex projects for clients. 7

The company holds international quality, environmental protection and occu- 5 pational safety certificates: ISO 9001, ISO 14001 and OHSAS 18001. 3 Merko Ehitus operates across a wide portion of the construction sector: building hotels, museums, cultural centers, business centers, service insti- 1 tutions, schools, kindergartens, homes, offices, production buildings and 08 02 08 2008 2009 2009 sport complexes. In the engineering sector, the company builds ports, waste management facilities, bridges, viaducts, water and sewerage networks, 2006 2007 2008 2009 H1 wastewater purifiers and other environmental protection facilities. Merko Market capitalization (MEUR) - - 49.56 60.18 Ehitus also performs all kinds of road maintenance work: building roads, road As % of total Baltic equity cap - - 0.96 1.23 repair and supervision of the extracting works and road status. To support Turnover (MEUR) - - 3.08 3.86 this segment, the company produces traffic signs and provides repair services As % of total Baltic equity turnover - - 0.31 2.50 for machinery. In the electrical sector, the company primarily deals with plan- Number of deals - - 1 046 1 832 ning, adjusting and building medium and high voltage substations as well as laying cables. The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

Company profiles: Merko Ehitus 39 Nordecon International AS

COMPANY INFORMATION

Listing date: May 18, 2006 Total number of shares: 30 756 728 Free float: 34.95% Home exchange: NASDAQ OMX Tallinn Main shareholders: List: Main list AS Nordic Contractors 61.15% Sub-Industry name: Construction & Engineering

CONTACT INFORMATION FINANCIAL INFORMATION Address: Pärnu mnt 158/1, 11317 Tallinn, Estonia June 30, Telephone: +372 615 4400 2006 2007 2008 2009* Fax: +372 615 4401 Sales (MEUR) 160.03 239.80 247.20 205.95 Feedback: [email protected] Profit / Loss (MEUR) 12.15 18.52 10.95 4.20 Webpage: www.nordecon.com ROE (%) 54.82 44.11 20.48 7.99 Investor relations contact: ROA (%) 16.20 16.10 9.18 4.22 Raimo Talviste / Head of Investor Relations Net profit margin (%) 7.59 7.72 4.43 2.04 Fixed assets turnover 6.24 6.21 5.03 3.79 Equity ratio 0.36 0.37 0.36 0.36 COMPANY IN BRIEF Operating profit margin (%) 8.17 8.19 5.39 2.13 EPS (EUR) 0.38 0.56 0.30 0.13 Nordecon International is a group of companies offering general contracting Dividend per share (EUR) 0.19 0.19 0.06 - and construction management services in the Baltic States and Ukraine. The P/E 13.84 8.82 3.37 6.70 competencies of these companies are broadly divided between superstruc- P/BV 5.04 2.91 0.64 0.55 tures (commercial, industrial and public buildings, residential development) EBITDA (MEUR) 15.11 23.68 17.97 9.12 and infrastructures (road construction and maintenance, environ-mental EBITDA margin (%) 9.44 9.88 7.27 4.43 engineering and concrete works). EBIT (MEUR) 13.07 19.65 13.32 4.39 Net Debt to Equity 0.22 0.20 0.30 0.55 The group has a balanced revenue mix in all main segments of the construction market, coupled with experienced personnel and a strong reputation for Auditor in 2008: KPMG Baltics AS service quality. The group holds an ISO 9001 quality management certificate IFRS accounting: YES (1999) and an ISO 14001 environmental management certificate (2002). It has Main subsidiaries with results consolidated into corporate: Nordecon Ehitus AS 100%, Nordecon Infra AS 100%, won several awards from construction industry associations. AS Eston Ehitus 52%, Nordecon Betoon OÜ 52%, OÜ Kaurits 66%, Eurocon OÜ 63%, TOV Eurocon Ukraine 63%, SIA Nordecon Infra 56%, UAB Nordecon Statyba 70%. Nordecon International is a construction market leader in Estonia in several areas of construction, and has a well-established presence in the Ukraine * 12-mo rolling to end June 2009 since 1996. It has been active in Latvia and Lithuania since 2006 and 2007 respectively. The group consists of more than 20 subsidiaries and employs more than 1,000 people. SHARE INFORMATION Share price (in EUR) Trading Code: NCN1T In light of recent developments in Baltic and Ukrainian construction markets 8 Nordecon International has a sustainable order book in 2009. In addition to securing contracts in Estonia, the Group has also significantly increased its 6 participation in Latvia’s infrastructure construction market. 4 In 2009 Nordecon International Group has gone through many changes. The most visible of which took place twenty years after the foundation of 2 the Group in 1989 as the old business name “Eesti Ehitus” was changed to “Nordecon International”. This change summed up the very essence of the 0 new strategic approach by the Group – “to become the fastest growing 05 11 05 11 05 11 05 2006 2006 2007 2007 2008 2008 2009 construction group on the Nordic and Baltic stock exchanges by 2013 in terms of revenue”. Increasing its market share in foreign markets (Latvia, Lithuania, 2006 2007 2008 2009 H1 Ukraine and possibly in Belarus) is a prerequisite to becoming an interna- Market capitalization (MEUR) 162.55 150.71 31.37 26.76 tional construction group. In 2013 the Group expects 50% of its revenues to As % of total Baltic equity cap 1.17 1.15 0.61 0.55 come from markets outside of Estonia. Turnover (MEUR) 36.02 54.01 20.05 1.42 As % of total Baltic equity turnover 1.47 2.27 2.05 0.92 Number of deals 3 785 6 071 3 073 1 824

40 Company profiles: Nordecon International AS Panevėžio statybos trestas

COMPANY INFORMATION

Listing date: April 14, 1997 Total number of shares: 16 350 000 Free float: 41.59% Main shareholders: Home exchange: NASDAQ OMX Vilnius Panevėžio keliai AB 49.78% List: Main list Bank of New York as custodian or trustee for ING B 8.63% Sub-Industry name: Construction & Engineering Skandinaviska Enskilda Banken (clients) 7.64%

CONTACT INFORMATION FINANCIAL INFORMATION Address: P. Puzino str. 1, LT-35173 Panevėžys, Lithuania June 30, Telephone: +370 4550 5503 2006 2007 2008 2009* Fax: +370 4550 5520 Sales (MEUR) 98.33 149.73 169.74 121.00 E-mail: [email protected] Profit / Loss (MEUR) 3.90 8.84 7.00 3.21 Webpage: www.pst.lt ROE (%) 30.10 44.48 24.15 10.56 Investor relations contact: ROA (%) 8.08 11.81 9.80 5.38 Dalė Bernotaitienė / Finance Manager Net profit margin (%) 3.97 5.91 4.13 2.65 Fixed assets turnover 14.08 17.67 15.84 11.37 Equity ratio 0.23 0.30 0.41 0.47 COMPANY IN BRIEF Operating profit margin (%) 5.61 7.94 6.65 6.06 EPS (EUR) 0.25 0.52 0.58 0.36 Founded in 1957, Panevėžio statybos trestas SC is one of the largest construc- Dividend per share (EUR) 0.05 0.07 0.02 - tion companies in Lithuania. The company operates in the following areas: P/E 17.31 8.77 0.75 1.80 project management, general contracting, design of buildings and structures, P/BV 4.58 3.06 0.22 0.33 general construction work, building decoration, outdoor engineering systems EBITDA (MEUR) 6.48 13.39 13.21 9.45 and landscaping, production of timber frame houses, production of metal EBITDA margin (%) 6.59 8.94 7.78 7.81 structures, electric installations, real estate development, analysis and testing EBIT (MEUR) 5.39 11.89 11.29 7.33 of construction materials, modernization of apartment houses. Net Debt to Equity 0.60 0.10 0.04 0.26

Our capacities and capabilities are demonstrated by attestations, licenses Auditor in 2008: KPMG Baltics AS and certificates, corroborating our company’s high standards running of the IFRS accounting: YES company, which comply with European standards. Over many years we have Main subsidiaries with results consolidated into corporate: Skydmedis UAB 100%, Metalo meistrai UAB 100%, Vekada UAB 96%, acquired valuable experience in the construction of complex objects, adher- Vilniaus papėdė TŪB 69%, Alinita UAB 100%, PS Trests SIA 100%, ing to the following values: integrity, responsibility, professionalism, quality Baltilstroij OOO 100%, PST investicijos UAB 67%. performance and effective solutions. * 12-mo rolling to end June 2009

Our goal is to remain the largest construction company in Lithuania. We are continuing with on-going projects and are looking for new opportunities to pursue. SHARE INFORMATION Share price (in LTL) Trading Code: PTR1L Clients trust PST and appreciate our experience in developing large and tech- 25 nologically complicated projects. We strive to please our customers with our professionalism and determination, enabling us to implement technologically 20 complex projects of a large scope. 15

Our turnover in 2008 – EUR 170m – was 13.4% more than in 2007. 10

0 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 71.50 73.87 7.10 10.65 As % of total Baltic equity cap 0.51 0.56 0.14 0.22 Turnover (MEUR) 51.83 60.43 12.47 3.45 As % of total Baltic equity turnover 2.11 2.54 1.27 2.23 Number of deals 5 830 6 104 8 119 6 292

Company profiles: Panevėžio statybos trestas 41 Tallink Grupp COMPANY INFORMATION

Listing date: December 9, 2005 Total number of shares: 673 817 040 Free float: 59.99% Main shareholders: AS Infortar 40.01% ING Luxembourg S.A. 10.07% Home exchange: NASDAQ OMX Tallinn Nordea Bank Finland PLC / Non-resident legal entities 9.82% Citigroup Venture Capital International Jersey Limited 7.31% List: Main list State Street Bank and Trust Omnibus 5.77% Sub-Industry name: Marine Account a Fund No OM01

CONTACT INFORMATION FINANCIAL INFORMATION1 Address: Tartu mnt. 13, 10145 Tallinn, Estonia Feb 28, Telephone: +372 640 9800 05/06 06/07 07/08 20092 Fax: +372 640 9810 Sales (MEUR) 404.62 760.76 786.75 785.94 E-mail: [email protected] Profit / Loss (MEUR) 94.93 67.06 20.32 4.65 Webpage: www.tallink.com ROE (%) 25.32 10.92 3.10 0.73 Investor relations contact: ROA (%) 9.04 4.00 4.38 3.90 Margus Schults / Head of Investor Relations Net profit margin (%) 23.46 8.82 2.58 0.59 Fixed assets turnover 0.43 0.50 0.48 0.49 Equity ratio 0.35 0.38 0.35 0.35 COMPANY IN BRIEF Operating profit margin (%) 16.53 13.06 8.30 7.26 EPS (EUR) 3.44 0.16 0.03 0.01 Tallink is the leading ferry operator in the Baltic Sea, offering high-quality mini- Dividend per share (EUR) - - - - cruise, passenger transport services and ro-ro cargo services. The company P/E 1.07 8.35 12.61 47.51 owns a fleet of 20 vessels, including cruise ferries, fast ro-pax ferries, ro-ro P/BV 0.87 1.35 0.39 0.35 cargo vessels and a high-speed ferry. These services are provided under the EBITDA (MEUR) 93.71 158.97 126.70 121.95 brand names “Tallink” and “Silja Line” on routes between Estonia and Finland, EBITDA margin (%) 23.16 20.90 16.10 15.52 Finland - Sweden, Estonia - Sweden, Finland - Germany and Latvia – Sweden. EBIT (MEUR) 66.89 99.82 65.07 56.85 Tallink maintains its leading market position on all of its main routes. Net Debt to Equity 1.49 1.33 1.59 1.66 Tallink is growing quickly and has invested actively in a modern fleet, new Auditor in 2008: KPMG Baltics AS routes and in acquiring other market players – in total, about EUR 1.8bn in the IFRS accounting: YES last seven years. The consolidating group consists of 54 companies of which divide to shipowning companies, service companies, sales and marketing companies are: AS Tallink Grupp, Tallink Silja AB, Tallink Silja OY, As a result of these investments, Tallink owns one of the most modern fleets AS Tallink Latvija. in the Baltic Sea. This enables passengers to choose between more routes, 1 financial year starts on the 1st of September and ends on the 31st of August departure times and different services and has brought the region’s standard 2 12 mo rolling to end February 2009 of the shipping to a whole new level. The company’s management believes that it has created a strong basis for sustainable growth of business volumes and for further strengthening of the leading position. SHARE INFORMATION Share price (in EUR) Trading Code: TAL1T Tallink complies strictly with international safety regulations and with the 2.0 requirements of the ISO 14001 environmental management standard. Each year, the safety management system is audited by experts from the independ- 1.6 ent risk assessment organization, Lloyds Register, and from the Estonian, 1.2 Latvian, Swedish and Finnish maritime administrations. 0.8 Tallink has also extended its services along the customer’s travel chain to 0.4 include four hotels in Tallinn. The fifth hotel in Riga, which will be opened in 2010, makes the company one of the largest hotel operators in the region. 0 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009 A strong market position, flexible fleet, broad product offering, strong brands and an experienced management team with a proven track record are the 2006 2007 2008 2009 H1 main strengths of the company. Market capitalization (MEUR) 697.52 707.51 256.05 222.36 As % of total Baltic equity cap 5.02 5.40 4.95 4.55 Turnover (MEUR) 195.26 362.67 93.48 19.18 As % of total Baltic equity turnover 7.95 15.23 9.55 12.41 Number of deals 14 598 25 408 14 754 6 934

The ratios in the Financial information table for 2008 and 12 months rolling from March 1, 2008 to February 28, 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page. 42 Company profiles: Tallink Grupp Valmieras stikla šķiedra

COMPANY INFORMATION

Listing date: February 24, 1997 Total number of shares: 23 903 205 Free float: 59.32% Main shareholders: Home exchange: NASDAQ OMX Riga P-D Glasseiden GmbH Oschatz 38.20% List: Secondary list Vitrulan International GmbH 36.20% Sub-Industry name: Building Products P-D Management Industries – Tehnologies GmbH 11.70%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Cempu iela 13, LV-4201 Valmiera, Latvia June 30, Telephone: +371 6420 2216 2006 2007 2008 2009* Fax: +371 6428 1216 Sales (MEUR) 49.78 52.93 53.80 45.70 E-mail: [email protected] Profit / Loss (MEUR) 1.02 -0.61 0.72 -0.96 Webpage: www.vss.lv ROE (%) 2.55 -1.51 1.79 -2.37 Investor relations contact: ROA (%) 2.56 1.26 2.83 0.71 Dainis Šēnbergs / CFO, Member of the Management board Net profit margin (%) 2.06 -1.15 1.34 -2.10 Fixed assets turnover 1.08 0.89 0.93 0.81 Equity ratio 0.47 0.46 0.44 0.44 COMPANY IN BRIEF Operating profit margin (%) 2.30 2.79 3.71 0.15 EPS (EUR) 0.04 -0.03 0.03 -0.04 JSC Valmieras stikla šķiedra is only enterprise in the Baltic States that produces Dividend per share (EUR) 0.01 - - - glass fibre and is one of the largest chemical and textile companies within the P/E 78.38 - 13.71 - Baltic States. P/BV 1.98 1.12 0.24 0.27 EBITDA (MEUR) 6.10 9.23 10.51 7.90 JSC Valmieras stikla šķiedra was founded in 1963. By investing in new techno- EBITDA margin (%) 12.25 17.43 19.53 17.28 logies it is still a competent and reliable partner in Europe and the rest of the EBIT (MEUR) 1.14 1.47 2.00 0.07 world. The company has an ISO 9001:2000 certificate. Net Debt to Equity 0.93 1.01 1.10 1.10 Producing and offering various glass fiber products – „E” glass yarns, textured Auditor in 2008: Deloitte Audits Latvia wovings, fabrics, nettings, nonwovens; high silica glass fiber fabrics, nettings, IFRS accounting: NO nonwovens for: Main subsidiaries with results consolidated into corporate: none.

• the automotive industry; * 12-mo rolling to end June 2009 • the building industry; • shipbuilding; • electronics; • the aerospace industry; • household appliances; • medical appliances; SHARE INFORMATION • the chemical industry. Share price (in LVL) Trading Code: VSS1R

3.0 JSC Valmieras stikla šķiedra exports more than 95% of its production. 2.5

2.0

1.5

1.0

0.5

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2006 2007 2008 2009 H1 Market capitalization (MEUR) 80.27 44.55 9.86 10.88 As % of total Baltic equity cap 0.58 0.34 0.19 0.22 Turnover (MEUR) 6.29 5.76 0.45 0.10 As % of total Baltic equity turnover 0.26 0.24 0.05 0.06 Number of deals 1 095 745 1 265 341

Company profiles: Valmieras stikla šķiedra 43 Apranga COMPANY INFORMATION

Listing date: May 26, 1997 Total number of shares: 55 291 960 Free float: 36.02% Main shareholders: MG Baltic Investment UAB 53.67% Home exchange: NASDAQ OMX Vilnius Swedbank AS (Estonia) clients 9.71% List: Main list Minvista UAB 6.14% Sub-Industry name: Apparel Retail FINANCIAL INFORMATION CONTACT INFORMATION June 30, 2006 2007 2008 20091 Address: Kirtimų str.51, LT-02244 Vilnius, Lithuania Telephone: +370 5239 0808 Sales (MEUR) 73.42 106.84 121.24 109.04 Fax: +370 5239 0800 Profit / Loss (MEUR) 5.05 7.22 3.99 -0.73 E-mail: [email protected] ROE (%) 29.63 32.35 15.06 -2.68 Webpage: www.apranga.lt ROA (%) 13.36 14.42 8.20 1.15 Investor relations contact: Net profit margin (%) 6.88 6.76 3.29 -0.67 Vaidas Savukynas / Finance and Economy Director Fixed assets turnover 3.41 3.72 3.72 3.31 Equity ratio 0.46 0.43 0.45 0.50 Operating profit margin (%) 8.98 8.87 5.09 1.04 EPS (EUR) 0.14 0.20 0.11 -0.02 COMPANY IN BRIEF Dividend per share (EUR) 0.03 0.05 - - Apranga group is a distinctive leader of the clothing retail sector in the P/E 26.70 20.34 5.53 - Baltic States. The group develops its own retail concepts: Apranga, Aprangos P/BV 7.00 5.79 0.80 0.93 galerija, City men&women, Mados Linija, and also operates under franchising EBITDA (MEUR) 10.00 14.05 12.11 7.54 agreements with Zara, Hugo Boss, Emporio Armani, Ermenegildo Zegna, Max EBITDA margin (%) 13.62 13.15 9.99 6.92 Mara, Mango, Bershka, Pull and Bear, Stradivarius, Mexx, S.Oliver, Tommy EBIT (MEUR) 6.59 9.48 6.17 1.13 Hilfiger. At the end of 2008, Apranga group operated a chain of 101 stores in Net Debt to Equity 0.60 0.76 0.76 0.56 the Baltic States: 71 in Lithuania, 23 in Latvia, 7 in Estonia, with a total sales area Auditor in 2008: PricewaterhouseCoopers UAB more then 61 000 sq.m. IFRS accounting: YES Main subsidiaries with results consolidated into corporate: The company can trace its history to 1945, when it started business as a cloth- UAB Apranga LT 100%, UAB Apranga BPB LT 100%, UAB Apranga PLT 100%, ing and footwear wholesaler. In 1993, the retail chain was established and in UAB Apranga SLT 100%, SIA Apranga 100%, SIA Apranga LV 100%, SIA Apranga BPB LV 100%, SIA Apranga PLV 100%, SIA Apranga SLV 100%, 2004, Apranga group became a partner of Inditex Group in the Baltic States. OÜ Apranga2 100%. Presently, the group consists of the main company, Apranga APB, and 14 subsidiaries. 1 12-mo rolling to end June 2009 2 The Company directly owns 53.85% shares and indirectly through its subsidiary owns the rest 46.15% of shares. In 2008, the retail turnover of the chain operated by the Apranga Group amounted to LTL 509.2 million (VAT incl.), 16.4 % more than in 2007. That same year, the Lithuanian market’s share of total turnover of was 67.4%, with foreign SHARE INFORMATION markets accounting for 32.6%. The Apranga Group continued to implement Share price (in LTL) Trading Code: APG1L intensive development program, opening 21 new stores, at the same time that 25 3 stores closed. 20 In 2009, the Apranga Group plans to finalize its highly intensive and ambi- 15 tious five-year chain development program, which has enabled the group to achieve an increase its store count from 28 to 118, lifting sales space from 10 14 000 to 70 000 sq.m and turnover from LTL 95m to more than LTL 500 m. 5

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2006 2007 2008 2009 H1 Market capitalization (MEUR) 134.92 146.68 22.08 27.38 As % of total Baltic equity cap 0.97 1.12 0.43 0.56 Turnover (MEUR) 18.52 53.90 15.94 2.46 As % of total Baltic equity turnover 0.75 2.26 1.63 1.59 Number of deals 7 823 16 972 16 465 4 671

44 Company profiles: Apranga Baltika

Baltic Market Awards 2008 COMPANY INFORMATION Best Investor Relations in NASDAQ OMX Tallinn Listing date: June 5, 1997 Total number of shares: 18 644 850 Free float: 69.07% Main shareholders: Home exchange: NASDAQ OMX Tallinn BMIG OÜ 25.48% List: Main list Svenska Handelsbanken Clients 10.25% Sub-Industry name: Apparel, Accessories & Luxury Goods Central Securities Depository of Lithuania [J] 10.25%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Veerenni 24, 10135 Tallinn, Estonia June 30, Telephone: +372 630 2731 2006 2007 2008 2009* Fax: +372 630 2814 Sales (MEUR) 57.49 73.60 76.33 68.95 E-mail: [email protected] Profit / Loss (MEUR) 5.63 2.80 -1.37 -8.08 Webpage: www.baltikagroup.com ROE (%) 34.42 13.62 -6.73 -46.87 Investor relations contact: ROA (%) 18.11 7.00 -1.40 -15.30 Triin Palge / Head of Investor Relations Net profit margin (%) 9.80 3.81 -1.80 -11.72 Fixed assets turnover 4.44 4.23 3.53 2.76 Equity ratio 0.51 0.52 0.38 0.26 COMPANY IN BRIEF Operating profit margin (%) 10.82 5.61 -0.47 -10.14 EPS (EUR) 0.31 0.14 -0.06 -0.43 Baltika, one of the biggest vertically integrated fashion groups in the Baltics Dividend per share (EUR) 0.15 - - - and CEE region, owns and runs four retail concepts: Monton, Mosaic, Balt- P/E 23.89 27.90 - - man and Ivo Nikkolo. The group currently operates over 140 stores in Estonia, P/BV 7.10 3.35 1.14 0.86 Latvia, Lithuania, Ukraine, Russia, Poland and the Czech Republic. Up to 10% EBITDA (MEUR) 7.89 6.67 2.59 -3.88 of sales come from wholesaling, in Scandinavia and Western Europe as well EBITDA margin (%) 13.73 9.06 3.39 -5.63 as traditional markets. EBIT (MEUR) 6.22 4.13 -0.36 -6.99 Net Debt to Equity 0.44 0.45 0.88 1.84 Baltika’s roots can be traced back to 1928. From the 1960s until the 1990s, Baltika was one of the biggest producers of the tailored garments in the Auditor in 2008: AS PricewaterhouseCoopers region. From 2002-2005, the company underwent a radical turnaround, from IFRS accounting: YES a production company into a fashion retailer. Baltika uses a vertically inte- Main subsidiaries with results consolidated into corporate: Baltika Retail Czech Republic s.r.o. 100%, OY Baltinia AB 100%, grated business model, which means that it controls all stages of the fashion Baltika Sweden AB 100%, OU Baltika Tailor 100%. process: design, manufacturing (partly), supply chain management, distribution/logistics and retail sales. Such a model establishes a flexible structure for * 12-mo rolling to end June 2009 the business and enables Baltika to update its products weekly. The company’s portfolio of brands serves a broad customer base and offers stability in the fast-moving fashion business. SHARE INFORMATION Baltika sees unused potential in its current portfolio of brands and markets. Share price (in EUR) Trading Code: BLT1T

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2006 2007 2008 2009 H1 Market capitalization (MEUR) 137.97 72.71 21.44 10.63 As % of total Baltic equity cap 0.99 0.56 0.41 0.22 Turnover (MEUR) 72.75 53.55 23.62 2.66 As % of total Baltic equity turnover 2.96 2.25 2.41 1.72 Number of deals 6 091 7 883 8 750 3 095

Company profiles: Baltika 45 Ekspress Grupp

COMPANY INFORMATION

Listing date: April 5, 2007 Total number of shares: 20 848 841 Free float: 31.64% Main shareholders: Home exchange: NASDAQ OMX Tallinn Hans Luik 51.64% List: Main list HHL Rühm OÜ 16.72% Sub-Industry name: Publishing ING Luxembourg S.A. 9.99%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Narva mnt. 11e, 10151 Tallinn, Estonia June 30, Telephone: +372 669 8181 2006 2007 2008 2009* Fax: +372 669 8180 Sales (MEUR) 59.49 73.50 84.58 75.96 E-mail: [email protected] Profit / Loss (MEUR) 5.89 5.86 2.94 0.02 Webpage: www.egrupp.ee ROE (%) 41.88 22.03 7.78 0.06 Investor relations contact: ROA (%) 14.69 7.62 5.94 3.00 Gunnar Kobin Net profit margin (%) 10.11 8.01 3.47 0.03 Fixed assets turnover 2.18 1.22 0.92 0.84 Equity ratio 0.40 0.33 0.36 0.38 COMPANY IN BRIEF Operating profit margin (%) 10.72 10.39 8.33 4.92 EPS (EUR) 1.34 0.31 0.15 0.0012 Ekspress Grupp is the leading media company in the Baltic States. The Dividend per share (EUR) - - - - company plays a prominent role in online media, newspapers and maga- P/E n/a 15.11 5.10 429.48 zines. It has interests in online publishing and owns a printing business, a P/BV n/a 2.43 0.38 0.26 book distribution business, a retail chain and an information service used by EBITDA (MEUR) 8.66 9.98 10.97 7.65 up to 80% of the Estonian people. The group is also active in Latvia, Lithuania EBITDA margin (%) 14.56 13.58 12.98 10.07 and the Ukraine and is looking for opportunities in other eastern European EBIT (MEUR) 6.68 7.44 7.05 3.73 countries. Net Debt to Equity 0.61 1.53 1.24 1.20 Ekspress Grupp started operations in 1992, publishing the first edition of Auditor in 2008: AS PricewaterhouseCoopers the popular weekly newspaper, Eesti Ekspress. Since then, it has added daily IFRS accounting: YES newspapers, magazines and online web sites to its portfolio. The company Main subsidiaries with results consolidated into corporate: Eesti Ekspressi Kirjastuse AS 100%, Maaleht AS 100%, UAB Ekspress also owns a modern printing facility and distributes magazines in the Lithua- Leidyba 100%, SIA Delfi Holding 100%, Delfi AS (Estonia) 100%, Delfi AS nian market. In 2007, Ekspress Grupp became a public company and its shares (Latvia) 100%, Mango.lv SIA 100%, SIA Ekspress Portals 100%, Delfi UAB (Lithuania) 100%, UAB Ekspress Portals 100%. were listed on Tallinn Stock Exchange (now NASDAQ OMX Tallinn). The IPO was more than seven times oversubscribed. * 12-mo rolling to end June 2009

The main strength of Ekspress Grupp is its very strong market position, with the company’s brands being the most popular among consumers. Ekspress SHARE INFORMATION Grupp owns the leading online media portals in the Baltics and publishes Share price (in EUR) Trading Code: EEG1T Estonia’s most widely read daily and weekly newspapers, in addition to seven 8 out of the top ten magazines in that country. The group is vertically integrated with everything from content to printing and distribution carried out by its 6 own companies. 4 In the near future, Ekspress Grupp expects the share of revenues from online media to increase significantly, as well as the share of revenues coming from 2 Lithuania, Latvia and Ukraine. The company’s goal is to be a truly modern media company with a strong foothold in all of the Baltic states, with a lead- 0 ing position in online media. 04 10 04 10 04 10 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) - 88.78 14.99 10.42 As % of total Baltic equity cap - 0.68 0.29 0.21 Turnover (MEUR) - 44.50 8.56 0.78 As % of total Baltic equity turnover - 1.87 0.87 0.50 Number of deals - 9 686 1 938 781

46 Company profiles: Ekspress Grupp Norma

COMPANY INFORMATION

Listing date: August 12, 1996 Total number of shares: 13 200 000 Free float: 49.00% Main shareholders: Home exchange: NASDAQ OMX Tallinn Autoliv AB 51.00% List: Main list ING Luxembourg S.A. 10.00% Sub-Industry name: Auto Parts & Equipment Skandinaviska Enskilda Banken Ab Clients 6.13%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Laki St. 14, 10621 Tallinn, Estonia June 30, Telephone: +372 650 0444 2006 2007 2008 20091 Fax: +372 650 0134 Sales (MEUR) 66.95 80.78 88.33 65.15 E-mail: [email protected] Profit / Loss (MEUR) 5.48 6.77 8.77 3.94 Webpage: www.norma.ee ROE (%) 10.00 11.94 14.55 6.88 Investor relations contact: ROA (%) 8.81 10.31 12.83 5.53 Ülle Jõgi / Director of Finance, Member of Management Board Net profit margin (%) 8.18 8.38 9.93 6.04 Fixed assets turnover 3.73 5.00 5.74 4.39 Equity ratio 0.87 0.86 0.90 0.84 COMPANY IN BRIEF Operating profit margin (%) 8.73 8.25 8.97 4.67 EPS (EUR) 0.42 0.51 0.66 0.30 Norma’s main business is the production and sale of car safety systems and Dividend per share2 (EUR) 0.32 0.32 0.32 - components, as well as related development activities. The company’s main P/E 12.31 9.75 3.91 8.59 production technologies include metal processing, plastic injection moulding, P/BV 1.22 1.14 0.55 0.59 and electroplating. Norma has one subsidiary – Norma-Osvar ZAO, Russia, EBITDA (MEUR) 9.77 10.64 11.34 6.41 which produces and sells safety belts to Russian car manufacturers (OEM's). EBITDA margin (%) 14.59 13.17 12.84 9.83 EBIT (MEUR) 5.85 6.66 7.92 3.04 Norma’s history goes back over 100 years. In 1891, Paulus Michelson estab- Net Debt to Equity -0.10 -0.10 -0.03 -0.10 lished a sheet metal workshop, which was given the name Norma in 1931. The production of car safety belts began in 1973, which is Norma’s core busi- Auditor in 2008: Ernst & Young Baltic ness activity today. IFRS accounting: YES Main subsidiaries with results consolidated into corporate: Norma - Osvar Ltd 100%. Norma’s shares have been listed on the Tallinn Stock Exchange since 1996, and since 1999 the company has been part of the Autoliv group, which owns 1 12-mo rolling to end June 2009 2 51% of its stock. Dividends are shown for financial year for which they were paid

Increasing competition in the car industry is forcing manufacturers to focus on improving product quality. To increase customer satisfaction and fulfill their requirements, Norma has reconciled its quality system with the specia- SHARE INFORMATION lized car industry standard – ISO/TS 16949. Norma’s environmental manage- Share price (in EUR) Trading Code: NRM1T ment system is certified according to ISO 14001. 7

In the future, Norma will continue expanding its component production for 6 the Autoliv group as well as for the external customers. One longer-term 5 objective is to bring component production to a new qualitative and quantita- tive level. Norma’s main goals going forward are: to become a market leader 4 in safety systems and the natural first choice of Russia’s car manufacturers; 3 to become a preferred component supplier for Autoliv and other customers outside the Group; to be considered a benchmark in customer service; to focus 2 on reducing the costs of materials and to quicken our rate of innovation. 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

Production efficiency, product quality and profitability have all been factors 2006 2007 2008 2009 H1 in Norma’s success and the company observes these carefully in order to Market capitalization (MEUR) 67.45 66.00 34.32 33.79 maintain its position as a long-term market leader. As % of total Baltic equity cap 0.49 0.50 0.66 0.69 Turnover (MEUR) 23.06 23.43 27.72 1.50 As % of total Baltic equity turnover 0.94 0.98 2.83 0.97 Number of deals 1 264 1 659 1 180 548

Company profiles: Norma 47 Olympic Entertainment Group

COMPANY INFORMATION

Listing date: October 23, 2006 Total number of shares: 151 000 000 Free float: 22.75% Main shareholders: Home exchange: NASDAQ OMX Tallinn OÜ Hansa Assets 54.38% List: Main list OÜ Hendaya Invest 22.87% Sub-Industry name: Casinos & Gaming

CONTACT INFORMATION FINANCIAL INFORMATION Address: Pronksi 19, 10124 Tallinn, Estonia June 30, Telephone: +372 6 671 250 2006 2007 2008 2009* Fax: +372 6 671 270 Sales (MEUR) 106.01 158.97 178.27 150.80 E-mail: [email protected] Profit / Loss (MEUR) 25.84 24.33 -29.06 -60.44 Webpage: www.olympic-casino.com ROE (%) 30.29 17.27 -21.75 -49.24 Investor relations contact: ROA (%) 24.85 15.19 -17.39 -38.84 Kristi Ojakäär Net profit margin (%) 24.37 15.30 -16.30 -40.08 Fixed assets turnover 1.95 1.61 1.38 1.23 Equity ratio 0.90 0.86 0.77 0.74 COMPANY IN BRIEF Operating profit margin (%) 26.79 17.35 -6.96 -27.35 EPS (EUR) 0.20 0.16 -0.19 -0.40 Olympic Entertainment Group’s (OEG) operations cover a range of activities Dividend per share (EUR) 0.13 0.03 - - centered on managing casinos and hotels. OEG is the largest provider of casino P/E 22.16 22.56 - - entertainment in the region. The company is a full member of the European P/BV 2.53 3.54 0.65 0.99 Casino Association (ECA) and employs more than 2,600 people across eastern EBITDA (MEUR) 40.29 43.99 25.03 9.36 and central Europe: in Estonia, Latvia, Lithuania, Belarus, Romania, Poland and EBITDA margin (%) 38.01 27.67 14.04 6.21 Slovakia. OEG’s shares are listed on the main lists of the Tallinn and Warsaw EBIT (MEUR) 28.40 27.58 -12.40 -41.25 Stock Exchanges. Net Debt to Equity -0.60 -0.21 -0.02 0.04 OEG AS is the holding company, which carries out the strategic management Auditor in 2008: KPMG Baltics AS and financing of the group. National casino operations are handled by local IFRS accounting: YES entities. Non-core operations, such as bar management, are separated from Main subsidiaries with results consolidated into corporate: Olympic Casino Eesti AS 95%, Olympic Casino Latvia SIA, Olympic Casino casino operations and are managed by specialized legal entities. Group Baltija UAB, Olympic Casino Bel IP, Olympic Casino Ukraine TOV, Casino Polonia Wroclaw Sp. Z.o.o 80%, Olympic Casino Bucharest S.r.l., Olympic Entertainment Slovakia S.r.o. The group’s first company was established in September 1993 under the name, AS Benetreks (now Olympic Casino Eesti AS). Olympic Entertainment Group * 12-mo rolling to end June 2009 AS was established in November 1999 (previously called OÜ Mecom Grupp).

The company’s main competitive advantages are a very strong concept and SHARE INFORMATION unique business model. Other factors contributing to its success include Share price (in EUR) Trading Code: OEG1T diversity of services, prime casino locations and a professional team. The work 8 procedures of Olympic Casinos in Estonia, Latvia and Lithuania are certified according to international ISO 9001 quality requirements. 6

OEG aims to become a global casino and resort operator with a passion for 4 service excellence. 2

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2006 2007 2008 2009 H1 Market capitalization (MEUR) 670.31 528.50 73.99 89.09 As % of total Baltic equity cap 4.82 1.65 1.43 1.82 Turnover (MEUR) 84.53 216.19 73.11 4.65 As % of total Baltic equity turnover 3.44 9.08 7.47 3.01 Number of deals 8 457 29 132 17 924 4 807

48 Company profiles: Olympic Entertainment Group Silvano Fashion Group

COMPANY INFORMATION

Listing date: May 20, 1997 Total number of shares: 40 000 000 Free float: 57.09% Main shareholders: Home exchange: NASDAQ OMX Tallinn Nordea Bank Finland PLC / Non-Resident Legal Entities 35.22% List: Main list Krajowy Depozyt Papierow Wartošciowych S.A. [J] 17.63% Sub-Industry name: Apparel Retail SEB Pank AS / Non-Resident Retail Clients 14.32% Skandinaviska Enskilda Banken Ab Clients 11.38%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Tartu mnt 2, 10145 Tallinn, Estonia June 30, Telephone: +375 1728 80770 2006 2007 2008 20091 Fax: +375 1728 70855 Sales (MEUR) 27.01 98.58 108.32 91.26 E-mail: [email protected] Profit / Loss (MEUR) 2.88 11.95 -6.41 -12.86 Webpage: www.silvanofashion.com ROE (%) 19.22 32.50 -12.13 -26.30 Investor relations contact: ROA (%) 14.39 25.66 -8.28 -19.19 Baiba Gegere Net profit margin (%) 14.71 15.82 -5.92 -14.10 Fixed assets turnover 4.01 6.16 5.06 4.83 Equity ratio 0.78 0.80 0.65 0.75 COMPANY IN BRIEF Operating profit margin (%) 18.69 20.85 2.73 -3.55 EPS (EUR) 0.36 0.31 -0.19 -0.32 AS Silvano Fashion Group (SFG) is an international manufacturer and retailer Dividend per share (EUR) - - - - of lingerie, vertically integrated fashion group (design, manufacturing, retail). P/E 10.86 14.23 - -1.05 The company is located in Russia, Belarus, CIS, and Baltics and has a strong P/BV 3.69 3.17 0.50 0.43 focus on developing its own retail capacity through its own and franchised EBITDA (MEUR) 5.82 23.01 6.07 -0.72 stores network. SFG operates the top lingerie brands in Russia, Ukraine and EBITDA margin (%) 21.53 23.35 5.60 -0.79 Belarus, including “Milavitsa” – one of the region’s most recognized brands. EBIT (MEUR) 5.07 20.55 2.95 -3.24 The company’s strengths include in-house design, supported by experienced Net Debt to Equity -0.25 -0.17 0.07 -0.03 foreign designers; the company’s own regional production facilities, which allow for a cost efficient and flexible production supply; self-owned and fran- Auditor in 2008: KPMG Baltics AS chised retail chain in Russia, Belarus, Ukraine and the Baltic; favorable trends IFRS accounting: YES in consumption habits in major target markets – a shift from open-air shop- Main subsidiaries with results consolidated into corporate: AS Lauma Lingerie 100%, SP ZAO Milavitsa 78.35%, ZAO Linret 49%, ping to branded stores; a large potential customer base – 252 million people Splendo Polska Sp.Z.o.o.2 90%, PTA Grupp AS2 100%, UAB Linret LT 100%, in their target markets and well-recognized and reputable trademarks – the France Style Lingerie s.a.r.l. 100%, OÜ Linret EST 100%. “Milavitsa”, “Lauma”, “Alisee”, “Hidalgo”, “Laumelle” trademarks which are 1 12-mo rolling to end June 2009 among the best-known lingerie brands in Russia, CIS and the Baltic. 2 Sold in 2009 H1

The group’s overall strategy primarily focuses on the simultaneous expansion of its own retail and franchised operations and the continued development of SHARE INFORMATION its lingerie manufacturing operations. Plans to expand its distribution network Share price (in EUR) Trading Code: SFGAT through controlled regional representative offices and wholesale distributors 8 in core markets, like Russia, Belarus and Ukraine, are also important strategic decisions. The Group will also promote marketing activities that promote 6 brand awareness and brand loyalty. 4

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2006 2007 2008 2009 H1 Market capitalization (MEUR) 149.13 176.00 20.40 13.60 As % of total Baltic equity cap 1.07 1.34 0.39 0.28 Turnover (MEUR) 13.81 64.29 15.53 1.16 As % of total Baltic equity turnover 0.56 2.70 1.59 0.75 Number of deals 2 145 7 456 2 395 787

Company profiles: Silvano Fashion Group 49 Tallinna Kaubamaja

COMPANY INFORMATION

Listing date: September 6, 1996 Total number of shares: 40 729 200 Free float: 33.00% Main shareholders: Home exchange: NASDAQ OMX Tallinn OÜ NG Investeeringud 67.00% List: Main list ING Luxembourg S.A. 6.84% Industry name: Retail

CONTACT INFORMATION FINANCIAL INFORMATION Address: Gonsiori 2, 10143 Tallinn, Estonia June 30, Telephone: +372 667 3200 2006 2007 2008 2009* Fax: +372 667 3205 Sales (MEUR) 270.93 376.59 417.43 426.37 E-mail: [email protected] Profit / Loss (MEUR) 17.55 26.26 5.31 -3.41 Webpage: www.kaubamaja.ee ROE (%) 24.60 26.19 4.46 -2.89 Investor relations contact: ROA (%) 12.97 14.01 3.21 0.02 Raul Puusepp / Chairman of the Board Net profit margin (%) 6.48 6.97 1.27 -0.80 Fixed assets turnover 2.76 2.85 2.32 2.13 Equity ratio 0.49 0.57 0.42 0.42 COMPANY IN BRIEF Operating profit margin (%) 6.80 7.40 2.07 -0.13 EPS (EUR) 0.43 0.64 0.13 -0.08 Tallinna Kaubamaja is a leading Estonian retail group operating across the Dividend per share (EUR) 0.06 0.13 0.03 - Baltic states. The group operates two Kaubamaja department stores, 34 Selver P/E 21.30 12.10 15.95 - super- and hypermarkets, a chain of 33 footwear stores (ABC and Suurtüki), P/BV 4.70 2.62 0.72 0.87 a chain of I.L.U. cosmetics stores (with 3 stores in 2009), and a shopping mall. EBITDA (MEUR) 24.46 34.41 23.52 16.49 The group also acts as the importer and distributor of KIA motor vehicles in EBITDA margin (%) 9.03 9.14 5.63 3.87 the three Baltic states, with three car centers in each of the Baltic capitals and EBIT (MEUR) 18.41 27.86 8.64 -0.56 owns 50% of a car parking operation in Tallinn, Estonia. Net Debt to Equity 0.28 0.19 0.78 0.89 Tallinna Kaubamaja dates back to 1960, when the landmark department store Auditor in 2008: Ernst & Young Baltic in Tallinn was opened. After the Soviet occupation ended, the company was IFRS accounting: YES privatized and turned into a modern retail operation, opening its first super- Main subsidiaries with results consolidated into corporate: A-Selver AS 100%, Tallinna Kaubamaja Kinnisvara OÜ 100%, market in 1995. In 2005, the company’s real estate business expanded with Selver Latvia SIA 100%, KIA Auto AS 100%, Ülemiste Autokeskus OÜ 100%, a 14 500 m2 shopping mall, half of which is operated under the Kaubamaja KIA Auto UAB 100%, KIA Automobiles SIA 100%, OÜ TKM Beauty 100%, OÜ Suurtüki NK 100%, AS ABC King 100% and others. brand. * 12-mo rolling to end June 2009 Today, the company’s business operations are strong, despite the turmoil in the global economy. Organic growth has turned into a decline in 2009, with the recession hitting Baltic retail sales hard. Due to the extensive expansion SHARE INFORMATION of the previous years, the company has still been able to show growth in Share price (in EUR) Trading Code: TKM1T revenue. In 2008, the group’s share of the Estonian retail market was 11%. 12

Kaubamaja’s main strengths lie in its established retail brands, the excellent 10 locations of its different retail formats, strong supply channels, business 8 diversification, an exciting, yet balanced portfolio of brands, and a motivated 6 management team who have expanded the business rapidly. 4

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2006 2007 2008 2009 H1 Market capitalization (MEUR) 373.89 317.69 84.72 98.97 As % of total Baltic equity cap 2.69 2.43 1.64 2.03 Turnover (MEUR) 24.63 67.79 56.27 3.59 As % of total Baltic equity turnover 1.00 2.85 5.75 2.32 Number of deals 5 069 15 636 4 499 1 598

50 Company profiles: Tallinna Kaubamaja Utenos trikotažas

COMPANY INFORMATION

Listing date: September 29, 1997 Total number of shares: 19 834 442 Free float: 24.63% Main shareholders: Home exchange: NASDAQ OMX Vilnius Koncernas SBA UAB 51.12% List: Main list Amber Trust S.C.A.(SCA) 13.61% Sub-Industry name: Apparel, Accessories & Luxury Goods East Capital Asset Management 10.63%

CONTACT INFORMATION FINANCIAL INFORMATION Address: J. Basanavičiaus str. 122, LT-28214 Utena, Lithuania June 30, Telephone: +370 3895 1445 2006 2007 2008 2009* Fax: +370 3896 9358 Sales (MEUR) 47.29 39.83 32.07 26.31 E-mail: [email protected] Profit / Loss (MEUR) 0.61 -2.32 -4.95 -3.16 Webpage: www.utenostrikotazas.lt ROE (%) 5.89 -29.99 -150.83 -127.00 Investor relations contact: ROA (%) 1.92 -7.36 -16.78 -11.85 Nerijus Vilūnas / Managing director Net profit margin (%) 1.28 -5.83 -15.25 -12.01 Fixed assets turnover 2.70 2.25 2.28 2.03 Equity ratio 0.30 0.18 0.06 0.07 COMPANY IN BRIEF Operating profit margin (%) 4.80 -1.50 -4.51 0.75 EPS (EUR) 0.03 -0.11 -0.25 -0.16 Established in 1967, Utenos trikotažas is the largest vertical manufacturer Dividend per share (EUR) 0.12 0.00 - - of knitwear fabrics and garments in Lithuania and one of the most modern P/E 52.21 0.00 - - production companies in Central and Eastern Europe. The production facility P/BV 3.58 5.20 8.82 3.90 of the company, together with a subsidiary plant in Ukraine, covers the full EBITDA (MEUR) 4.86 1.34 -1.35 -0.12 production cycle of the final product. 90 percent of Utenos trikotažas’ produc- EBITDA margin (%) 10.27 3.36 -4.22 -0.44 tion is exported, mostly to the large retail chains in Western Europe, reach- EBIT (MEUR) 2.27 -0.60 -1.45 0.20 ing end customers in more than 50 countries. In recent years, the company Net Debt to Equity 1.40 3.07 10.29 8.91 succeeded in developing and increasing sales of organic cotton products, which accounts for 25% of the company’s sales. Auditor in 2008: PricewaterhouseCoopers UAB IFRS accounting: YES The company is committed to fulfilling the highest quality requirements, Main subsidiaries with results consolidated into corporate: Šatrija AB 89.78%, Gotija UAB 90.50%, MTF Mrija OAO 98.95%. which is reflected in the ISO 9001 certification of its quality management system, the ISO 14001 certification of its environmental management system * 12-mo rolling to end June 2009 and the OEKO-TEX 100 and EU-Flower, Organic Exchange 100 and GOTS certification of its production systems or products. Utenos trikotažas was the first company in Lithuania to be certified by SA 8000, proving its social account- ability system was compliant with best practice standards. SHARE INFORMATION The Utenos trikotažas’ group comprises the parent company and three Share price (in LTL) Trading Code: UTR1L subsidiaries: Šatrija (sewing company), Gotija (retail trade in Lithuania) and 10 a subsidiary, Mrija. After strategic investments in Mrija in 2005, the company developed its production capacities in the Ukraine to full cycle manufacturing 8 with high flexibility and cost-efficiency. Expansion into the Ukraine empha- 6 sizes the company’s commitment to fulfilling the increasing requirements of its clients and ensures further growth potential. 4

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2006 2007 2008 2009 H1 Market capitalization (MEUR) 35.90 28.38 7.98 4.02 As % of total Baltic equity cap 0.26 0.22 0.15 0.08 Turnover (MEUR) 0.70 0.47 0.08 0.03 As % of total Baltic equity turnover 0.03 0.02 0.01 0.02 Number of deals 583 436 343 100

Company profiles: Utenos trikotažas 51 Viisnurk

COMPANY INFORMATION

Listing date: September 25, 2007 Total number of shares: 4 499 061 Free float: 40.38% Main shareholders: Home exchange: NASDAQ OMX Tallinn OÜ Trigon Wood 59.62% List: Main list ING Luxembourg S.A. 11.11% Sub-Industry name: Home Furnishings

CONTACT INFORMATION FINANCIAL INFORMATION Address: Suur-Jõe 48, 80042 Pärnu, Estonia June 30, Telephone: +372 447 8323, +372 447 8331 2007 2008 2009* Fax: +372 447 8368 Sales (MEUR) 15.95 17.93 14.87 E-mail: [email protected] Profit / Loss (MEUR) 0.81 0.39 -0.17 Webpage: www.viisnurk.ee ROE (%) 18.44 8.48 -3.70 Investor relations contact: ROA (%) 8.39 5.85 0.40 Einar Pähkel / CFO Net profit margin (%) 5.07 2.15 -1.15 Fixed assets turnover 3.93 4.12 3.48 Equity ratio 0.45 0.43 0.37 COMPANY IN BRIEF Operating profit margin (%) 6.39 3.98 0.31 EPS (EUR) 0.18 0.09 -0.04 Viisnurk AS retails furniture and furnishings, in addition to producing furni- Dividend per share (EUR) 0.09 - - ture and building materials. The Furniture and Building Materials Divisions are the business units of Viisnurk AS. P/E 10.29 9.08 - P/BV 1.83 0.77 0.50 The Skano furniture store chain, operating in Ukraine and the Baltics, and a EBITDA (MEUR) 1.59 1.26 0.53 plant producing original home furniture made of timber belong to the Furni- EBITDA margin (%) 9.95 7.03 3.58 ture Division. EBIT (MEUR) 1.02 0.71 0.05 Net Debt to Equity 0.55 0.54 0.53 The building materials division manufactures and distributes two product Auditor in 2008: AS PricewaterhouseCoopers categories based on soft-boards: insulation and wind protection board under the Isoplaat brand name, and interior finishing boards for walls and ceilings, IFRS accounting: YES which are distributed under the Isotex brand name. Main subsidiaries with results consolidated into corporate: OU Skano 100%, OU Visu 100%, OU Isotex 100%.

Viisnurk dates back to 1945 when the state enterprise, Pärnumaa Tööstuskom- * 12-mo rolling to end June 2009 binaat, was founded. In 1996 the Isotex production line was launched in the building material division. And in 1997 the shares of AS Viisnurk were listed on the Tallinn Stock Exchange. The company’s retail business started in 2003 when the first Skano furniture store was opened in Tallinn. In 2007 AS Viisnurk was divided into a real estate company and manufacturing company, with both of them listed on NASDAQ OMX Tallinn. SHARE INFORMATION Share price (in EUR) Trading Code: VSN1T The competitive strengths of the furniture division include a focus on a limited 4 number of product ranges, allowing for greater efficiency and saving on product development. Vertical integration with Skano, provides the company with full access to demand-driven market information and direct feedback from 3 end-customers. The competitive strengths of the building material division include client diversification in different markets, allowing the company 2 to re-organize sales to a market where the construction cycle is currently peaking. 1

Viisnurk holds an ISO 9001 quality certificate for management systems. 0 09 03 09 03 09 2007 2008 2008 2009 2009 * AS Viisnurk was created on September 25, 2007 as a spin-off company from the former AS Viisnurk, which was in turn renamed AS Trigon Property Development. 2006 2007 2008 2009 H1 The core business of the former company: furniture and building materials production and Market capitalization (MEUR) - 8.32 3.51 2.25 furniture retail as well as the company name were transferred to the spin-off company As % of total Baltic equity cap - 0.06 0.07 0.05 together with all assets, liabilities and contracts associated with the core business, including Turnover (MEUR) - 0.52 0.29 0.18 shareholdings in other companies. Only the property development activities of the former AS Viisnurk together with the associated assets, liabilities and contracts, including share- As % of total Baltic equity turnover - 0.02 0.03 0.12 holdings in other companies remained in AS Trigon Property Development. For any histori- Number of deals - 676 568 342 cal data before September 25, 2007, please see data related to AS Trigon Property Develop- ment (former AS Viisnurk) on page 65. The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

52 Company profiles: Viisnurk Vilniaus baldai

COMPANY INFORMATION

Listing date: June 5, 2000 Total number of shares: 3 886 267 Free float: 33.09% Home exchange: NASDAQ OMX Vilnius Main shareholders: List: Main list Invalda AB 66.63% Sub-Industry name: Home Furnishings Swedbank (clients) 7.85%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Savanorių ave. 178, LT-03154 Vilnius, Lithuania June 30, Telephone: +370 5252 5700 2006 2007 2008 2009* Fax: +370 5231 1130 Sales (MEUR) 31.94 43.85 39.83 39.85 E-mail: [email protected] Profit / Loss (MEUR) -1.54 0.52 2.03 3.47 Webpage: www.vilniausbaldai.lt ROE (%) -17.24 6.63 22.26 39.49 Investor relations contact: ROA (%) -4.66 1.71 10.03 16.69 Nerijus Pacevičius / CEO Net profit margin (%) -4.82 1.19 5.11 8.70 Fixed assets turnover 1.22 1.87 2.28 2.44 Equity ratio 0.24 0.28 0.35 0.49 COMPANY IN BRIEF Operating profit margin (%) -1.60 4.40 -0.29 1.05 EPS (EUR) -0.40 0.13 0.52 0.89 Vilniaus Baldai AB is a global leader in producing flat-pack furniture, with a Dividend per share (EUR) - - - - core competence in BOF production. Originally established in 1883 as small P/E - 47.51 6.64 2.54 sawmill, today the company is one of the most modern furniture manufactur- P/BV 2.68 3.05 1.33 0.84 ers in Lithuania. EBITDA (MEUR) 1.74 4.32 5.36 5.80 EBITDA margin (%) 5.44 9.84 13.45 14.54 The company manufactures bedrooms, living-rooms and playroom furniture, EBIT (MEUR) -0.51 1.93 -0.12 0.42 made of wood particle boards, using the most modern and popular tech- Net Debt to Equity 2.46 1.90 1.25 0.52 nology as well as honeycomb substrate technology that helps reduce the weight. Auditor in 2008: Ernst & Young Baltic IFRS accounting: YES Modern equipment from well known manufacturers enables the company Main subsidiaries with results consolidated into corporate: Ari-Lux UAB 100%. to manufacture different types of furniture, finished on HDF (high density fiberboard); a minor portion of the production includes the furniture made of * 12-mo rolling to end June 2009 laminated wood particle boards.

Vilniaus Baldai is ISO certified with the ISO 9001 quality system enacted in 2001. The company systematically strives for improvements in furniture quality, analyzes consumer demand and looks for methods and instruments to SHARE INFORMATION make the production process more effective and flexible. Furthermore, the Share price (in LTL) Trading Code: VBL1L company tries to ensure that their customers receive not only qualitative, but 40 also eco-friendly furniture, and have therefore become certified in compliance with the ISO 14001 standard requirements. 30

Vilniaus Baldai will continue to improve its development of new products, 20 find new materials, save costs and increase efficiency. 10

0 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 20.37 24.76 13.51 8.81 As % of total Baltic equity cap 0.15 0.19 0.26 0.18 Turnover (MEUR) 1.42 1.70 0.83 0.03 As % of total Baltic equity turnover 0.06 0.07 0.09 0.02 Number of deals 647 645 374 39

Company profiles: Vilniaus baldai 53 Pieno žvaigždės COMPANY INFORMATION

Listing date: January 11, 1999 Total number of shares: 54 205 031 Free float: 40.94% Main shareholders: Skandinaviska Enskilda Banken (clients) 16.07% Agrolitas Imeks Lesma UAB 13.46% Home exchange: NASDAQ OMX Vilnius J. Kvaraciejus 19.17% Smilgelė ŽŪKB 11.44% List: Main list Swedfund International 8.67% Sub-Industry name: Packaged Foods & Meats Management of the company (inc. Julius Kvaraciejus) 32.68%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Perkūnkiemio g. 3, LT-12127 Vilnius, Lithuania June 30, Telephone: +370 5246 1414 2006 2007 2008 2009* Fax: +370 5246 1415 Sales (MEUR) 157.85 192.10 192.97 163.02 E-mail: [email protected] Profit / Loss (MEUR) 5.36 9.65 -1.25 3.64 Webpage: www.pienozvaigzdes.lt ROE (%) 15.56 23.63 -2.88 9.08 Investor relations contact: ROA (%) 6.16 9.56 1.32 5.52 Linas Sasnauskas / Executive Director Net profit margin (%) 3.39 5.02 -0.65 2.23 Fixed assets turnover 2.93 3.02 2.73 2.31 Equity ratio 0.39 0.42 0.35 0.36 COMPANY IN BRIEF Operating profit margin (%) 5.21 7.50 1.17 4.62 EPS (EUR) 0.10 0.18 -0.02 0.07 Established through a merger of a few specialized dairy processors in 1998, Dividend per share (EUR) 0.06 0.07 0.03 - Pieno žvaigždės has benefited from the consolidation of the Lithuanian dairy P/E 15.79 9.44 - 9.48 sector and has quickly grown into one of the leading dairies in the Baltic P/BV 2.37 1.98 0.78 0.85 States. The company’s primary focus is on fresh dairy products, while main- EBITDA (MEUR) 17.75 25.44 14.22 19.56 taining a sound export record. EBITDA margin (%) 11.24 13.24 7.37 12.00 EBIT (MEUR) 8.22 14.41 2.26 7.53 The company is managed by leading professionals in the dairy industry whose Net Debt to Equity 1.15 0.99 1.32 1.25 strategy is to continually strengthen the company’s position in the sector and introduce new value-added products to broaden its product mix and capture Auditor in 2008: KPMG Baltics UAB new markets. IFRS accounting: YES Main subsidiaries with results consolidated into corporate: none.

Over the years Pieno žvaigždės has established itself as a reliable dairy pro- * 12-mo rolling to end June 2009 cessor able to consistently produce premium quality products at competitive prices. The company’s product mix covers whole milk products, such as fresh milk, cream, butter, a variety of curds, yogurts and milk based desserts. Pieno žvaigždės maintains an approximate 30% share of the domestic market. A consistent focus on quality has given Pieno žvaigždės the operational direc- tion necessary to meet strict international requirements through ISO, HALAL SHARE INFORMATION and KOSHER certification. Most of the company’s product range - yellow Share price (in LTL) Trading Code: PZV1L cheeses, butter, whey and milk powder - are exported following the company’s 7 adherence to European and Russian Veterinary Standards. Modern processing facilities, strict quality control and innovative marketing strategies backed 6 by professional management have helped the company to become the fastest 5 growing dairy in the Baltics, with sales of EUR 193m in 2008. 4

3 Pieno žvaigždės will continue to strengthen its leading position and exploit opportunities for further growth. By continually updating its already modern 2 facilities, which have set new standards locally, the company will build on its 1 competitive advantage and deliver excellent value to its shareholders and 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009 stakeholders. 2006 2007 2008 2009 H1 Market capitalization (MEUR) 84.77 91.05 32.03 34.54 As % of total Baltic equity cap 0.61 0.70 0.62 0.71 Turnover (MEUR) 18.81 12.44 3.49 0.34 As % of total Baltic equity turnover 0.77 0.52 0.36 0.22 Number of deals 2 224 3 050 1 515 498

54 Company profiles: Pieno žvaigždės Rokiškio sūris

COMPANY INFORMATION

Listing date: July 25, 1995 Total number of shares: 42 716 530 Free float: 42.12% Main shareholders: Home exchange: NASDAQ OMX Vilnius Pieno Pramonės Investicijų Valdymas UAB 37.31% List: Main list Skandinaviska Enskilda Banken (clients) 12.86% Sub-Industry name: Packaged Foods & Meats Antanas Trumpa 11.54%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Pramonės str.3, LT-42150 Rokiškis, Lithuania June 30, Telephone: +370 458 552 00 2006 2007 2008 2009* Fax: +370 458 553 00 Sales (MEUR) 150.06 192.59 197.47 185.16 E-mail: [email protected] Profit / Loss (MEUR) 3.77 9.92 -5.31 -0.58 Wbpage: www.rokiskio.com ROE (%) 6.72 16.89 -9.49 -1.14 Investor relations contact: ROA (%) 4.19 10.43 -3.80 0.85 Antanas Kavaliauskas / Finance Director Net profit margin (%) 2.51 5.15 -2.69 -0.31 Fixed assets turnover 3.70 4.82 4.48 4.49 Equity ratio 0.60 0.64 0.48 0.57 COMPANY IN BRIEF Operating profit margin (%) 3.99 7.34 -2.20 0.47 EPS (EUR) 0.79 0.22 -0.12 -0.01 Rokiškio sūris is one of the largest and most modern dairy production companies in Lithuania, as well as the Baltics. The main activity of the company is Dividend per share (EUR) 0.68 0.07 - - the production and sales of fermented cheese, fresh dairy products, butter, P/E 20.05 10.23 - - milk powders, and by-products from whey. The company produces around P/BV 1.35 1.58 0.43 0.49 30,000 tons of fermented cheese per year, of which 80% is exported to other EBITDA (MEUR) 13.52 22.08 3.70 9.26 countries. EBITDA margin (%) 9.01 11.46 1.88 5.00 To secure constant raw material supply and to strengthen its position in EBIT (MEUR) 5.99 14.13 -4.34 0.87 the local market, AB Rokiškio sūris affiliated several dairies and formed the Net Debt to Equity 0.39 0.15 0.70 0.36 Rokiškio sūris group. There are three sites of production: Rokiškis where Auditor in 2008: PricewaterhouseCoopers UAB fermented cheese and milk sugar (lactose) as well as liquid whey protein IFRS accounting: YES concentrate are produced, Utena’s site specializes in the production of fresh dairy products, butter and milk powders, while Ukmerge site’s specialization Main subsidiaries with results consolidated into corporate: Rokiškio pienas UAB 100%, Skeberdis ir partneriai UAB 100%, is production of quark and quark products. Skirpstas UAB 100%, Žalmargė KB 100%, Batėnai UAB 100%, Pečupė UAB 100%, Europienas UAB 100%, Jekabpils Piena Established as a specialized cheese producer in 1964, in a couple of years the Kombinats SIA 50.05%, Pieno upės UAB 50%. company became one of the leading creameries in Lithuania, with its high quality products becoming well-known outside of Lithuania. * 12-mo rolling to end June 2009

In 1992, Rokiškio sūris was one of the first Lithuanian undertakings to become a joint-stock company. SHARE INFORMATION Share price (in LTL) Trading Code: RSU1L Every year the company undergoes significant renovations and reconstruc- tions, and boldly introduces advanced technologies. 10

In 1998, the company was granted an EU veterinary number, enabling it to 8 export its production to the EU. All three dairies (Rokiškis, Utena and Ukmergė) have implemented Hazard Analysis and Critical Control Point systems (HACCP), 6 ensuring safety of the products from the very first step – raw materials – until their final delivery to store shelves. Certificates for complying with quality 4 management ISO-9001 and environment ISO-14001 standards were received 2 from the International Certification Company “Bureau Veritas Quality Inter- national”. Continuous improvement of systems in order to best meet clients’ 0 requirements is ensured, and production in the lowest possible environmen- 01 07 01 07 01 07 01 07 tally harmful conditions is pursued.In 2008, the company was also awarded 2006 2006 2007 2007 2008 2008 2009 2009 the BRC certificate securing better access to the British retail market. Through participating in exhibitions and trade fairs, the company not only introduces 2006 2007 2008 2009 H1 its products to various markets, but also informs its staff about competitors’ Market capitalization (MEUR) 75.60 96.99 21.40 24.74 products and generates new ideas for its own activities. As % of total Baltic equity cap 0.54 0.74 0.41 0.51 In 2009, a trilateral agreement was signed between the Ministry of Social Turnover (MEUR) 17.26 18.94 4.90 1.37 Security and Labour, Support Foundation European Social Fund Agency and As % of total Baltic equity turnover 0.70 0.80 0.50 0.89 Rokiškio sūris for the administration and support of a human resources devel- Number of deals 1 691 3 258 2 238 926 opment project. This project aims to enable employees of AB Rokiškio sūris and UAB Rokiškio pienas to improve their essential skills, helping to intro- The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, duce innovative technologies as well as applying them to the dairy processing 2009 have been calculated by Emerging Nordic Research independently from the listed company. sector. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

Company profiles: Rokiškio sūris 55 Vilkyškių pieninė COMPANY INFORMATION

Listing date: May 17, 2006 Total number of shares: 11 943 000 Free float: 33.44% Main shareholders: Gintaras Bertašius 50.40% Home exchange: NASDAQ OMX Vilnius Skandinaviska Enskilda Banken (clients) 23.40% List: Main list Orion Securities (clients) FMI UAB 10.60% Sub-Industry name: Packaged Foods & Meats Linas Strėlis 8.50%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Vilkyškiai, LT-99254 Pagėgiai municipality, Lithuania June 30, Telephone: +370 4415 5330 2006 2007 2008 2009* Fax: +370 4415 5242 Sales (MEUR) 33.51 39.47 44.02 45.13 E-mail: [email protected] Profit / Loss (MEUR) 1.13 2.90 -3.47 -0.57 Webpage: www.cheese.lt ROE (%) 20.44 35.61 -37.39 -5.43 Investor relations contact: ROA (%) 7.51 13.88 -7.99 1.23 Vilija Milaševičiutė / Finance Director Net profit margin (%) 3.35 7.35 -7.88 -1.26 Fixed assets turnover 3.79 3.11 2.09 1.64 Equity ratio 0.37 0.41 0.23 0.27 COMPANY IN BRIEF Operating profit margin (%) 5.04 10.05 -6.38 0.28 EPS (EUR) 0.12 0.31 -0.37 -0.05 Founded in 1993, Vilkyškių pieninė AB is currently one of the most up to date Dividend per share (EUR) 0.06 0.05 - - cheese factories in the country and holds 17% of Lithuania’s cheese produc- P/E 12.65 5.80 - - tion market. P/BV 2.05 1.81 0.23 0.46 EBITDA (MEUR) 2.59 5.07 -1.06 2.02 In January 2005, Vilkyškių pieninė AB was restructured from a private limited EBITDA margin (%) 7.73 12.84 -2.41 4.48 company into a public limited company and started a new stage of activity. EBIT (MEUR) 1.69 3.97 -2.81 0.13 Since spring 2006, the company has had a free float of 25.1%. Net Debt to Equity 0.89 0.82 2.21 1.75 The base of Vilkyškių pieninė’s success is formed from reliable relationships Auditor in 2008: KPMG Baltics UAB with business partners tested over time, rapid reactions to the needs of IFRS accounting: YES customers and the market, and the competence of employees. Equally impor- Main subsidiaries with results consolidated into corporate: Modest UAB 87%, Kelmės pieninė UAB 99%. tant are its circle of reliable suppliers, established long-term relationships in sales and an attractive price policy. * 12-mo rolling to end June 2009

From the very start, Vilkyškių pieninė AB has strived to improve the quality and variety of its products. Over the past seven years, the company has invested more than LTL 43m into modern production technologies to increase automation and boost efficiency. In 2006-2007 Vilkyškių pieninė modernized SHARE INFORMATION its cheese production technologies, supported by EU funds. In April 2006, the Share price (in LTL) Trading Code: VLP1L company completed modernizing its workshops and, in 2007, a whey process- 8 ing workshop was opened.

6 Vilkyškių pieninė AB currently offers cheese lovers the choice of 11 brands and 56 sorts of cheese, produced according to old Lithuanian and international 4 recipes, producing approximately 10 000 tons of cheese per year. 2 Today, the Vilkyškių pieninė AB group consists of four companies. In January 2006 the company purchased 80.25% of Modest UAB, reaching 100% after 0 the Compeition Council gave its approval on January 12, 2006. On April 28, 05 11 05 11 05 11 05 2006 2006 2007 2007 2008 2008 2009 2008 Vilkyškių pieninė AB finally finished the purchase transaction of Kelmės pieninė AB and took over the ownership right to 99.09 % of company’s shares. 2006 2007 2008 2009 H1 Since then, the Vilkyškių pieninė group has consisted of: Vilkyškių pieninė AB, Market capitalization (MEUR) - 16.79 2.08 4.67 Modest UAB, Kelmės pieninė AB and Kelmės pieno centras UAB. As % of total Baltic equity cap - 0.13 0.04 0.10 Turnover (MEUR) - 3.81 1.93 0.36 As % of total Baltic equity turnover - 0.16 0.20 0.23 Number of deals - 1 103 1 691 1 374

56 Company profiles: Vilkyškių pieninė Žemaitijos pienas COMPANY INFORMATION

Listing date: October 13, 1997 Total number of shares: 48 375 000 Free float: 45.55% Main shareholders: Algirdas Pažemeckas 44.15% Home exchange: NASDAQ OMX Vilnius Skandinaviska Enskilda Banken clients (Sweden) 7.94% List: Secondary list AB Klaipėdos pienas 7.45% Sub-Industry name: Packaged Foods & Meats Ona Šunokienė 5.40%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Sedos str. 35, LT-87101 Telšiai, Lithuania June 30, Telephone: +370 4442 2201 2006 2007 2008 2009* Fax: +370 4447 4897 Sales (MEUR) 111.00 134.45 136.65 122.71 E-mail: [email protected] Profit / Loss (MEUR) 3.74 7.10 -1.07 1.38 Webpage: www.zpienas.lt ROE (%) 19.08 29.05 -3.86 -5.25 Investor relations contact: ROA (%) 9.34 16.05 -0.73 3.75 Ligita Šniaukaitė / Management Secretary Net profit margin (%) 3.37 5.28 -0.79 1.13 Fixed assets turnover 7.20 8.15 6.29 4.93 Equity ratio 0.46 0.59 0.47 0.49 COMPANY IN BRIEF Operating profit margin (%) 4.74 6.99 -0.53 1.58 EPS (EUR) 0.77 1.47 -0.02 0.02 SC Žemaitijos pienas, one of the region’s largest milk processing companies, Dividend per share (EUR) 0.06 - - - was established in 1924 in Telsiai, the town surrounded by scenic nature. Almost 3 000 employees work at the company. Our experience, acquired P/E 9.47 4.44 - 10.06 through many years, and unique recipes allow for a wide range of products P/BV 1.68 1.13 0.31 0.35 of perfect taste and high quality. Today, the company produces more than EBITDA (MEUR) 9.51 14.23 3.96 7.24 200 new and much liked dairy products, including a new group of eco- EBITDA margin (%) 8.57 10.58 2.90 5.90 friendly dairy products, fermented and melted cheeses, the only unripened EBIT (MEUR) 5.26 9.40 -0.72 1.94 cheese sticks in Lithuania, milk, sour milk, yogurt, sour cream, cream, curd, Net Debt to Equity 0.51 0.19 0.56 0.36 coated sweet curd cheeses, natural and flavored butter as well as many other Auditor in 2008: Deloitte Lietuva products. IFRS accounting: YES Žemaitijos pienas, operating on a system of self-control, exercises a very strict Main subsidiaries with results consolidated into corporate: Tarpučių Pienas ŽUK 10.80%, Sodžiaus Pienas ŽUK 15.09%, control over the raw materials, production processes, and performs laboratory Šilutės Rambynas ABF 87.82%. analyses of the finished products, following the latest methodologies. The company’s laboratory has been accredited under international standards. * 12-mo rolling to end June 2009

The company has long-term experience in selling dairy products abroad, leading to good sales results, and competitive dairy production costs. Advanced production techniques, substantial investments in the modernization of production processes and the improvement of employees’ skills as well as SHARE INFORMATION the products’ quality ensure favorable conditions when competing with other Share price (in LTL) Trading Code: ZMP1L milk producers in the European Union. In 1998, Žemaitijos pienas received EU certification which certifies the high quality of the products. 3.0 2.5 The company’s products are valued by customers in Lithuania as well as in foreign countries. AB Žemaitijos pienas products are being exported to the 2.0 EU, Russia, USA, Canada, etc. The high quality of the products is proved by 1.5 not only their popularity, but also by an abundance of awards in national 1.0 and international exhibitions and contests. Constantly increasing sales of Žemaitijos pienas products prove that the company has a strong and stable 0.5 position in the dairy products market and is capable of keeping ahead of the 0 competition. 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009 Žemaitijos pienas applies a modern and extremely reliable method of treat- 2006 2007 2008 2009 H1 ing milk, known as Bactocatch. Ceramic microfiltration membranes remove Market capitalization (MEUR) 35.38 31.52 8.41 9.11 the bacteria present in raw milk at the same time as maintaining all the valuable nutrients and taste. Dairy products and cheeses produced from raw milk As % of total Baltic equity cap 0.25 0.24 0.16 0.19 treated this way are tasty, nutritious and healthy, since nitrates are not used Turnover (MEUR) 1.81 4.82 1.15 1.25 in the production. As % of total Baltic equity turnover 0.07 0.20 0.12 0.81 Number of deals 904 2 485 1 627 2 116 The company also produces whey powder, which is exported around the world. The powder is packed in a new packing line, meeting strong quality The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, requirements. 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

Company profiles: Žemaitijos pienas 57 Grindeks COMPANY INFORMATION Baltic Market Awards 2008 Listing date: June 1, 1998

Best Investor Total number of shares: 9 585 000 Relations Online in the Baltic Countries Free float: 55.74% Main shareholders as of May 25, 2009: Lipmans Kirovs 33.29% Home exchange: NASDAQ OMX Riga Lipmane Anna 16.69% List: Main list Gavrilovs Vitālijs 11.30% Sub-Industry name: Pharmaceuticals Swedbank AS Nominal account 8.93% Skandinavisa Enskilda Banker Nominal account 8.90%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Krustpils iela 53, LV-1057 Riga, Latvia June 30, Telephone: +371 6708 3205 2006 2007 2008 2009* Fax: +371 6708 3505 Sales (MEUR) 60.10 73.24 88.37 85.38 E-mail: [email protected] Profit / Loss (MEUR) 9.40 10.13 12.85 10.60 Webpage: www.grindeks.lv ROE (%) 23.38 20.23 20.89 15.66 Investor relations contact: ROA (%) 15.62 13.95 15.66 10.85 Vadims Rabša / Finance and Administrative director Net profit margin (%) 15.67 13.84 14.54 12.41 Fixed assets turnover 2.54 2.18 1.96 1.74 Equity ratio 0.66 0.71 0.75 0.68 COMPANY IN BRIEF Operating profit margin (%) 18.38 17.18 17.46 14.47 EPS (EUR) 0.98 1.06 1.34 1.11 JSC Grindeks is the leading pharmaceutical company in the Baltic states. The Dividend per share (EUR) - - - - business areas are Research, Development, Manufacturing and Sales of brand P/E 10.47 7.39 3.43 3.85 products, as well as generics and active pharmaceutical ingredients. P/BV 2.18 1.36 0.65 0.56 EBITDA (MEUR) 12.95 15.16 18.31 15.48 Grindeks is able to offer a fully integrated set of services – from the pharma- EBITDA margin (%) 21.54 20.70 20.72 18.12 ceutical development stage to the final distribution of products and provid- EBIT (MEUR) 11.04 12.58 15.43 12.36 ing long term and customized contract manufacturing solutions. Grindeks’ Net Debt to Equity 0.27 0.14 0.15 0.22 highly experienced and professional personnel, empowered by advanced technologies and know-how, can fully ensure the highest quality and compli- Auditor in 2008: BDO Invest Riga ance, supply reliability and competitive dynamics for all their customer’s IFRS accounting: YES requirements. Main subsidiaries with results consolidated into corporate: JSC Kalceks 98.67%, JSC Tallinn Pharmaceutical Plant 100%, Namu apsaimniekošanas projekti Ltd 100%, Grindeks Rus Ltd 100%. Grindeks specializes in the heart and cardiovascular, psychotropic and anti-cancer therapeutic groups of medications. Grindeks’ portfolio includes a * 12-mo rolling to end June 2009 successful combination of brand products, Mildronate® and Ftorafur®, as well as more than 100 effective and safe forms of generic medications.

Grindeks has four subsidiary companies in Latvia, Estonia and Russia. Repre- SHARE INFORMATION sentatives and representative offices operate in 14 countries – Lithuania, Esto- Share price (in LVL) Trading Code: GRD1R nia, Russia, Kazakhstan, Georgia, Azerbaijan, Uzbekistan, Ukraine, Byelorussia, 10 Moldova, Poland, Hungary, the Czech Republic and Finland. The company’s products are being exported to more than 40 countries all over the world. 8

0 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 98.20 74.87 44.05 40.78 As % of total Baltic equity cap 0.71 0.57 0.85 0.84 Turnover (MEUR) 23.02 22.46 5.47 2.87 As % of total Baltic equity turnover 0.94 0.94 0.56 1.86 Number of deals 1 881 2 624 2 240 1 482

58 Company profiles: Grindeks Olainfarm

COMPANY INFORMATION

Listing date: June 9, 1997 Total number of shares: 14 085 078 Free float: 27.98% Main shareholders: Home exchange: NASDAQ OMX Riga SIA Olmafarm 42.56% List: Main list Juris Savickis 26.23% Sub-Industry name: Pharmaceuticals

CONTACT INFORMATION FINANCIAL INFORMATION Address: Rūpnīcu iela 5, LV-2114 Olaine, Latvia June 30, Telephone: +371 6701 3700 2006 2007 2008 2009* Fax: +371 6701 3777 Sales (MEUR) 23.77 27.00 28.58 29.15 E-mail: [email protected] Profit / Loss (MEUR) 1.11 0.50 -2.06 0.16 Webpage: www.olainfarm.lv ROE (%) 6.76 2.27 -9.35 0.73 Investor relations contact: ROA (%) 3.49 1.24 -3.13 1.80 Salvis Lapiņš / Deputy Head of Financial department Net profit margin (%) 4.66 1.77 -7.20 0.55 Fixed assets turnover 1.49 1.34 1.17 1.21 Equity ratio 0.53 0.56 0.47 0.48 COMPANY IN BRIEF Operating profit margin (%) 8.61 5.66 -4.67 2.24 EPS (EUR) 0.10 0.04 -0.15 0.01 Olainfarm is one of the leading manufacturers of ready-made medications Dividend per share (EUR) - - - - and chemical pharmaceutical ingredients in the Baltic States. The company’s P/E 34.59 94.21 - 60.98 product portfolio consists of more than 70 final dosage forms and 50 active P/BV 2.41 2.04 0.36 0.44 pharmaceutical ingredients and chemical intermediates. Olainfarm exports EBITDA (MEUR) 4.83 4.66 2.30 4.27 its production to more than 30 countries worldwide. EBITDA margin (%) 20.33 17.26 8.05 14.65 EBIT (MEUR) 2.05 1.53 -1.33 0.65 The company’s predecessor was the state-owned Olaine Chemical-Pharma- Net Debt to Equity 0.52 0.45 0.60 0.47 ceutical Plant, established in 1972. Olainfarm was formed following Olaine’s privatization in 1997. Auditor in 2008: Ernst & Young Baltic IFRS accounting: YES The production activities of Olainfarm meet the requirements of Good Current main subsidiaries with results consolidated into corporate: SIA Reinolds 100%. Manufacturing Practice (GMP), the Food and Drug Administration (FDA) and ISO 14001. * 12-mo rolling to end June 2009

Olainfarm has significantly diversified both markets and products, so no single country accounts for more than 45% of the total sales, and no one product makes up more than 18%. In the last five years, Olainfarm’s sales have more than doubled during the last 4 years. SHARE INFORMATION Share price (in LVL) Trading Code: OLF1R The company’s strategy is to develop and produce products that add plenty 4 of value and strengthen the company’s position in existing and new markets. Currently the company is in the process of launching the series of new 3 products including - Olvazol®, R-Fenibut, R-Fenotropil and Memantine. When fully launched they are expected to boost Olainfarm’s sales by 30% per 2 annum. 1

0 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 46.05 47.10 7.62 9.82 As % of total Baltic equity cap 0.33 0.36 0.15 0.20 Turnover (MEUR) 3.87 6.84 1.18 0.27 As % of total Baltic equity turnover 0.16 0.29 0.12 0.17 Number of deals 2 492 3 104 1 851 1 118

Company profiles: Olainfarm 59 Sanitas COMPANY INFORMATION

Listing date: September 13, 1994 Total number of shares: 31 105 920 Free float: 27.08% Main shareholders: Invalda AB 20.56% Home exchange: NASDAQ OMX Vilnius Citigroup Venture Capital International Jersey Limited 17.08% List: Main list Baltic Pharma Limited 20.30% Sub-Industry name: Pharmaceuticals Amber Trust II S.C.A 12.71%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Veiverių str. 134B, LT-46352 Kaunas, Lithuania June 30, Telephone: +370 3722 6725 2006 2007 2008 20091 Fax: +370 3722 3696 Sales (MEUR) 46.84 97.14 110.78 99.11 E-mail: [email protected] Profit / Loss (MEUR) -2.12 10.80 -0.55 -5.61 Webpage: www.sanitas.lt ROE (%) -4.03 11.00 -0.57 -5.75 Investor relations contact: ROA (%) -1.68 4.99 2.25 -0.53 Rūta Milkuvienė / Director of Legal and Corporate Affairs Net profit margin (%) -4.54 11.12 -0.49 -5.66 Fixed assets turnover 0.46 0.54 0.61 0.54 Equity ratio 0.43 0.48 0.40 0.40 COMPANY IN BRIEF Operating profit margin (%) 1.53 19.09 13.06 8.64 EPS (EUR) -0.08 0.35 -0.02 -0.18 Sanitas AB (hereinafter - Sanitas or Company) is the oldest and largest Dividend per share (EUR) - 0.17 - - pharmaceutical company in Lithuania. Sanitas group includes the Slovak P/E - 24.94 - - company Hoechst-Biotika spol.s.r.o.(hereinafter - Hoechst-Biotika), the Polish P/BV 1.36 2.53 0.91 0.77 company Jelfa S.A. (hereinafter - Jelfa) and its subsidiary Laboratorium Farma- EBITDA (MEUR) 8.72 30.54 26.21 19.06 ceutyczne Homeofarm sp.z.o.o. (hereinafter - Homeofarm). Hoechst-Biotika EBITDA margin (%) 18.62 31.44 23.66 19.24 has an affiliate in Czech Republic, Jelfa has representative offices in Slovakia, EBIT (MEUR) 0.72 18.54 14.47 8.56 Hungary, Bulgaria, Russia and the Ukraine. The main activities of Sanitas Net Debt to Equity 1.09 0.85 1.14 1.10 group’s companies are the manufacture and sale of various generic drugs, the development of new products, and toll manufacturing. The group’s main Auditor in 2008: Ernst & Young Baltic markets are Poland, Russia, the Baltics and other Central and Eastern Euro- IFRS accounting: YES pean countries. Today, Sanitas focuses on the least competitive segments, Main subsidiaries with results consolidated into corporate: Hoechst-Biotika spol.s.r.o. 100%, Jelfa SA 100%, regularly renewing its product portfolio and strengthening its position in the Homeofarm sp.z.o.o.2 100%. Central European market. 1 12-mo rolling to end June 2009 2 Jelfa SA owns 100% of shares of Homeofarm sp.z.o.o Sanitas was established in 1922 as a pharmaceutical laboratory. During the Soviet era, 1941–1990, Sanitas became one of the largest pharmaceutical companies in the Baltic region. In 1994, the Company was privatized and relaunched as a joint-stock company. Sanitas acquired the Lithuanian SHARE INFORMATION company, Endokrininiai preparatai AB in 2005 along with Hoechst-Biotika. In Share price (in LTL) Trading Code: SAN1L 2006, Jelfa was acquired. On 23 December 2008, Sanitas acquired a 100% stake 40 in the Polish ointment producer, Homeofarm, through its subsidiary Jelfa.

30 Today, Sanitas’ product portfolio, together with that of its subsidiaries, includes more than 450 products. Every production facility has Good Manu- 20 facturing Practice certification. The Sanitas group companies’ total production capacity is 1,850m units of tablets and capsules, 215m units of solutions 10 for injections, 59m units of ointments and gels, 15m bottles of eye drops and 15m units of syringes. 0 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009 Sanitas’ mission is to be a fast growing, multinational pharmaceutical company with a strong focus on Central and Eastern Europe. It also aims to be 2006 2007 2008 2009 H1 one of the best in terms of efficiency and customer confidence. Over the next Market capitalization (MEUR) 122.52 269.37 78.29 61.08 3–5 years, Sanitas is planning to expand its production range and build up As % of total Baltic equity cap 0.88 2.06 1.51 1.25 awareness of the company’s trademark. Company expects to take a leading Turnover (MEUR) 5.98 18.46 8.02 1.51 role in the Central and Eastern European pharmaceutical market by capitaliz- As % of total Baltic equity turnover 0.24 0.78 0.82 0.98 ing on the opportunities given by the acquisition of Hoechst-Biotika, Jelfa and Number of deals 3 125 4 986 4 781 839 Homeofarm as well as building of new modern factory in Kaunas.

60 Company profiles: Sanitas Arco Vara

COMPANY INFORMATION

Listing date: June 21, 2007 Total number of shares: 95 284 150 Free float: 32.45% Main shareholders: Home exchange: NASDAQ OMX Tallinn Freier Projekt OÜ 23.47% List: Main list OÜ Toletum 21.78% Sub-Industry name: Real Estate Management & Development OÜ HM Investeeringud 21.70% Skandinaviska Enskilda Banken Ab Clients 11.92%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Jõe 2B, 10151 Tallinn, Estonia June 30, Telephone: +372 614 4600 2006 2007 2008 2009* Fax: +372 614 4601 Sales (MEUR) 30.91 46.48 42.17 33.94 E-mail: [email protected] Profit / Loss (MEUR) 13.89 15.05 -74.14 -73.01 Webpage: www.arcorealestate.com ROE (%) 32.87 17.63 -87.84 -90.80 Investor relations contact: ROA (%) 11.69 8.09 -40.18 -42.09 Heigo Metsoja / Finance Director Net profit margin (%) 44.94 32.39 -175.83 -215.10 Fixed assets turnover 0.36 0.50 0.71 0.52 Equity ratio 0.33 0.54 0.36 0.36 COMPANY IN BRIEF Operating profit margin (%) 53.84 14.17 -159.10 -198.01 EPS (EUR) 0.44 0.16 -0.77 -0.76 Arco Vara is one of the leading real estate developers in the Baltics. Supported Dividend per share (EUR) 0.02 0.017 0.025 - by its brokerage network, construction arm and service division, Arco Vara P/E n/a 9.33 - - Group is able to cover entire life of property, from its cost-benefit analysis, P/BV n/a 1.12 0.36 0.31 brokerage, valuations, development, construction and facility management. EBITDA (MEUR) 16.84 6.91 -2.90 -1.93 EBITDA margin (%) 54.47 14.88 -6.89 -5.70 The company was established in 1992 as a real estate agency. In 1996 its first EBIT (MEUR) 16.64 6.59 -67.09 -67.21 development project was launched in Tallinn and 1997, the group expanded Net Debt to Equity 1.48 0.31 1.23 1.27 into Latvia. Arco Vara has operations and assets in Estonia, Latvia, Bulgaria and Ukraine. The Group currently has branches in 17 different regions and Auditor in 2008: Ernst & Young Baltic employs more than 250 people. IFRS accounting: YES Main subsidiaries with results consolidated into corporate: Arco Investeeringute AS 100%, Arco Ehitus OU 100%, Arco Vara has long held experience in the real estate business and the highest Arco Real Estate AS 100%. professional competence. The company’s successful track record has enabled it to build up a significant land bank in addition to its existing developments * 12-mo rolling to end June 2009 portfolio. This gives the company the flexibility to carry through developments on its own.

SHARE INFORMATION Share price (in EUR) Trading Code: ARC1T

2.5

2.0

1.5

1.0

0.5

0 06 12 06 12 06 2007 2007 2008 2008 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) - 138.16 16.20 13.34 As % of total Baltic equity cap - 1.06 0.31 0.27 Turnover (MEUR) - 80.15 36.79 3.04 As % of total Baltic equity turnover - 3.37 3.76 1.96 Number of deals - 10 327 6 769 3 077

Company profiles: Arco Vara 61 Invalda COMPANY INFORMATION

Listing date: December 19, 1995 Total number of shares: 42 568 849 Free float: 30.45% Main shareholders: Vytautas Bučas 22.52% Dailius Juozapas Mišeikis 12.47% Home exchange: NASDAQ OMX Vilnius Algirdas Bučas 12.84% Darius Šulnis 8.03% List: Main list Alvydas Banys 7.14% Sub-Industry name: Multi-Sector Holdings

CONTACT INFORMATION FINANCIAL INFORMATION Address: Šeimyniškių str. 3, LT-09312 Vilnius, Lithuania June 30, Telephone: +370 5279 0601 2006 2007 2008 20091 Fax: +370 5279 0530 Profit / Loss (MEUR) 21.88 25.36 -26.68 -60.07 E-mail: [email protected] ROE (%) 21.47 25.99 -37.71 -92.04 Webpage: www.invalda.lt ROA (%) 8.64 8.17 -4.91 -19.04 Investor relations contact: Net profit margin (%) 33.68 34.53 -28.69 -88.04 Kristina Gudauskaitė / Assistant to President Equity ratio 0.39 0.25 0.20 0.14 EPS (EUR) 0.44 0.52 -0.62 -1.40 Dividend per share (EUR) 0.07 0.09 - - COMPANY IN BRIEF P/E 8.25 9.65 - - P/BV 1.52 2.39 0.41 0.60 The asset management activity of Invalda AB, which was established in 1992, Auditor in 2008: Ernst & Young Baltic currently concentrates on pharmacy, roads and bridges construction, furni- IFRS accounting: YES ture manufacturing and real estate. Main group companies: Sanitas AB2, Kauno Tiltai AB2, Tiltra Group AB2, Vilniaus baldai AB, Invalda’s main activity is to invest in promising businesses, optimizing their Invalda nekilnojamojo turto valdymas UAB, Invaldos nekilnojamojo strategies with the aim of increasing profitability for shareholders. Invalda turto fondas AB. group now incorporates well-known companies with strong brand names: 1 12-mo rolling to end June 2009 Sanitas (pharmacy), Tiltra Group and Kauno Tiltai (road construction), Vilni- 2 associated companies aus Baldai (furniture manufacturing) and other companies in Lithuania and abroad.

Invalda AB applies the following principles for the group management: • Competitiveness - every single business of the group should be competitive; • Independence – Invalda-owned businesses are independent from one other and can act independently after main shareholders are changed; • Transparency - we disclose information maximally, except cases when information should be kept confidential due to responsibilities to the SHARE INFORMATION third parties and/or when disclosure can do harm to the company or Share price (in LTL) Trading Code: IVL1L competitiveness of the business; 25 • Non-competition - managers of the group’s companies do not compete with other Invalda-owned companies 20

15 Invalda’s strategy is not only to create, buy and manage actively, but also to sell businesses or companies profitably. By leaving certain sectors, the 10 company may accumulate funds and pay greater attention to other projects 5 and opportunities. 0 During the last year, in response to these changes, Invalda has taken appro- 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009 priate actions – optimizing its business, readjusting its loan portfolio, reducing liabilities, with part of their assets being sold. In 2009 we will continue 2006 2007 2008 2009 H1 focusing on adjusting to a changing business environment and ensuring of Market capitalization (MEUR) 162.68 211.44 20.59 16.15 the stability of the group. As % of total Baltic equity cap 1.17 1.61 0.40 0.33 Turnover (MEUR) 11.47 23.27 13.64 1.24 As % of total Baltic equity turnover 0.47 0.98 1.39 0.80 Number of deals 8 808 11 508 9 162 2 488

62 Company profiles: Invalda Snoras

COMPANY INFORMATION

Listing date: January 24, 1994 Total number of shares: 391 922 567 Total number of preference shares: 2 000 000 Free float: 7.71% Home exchange: NASDAQ OMX Vilnius Main shareholders: List: Secondary list Vladimir Antonov 67.28% Sub-Industry name: Diversified Banks Raimondas Baranauskas 25.01%

FINANCIAL INFORMATION CONTACT INFORMATION June 30. 2006 2007 2008 2009* Address: A.Vivulskio str. 7, LT-03221 Vilnius, Lithuania Telephone: +370 5216 2795, +370 5231 0144 Net interest income (MEUR) 43.80 56.88 63.82 45.87 Fax: +370 5231 0155, +370 5265 2700 Profit / Loss (MEUR) 17.85 19.51 6.76 -4.72 E-mail: [email protected] ROE (%) 21.14 15.19 3.62 -2.74 Webpage: www.snoras.com ROA (%) 1.18 2.77 3.69 3.86 Investor relations contact: Net profit margin (%) 39.44 33.28 9.69 -10.29 Anna Čechovskaja / Head of Institutional Relationship Equity ratio 0.05 0.07 0.07 0.07 EPS (EUR) 0.13 0.10 0.02 -0.01 COMPANY IN BRIEF Dividend per share (EUR) 0.03 0.03 - - P/E 111.34 11.19 7.00 - During seventeen years of activity (since 1992), AB Bank SNORAS has become P/BV 23.12 1.65 0.29 0.44 one of the largest Lithuanian banks. Having the most expansive and modern Auditor in 2008: Ernst & Young Baltic territorial customer service network in Lithuania – ten regional branches of IFRS accounting: YES the bank in all districts, twelve branch outlets, 231 territorial divisions and 340 Main subsidiaries with results consolidated into corporate: ATMs, AB Bank SNORAS successfully strengthens its positions on the Lithua- A/S Latvijas Krājbanka, UAB SNORO lizingas, UAB SNORO turto valdymas, nian market of retail and business banking. UAB SNORO investicijų valdymas, UAB SNORAS Asset Management.

* 12-mo rolling to end June 2009 On 1st July 2009, AB Bank SNORAS was the third bank in Lithuania according to the portfolio of the attracted deposits, the fourth according to the authorized capital and the sixth according to managed assets. Over a million clients use the services of the Bank.

AB Bank SNORAS owns its branches in Estonia and Latvia, representative offices in Belgium, Czech Republic, Ukraine and Belarus. Further international development is in prospect.

AB Bank SNORAS directly manages six subsidiary companies in Lithuania and one in Latvia. Thirteen other subsidiary companies, which provide services for SHARE INFORMATION market participants in the Baltic States, Russia and Ukraine, are managed indi- Share price (in LTL) Trading Code: SRS1L rectly – via A/S "Latvijas Krājbanka", UAB "SNORO lizingas" and UAB "SNORO 4 turto valdymas".

3 On 16th September 2009 AB bank SNORAS group acquired 100 per cent of shares of AB "Finasta įmonių finansai", which owns AB bank "Finasta", as well 2 as 100 per cent of shares of AB FMĮ "Finasta", asset management companies "Finasta Asset Management" and "Invalda Asset Management Latvia". 1

The shares of AB Bank SNORAS have been listed on the Secondary list of 0 NASDAQ OMX Vilnius since 24 January 1994. Since 1 July 2009, the registered 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009 ordinary shares of AB Bank SNORAS have been included in OMX Baltic 10 index. 2006 2007 2008 2009 H1 Market capitalization (MEUR) 163.84 255.18 46.03 68.12 As % of total Baltic equity cap 1.18 1.95 0.89 1.40 Turnover (MEUR) 10.97 32.06 9.84 6.99 As % of total Baltic equity turnover 0.45 1.35 1.01 4.52 Number of deals 6 712 11 361 13 316 10 677

Note: the table includes both SRS1L and SRS2L The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

Company profiles: Snoras 63 Šiaulių bankas COMPANY INFORMATION

Listing date: November 29, 1994 Total number of shares: 180 357 533 Free float: 58.16% Main shareholders: European Bank for Reconstruction and Development 16.06% Home exchange: NASDAQ OMX Vilnius SLEZVB UAB 7.20% List: Main list Šiauliu komercija AB 6.78% Sub-Industry name: Diversified Banks Gintaras Kateiva 5.86%

CONTACT INFORMATION FINANCIAL INFORMATION1 Address: Tilžės str. 149, LT-76348 Šiauliai, Lithuania June 30, Telephone: +370 41 595602 2006 2007 2008 20092 Fax: +370 41 430 774 Net interest income (MEUR) 8.79 10.88 12.38 10.48 E-mail: [email protected] Profit / Loss (MEUR) 3.95 7.89 5.08 0.02 Webpage: www.sb.lt ROE (%) 11.26 12.92 6.34 0.03 Investor relations contact: ROA (%) 1.14 1.62 4.70 4.14 Donatas Savickas / Deputy CEO Net profit margin (%) 44.98 72.52 41.01 0.24 Equity ratio 0.11 0.13 0.14 0.14 EPS (EUR) 0.04 0.05 0.03 0.0001 COMPANY IN BRIEF Dividend per share (EUR) 0.006 0.006 - - P/E 26.61 6.16 9.57 1 405.11 Successfully collaborating with small and medium-sized enterprises (SMEs) P/BV 2.80 0.62 0.59 0.43 since 1992, Šiaulių bankas is further fostering the viability of SMEs in the Auditor in 2008: PricewaterhouseCoopers UAB country and searching for the most favorable solutions with regard to their IFRS accounting: YES funding. Paying particular attention to small and medium-sized companies, Main subsidiaries with results consolidated into corporate: none. the bank actively participates in state supported credit programs and provides information to business expediently thus seeking to create better conditions 1 non-consolidated data (Šiaulių bankas only) for the growth of small and medium-sized enterprises. 2 12-mo rolling to end June 2009

The first territorial outlets of Šiaulių bankas were founded in 1994. Since 2000 the bank started developing a network of outlets throughout the entire country. Currently the bank renders banking services to its clients all over Lithuania in 58 territorial outlets operating in 33 towns of the country.

Between 2002 and 2008 Šiaulių bankas increased its authorized capital: by 2002 authorized capital was LTL 34m, a five-fold increase over seven years. In 2005, the European Bank for Reconstruction and Development (EBRD) became a major shareholder of Šiaulių bankas, acquiring 16.06 per cent of the bank’s authorized capital. 76.85% of the bank’s authorized capital is owned SHARE INFORMATION by residents of Lithuania. Since 2006, the shares of Šiaulių bankas have been Share price (in LTL) Trading Code: SAB1L quoted on the Main List of NASDAQ OMX Vilnius. 4 Šiaulių bankas pays increased attention to modern and well-rounded client servicing: it is currently developing its internet banking as well as payment 3 card services, creating the new types of deposits, and expanding services in the fields of standing orders, direct debit and payment cards. All the bank’s 2 outlets operate on a real time (“on-line”) regime. The underlying trend of the bank remains lending. The bank grants short-term and long-term cred- 1 its, credit lines, overdrafts and actively participates in the business-fostering 0 program implemented by the state, granting credits to small and medium- 01 07 01 07 01 07 01 07 sized business. Šiaulių bankas has worked for a long time with institutions, 2006 2006 2007 2007 2008 2008 2009 2009 such as the EBRD, Council of Europe Development Bank (CEB), Nordic Invest- ment Bank (NIB) as well as with other financial partners from various coun- 2006 2007 2008 2009 H1 tries of the world. Market capitalization (MEUR) 123.16 160.90 48.58 35.00 As % of total Baltic equity cap 0.89 1.23 0.94 0.72 Šiaulių bankas is pursuing not only the successful development of its own Turnover (MEUR) 14.53 71.25 24.33 2.15 business but also plays a responsible role in the social, cultural and public As % of total Baltic equity turnover 0.59 2.99 2.49 1.39 life of the country. Social and public support is an integral part of the busi- Number of deals 6 735 16 279 11 371 2 275 ness world. Šiaulių bankas is capable of adjusting its activities flexibly to meet new economic realities and new business needs, thereby remaining an active The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, participant in the financial markets. 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

64 Company profiles: Šiaulių bankas Trigon Property Development

COMPANY INFORMATION

Listing date: June 5, 1997 Total number of shares: 4 499 061 Free float: 40.38% Main shareholders: Home exchange: NASDAQ OMX Tallinn OÜ Trigon Wood 59.62% List: Main list ING Luxembourg S.A. 10.11% Sub-Industry name: Real Estate Operating Companies

CONTACT INFORMATION FINANCIAL INFORMATION Address: Viru väljak 2, Metro Plaza, Tallinn 10111, Estonia June 30, Telephone: +372 667 9200 2007 2008 2009* Fax: +372 667 9201 Sales (MEUR) 0.02 0.03 0.03 E-mail: [email protected] Profit / Loss (MEUR) 2.38 -0.84 -0.47 Webpage: www.trigonproperty.com ROE (%) - -10.32 -5.93 Investor relations contact: ROA (%) - -10.01 -5.71 Ülo Adamson Net profit margin (%) - -2 816.24 -1 356.43 Fixed assets turnover - 0.00 0.00 Equity ratio 0.98 0.97 0.97 COMPANY IN BRIEF Operating profit margin (%) - -2 804.06 -1 342.28 EPS (EUR) 0.53 -0.19 -0.10 Trigon Property Development was established on Feburary 17, 1945. Dividend per share (EUR) - - - It was listed on the main list of the Tallin Stock Exchange in June 1997. P/E 3.08 - - P/BV 0.85 0.23 0.04 Trigon Property Development has evolved as a result of the division of EBITDA (MEUR) 1.65 -0.84 -0.47 AS Viisnurk on September 19, 2007, when the property development and the EBITDA margin (%) 8 264.73 -2 804.06 -1 342.28 furniture and building material divisions were divided into separate compa- EBIT (MEUR) 1.65 -0.84 -0.47 nies. Since then, the core business activity of Trigon Property Development is Net Debt to Equity 0.02 0.03 0.03 property development in Central and Eastern European countries. AS Trigon Property Development currently owns one real estate development project Auditor in 2008: AS PricewaterhouseCoopers involving a 40-hectare area in the City of Pärnu, Estonia. Commercial real IFRS accounting: YES estate will be developed on this area. Main subsidiaries with results consolidated into corporate: OU VN Niidu Kinnisvara.

* On September 19, 2007 the former AS Viisnurk was renamed AS Trigon Property * 12-mo rolling to end June 2009 Development and a new spin-off company, AS Viisnurk, was created with an identical shareholder structure. The core business of the former company, furniture and building materials production and furniture retail as well as the business name were transferred to the spin-off company together with all assets, liabilities and contracts associated with the core business. Only property development activities of the former AS Viisnurk together with the associated assets, liabilities and contracts remained in AS Trigon Property SHARE INFORMATION Development. Data related to furniture and building materials production and furniture Share price (in EUR) Trading Code: TPD1T retail activities is available on page 65. 4

0 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 13.54 20.83 1.75 1.53 As % of total Baltic equity cap 0.10 0.16 0.03 0.03 Turnover (MEUR) 2.55 0.91 0.27 0.03 As % of total Baltic equity turnover 0.10 0.04 0.03 0.02 Number of deals 1 708 1 582 444 156

Company profiles: Trigon Property Development 65 Ūkio bankas COMPANY INFORMATION

Listing date: August 2, 1994 Total number of shares: 245 824 000 Free float: 63.41% Main shareholders: Vladimir Romanov 32.95% Home exchange: NASDAQ OMX Vilnius Universal Business Investment Group Management UAB 9.99% List: Main list Zinaida Romanova 8.73% Sub-Industry name: Diversified Banks First Partneriai UAB 5.88%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Maironio str. 25, LT-44250 Kaunas, Lithuania June 30, Telephone: +370 3730 1301 2006 2007 2008 20091 Fax: +370 3732 3188 Net interest income (MEUR) 22.59 34.12 41.68 36.42 E-mail: [email protected] Profit / Loss (MEUR) 12.59 22.40 13.91 0.16 Webpage: www.ub.lt ROE (%) 14.01 17.13 9.52 0.11 Investor relations contact: ROA (%) 1.56 2.05 4.00 3.35 Marius Arlauskas / Head of Financial Institutions and Net profit margin (%) 55.74 65.66 33.37 0.44 Fund Raising Department Equity ratio 0.12 0.12 0.12 0.12 EPS (EUR) 0.09 0.12 0.07 0.00 COMPANY IN BRIEF Dividend per share (EUR) 0.003 0.006 - - P/E 12.67 8.75 3.03 289.94 Established in 1989 as the first private commercial bank in Lithuania, Ūkio P/BV 1.78 1.41 0.29 0.34 bankas is now operating a countrywide retail banking network of 12 branches Auditor in 2008: Deloitte Lietuva and 47 client service units. Ūkio bankas has representative offices in Kiev and IFRS accounting: YES Almaty. Main subsidiaries with results consolidated into corporate: Ūkio banko lizingas UAB2 100%, Ūkio banko investicijų Ūkio bankas is primarily focused on domestic commercial banking activities, valdymas UAB 100%, Ūkio banko rizikos kapitalo followed by retail customer banking. The bank offers a full range of finan- valdymas 100%, Bonum Publicum GD UAB 100%. cial services for both corporate and private clients: retail banking, commercial 1 12-mo rolling to end June 2009 and corporate banking, securities brokerage and investment banking, inter- 2 Ūkio banko lizingas UAB ownes 100% shares of Ūkio bank lizing RAB national banking, foreign exchange and money market operations as well as internet banking. The company’s subsidiaries Ūkio banko lizingas, Ūkio Banko Investicijų Valdymas, Ūkio Banko Rizikos Kapitalo Valdymas and Life insurance company Bonum Publicum, supplement the range of its financial services with lease, investment management, venture capital management services and wide range of life insurance services.

In 2006, Ūkio bankas became the first financial sector company to be included on the Baltic Main List. SHARE INFORMATION Share price (in LTL) Trading Code: UKB1L In April 2009 Ūkio bankas won a competition announced by the Ministry and 5 Economy together with the company Investicijų ir Verslo Garantijos to extend credits to small and medium-sized companies using the funds received in 4 implementing the Government’s business promotion program. 3

In March 2009 Ūkio bankas was announced among the winners of the inter- 2 national campaign “Praise excellent service!” held throughout the Baltics. 1

Ūkio bankas plans to achieve further growth by expanding its range of services 0 and products, leading to an increase in the number of clients and activity. 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 200.11 210.79 42.16 49.12 As % of total Baltic equity cap 1.44 1.61 0.81 1.01 Turnover (MEUR) 75.28 136.04 64.81 11.21 As % of total Baltic equity turnover 3.06 5.71 6.62 7.25 Number of deals 22 556 47 158 53 664 14 371

66 Company profiles: Ūkio bankas SAF Tehnika COMPANY INFORMATION Baltic Market Awards 2008 Listing date: May 26, 2004 Best Investor Total number of shares: 2 970 180 Relations in the Baltic Countries Free float: 48.19% Best Investor Main shareholders: Relations in the Baltic Countries among Didzis Liepkalns 17.05% Small Cap Companies Swedbank AS Nominal account 12.85% Best Investor Relations in Andrejs Grišāns 10.03% NASDAQ OMX Riga Home exchange: NASDAQ OMX Riga Skandinavisa Enskilda Banker Nominal account 9.98% List: Main list Normunds Bergs 9.74% Sub-Industry name: Communications Equipment Juris Ziema 8.71% Vents Lācars 6.08%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Ganību dambis 24a, LV-1005 Riga, Latvia Telephone: +371 6704 6840 05/06* 06/07 * 07/08 * 08/09* Fax: +371 6704 6809 Sales (MEUR) 18.87 19.01 15.15 12.53 E-mail: [email protected] Profit / Loss (MEUR) 2.28 0.23 -0.67 -1.59 Webpage: www.saftehnika.com ROE (%) 19.67 1.86 -5.81 -15.36 Investor relations contact: ROA (%) 16.54 1.45 -4.48 -13.15 Aira Loite / CFO, Member of the Management board Net profit margin (%) 12.08 1.19 -4.44 -12.69 Fixed assets turnover 7.69 7.01 5.69 7.10 Equity ratio 0.79 0.77 0.85 0.87 COMPANY IN BRIEF Operating profit margin (%) 13.72 3.02 -3.53 -11.05 EPS (EUR) 0.75 0.08 -0.23 -0.54 SAF Tehnika is a Latvian designer, producer and distributor of digital micro- Dividend per share (EUR) 0.28 - - - wave data transmission equipment. SAF Tehnika’s products provide wire- P/E 18.16 110.87 - - less backhaul solutions for digital voice and data transmission to mobile and P/BV 3.31 2.11 0.17 0.21 fixed network operators, data service providers, governments and private EBITDA (MEUR) 3.36 1.58 0.35 -0.77 companies. EBITDA margin (%) 17.81 8.29 2.29 -6.16 EBIT (MEUR) 2.37 0.46 -0.58 -1.38 SAF was first registered as an enterprise in 1994, with SAF Tehnika registered Net Debt to Equity -0.14 0.14 -0.25 -0.35 in 1999. In 2002 the company obtained ISO 9001 certification and in 2004 launched a successful IPO on the NASDAQ OMX Riga exchange. In 2006, SAF Auditor in 2008/2009: Deloitte Audits Latvia Tehnika launched its CFQ product line; the new CFIP product line - SAF’s Next IFRS accounting: YES Generation 108Mbps Microwave Radio System – was presented at the 2008 Main subsidiaries with results consolidated into corporate: till November, 2008 SAF Tehnika Sweden AB. Financial results for 05/06, 06/07, 07/08 CeBIT exhibition in Hannover, Germany. are consolidated, financial results for 08/09 are SAF Tehnika stand alone financial results. The strengths of SAF Tehnika are high-quality products at attractive prices, * financial year starts on the 1st of July and ends on the 30th of June strong research and development capabilities, a flexible business approach, professional technical and customer service support, fast warranty service and ongoing product innovation. SHARE INFORMATION During financial year 2008/09, SAF Tehnika penetrated 11 new markets and Share price (in LVL) Trading Code: SAF1R currently the Company is recognized for its role in delivering telecommuni- 16 cations infrastructure in 98 countries worldwide. The company is constantly developing its network of partners to extend the reach of its products around 12 the world. 8 By reinvesting its profits into its research and development, the company aims to better meet the needs of customers. 4

The main goal for the company over the next few years is to regain a 1% share 0 of the World’s microwave market. 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

The total number of employees on June 30, 2009 was 143. 2006 2007 2008 2009 H1 Market capitalization (MEUR) 41.48 25.15 1.94 2.03 As % of total Baltic equity cap 0.37 0.04 0.04 0.04 Turnover (MEUR) 8.91 10.53 0.99 0.13 As % of total Baltic equity turnover 0.36 0.44 0.10 0.09 Number of deals 259 1 482 1 911 537

Company profiles: SAF Tehnika 67 Eesti Telekom

COMPANY INFORMATION

Listing date: February 11, 1999 Total number of shares: 137 954 528 Free float: 12.71% Main shareholders: Home exchange: NASDAQ OMX Tallinn Baltic Tele Aktiebolag 60.12% List: Main list Ministry of Finance, Estonia 24.17% Sub-Industry name: Integrated Telecommunication Services

CONTACT INFORMATION FINANCIAL INFORMATION Address: Valge 16, 19095 Tallinn, Estonia June 30, Telephone: +372 63 11 212 2006 2007 2008 2009* Fax: +372 63 11 224 Sales (MEUR) 368.63 400.15 395.59 372.24 E-mail: [email protected] Profit / Loss (MEUR) 83.69 96.19 91.92 80.97 Webpage: www.telekom.ee ROE (%) 32.23 35.87 33.41 38.19 Investor relations contact: ROA (%) 27.75 30.74 28.71 29.22 Leho Tamm, Gunnar Hannus Net profit margin (%) 22.78 24.14 23.24 21.75 Fixed assets turnover 2.60 2.43 2.18 2.08 Equity ratio 0.85 0.86 0.86 0.78 COMPANY IN BRIEF Operating profit margin (%) 28.54 29.39 28.64 27.70 EPS (EUR) 0.61 0.70 0.66 0.59 Eesti Telekom is Estonia’s largest group of telecommunications and IT compa- Dividend per share (EUR) 0.61 0.67 0.67 - nies. Its shares have been listed on the Tallinn and London Stock Exchanges P/E 13.85 11.19 5.87 7.40 since 1999. P/BV 4.41 3.90 1.96 2.91 EBITDA (MEUR) 140.27 149.31 150.09 141.35 Eesti Telekom, the holding company of the group, was registered as a joint EBITDA margin (%) 38.05 37.31 37.94 37.97 stock company in 1997 as the successor to the former state enterprise, EBIT (MEUR) 105.22 117.60 113.30 103.10 Estonian Telecommunications. Swedish TeliaSonera AB owns the majority of Net Debt to Equity -0.34 -0.25 -0.20 -0.08 the company and the government of Estonia owns 27% of the shares. Eesti Telekom’s subsidiary, AS EMT, is Estonia’s largest mobile operator, offering Auditor in 2008: AS PricewaterhouseCoopers the best quality in voice services and innovative mobile data and content IFRS accounting: YES services. Main subsidiaries with results consolidated into corporate: Elion Enterprises AS 100%, AS EMT 100%, AS MicroLink Eesti 100%.

Eesti Telekom’s subsidiary, Elion Enterprises AS, maintains the leading posi- * 12-mo rolling to end June 2009 tion in Estonia in the market for fixed-line voice, internet and data solutions, and has vigorously entered the digital television market.

Eesti Telekom’s subsidiary AS MicroLink Eesti is the largest provider of IT solutions in Estonia. MicroLink provides its clients with services related to the SHARE INFORMATION management and development of IT operations. Share price (in EUR) Trading Code: ETLAT

10 As the future of telecommunications lies in the integration and convergence of different technologies and services, Eesti Telekom sees its diverse portfolio 8 as its competitive advantage. Sharing experiences with many other companies of the TeliaSonera Group makes it easier for Eesti Telekom to navigate its 6 way through a fast developing and changing operating environment. 4 Eesti Telekom has attracted investors with its high dividend payments. The company has no official dividend policy but the payout ratio of the last 2 few years has been around 100%. The company has a very strong capital 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009 structure. 2006 2007 2008 2009 H1 Market capitalization (MEUR) 1 158.82 1 076.05 538.02 598.72 As % of total Baltic equity cap 8.34 8.22 10.39 12.26 Turnover (MEUR) 148.77 193.36 116.47 24.26 As % of total Baltic equity turnover 6.06 8.12 11.90 15.70 Number of deals 3 634 6 835 6 941 4 383

68 Company profiles: Eesti Telekom TEO LT COMPANY INFORMATION

Listing date: June 12, 2000 Baltic Market Awards 2008 Total number of shares: 814 912 760

Best Investor Free float: 29.46% Relations in 1 NASDAQ OMX Vilnius Main shareholders : Amber Teleholding A/S (subsidiary of TeliaSonera AB) 60.00% East Capital Asset Management AB 5.54% 2 Home exchange: NASDAQ OMX Vilnius TeliaSonera AB 4.90% List: Main list 1 as of October 14, 2009 2 during September-October TeliaSonera AB implemented a voluntary Sub-Industry name: Integrated Telecommunication Services tender offer and increased its direct holding by 2.88%

CONTACT INFORMATION FINANCIAL INFORMATION Address: Savanorių ave. 28, LT-03501 Vilnius, Lithuania June 30, Telephone: +370 5262 1511 2006 2007 2008 2009* Fax: +370 5212 6665 Sales (MEUR) 212.82 229.80 239.30 238.38 Feedback: www.teo.lt/en/request_form-1338.html Profit / Loss (MEUR) 37.77 47.16 46.31 47.06 Webpage: www.teo.lt ROE (%) 11.78 14.94 15.18 16.97 Investor relations contact: Darius Džiaugys / Head of Information Sector, ROA (%) 10.41 13.27 13.41 15.51 Corporate Communication Unit Net profit margin (%) 17.77 20.52 19.35 19.74 Fixed assets turnover 1.01 1.16 1.17 1.20 Equity ratio 0.89 0.89 0.88 0.92 COMPANY IN BRIEF Operating profit margin (%) 21.56 23.37 22.06 24.13 EPS (EUR) 0.05 0.06 0.06 0.06 TEO LT, AB is the largest integrated telecommunication, IT and television services provider in Lithuania. TEO Group is a part of TeliaSonera Group, the Dividend per share (EUR) 0.08 0.07 0.07 - Nordic and Baltic telecommunications leader. P/E 16.45 11.36 5.64 5.31 P/BV 2.03 1.81 0.91 0.95 TEO has the largest share of fixed voice telephony, internet, data communica- EBITDA (MEUR) 101.93 101.99 101.10 102.03 tion and leased lines markets. Also, the Company is a leader in provision of internet and digital terrestrial television services in the country. TEO’s subsidi- EBITDA margin (%) 47.90 44.38 42.25 42.80 ary, Lintel, has the largest share of the directory inquiry services market in EBIT (MEUR) 45.89 53.71 52.78 57.53 Lithuania and another subsidiary, Baltic Data Center, is a leader in data center Net Debt to Equity -0.27 -0.35 -0.30 -0.20 business in Baltic States. Auditor: PricewaterhouseCoopers UAB The Company was established in 1992 as a state enterprise under the Lietuvos IFRS accounting: YES Telekomas (Lithuanian Telecom) name. The major modernization and reor- Main subsidiaries with results consolidated into corporate: ganization of the Company started after its privatization in 1998. In 2006, the UAB Lintel 100%, UAB Baltic Data Center 100%, UAB Kompetencijos Ugdymo Centras 100%, Company entered into new areas of activities (digital television, IT services) VšĮ TEO Sportas 100%, UAB Verslo Investicijos 100%. and changed its name into TEO LT, AB. * 12-mo rolling to end June 2009 In terms of revenue, TEO has 95% of the fixed voice telephony and 50% of the broadband internet market in Lithuania. At the end of June 2009, the Company had 742 577 telephone lines, 303 789 broadband internet subscribers and 85 787 TV services users. TEO Group employs more than 3 100 people. SHARE INFORMATION The shares of TEO LT, AB are listed on NASDAQ OMX Vilnius (ticker – TEO1L) Share price (in LTL) Trading Code: TEO1L and TEO Global Depository Receipts (GDR) are traded on the London Stock 3.5 Exchange (ticker – TEOL). 3.0 In 2008, for the fifth year in a row TEO was recognized by IR Magazine Awards for having the best investor relations in Lithuania and, for the third year in 2.5 succession, as the most transparent company, being awarded the Best Inves- tor Relations in Lithuania at the NASDAQ OMX Baltic Market Awards. Also, at 2.0 the Most Respected Company Awards, organized in Lithuania for the first time, the company was recognized as the most efficiently managed company; in an 1.5 accompanying opinion poll, TEO was quoted as the Most respected company 1.0 from those listed. In June 2009, TEO for the second time in a row was awarded 01 07 01 07 01 07 01 07 as Lithuania’s most successful listed company during the Baltic Corporate 2006 2006 2007 2007 2008 2008 2009 2009 Excellence Awards. 2006 2007 2008 2009 H1 Since 2005 the Company has been implementing the Corporate Social Responsibility (CSR) concept in business and was one of the first to publish a Market capitalization (MEUR) 651.40 559.36 273.78 261.98 CSR Report in 2006. Since then, such reports have been prepared annually. In As % of total Baltic equity cap 4.69 4.27 5.29 5.37 2008, TEO was recognized as the Best in the Community at National Socially Turnover (MEUR) 92.19 145.80 75.64 24.15 Responsible Business Awards 2008 in the category of big companies. As % of total Baltic equity turnover 3.75 6.12 7.73 15.63 The Company’s vision states that TEO is your best partner in communication Number of deals 18 169 30 179 30 449 14 249 with the constantly changing world. The Company’s mission is to create value for shareholders and customers by providing professional, high-quality tele- The ratios in the Financial information table for 2008 and 12 months rolling from July 1, 2008 to June 30, communications, TV and IT services. 2009 have been calculated by Emerging Nordic Research independently from the listed company. For calculation methodology see formulae on page 75. The company is not responsible for the content on this page.

Company profiles: TEO LT 69 Lietuvos elektrinė

COMPANY INFORMATION

Listing date: February 1, 2002 Total number of shares: 145 800 689 Free float: 3.63% Main shareholders: Home exchange: NASDAQ OMX Vilnius State represented by the Ministry of Energy 96.37% List: Secondary list of the Republic of Lithuania Sub-Industry name: Electric Utilities

CONTACT INFORMATION FINANCIAL INFORMATION Address: Elektrinės str. 21, LT-26108 Elektrenai, Lithuania June 30, Telephone: +370 5283 9066 2006 2007 2008 2009* Fax: +370 5283 9733 Sales (MEUR) 55.25 75.95 112.30 133.82 E-mail: [email protected] Profit / Loss (MEUR) 7.24 9.82 -9.94 -4.24 Webpage: www.lelektrine.lt ROE (%) 2.54 3.52 -3.57 -1.50 Investor relations contact: ROA (%) 1.85 2.47 -1.70 -0.47 Rolandas Jankauskas / CFO Net profit margin (%) 13.11 12.93 -8.85 -3.17 Fixed assets turnover 0.15 0.19 0.27 0.29 Equity ratio 0.67 0.62 0.56 0.51 COMPANY IN BRIEF Operating profit margin (%) 16.82 16.69 0.74 6.06 EPS (EUR) 0.05 0.07 -0.07 -0.03 Lietuvos Elektrine was established on December 31, 2001, following the reor- Dividend per share (EUR) - 0.004 - - ganization of Lietuvos Energija. Having started its activities in 1960, Lietuvos P/E 26.18 26.22 - - Elektrine today is a modern power plant with 700 employees. In 1972, the P/BV 0.69 0.91 0.59 0.50 company finished building the biggest thermal energy plant in Lithuania, with EBITDA (MEUR) 16.83 20.12 8.62 15.84 four energy blocks each generating 150 MW and four more producing 300 EBITDA margin (%) 30.45 26.49 7.68 11.84 MW, in total 1,800 MW of installed power. EBIT (MEUR) 9.29 12.67 0.84 8.06 Net Debt to Equity -0.01 -0.002 0.09 0.05 Lietuvos elektrinė manufactures, supplies and distributes electricity and thermal energy. The company serves as a reserve power plant for the Ignalina Auditor in 2008: Deloitte Lietuva nuclear power plant. IFRS accounting: YES Main subsidiaries with results consolidated into corporate: none.

After the decommissioning of the first block of the Ignalina nuclear power * 12-mo rolling to end June 2009 plant, Lietuvos Elektrine will become the main manufacturer of the electricity in the country. In meeting growing demand and in order to reduce the cost of electricity, a new 445 MW combined gas cycle turboblock is being built. The value of this project totals EUR 329m. The new turbo block is scheduled to be ready for 2012. The company’s technology allows the burning of other liquid fuels, like fuel oil and other cheaper emulsions. This makes the company inde- SHARE INFORMATION pendent from any single fuel source. To ensure a reliable performance in the Share price (in LTL) Trading Code: LEL1L future, a number of modernizations and repair works have been completed. 8 Having invested about EUR 289m (LTL 1 bn) into its modernization during the last 10 years, the company will serve as a reliable source of energy and power 7 over the next ten years. 6 5

2 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 189.60 257.58 162.57 157.08 As % of total Baltic equity cap 1.36 1.97 3.14 3.22 Turnover (MEUR) 0.91 0.75 0.34 0.06 As % of total Baltic equity turnover 0.04 0.03 0.03 0.04 Number of deals 594 690 308 90

70 Company profiles: Lietuvos elektrinė Lietuvos energija

COMPANY INFORMATION

Listing date: April 23, 1996 Total number of shares: 689 515 435 Free float: 3.60% Home exchange: NASDAQ OMX Vilnius Main shareholders: List: Secondary list LEO LT, AB 96.40% Sub-Industry name: Independent Power Products & Energy Traders

CONTACT INFORMATION FINANCIAL INFORMATION Address: Žvejų str. 14, LT-03310 Vinlius, Lithuania June 30, Telephone: +370 5278 2082 2006 2007 2008 2009* Fax: +370 5212 6736 Sales (MEUR) 283.90 321.80 421.65 471.27 E-mail: [email protected] Profit / Loss (MEUR) 5.42 14.01 12.67 -9.67 Webpage: www.le.lt ROE (%) 0.86 2.21 1.78 -1.38 Investor relations contact: ROA (%) 0.84 1.93 1.48 -1.03 Darius Grondskis / Head of Division of Finance Planning and Treasury Net profit margin (%) 1.91 4.35 3.00 -2.05 Fixed assets turnover 0.38 0.43 0.50 0.58 Equity ratio 0.80 0.80 0.78 0.76 COMPANY IN BRIEF Operating profit margin (%) 2.96 6.14 4.42 -1.92 EPS (EUR) 0.008 0.02 0.02 -0.01 Lietuvos Energija AB is a public company, performing the functions of owner Dividend per share (EUR) 0.003 - - - and operator of the 110 – 330 kV power transmission grid. Lietuvos Energija P/E 145.24 70.54 35.94 - is responsible for the reliable supply of electricity to its customers and the P/BV 1.25 1.54 0.58 0.56 elimination of any failures within the shortest time possible. EBITDA (MEUR) 54.69 61.30 67.45 53.02 EBITDA margin (%) 19.26 19.05 16.00 11.25 Lietuvos Energija is pursuing one of the key goals of the Lithuanian power EBIT (MEUR) 8.40 19.75 19.13 -8.90 sector – integration with the western European power system, through the Net Debt to Equity 0.05 0.03 -0.01 -0.01 synchronous operation of the national transmission grid with the European transmission system, UCTE, and by joining the Nordic electricity market. Auditor in 2008: Ernst & Young IFRS accounting: YES For this purpose, the company is implementing major strategic power Main subsidiaries with results consolidated into corporate: UAB Kruonio Investicijos 100%, UAB Gotlitas 100%, OOO Kaliningradskij projects, such as the construction of power links to Sweden and Poland. Energoremont 99%, LitPol Link SP Z.o.o 50%, AS Nordic Energy Link 25%, Another task of particular significance is the development of the electricity UAB Geoterma 23.44%, UAB Enmašas 33.33%. market and ensuring that it is organized in accordance with the selected prin- * 12-mo rolling to end June 2009 ciples of Nordic power exchange, Nord Pool.

Lietuvos Energija actively participates in the activities of European Network of Transmission System Operators for Electricity (ENTSO-E). SHARE INFORMATION Share price (in LTL) Trading Code: LEN1L The company was registered on December 4, 1995. Throughout its history, its 9 four power plants, district heating and electricity distribution utilities were separated from the rest of the company. 7

Due to its scope of responsibilities the company plays a role of national impor- 5 tance and is attractive to investors thanks to recent results and strategic goals. In 2008, Lietuvos Energija was issued OHSAS 18001:2007/LST 1977:2008 and 3 LST EN ISO/IEC 17025:2006 certificates. Lietuvos Energija seeks to become a leader in reliability and efficiency across the Baltics. 1 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 786.81 988.50 455.31 419.36 As % of total Baltic equity cap 5.66 7.55 8.79 8.59 Turnover (MEUR) 3.01 5.94 1.75 0.29 As % of total Baltic equity turnover 0.12 0.25 0.18 0.19 Number of deals 1 784 5 089 1 935 600

Company profiles: Lietuvos energija 71 Rytų skirstomieji tinklai

COMPANY INFORMATION

Listing date: February 1, 2002 Total number of shares: 492 404 653 Free float: 8.38% Home exchange: NASDAQ OMX Vilnius Main shareholders: List: Main list LEO LT, AB 71.35% Sub-Industry name: Electric Utilities E.ON Ruhrgas International AG 20.28%

CONTACT INFORMATION FINANCIAL INFORMATION Address: P. Lukšio str. 5B, LT-08221 Vilnius, Lithuania June 30, Telephone: +370 5277 7524 2006 2007 2008 2009* Fax: +370 5277 7514 Sales (MEUR) 270.44 309.30 345.77 348.65 E-mail: [email protected] Profit / Loss (MEUR) 7.19 21.50 -23.89 -28.20 Webpage: www.rst.lt ROE (%) 1.31 3.18 -3.16 -3.84 Investor relations contact: ROA (%) 1.00 2.41 -2.13 -2.67 Arvydas Zakalskis / Finance Department Director Net profit margin (%) 2.66 6.96 -6.91 -8.09 Fixed assets turnover 0.39 0.36 0.35 0.37 Equity ratio 0.76 0.76 0.71 0.71 COMPANY IN BRIEF Operating profit margin (%) 3.57 8.78 -6.93 -8.49 EPS (EUR) 0.01 0.04 -0.05 -0.06 Rytų skirstomieji tinklai AB (RST), distributes and supplies electricity to the Dividend per share (EUR) 0.02 - - - eastern section of Lithuania. The electricity provided through the distribution P/E 74.66 30.43 - - network managed by the company reaches approximately 750 000 consum- P/BV 0.98 0.81 0.40 0.32 ers. Since RST is in charge of the delivery system of electrical energy in Eastern EBITDA (MEUR) 47.50 65.60 73.39 72.72 Lithuania, it is responsible for the safety, reliability, network maintenance and EBITDA margin (%) 17.56 21.21 21.23 20.86 development of the power transmission network and distribution lines in the EBIT (MEUR) 8.81 26.88 -23.95 -29.61 area, as well as for the quality and reliability of supply to the end user. RST has Net Debt to Equity 0.07 0.05 0.06 0.04 an honorable place in the market, it is among the top twenty largest companies in Lithuania. Auditor in 2008: Ernst & Young IFRS accounting: YES The company was established on December 31, 2001, following the restruc- Main subsidiaries with results consolidated into corporate: Rytra UAB 100%, Elktros tinko paslaugos UAB 100%, Tetas UAB 100%. turing of Lietuvos Energija AB. Three subsidiaries to RST were formed in 2005: Rytra UAB, Elektros tinklo paslaugos UAB and Tetas UAB. The public company * 12-mo rolling to end June 2009 Leo LT AB was established on May 20, 2008, merging the state-owned RST and Lietuvos Energija AB networks with the privately-owned Vakarų skirstomieji tinklai AB (VST) into one electrical energy delivery system.

RST continuously reconstructs and upgrades its distribution network. In 2008 SHARE INFORMATION the company invested LTL 252.5m into its long-term assets and 15 200 new Share price (in LTL) Trading Code: RST1L consumers were connected. 6

Rytų skirstomieji tinklai AB takes pride in its qualified specialists and newly 5 adapted technologies, ensuring a safe and stable supply of electrical energy. 4 The company is also proud of the attention it focuses on increasing customer satisfaction by improving the quality of its services and coordinating social 3 projects, which are designed to provide information to the public about using 2 electricity safely, caring about the environment, and conserving energy. 1 RST utilizes the latest innovations to improve its internal procedures and 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009 increase efficiency. 2006 2007 2008 2009 H1 Step by step, RST aims to become one of the best energy companies in Lithua- Market capitalization (MEUR) 534.79 656.01 283.79 213.92 nia by implementing the goals it has set: to have the best service quality, new As % of total Baltic equity cap 3.85 5.01 5.48 4.38 technology and efficiency in the eyes of its customers, partners, employees Turnover (MEUR) 10.66 13.19 10.85 0.78 and stockholders. As % of total Baltic equity turnover 0.43 0.55 1.11 0.51 Number of deals 4 868 7 265 4 617 1 295

72 Company profiles: Rytų skirstomieji tinklai Tallinna Vesi COMPANY INFORMATION

Listing date: June 1, 2005 Total number of shares: 20 000 000 Total number of preference shares: 1 Free float: 30.00% Main shareholders: United Utilities (Tallinn) B.V. 35.30% Tallinna Linnakantselei Finantsteenistus 34.70% Home exchange: NASDAQ OMX Tallinn Credit Suisse Securities (Europe) LTD Prime Brokerage 5.76% List: Main list a/c prime brokerage clients Sub-Industry name: Water Utilities HSBC Bank Plc Re Parvus European Absolute 5.46% Opportunities Master Fund

CONTACT INFORMATION FINANCIAL INFORMATION Address: Ädala 10, 10614 Tallinn, Estonia June 30, Telephone: +372 62 62 209 2006 2007 2008 2009* Fax: +372 62 62 300 Sales (MEUR) 37.66 41.44 46.01 47.19 E-mail: [email protected] Profit / Loss (MEUR) 15.85 17.76 18.92 18.78 Webpage: www.tallinnavesi.ee ROE (%) 22.41 23.28 23.53 25.98 Investor relations contact: ROA (%) 10.24 13.16 13.80 13.80 Priit Koff / PR Manager Net profit margin (%) 42.10 42.85 41.11 39.79 Fixed assets turnover 0.28 0.30 0.33 0.34 Equity ratio 0.47 0.48 0.50 0.46 COMPANY IN BRIEF Operating profit margin (%) 57.36 58.20 56.31 57.06 EPS (EUR) 0.79 0.89 0.95 0.94 Tallinna Vesi is the largest water utility company in Estonia, providing drink- Dividend per share (EUR) 0.63 0.80 0.73 - ing water and wastewater disposal services to over 400 000 people in Tallinn P/E 18.94 14.60 9.51 1.97 and in several of the neighboring municipalities. It has exclusive rights to run P/BV 4.08 3.29 2.20 0.50 this service until 2020. The company operates a 2 000 km2 catchment area to EBITDA (MEUR) 26.78 29.18 31.64 32.69 collect raw water, and owns and operates the full range of assets required EBITDA margin (%) 71.11 70.43 68.76 69.26 to treat and supply water and collect and dispose wastewater and stormwa- EBIT (MEUR) 21.60 24.12 25.91 26.93 ter. Tallinna Vesi is IS09001, ISO14000, ISO 17025, OHSAS18001 and EMAS Net Debt to Equity 0.80 0.80 0.73 0.83 accredited. Auditor in 2008: AS PricewaterhouseCoopers Tallinna Vesi is a classic example of a company transforming itself from a IFRS accounting: YES 100% owned municipal water company, through a privatization in 2001, to Main subsidiaries with results consolidated into corporate: none. a listing on the Tallinn Stock Exchange in 2005. The company is at present * 12-mo rolling to end June 2009 owned 35.4% by UU Tallinn B.V, 34.6% by the city of Tallinn, with 30% traded publicly.

The company’s main strengths are visibility of earnings due to the fact that tariffs are agreed. SHARE INFORMATION Share price (in EUR) Trading Code: TVEAT

8 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 300.20 259.20 179.80 168.00 As % of total Baltic equity cap 2.16 1.98 3.47 3.44 Turnover (MEUR) 58.37 82.83 92.87 6.37 As % of total Baltic equity turnover 2.38 3.48 9.49 4.12 Number of deals 2 364 2 234 1 583 1 085

Company profiles: Tallinna Vesi 73 VST AB

Baltic Market Awards 2008

Best Annual Report in the Baltic Countries COMPANY INFORMATION

Listing date: Feburary 1, 2002 Total number of shares: 3 717 998 Free float: 1.79% Home exchange: NASDAQ OMX Vilnius Main shareholders: List: Secondary list LEO LT, AB 98.21% Sub-Industry name: Electric Utilities

CONTACT INFORMATION FINANCIAL INFORMATION Address: J. Jasinskio str. 16C, LT-01112 Vilnius, Lithuania June 30, Telephone: +370 5278 1259 2006 2007 2008 2009* Fax: +370 5278 1269 Sales (MEUR) 267.83 305.19 335.89 338.83 E-mail: [email protected] Profit / Loss (MEUR) 17.28 19.48 3.38 -7.81 Webpage: www.vst.lt ROE (%) 4.14 3.85 0.63 -1.50 Investor relations contact: ROA (%) 3.09 3.09 1.31 -0.06 Rasa Kruopaitė-Lalienė / Head of Marketing and PR Net profit margin (%) 6.45 6.38 1.01 -2.30 Fixed assets turnover 0.44 0.44 0.42 0.45 Equity ratio 0.62 0.68 0.55 0.54 COMPANY IN BRIEF Operating profit margin (%) 10.30 8.09 3.90 0.08 EPS (EUR) 4.65 5.24 0.91 -2.10 VST AB is a modern, result-oriented company engaged in the distribution and Dividend per share (EUR) 4.63 48.34 - - supply of electricity in Western Lithuania. The company is responsible for the P/E 27.41 41.36 121.01 - safety, reliability, operation, maintenance, management and development P/BV 1.16 1.33 0.87 0.62 of the power distribution network. It owns 16 000 transformer substations EBITDA (MEUR) 91.87 102.85 99.76 79.39 and 57 000 kms of overhead and cable lines. VST provides services to almost EBITDA margin (%) 34.30 33.70 29.70 23.43 700 000 customers. EBIT (MEUR) 27.59 24.69 13.10 0.28 Net Debt to Equity 0.21 0.08 0.36 0.31 In 2001, having reorganized Lietuvos Energija, four new companies were established. One of them was Vakarų Skirstomieji Tinklai AB. Auditor in 2008: Ernst & Young Baltic IFRS accounting: YES The public limited liability company, Vakarų Skirstomieji Tinklai, was priva- Main subsidiaries with results consolidated into corporate: none. tized on 23 December 2003. After the administration was formed, the internal * 12-mo rolling to end June 2009 procedures were modified and the company’s values were revised. At this stage, the company changed its name from Vakarų Skirstomieji Tinklai AB to VST AB in 2005. The company has also completely changed its image. Seeking to justify the image of a modern company, VST has laid down new lines of action and defined its mission, vision, and strategic goals. SHARE INFORMATION In 2008, VST AB was awarded the best annual report during the NASDAQ OMX Share price (in LTL) Trading Code: VST1L Baltic Market Awards. In 2007 and 2009, the company received an award from 900 the Ministry of Environment for the protection of stork nests. In 2009, VST AB joined the Global Compact. 700

The success of the company is determined by teamwork, professional 500 staff, initiative and responsibility. Customers and partners are the principal judges of the quality of the company’s activities and services provided. The 300 company therefore works hard and strives to maintain the highest quality of its services. 100 01 07 01 07 01 07 01 07 2006 2006 2007 2007 2008 2008 2009 2009

2006 2007 2008 2009 H1 Market capitalization (MEUR) 473.79 805.45 409.19 263.82 As % of total Baltic equity cap 3.41 6.15 7.90 5.40 Turnover (MEUR) 1.18 2.31 1.45 0.05 As % of total Baltic equity turnover 0.05 0.10 0.15 0.04 Number of deals 508 1 042 482 149

74 Company profiles: VST Formulae

Sales (MEUR) = Net sales for the period

Net profit/loss (MEUR) = Net profit/loss at the end of the period including minority interest

Net profit/loss + preference share dividend ROE1 (%) = x 100 Average shareholder's equity including minority interest

Net profit/loss + [interest and financial expenses x (1-corporate tax rate)] ROA1 2 (%) = x 100 Average assets

Net profit/loss - preference share dividend Net profit margin1 (%) = x 100 Net sales

Net sales Fixed assets turnover = Average fixed assets

Total equity at the end of the period Equity ratio = Total assets at the end of the period

Operating profit Operating profit margin (%) = x 100 Net sales

Net profit/loss – profit attributable to minority interests – preference share dividend EPS (EUR) = Weighted average number of ordinary shares outstanding

Dividend per share (EUR) Dividend - preference share dividend = for financial year Number of ordinary shares

Share price at the end of the period P/E = EPS

Share price at the end of the period P/BV = Book value per share3

EBIT4 (MEUR) = Operating profit or profit from normal operations or activities

EBITDA4 (MEUR) = EBIT + depreciation and amortization

EBITDA EBITDA margin4 (%) = x 100 Net sales for the period

Interest bearing liabilities (non-current + current) - cash or cash equivalents Net debt to equity = Total equity at the end of the period

12 month trailing period has been used for all calculations

1 New formulae have been used in calculating the ratios and multiples for 2008 and 12 months rolling to June 30 , 2009.

2 For the Lithuanian companies, the 2009 H1 12-month rolling calculation uses a corporate tax rate of 15% for H2 2008 and a 20% corporate tax rate for H1 2009 effective from January 1, 2009. Shareholders equity – preference share dividend and preference share equity 3 Book Value per Share = Number of ordinary shares 4 EBIT/EBITDA were mostly sourced directly from the company financial statements. For internal consistency purposes, the following companies requested specifically provided values to be used: Arco Vara; Baltika; Nordecon International; Olympic Entertainment Group; Rytų skirstomieji tinklai; SAF Tehnika; Tallink Grupp; Utenos trikotažas; Vilniaus baldai; Viisnurk; Klaipėdos nafta; Lietuvos energija; Lietuvos jūrų laivininkystė; VST; Žemaitijos pienas.

Prices in the graphs have been adjusted for corporate actions such as splits, reverse splits, bonus issues and reductions in authorized share capital by prorata reduction in the number of shares held by each shareholder. Dividends have not been adjusted.

Formulae 75 NASDAQ OMX Baltic Main List companies trading statistics September 1, 2008 - August 31, 2009

Change Turnover Company name Ticker Code Industry Max Min (%) Deals (EUR) Page Eesti Telekom ETLAT 50101020 Diversified Telecommunication Services 6.95 3.81 -10.94 9 478 72 735 480.55 68 TEO LT TEO1L 50101020 Diversified Telecommunication Services 0.6 0.31 -9.36 33 813 66 489 382.72 69 Tallink Grupp TAL1T 20303010 Marine 0.71 0.26 -43.75 16 113 48 623 440.37 42 Ūkio bankas* UKB1L 40101010 Commercial Banks 0.672 0.15 -55.03 45 145 39 102 958.55 66 Olympic Entertainment Group OEG1T 25301010 Hotels Restaurants & Leisure 2.09 0.3 -70.15 13 815 32 896 783.67 48 Tallinna Vesi TVEAT 55104010 Water Utilities 12 8.2 -6.27 2 097 25 275 590.15 73 Tallinna Kaubamaja TKM1T 25503010 Multiline Retail 6.19 1.49 -29.53 4 449 16 148 114.49 50 Baltika BLT1T 25203010 Textiles, Apparel & Luxury Goods 2.48 0.44 -65.00 9 083 10 396 851.35 45 Šiaulių bankas SAB1L 40101010 Commercial Banks 0.58 0.18 -46.43 7 564 10 371 592.03 64 Arco Vara ARC1T 40403010 Real Estate Management & Development 0.54 0.06 -54.72 6 661 9 460 950.25 61 Merko Ehitus MRK1T 20103010 Construction & Engineering 8.9 1.85 -37.27 3 495 8 722 555.12 39 Apranga APG1L 25504010 Specialty Retail 2.01 0.36 -54.17 11 952 8 016 649.63 44 Panevėžio statybos trestas PTR1L 20103010 Construction & Engineering 2.21 0.31 -56.46 11 656 6 680 872.00 41 Silvano Fashion Group SFGAT 25504010 Specialty Retail 1.99 0.2 -64.25 2 450 6 213 813.06 49 Invalda IVL1L 40201030 Diversified Financial Services 4.55 0.3 -87.20 8 632 6 114 992.47 62 Rytų skirstomieji tinklai RST1L 55101010 Electric Utilities 1.27 0.33 -29.29 4 443 5 594 849.03 72 Nordecon International AS NCN1T 20103010 Construction & Engineering 3.6 0.55 -55.97 4 168 5 499 040.63 40 Latvijas kuģniecība LSC1R 10102040 Oil, Gas & Consumable Fuels 1.69 0.57 -44.07 2 635 5 120 981.57 32 Grindeks GRD1R 35202010 Pharmaceuticals 8.14 2.21 -30.09 2 769 4 405 090.73 58 Sanitas SAN1L 35202010 Pharmaceuticals 8.6 1.77 -66.43 3 542 4 081 527.06 60 Lietuvos dujos LDJ1L 10102030 Oil, Gas & Consumable Fuels 0.85 0.26 -24.63 5 164 3 951 808.61 33 Norma NRM1T 25101010 Auto Components 5.67 2.08 -34.09 1 273 3 209 786.55 47 City Service AB CTS1L 20201050 Commercial Services & Supplies 2.61 0.76 -25.41 3 451 3 120 280.37 36 Rokiškio sūris RSU1L 30202030 Food Products 1.32 0.4 -39.60 1 813 2 245 131.94 55 Ekspress Grupp EEG1T 25401040 Media 2.94 0.39 -54.32 1 794 2 005 565.37 46 Harju Elekter HAE1T 20104010 Electrical Equipment 2.95 0.67 -20.00 1 623 1 989 158.07 37 Olainfarm OLF1R 35202010 Pharmaceuticals 1.54 0.28 -31.48 2 580 1 193 599.47 59 Pieno žvaigždės PZV1L 30202030 Food Products 1.46 0.43 -49.60 1 066 1 108 510.95 54 Järvevana JRV1T 20103010 Construction & Engineering 0.35 0.15 -8.82 1 750 931 661.36 - Ventspils nafta VNF1R 10102040 Oil, Gas & Consumable Fuels 2.82 0.84 -43.94 1 576 864 273.23 34 Vilkyškių pieninė VLP1L 30202030 Food Products 1.14 0.15 -51.63 2 588 832 472.84 56 SAF Tehnika SAF1R 45201020 Communications Equipment 1.44 0.38 -38.61 1 538 649 249.69 67 Viisnurk VSN1T 25201020 Household Durables 1.49 0.44 -52.08 1 046 537 363.55 52 Vilniaus baldai VBL1L 25201020 Household Durables 5.5 1.74 -61.11 188 270 435.51 53 Trigon Property Development TPD1T 40403020 Real Estate Management & Development 1.13 0.21 -70.00 393 146 519.37 65 Luterma LTR1T 30202030 Food Products 1.9 0.24 -84.12 190 65 296.71 - Utenos trikotažas UTR1L 25203010 Textiles, Apparel & Luxury Goods 0.65 0.12 -52.27 180 53 817.92 51

* Bonus issue on 08.04.2009, adjusted data

76 Main List trading statistics Baltic Secondary List companies

As of September 15, 2009

Company Ticker Home exchange GICS code Industry Agrowill Group AVG1L VLN 30202010 Food Products Alita ALT1L VLN 30201020 Beverages Anykščių vynas ANK1L VLN 30201020 Beverages Bankas Snoras SRS1L VLN 40101010 Commercial Banks Bankas Snoras SRS2L VLN 40101010 Commercial Banks Brīvais Vilnis BRV1R RIG 30202030 Food Products Daugavpils Lokomotīvju remonta rūpnīca LOK1R RIG 20106010 Machinery Ditton pievadķēžu rūpnīca DPK1R RIG 20106020 Machinery DnB NORD Banka NLB1R RIG 40101010 Commercial Banks DnB NORD bankas NDL1L VLN 40101010 Commercial Banks Dvarčionių keramika DKR1L VLN 20102010 Building Products Grigiškės GRG1L VLN 15105020 Paper & Forest Products Grobiņa GRZ1R RIG 30202010 Food Products Gubernija GUB1L VLN 30201010 Beverages Järvevana JRV1T TLN 20103010 Construction & Engineering Kauno energija KNR1L VLN 55105010 Independent Power Prod.&Energy Traders Kauno tiekimas KTK1L VLN 20107010 Trading Companies & Distributors Klaipėdos baldai KBL1L VLN 25201020 Household Durables Klaipėdos jūrų krovinių kompanija KJK1L VLN 20305030 Transportation Infrastructure Klaipėdos nafta KNF1L VLN 10102040 Oil, Gas & Consumable Fuels Kurzemes atslēga 1 KA11R RIG 25201020 Household Durables Kurzemes CMAS KCM1R RIG 30202030 Food Products Latvijas balzams BAL1R RIG 30201020 Beverages Latvijas Gāze GZE1R RIG 10102040 Oil, Gas & Consumable Fuels Latvijas Jūras medicīnas centrs LJM1R RIG 35102020 Health Care Providers & Services Latvijas Krājbanka LKB1R RIG 40101010 Commercial Banks Latvijas Krājbanka LKB2R RIG 40101010 Commercial Banks Latvijas tilti LTT1R RIG 20103010 Construction & Engineering Latvijas Zoovetapgāde ZOV1R RIG 35102010 Health Care Providers & Services Liepājas autobusu parks LAP1R RIG 20304020 Road & Rail Liepājas metalurgs LME1R RIG 15104050 Metals & Mining Lietuvos elektrinė LEL1L VLN 55101010 Electric Utilities Lietuvos energija LEN1L VLN 55105010 Independent Power Prod.&Energy Traders Lietuvos jūrų laivininkystė LJL1L VLN 20303010 Marine Lifosa LFO1L VLN 15101030 Chemicals Limarko laivininkystės kompanija LLK1L VLN 20303010 Marine Linas LNS1L VLN 25203030 Textiles, Apparel & Luxury Goods Nordeka NKA1R RIG 20304020 Road & Rail Olaines kūdra OLK1R RIG 15101030 Chemicals Pramprojektas PRM1L VLN 20103010 Construction & Engineering Rīgas autoelektroaparātu rūpnīca RAR1R RIG 25101010 Auto Components Rīgas elektromašīnbūves rūpnīca RER1R RIG 20104020 Electrical Equipment Rīgas farmaceitiskā fabrika FRM1R RIG 35202010 Pharmaceuticals Rīgas juvelierizstrādājumu rūpnīca RJR1R RIG 25203010 Textiles, Apparel & Luxury Goods Rīgas kuģu būvētava RKB1R RIG 20106010 Machinery Saldus mežrūpniecība SMA1R RIG 15105010 Paper & Forest Products Siguldas CMAS SCM1R RIG 30202030 Food Products Snaigė SNG1L VLN 25201040 Household Durables Stumbras STU1L VLN 30201020 Beverages Talsu mežrūpniecība TMA1R RIG 15105010 Paper & Forest Products Tosmares kuģubūvētava TKB1R RIG 20106010 Machinery Valmieras stikla šķiedra VSS1R RIG 20102010 Building Products VEF VEF1R RIG 40403020 Real Estate Management & Development VEF Radiotehnika RRR RRR1R RIG 25201010 Household Durables Vilniaus degtinė VDG1L VLN 30201020 Beverages VST VST1L VLN 55101010 Electric Utilities Žemaitijos pienas ZMP1L VLN 30202030 Food Products

Secondary list companies 77 Secondary List TOP 30

Market Dividend Free float1 Trading turnover capitalization Sales Profit/Loss EPS per share June 30, 2009 2008 June 30, 2009 Accounting 2008 2008 2008 P/E P/BV 2008 Company Trading code Industry GICS code Home exchange (%) (EUR) (EUR) standard (MEUR) (MEUR) (EUR) 2008 2008 (EUR) Lifosa LFO1L Chemicals 15101030 VLN 8.73 42 099 932.69 148 546 618.45 IFRS 506.48 68.71 3.27 1.55 0.43 - Klaipėdos nafta KNF1L Oil, Gas & Consumable Fuels 10102040 VLN 29.34 11 204 149.83 101 031 047.78 IFRS 34.64 8.28 0.02 10.40 0.71 0.01 SRS1L 7.71 8 660 307.17 65 835 000.58 - Bankas Snoras2 Commercial Banks 40101010 VLN IFRS 63.82 6.76 0.02 7.00 0.29 SRS2L3 90.00 1 180 758.12 2 287 998.16 - Agrowill Group2 AVG1L Food Products 30202010 VLN 51.00 5 511 453.53 2 801 439.67 IFRS 18.51 -3.66 -0.16 - 0.38 - Lietuvos jūrų laivininkystė LJL1L Marine 20303010 VLN 35.05 2 465 069.24 23 274 014.95 IFRS 25.38 -5.71 -0.03 - 0.21 - Lietuvos energija2 LEN1L Independent Power Prod.&Energy Traders 55105010 VLN 3.60 1 753 416.74 419 364 695.56 IFRS 421.65 12.67 0.02 35.94 0.58 - Snaigė2 SNG1L Household Durables 25201040 VLN 72.54 1 721 025.69 4 110 274.62 IFRS 98.14 -6.98 -0.28 - 0.22 - Dvarčionių keramika DKR1L Building Products 20102010 VLN 7.75 1 474 139.95 4 590 111.24 IFRS 20.86 0.02 0.00 461.35 1.48 - VST VST1L Electric Utilities 55101010 VLN 1.79 1 445 019.75 263 817 630.50 IFRS 335.89 3.38 0.91 121.01 0.87 - Stumbras STU1L Beverages 30201020 VLN 4.93 1 397 023.90 45 180 723.12 IFRS 46.73 8.39 0.21 3.33 1.31 0.18 Žemaitijos pienas2 ZMP1L Food Products 30202030 VLN 45.82 1 148 656.61 9 106 739.50 IFRS 136.65 -1.07 -0.02 - 0.31 - LKB1R 23.43 839 791.90 11 233 811.70 0.30 AS Latvijas Krājbanka2 Commercial Banks 40101010 RIG IFRS 27.63 3.96 3.27 0.35 0.24 LKB2R3 100.00 4 913.90 24 194.51 0.60 Grigiškės2 GRG1L Paper & Forest Products 15105020 VLN 50.39 777 363.70 7 819 740.54 IFRS 42.13 -1.13 -0.02 - 0.28 - Liepājas metalurgs2 LME1R Metals & Mining 15104050 RIG 9.26 656 955.51 17 638 138.21 IFRS 384.41 8.45 0.50 3.29 0.16 - Limarko laivininkystės kompanija LLK1L Marine 20303010 VLN 9.29 526 862.96 20 193 237.13 IFRS 43.84 -3.75 -0.03 - 0.60 - Latvijas balzams BAL1R Beverages 30201020 RIG 13.55 508 048.50 12 480 539.30 IFRS 104.11 8.41 1.12 1.31 0.20 - Latvijas Gāze GZE1R Oil, Gas & Consumable Fuels 10102040 RIG 4.34 448 273.13 242 986 664.74 IFRS 499.44 27.10 0.68 9.53 0.56 0.54 Valmieras stikla šķiedra VSS1R Building Products 20102010 RIG 59.32 445 968.32 10 883 582.90 LAS 53.80 0.72 0.03 13.71 0.24 - Rīgas kuģu būvētava RKB1R Machinery 20106010 RIG 52.47 399 118.62 2 989 424.16 IFRS 56.86 0.30 0.03 10.61 0.09 - Ditton pievadkezu rupnica DPK1R Machinery 20106020 RIG 36.99 372 643.55 1 368 802.68 IFRS 10.48 0.19 0.03 9.98 0.15 - Lietuvos elektrinė LEL1L Electric Utilities 55101010 VLN 3.63 336 421.12 157 083 690.29 IFRS 112.30 -9.94 -0.07 - 0.59 - Pramprojektas PRM1L Construction & Engineering 20103010 VLN 45.95 283 460.19 1 469 916.08 IFRS 3.33 0.07 0.03 32.54 0.63 - Alita2 ALT1L Beverages 30201020 VLN 16.23 235 258.15 6 329 848.23 IFRS2 59.09 -3.69 -0.07 - 0.50 - Latvijas tilti LTT1R Construction & Engineering 20103010 RIG 10.04 199 804.64 8 783 672.26 LAS 35.63 1.64 2.44 2.18 0.64 8.18 Kauno energija2 KNR1L Independent Power Prod.&Energy Traders 55105010 VLN 14.88 75 186.08 11 941 337.74 IFRS 59.65 -1.23 -0.06 - 0.35 - Klaipėdos baldai KBL1L Household Durables 25201020 VLN 27.65 68 404.25 3 192 922.05 IFRS 53.66 0.88 0.11 3.11 0.15 - Vilniaus degtinė VDG1L Beverages 30201020 VLN 21.71 39 159.25 6 503 636.65 IFRS 20.09 0.37 0.02 15.43 0.51 - Latvijas Jūras medicīnas centrs2 LJM1R Health Care Providers & Services 35102020 RIG 33.62 11 962.27 1 673 297.25 IFRS 8.39 0.0007 0.001 3821.08 0.40 - Rīgas elektromašīnbūves rūpnīca RER1R Electrical Equipment 20104020 RIG 63.73 6 167.77 12 376 861.11 LAS 31.97 -1.37 -0.24 - 1.00 - Brīvais vilnis BRV1R Food Products 30202030 RIG 9.15 220.43 5 071 638.04 LAS 11.85 -4.97 -1.60 - 2.88 -

1 for Riga companies as of April 30, 2009 2 consolidated 3 preference share issue

Notes: Net interest revenue is given as total bank sales IFRS = International Financial Reporting Standards LAS = Latvian Accounting Standards

78 Secondary list TOP 30 Market Dividend Free float1 Trading turnover capitalization Sales Profit/Loss EPS per share June 30, 2009 2008 June 30, 2009 Accounting 2008 2008 2008 P/E P/BV 2008 Company Trading code Industry GICS code Home exchange (%) (EUR) (EUR) standard (MEUR) (MEUR) (EUR) 2008 2008 (EUR) Lifosa LFO1L Chemicals 15101030 VLN 8.73 42 099 932.69 148 546 618.45 IFRS 506.48 68.71 3.27 1.55 0.43 - Klaipėdos nafta KNF1L Oil, Gas & Consumable Fuels 10102040 VLN 29.34 11 204 149.83 101 031 047.78 IFRS 34.64 8.28 0.02 10.40 0.71 0.01 SRS1L 7.71 8 660 307.17 65 835 000.58 - Bankas Snoras2 Commercial Banks 40101010 VLN IFRS 63.82 6.76 0.02 7.00 0.29 SRS2L3 90.00 1 180 758.12 2 287 998.16 - Agrowill Group2 AVG1L Food Products 30202010 VLN 51.00 5 511 453.53 2 801 439.67 IFRS 18.51 -3.66 -0.16 - 0.38 - Lietuvos jūrų laivininkystė LJL1L Marine 20303010 VLN 35.05 2 465 069.24 23 274 014.95 IFRS 25.38 -5.71 -0.03 - 0.21 - Lietuvos energija2 LEN1L Independent Power Prod.&Energy Traders 55105010 VLN 3.60 1 753 416.74 419 364 695.56 IFRS 421.65 12.67 0.02 35.94 0.58 - Snaigė2 SNG1L Household Durables 25201040 VLN 72.54 1 721 025.69 4 110 274.62 IFRS 98.14 -6.98 -0.28 - 0.22 - Dvarčionių keramika DKR1L Building Products 20102010 VLN 7.75 1 474 139.95 4 590 111.24 IFRS 20.86 0.02 0.00 461.35 1.48 - VST VST1L Electric Utilities 55101010 VLN 1.79 1 445 019.75 263 817 630.50 IFRS 335.89 3.38 0.91 121.01 0.87 - Stumbras STU1L Beverages 30201020 VLN 4.93 1 397 023.90 45 180 723.12 IFRS 46.73 8.39 0.21 3.33 1.31 0.18 Žemaitijos pienas2 ZMP1L Food Products 30202030 VLN 45.82 1 148 656.61 9 106 739.50 IFRS 136.65 -1.07 -0.02 - 0.31 - LKB1R 23.43 839 791.90 11 233 811.70 0.30 AS Latvijas Krājbanka2 Commercial Banks 40101010 RIG IFRS 27.63 3.96 3.27 0.35 0.24 LKB2R3 100.00 4 913.90 24 194.51 0.60 Grigiškės2 GRG1L Paper & Forest Products 15105020 VLN 50.39 777 363.70 7 819 740.54 IFRS 42.13 -1.13 -0.02 - 0.28 - Liepājas metalurgs2 LME1R Metals & Mining 15104050 RIG 9.26 656 955.51 17 638 138.21 IFRS 384.41 8.45 0.50 3.29 0.16 - Limarko laivininkystės kompanija LLK1L Marine 20303010 VLN 9.29 526 862.96 20 193 237.13 IFRS 43.84 -3.75 -0.03 - 0.60 - Latvijas balzams BAL1R Beverages 30201020 RIG 13.55 508 048.50 12 480 539.30 IFRS 104.11 8.41 1.12 1.31 0.20 - Latvijas Gāze GZE1R Oil, Gas & Consumable Fuels 10102040 RIG 4.34 448 273.13 242 986 664.74 IFRS 499.44 27.10 0.68 9.53 0.56 0.54 Valmieras stikla šķiedra VSS1R Building Products 20102010 RIG 59.32 445 968.32 10 883 582.90 LAS 53.80 0.72 0.03 13.71 0.24 - Rīgas kuģu būvētava RKB1R Machinery 20106010 RIG 52.47 399 118.62 2 989 424.16 IFRS 56.86 0.30 0.03 10.61 0.09 - Ditton pievadkezu rupnica DPK1R Machinery 20106020 RIG 36.99 372 643.55 1 368 802.68 IFRS 10.48 0.19 0.03 9.98 0.15 - Lietuvos elektrinė LEL1L Electric Utilities 55101010 VLN 3.63 336 421.12 157 083 690.29 IFRS 112.30 -9.94 -0.07 - 0.59 - Pramprojektas PRM1L Construction & Engineering 20103010 VLN 45.95 283 460.19 1 469 916.08 IFRS 3.33 0.07 0.03 32.54 0.63 - Alita2 ALT1L Beverages 30201020 VLN 16.23 235 258.15 6 329 848.23 IFRS2 59.09 -3.69 -0.07 - 0.50 - Latvijas tilti LTT1R Construction & Engineering 20103010 RIG 10.04 199 804.64 8 783 672.26 LAS 35.63 1.64 2.44 2.18 0.64 8.18 Kauno energija2 KNR1L Independent Power Prod.&Energy Traders 55105010 VLN 14.88 75 186.08 11 941 337.74 IFRS 59.65 -1.23 -0.06 - 0.35 - Klaipėdos baldai KBL1L Household Durables 25201020 VLN 27.65 68 404.25 3 192 922.05 IFRS 53.66 0.88 0.11 3.11 0.15 - Vilniaus degtinė VDG1L Beverages 30201020 VLN 21.71 39 159.25 6 503 636.65 IFRS 20.09 0.37 0.02 15.43 0.51 - Latvijas Jūras medicīnas centrs2 LJM1R Health Care Providers & Services 35102020 RIG 33.62 11 962.27 1 673 297.25 IFRS 8.39 0.0007 0.001 3821.08 0.40 - Rīgas elektromašīnbūves rūpnīca RER1R Electrical Equipment 20104020 RIG 63.73 6 167.77 12 376 861.11 LAS 31.97 -1.37 -0.24 - 1.00 - Brīvais vilnis BRV1R Food Products 30202030 RIG 9.15 220.43 5 071 638.04 LAS 11.85 -4.97 -1.60 - 2.88 -

Secondary list TOP 30 79 Baltic Bond List As of September 15, 2009 Excluding bonds with maturity before December 1, 2009

ISSUER Note ISIN Market Coupon rate Listing date Maturity Security Issue Currency (%) date nominal size Government Bondsand Treasury bills Latvian Government 3 months T-bill LV0000523249 RIG - 7.09.2009 4.12.2009 100 366 000 LVL Latvian Government 3 months T-bill LV0000523256 RIG - 14.09.2009 11.12.2009 100 100 050 LVL Lithuanian Government 6 months T-bill LT0000565053 VLN - 17.06.2009 16.12.2009 100 1 750 000 LTL Latvian Government 12 months T-bill LV0000541027 RIG - 22.12.2008 18.12.2009 100 125 140 LVL Latvian Government 12 months T-bill LV0000541043 RIG - 19.01.2009 15.01.2010 100 27 679 LVL Lithuanian Government 5 months T-bill LT1000500058 VLN - 27.08.2009 25.01.2010 1000 20 300 EUR Latvian Government 5 year bond LV0000570042 RIG 3.38 7.02.2005 4.02.2010 100 400 000 LVL Lithuanian Government 7 year bond LT0000607046 VLN 5.10 21.02.2003 11.02.2010 100 3 530 000 LTL Latvian Government 6 months T-bill LV0000532430 RIG - 17.08.2009 12.02.2010 100 117 250 LVL Latvian Government 6 months T-bill LV0000532448 RIG - 24.08.2009 19.02.2010 100 268 000 LVL Latvian Government 12 months T-bill LV0000541050 RIG - 23.02.2009 19.02.2010 100 14 500 LVL Lithuanian Government 396 days bond LT1000600023 VLN - 17.02.2009 22.02.2010 1100 27 300 EUR Lithuanian Government 381 days bond LT1000600031 VLN - 17.02.2009 22.02.2010 1100 27 000 EUR Latvian Government 6 months T-bill LV0000532455 RIG - 31.08.2009 26.02.2010 100 193 752 LVL Latvian Government 6 months T-bill LV0000532463 RIG - 7.09.2009 5.03.2010 100 48 300 LVL Latvian Government 6 months T-bill LV0000532471 RIG - 14.09.2009 12.03.2010 100 28 000 LVL Lithuanian Government 381 days bond LT1000600049 VLN - 4.03.2009 15.03.2010 1100 15 000 EUR Latvian Government 12 months T-bill LV0000541068 RIG - 23.03.2009 19.03.2010 100 40 000 LVL Lithuanian Government 12 months T-bill LT0000601874 VLN - 6.04.2009 21.03.2010 100 310 000 LTL Lithuanian Government 375 days bond LT1000600056 VLN - 14.04.2009 22.03.2010 1100 27 500 EUR Latvian Government 12 months T-bill LV0000541076 RIG - 6.04.2009 1.04.2010 100 20 000 LVL Lithuanian Government 12 months T-bill LT0000601858 VLN - 16.04.2009 15.04.2010 100 1 520 000 LTL Latvian Government 12 months T-bill LV0000541084 RIG - 20.04.2009 16.04.2010 100 90 500 LVL Lithuanian Government 396 days bond LT1000600064 VLN - 26.03.2009 20.04.2010 1000 50 000 EUR Lithuanian Government 9 months T-bill LT1000500041 VLN - 29.07.2009 30.04.2010 1000 24 580 EUR Latvian Government 12 months T-bill LV0000541092 RIG - 5.05.2009 30.04.2010 100 61 000 LVL Latvian Government 12 months T-bill LV0000541100 RIG - 18.05.2009 14.05.2010 100 112 000 LVL Lithuanian Government 406 days bond LT1000600098 VLN - 11.05.2009 20.05.2010 1000 86 571 EUR Latvian Government 12 months T-bill LV0000541118 RIG - 25.05.2009 21.05.2010 100 180 700 LVL Lithuanian Government 12 months T-bill LT0000601866 VLN - 10.06.2009 9.06.2010 100 1 350 000 LTL Lithuanian Government 409 days bond LT1000600114 VLN - 13.05.2009 21.06.2010 1000 68 000 EUR Lithuanian Government 12 months T-bill LT0000601882 VLN - 9.07.2009 8.07.2010 100 300 000 LTL Lithuanian Government 12 months T-bill LT0000601924 VLN - 22.07.2009 15.07.2010 100 610 000 LTL Lithuanian Government Bond 60014 384 days bond LT1000600148 VLN - 8.07.2009 21.07.2010 1000 36 700 EUR Lithuanian Government Bond 60191 366 days bond LT0000601916 VLN - 25.08.2009 20.08.2010 100 200 000 LTL Lithuanian Government 12 months T-bill LT0000601890 VLN - 26.08.2009 25.08.2010 100 900 000 LTL Latvian Government 12 months T-bill LV0000541142 RIG - 7.09.2009 3.09.2010 100 126 588 LVL Latvian Government 12 months T-bill LV0000541159 RIG - 14.09.2009 10.09.2010 100 39 377 LVL Lithuanian Government 450 days bond LT1000600163 VLN - 29.07.2009 20.10.2010 1000 40 000 EUR Lithuanian Government 456 days bond LT0000601932 VLN - 29.07.2009 22.10.2010 100 330 000 LTL

80 Baltic Bond List ISSUER Note ISIN Market Coupon rate Listing date Maturity Security Issue Currency (%) date nominal size

Latvian Government 5 year bond LV0000570059 RIG 5.00 6.11.2006 3.11.2011 100 680 620 LVL Lithuanian Government 10 year bond LT0000610032 VLN 6.10 22.03.2002 15.03.2012 100 1 244 060 LTL Lithuanian Government 10 year bond LT0000610040 VLN 5.60 31.01.2003 24.01.2013 100 4 521 250 LTL Latvian Government 10 year bond LV0000580017 RIG 5.13 17.02.2003 14.02.2013 100 971 509 LVL Latvian Government 5 year bond LV0000570067 RIG 6.75 7.07.2008 14.03.2013 100 28 170 LVL Latvian Government 10 year bond LV0000580025 RIG 4.75 2.04.2004 2.04.2014 100 289 250 LVL Latvian Government 10 year bond LV0000580033 RIG 3.50 5.12.2005 2.12.2015 100 671 241 LVL Lithuanian Government 11 year bond LT0000611014 VLN 3.75 21.02.2005 10.02.2016 100 3 725 900 LTL Latvian Government 11 year bond LV0000590016 RIG 5.63 13.08.2007 10.08.2018 100 132 990 LVL Latvian Government 11 year bond LV0000590024 RIG 6.75 7.07.2008 4.07.2019 100 21 500 LVL

Mortgage bonds (asset-backed bonds) GE Money Bank LV0000800225 RIG 2.38 7.12.2004 1.12.2009 100 30 000 USD Latvijas krājbanka LV0000800357 RIG 2.16 28.02.2007 31.01.2010 100 50 000 EUR PrivatBank LV0000800464 RIG 3.13 17.07.2007 15.05.2010 100 90 000 EUR Latvijas Hipotēku un zemes banka LV0000800266 RIG 17.50 23.02.2005 15.08.2010 100 30 000 LVL Latvijas Hipotēku un zemes banka LV0000800688 RIG 5.70 21.05.2008 15.02.2011 100 127 390 EUR Latvijas Hipotēku un zemes banka LV0000800100 RIG 7.50 5.11.2001 15.08.2011 100 11 500 LVL Latvijas Hipotēku un zemes banka LV0000800217 RIG 1.63 30.08.2004 15.08.2011 100 60 000 USD GE Money Bank LV0000800373 RIG 2.63 21.11.2006 1.10.2011 100 50 000 EUR PrivatBank LV0000800381 RIG 3.13 17.04.2007 15.12.2011 100 70 000 EUR Latvijas Hipotēku un zemes banka LV0000800340 RIG 1.44 20.07.2006 15.02.2012 100 200 000 EUR Latvijas Hipotēku un zemes banka LV0000800142 RIG 6.00 28.10.2002 15.08.2012 100 50 000 LVL Trasta komercbanka LV0000800415 RIG 2.13 26.10.2007 1.12.2012 100 50 000 EUR Latvijas Hipotēku un zemes banka LV0000800159 RIG 5.25 1.12.2003 15.08.2013 100 38 624 LVL

Corporate bonds DnB NORD Bankas LV0000800399 RIG 18.10 15.01.2007 9.01.2010 1000 12 000 LVL Akciju komercbanka BALTIKUMS LV0000800407 RIG 3.90 20.03.2007 2.02.2010 100 100 000 EUR DnB NORD Bankas LT0000401895 VLN - 12.05.2009 24.02.2010 1100 26 048 LTL SEB Bankas LT0000402299 VLN 6.40 9.04.2008 9.03.2010 100 178 188 LTL Snaigė LT1000401174 VLN - 26.05.2009 8.04.2010 100 75 000 EUR DnB NORD Bankas LT0000401978 VLN - 8.07.2009 7.06.2010 100 602 329 LTL ABC Grupi EE3300091123 TLN 14.47 12.09.2008 18.06.2010 1000 6 213 EUR Šiaulių bankas LT1000401240 VLN - 27.07.2009 15.07.2010 100 12 198 EUR DnB NORD Bankas LT0000402406 VLN 9.80 9.12.2008 15.11.2010 100 129 003 LTL Elko Grupa LV0000800589 RIG 10.00 28.05.2008 29.11.2010 100 65 000 EUR GE Money Bank LV0000800316 RIG 25.38 1.08.2006 10.01.2011 100 22 108 LVL Technikabank LV0000800746 RIG 13.50 24.02.2009 15.08.2011 100 100 000 USD Parex banka LV0000800696 RIG 11.00 7.11.2008 8.05.2018 100 53 500 EUR IKP EE3300074806 TLN 5.80 13.10.2005 1.08.2029 100 41 803 EEK

Baltic Bond List 81 Market data vendors

International Estonia ABN Amro Bank www.abnamro.com Äripäev Online www.aripaev.ee Bloomberg Finance L.P www.bloomberg.com BNS www.bns.ee Boerse Stuttgart www.boerse-stuttgart.de ETV www.etv.ee Capco Reference Data Services www.capco.com LHV Pank www.lhv.ee Danske Bank A/S www.danskebank.com Postimees www.postimees.ee DnB NOR Asset Management AB www.dnbnor.com SEB Pank www.seb.ee Dow Jones & Company www.dowjones.com Swedbank AS www.swedbank.ee Exchange Data International www.exchange-data.com Tarkinvestor www.tarkinvestor.ee Fidessa plc. www.fidessa.com FT Interactive Data (Europe) Ltd www.ftinteractivedata.com Latvia Infront www.infront.no Dienas bizness www.db.lv Instinet Europe Limited www.instinet.co.uk Latvijas Hipotēku un zemes banka www.hipo.lv JP Morgan Chase Bank www.jpmorganchase.com Latvijas Krājbanka www.lkb.lv Kabu.com Securities Co. Ltd www.kabu.com LHV Pank www.lhv.lv Knight Capital Group www.knight.com Parex banka www.parex.lv Lipper Feri UK Limited www.feri-fmi.com SEB banka www.seb.lv Liquidnet Europe www.liquidnet.com Swedbank AS ib.swedbank.lv Morgan Stanley & Co.Int.Ltd www.morganstanley.com MP Investment Bank www.mp.is Lithuania Nordea Investment M&F (Finland) www.nordea.fi Bankas Finasta www.finasta.lt Quartal Life Oy www.quartal.fi Bfn.lt www.bfn.lt Reuters www.reuters.com DnB NORD bankas wwwdnbnord.lt SEB Wealth Management www.seb.se Finasta www.finasta.lt Standard & Poor's Porfolio Services www.standardandpoors.com IKKB NSEL30 indekso fondas www.nsel30indexfund.com SIX Telekurs Ltd www.telekurs-financial.com LHV Pank www.lhv.lt Thomson Financial Limited www.thomson.com/financial Nomura International www.nomura.com VWD Vereinigte Wirtschaftsdienste AG www.vwd.com Orion Securities www.orion.lt Xignite, Inc. www.xignite.com SEB bankas www.seb.lt SIR EU, UAB wap.ringer.lt SNORAS - Jūsu tarpininkas www.jt.lt Swedbank, AB ib.swedbank.lt Terra Octo (Spekuliantai.lt) www.spekuliantai.lt kurmis.org/grafikai Ūkio bankas www.ub.lt Verslo žinios.lt www.vz.lt

82 Market data vendors List of members

Member Membership Contact Bankas Finasta Tallinn, Riga, Vilnius Maironio g. 11, LT- 01124 Vilnius, Lithuania, +370 527 86833, [email protected] Bankas Snoras Tallinn, Riga, Vilnius A.Vivulskio g. 7, LT-03221 Vilnius, Lithuania, +370 5265 2867, [email protected] Carnegie Investment Bank, Finland branch Tallinn, Vilnius Eteläesplanadi 12, FI-00130 Helsinki, Finland, +358 961 8711, [email protected] Credit Suisse Securities Tallinn One Cabot Square, E14 4QJ London, UK, +44 207 888 8888 Cresco Väärtpaberid Tallinn, Riga, Vilnius Tartu mnt 2, EE-10145 Tallinn, Estonia, +372 640 5880, [email protected] Danske Bank Tallinn, Riga, Vilnius Holmen Kanal 2-12, DK-1092 Copenhagen, Denmark, +453 344 0000 Danske Bank AS Estonia branch Tallinn Narva mnt 11, 15015 Tallinn, Estonia, +3726752104, [email protected] Danske Bank Lithuania branch Vilnius Saltoniškių g. 2, LT-08500 Vilnius, Lithuania, +370 5215 6185, [email protected] DnB NORD Tallinn, Riga, Vilnius Smilšu iela 6, LV-1050 Riga, Latvia, +371 6707 7157, [email protected] DnB NORD Bankas Tallinn, Riga, Vilnius J.Basanavičiaus g. 26, LT-03601 Vilnius, Lithuania, +370 5239 3776, [email protected] Evli Bank Plc Tallinn, Riga, Vilnius Aleksanterinkatu 19 A PL 1081, 00100 Helsinki, Finland, +358 947 6690, [email protected] Finasta Tallinn, Riga, Vilnius Maironio g. 11, LT- 01124 Vilnius, Lithuania, +370 5278 6833, [email protected] Finbaltus Vilnius Konstitucijos pr. 23-660, LT- 08105 Vilnius, Lithuania, +370 5272 5861, [email protected] GE Money Bank Tallinn, Riga, Vilnius 13. janvara iela 3, LV-1050 Riga, Latvia, +371 6700 1878, [email protected] Hipotēku banka Tallinn, Riga, Vilnius Doma laukums 4, LV-1977 Riga, Latvia, +371 6777 4053, [email protected] HQ Bankaktiebolag Tallinn, Riga, Vilnius P.O. Box 16027, SE-103 21 Stockholm, Sweden, +46 8463 8500, [email protected] Instinet Europe Limited Tallinn, Riga, Vilnius Canada Square 25, E14 5LB London, UK, +44 207 154 8400 Latvijas Krājbanka Tallinn, Riga, Vilnius Jana Dalina iela 15, LV-1013 Riga, Latvia, +371 6709 2990, [email protected] LHV Pank Tallinn, Riga, Vilnius Tartu mnt 2, EE-10145 Tallinn, Estonia, +372 627 0420, [email protected] Marfin Pank Eesti Tallinn, Riga, Vilnius Pärnu mnt 12, EE-10148 Tallinn, Estonia, +372 680 2500, [email protected] MP Bank hf. Tallinn, Riga, Vilnius Skipholti 50d, 105 Reykjavík, Iceland, +354 540 3233, [email protected] Nordea Bank Finland Plc Tallinn, Riga, Vilnius Aleksis Kiven katu 9, FIN-00020 Helsinki, Finland, +358 9 1651 Norvik banka Tallinn, Riga, Vilnius E.Birznieka-Upisa iela 21, LV-1011 Riga, Latvia, +371 6704 1100, [email protected] Orion Securities Tallinn, Riga, Vilnius A.Tumėno 4, corp.B, floor 9, LT-01109 Vilnius, Lithuania, +370 5231 3833, [email protected] Parex banka Tallinn, Riga, Vilnius Smilšu iela 3, LV -1522 Riga, Latvia, +371 6701 0176, [email protected] Parex bankas Vilnius K.Kalinausko g. 13, LT-03107 Vilnius, Lithuania, +370 5266 4622, [email protected] RB Securities Riga Vesetas iela 7, LV-1013 Riga, Latvia, +371 6702 5584, [email protected] Rietumu banka Riga Vesetas iela 7, LV-1013 Riga, Latvia, +371 6702 5555, [email protected] SEB banka Tallinn, Riga, Vilnius Unicentrs, Ķekavas pagasts, LV-1076 Rīgas rajons, Latvia, +371 6721 5587, [email protected] SEB bankas Tallinn, Riga, Vilnius Gedimino pr. 12, LT-01103 Vilnius, Lithuania, +370 5268 2370, [email protected] SEB Pank Tallinn, Riga, Vilnius Tornimäe 2, EE-15010 Tallinn, Estonia, +372 665 5100, [email protected] Skandinaviska Enskilda Banken AB Tallinn, Riga, Vilnius Kungsträdgårdsgatan 4, SE-10640 Stockholm, Sweden, [email protected] SMP Bank Riga Elizabetes iela 57, LV-1772 Riga, Latvia, +371 6701 9153, [email protected] SNORAS - Jūsų tarpininkas Tallinn, Riga, Vilnius A.Mickevičiaus g. 29-3, LT-44245 Kaunas, Lithuania, +370 3732 2995, [email protected] Swedbank Tallinn, Vilnius Liivalaia 8, EE-15040 Tallinn, Estonia, +372 613 1670, [email protected] Swedbank Tallinn, Riga, Vilnius Balasta dambis 1a, LV-1048 Riga, Latvia, +371 6744 4444, [email protected] Swedbank Vilnius Savanorių pr. 19, LT-03502 Vilnius, Lithuania, +370 5268 4514, [email protected] Svenska Handelsbanken AB Tallinn Kungsträdgårdsgatan 2, 10670 Stockholm, Sweden, +468 411 2122 Šiaulių bankas Vilnius Tilžės g. 149, LT-76348 Šiauliai, Lithuania, +370 4159 5654, [email protected] Trasta komercbanka Tallinna, Riga Vilnius Miesnieku iela 9, LV-1050 Riga, Latvia, +371 6702 7777, [email protected] Ūkio bankas Tallinn, Riga, Vilnius Maironio g. 25, LT-44250 Kaunas, Lithuania, +370 3730 1432

List of members 83 Contacts

NASDAQ OMX Tallinn NASDAQ OMX Riga NASDAQ OMX Vilnius

Tartu mnt 2, 10145 Tallinn, Estonia Vaļņu iela 1, Rīga LV 1050, Latvia Konstitucijos pr. 7, LT-08501 Vilnius, Lithuania Telephone: +372 640 8800 Telephone: + 371 6721 2431 Telephone: + 370 5 272 3871 Fax: +372 640 8801 Fax: + 371 6722 9411 Fax: + 370 5 272 4894 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected]

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84 Contacts