Guide to NASDAQ OMX Baltic Securities Market 2010 · interfaces. Message Hub will ensure the integ-rity of messages and will allow for further inte-gration and interoperability with

Guide to NASDAQ OMX Baltic Securities Market

Guide to NASDAQ OM

X Baltic Securities Market

Contacts

NASDAQ OMX Tallinn

Tartu mnt 2, Tallinn 10145, Estonia

Telephone: +372 640 8800

Fax: +372 640 8801

E-mail: [email protected]

NASDAQ OMX Riga

Vaļņu iela 1, Rīga LV 1050, Latvia

Telephone: + 371 6721 2431

Fax: + 371 6722 9411


NASDAQ OMX Vilnius

Konstitucijos pr. 7, LT-08501 Vilnius, Lithuania

Telephone: + 370 5 272 3871

Fax: + 370 5 272 4894


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

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Table of contents

Welcome to the Baltic market 5

Latest developments at NASDAQ OMX Baltic 6

An in-depth look at NASDAQ OMX Baltic 9

The Baltic economies 22

Overview of taxation in the Baltic countries 26

Food for the people, fuel for the market 33

Company profiles 35

NASDAQ OMX Baltic Secondary list TOP 30 82

Baltic Fund List 84

Baltic Bond List 86

NASDAQ OMX Baltic members 87

Market data vendors 88

Contacts 89

4

5

Welcome to the Baltic market

Welcome to the 2010 edition of the NASDAQ

OMX Guide to the Baltic Securities Market, your

indispensable reference point for news and

developments affecting the Baltic securities

markets, summaries of all Main List and some of

the larger Secondary List companies, as well as

other investment ideas for established and new

investors.

Despite the challenging times endured by the

global financial system, the NASDAQ OMX Baltic

exchanges continue to improve the quality of

their offering in the region.

NASDAQ OMX Group’s desire to acquire full

ownership in the Baltic exchanges as well as

the harmonization of trading technology give

proof of the region’s high potential and increase

integration with the global securities markets.

Two successful IPOs - Premia Foods and Linas

Agro Group - and a rights offerings of City Service

and Ekspress Grupp mark a recovery in market

sentiment after the lows of 2009. Development

of market indices and deeper interest in public

securities market as a capital raising source

indicate more optimistic view and increased

confidence in the Baltic market.

Moves towards adopting the Euro as the trading

and settlement currency in Estonia and Lithuania

by the beginning of 2011, with plans to do

the same in Latvia shortly thereafter, signal

the exchanges’ desire to ease the passage

of business for international investors. This is

backed up by efforts to bring investors more real-

time information, with the introduction of the next

generation trading platform, Genium INET, and

more advanced trading surveillance systems.

Alongside our continued promotion of better

education services, these initiatives demonstrate

NASDAQ OMX Baltic’s commitment to improving

local equity culture and to welcoming investors

from around the globe.

6

Latest developments at NASDAQ OMX Baltic

NASDAQ OMX to increase its presence

in the Baltics

NASDAQ OMX acquired the minority stakes Swed-

bank and SEB held in the NASDAQ OMX Baltic

exchanges, thereby strengthening its position

in the Baltic market. NASDAQ OMX has a strategic

interest in developing the region’s capital mar-

kets and its goal is to reach 100 percent owner-

ship in all NASDAQ OMX’s Baltic entities in the near

future.

Trading and clearing of equities in euro

Business on the Baltic exchanges is closely

interrelated, with every third exchange trans-

action being across borders. Therefore, in order

to have more homogeneous markets, the Baltic

exchanges are working towards introducing a

single trading and clearing currency in the Baltic

market. Estonia will adopt the euro as a national

currency from January 1, 2011 and, consequently,

trading and clearing on NASDAQ OMX Tallinn will

be conducted in euros. NASDAQ OMX Vilnius will

start using the euro as the trading and clearing

currency for equities on its regulated market in

November 2010. NASDAQ OMX Riga will also move

along with its plan to introduce trading in euros

on its regulated equities market.

Making markets more attractive

to foreign issuers

NASDAQ OMX Baltic has continuously worked

to improve the attractiveness of its market-

place and one of its initiatives has been aimed

at adjusting the setup of its market so that list-

ing and trading is as seamless for foreign issuers

as it is for local customers. Following changes in

regulations passed in early 2010, an electronic

issue of the Listing Guide for Foreign Companies

was published. This publication provides foreign

issuers with information on the benefits, ser-

vices, requirements and practices of listing and

trading in the Baltic states. Listing guide is avail-

able on www.nasdaqomxbaltic.com


http://www.nasdaqomxbaltic.com/files/vilnius/leidiniai/Listing_EN/listing_on_nasdaq_omx_en.html

7

Genium INET

NASDAQ OMX Baltic and Nordic exchanges suc-

cessfully introduced the INET trading system for

equities markets on February 8, 2010 followed

by a new, real time, market surveillance system,

SAGA. Volatility Guards - a complementary tool for

equity markets to reduce the likelihood of erro-

neous trades and to reduce the impact of sudden

and extraordinary liquidity was implemented in

September 2010.

The new trading platform, named Genium INET,

will replace the existing SAXESS trading system

and will be used for fixed income trading and

issuing auctions on the Baltic exchanges. Genium

INET, developed to comply with Nordic and Baltic

market conditions, will bring improved trad-

ing interfaces and enhancements in the market

model.

It is planned that trading in Nordic derivatives will

be migrated to the new system during autumn

2010, while Nordic and Baltic fixed income trading

and issuing auctions will be transferred in 2011.

Genium INET will enable further improvements in

efficiency, in reducing latency and in the inter-

face members use for derivatives, fixed income

instruments trading, and issuing auctions across

Nordic and Baltic exchanges.

The Baltic CSDs continuously work on

implementing their clearing and

settlement strategies

Both Latvia’s and Estonia’s Central Securities

Depositories (CSDs) will introduce a common,

centralized, message exchange service called

the Central Message Hub by the end of 2010.

This hub will be based on proven state-of-the-

art technology, such as Java Messaging Services

and IBM MQ, replacing existing local proprietary

interfaces. Message Hub will ensure the integ-

rity of messages and will allow for further inte-

gration and interoperability with the SWIFT and

Target2 Securities systems, which use inter-

national ISO20022 standards. After a one-and-

a-half year development phase, Message Hub

is being used in a test environment and, at the

time of its launch, will be the most reliable and

cost efficient interface between Baltic CSDs and

market participants.


8

New core system Depend in Estonian CSD

Estonia’s CSD will introduce a new core system

called Depend on January 1, 2011, at the same

time as the country adopts the euro. Cash set-

tlement will take place in Target2-Estonia and

transactions will be settled in Euro only. Clear-

ing and settlement processes will be amended

to accord with the best practices and interna-

tional standards. Settlement will be through

Real Time Gross Settlement (RTGS) with optimiza-

tion batches instead of batch processing, which

should reduce the assets commitment periods

and risks for buyers and sellers.

NASDAQ OMX Vilnius to hold euro-denominated

Lithuanian Government bond auctions

In July 2010, NASDAQ OMX Vilnius started hold-

ing primary auctions of Lithuanian government

bonds denominated in euros. Until then, bond

auctions had been held only in the Lithuanian

national currency, the Litas. Government bond

auctions are held on the NASDAQ OMX trading

platform, whereas the clearing and settlement

of the trades executed at auctions is handled by

the Central Securities Depository of Lithuania.

Settlement for debt securities in euro

Quoting and trading in debt securities on NASDAQ

OMX Vilnius has been expanded, not only for

trades conducted in litas or euros, but for other

currencies as well (settlements are made in litas).

Since February 2010, the settlement of trades in

euro-denominated securities at NASDAQ OMX Vil-

nius are performed via the TARGET 2 payment

system. Currently this applies to trades in debt

securities.


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 com-

pany with capabilities in trading, technology and

service that reach across six continents. NASDAQ

OMX operates a variety of listing platforms to pro-

vide multiple global capital raising solutions for

private and public companies around the globe.

NASDAQ OMX offers trading across multiple asset

classes, including equities, derivatives, debt,

commodities, structured products and ETFs.

NASDAQ OMX Group is the world’s largest provider

of technology for the exchange industry – pro-

viding services to over 70 exchanges, clearing

organizations and central securities depositories

in more than 50 countries.

NASDAQ OMX Baltic is positioned on the cross-

roads between central, western and northern

Europe, the Baltic and CIS markets. The region’s

strengths provide exceptional business opportu-

nities for investors: political stability, economic

freedom, some of the most diversified industry in

north-eastern Europe, an attractive investment

environment, which is relatively inexpensive with

easy access to capital, and a young, well-edu-

cated workforce.

NASDAQ OMX Baltic provides customers with con-

venient access and quality products. We con-

tinue to expand what we offer and to provide a

wider selection of joint Baltic services and instru-

ments to local and international customers.

NASDAQ OMX ownership in the Baltics

100% of NASDAQ OMX Tallinn

Estonian Central Depository (100%)

~93% of NASDAQ OMX Riga

Latvian Central Depository (100%)

~95% of NASDAQ OMX Vilnius

Central Securities Depository of

Lithuania (8%)

32% of the Central Securities Depository

of Lithuania


10

NASDAQ OMX Baltic – what we offer to investors, members and information vendors NASDAQ OMX Baltic’s securities market aims to

provide a one-stop-shop for trading and settle-

ment in the Baltic region, thereby making the

region more accessible and attractive to for-

eign and local investors, as well as listed com-

panies. The market – comprising of three Baltic

exchanges, the central securities deposito-

ries of Estonia and Latvia, and a network of local

and international members – offers a compre-

hensive, efficient and secure marketplace regu-

lated to global standards for companies to raise

capital and for investors to transact and settle

financial products seamlessly between the three

countries.

Baltic investment products Altogether, close to one hundred companies are

listed on two Baltic equities lists. In addition,

NASDAQ OMX Baltic provides trading in almost a

hundred bonds of different maturities, presented

in the Baltic Bond List, which had a market cap of

around EUR 2.1 billion in mid-2010. The concept

of combining Baltic products into common lists

has also been extended to include investment

fund units. NASDAQ OMX’s exchanges in Riga and

Vilnius have developed an infrastructure for pri-

mary placement of new bond issues, used by the

Latvian and Lithuanian Governments and corpo-

rate issuers.

Baltic Main List Baltic Secondary List First North Baltic

Regulated market Regulated market Alternative marketplaceMarket cap of at least EUR 4 million

Smaller market cap No minimum market cap requirements

25% free float or at least EUR 10 million capitalization

No minimum free float requirement

No minimum free float requirement

Three years operating history No minimum requirements (2 years in Vilnius)

No minimum requirements

GICS classification GICS classification GICS classificationIFRS/GAAP IFRS/GAAP/Local standards

(Riga)Local standards or IFRS

Baltic Bonds Baltic Funds

Listing and trading in: • Governmentbonds• Corporatebonds• Mortgagebonds

Listing and trading in: • Open-endedfundunits• Closed-endfundunits

Listing and trading in national currencies, EUR and USD (and other currencies of denomination in Vilnius)

Baltic Fund Center displays comparable performance indicators for Baltic funds


11

NASDAQ OMX First North NASDAQ OMX First North is an alternative mar-

ketplace specifically designed for fast-growing,

developing companies with a need for market

facilitation. In the Baltic countries, First North is

harmonized across the NASDAQ OMX exchanges

in Tallinn, Riga and Vilnius. First North utilizes

the NASDAQ OMX trading, information and distri-

bution infrastructure – but has lower regulatory

demands and admission requirements.

At the same time, First North brings investors at

home and abroad a wider range of investment

possibilities, such as first-hand access to the

NASDAQ OMX Tallinn

Aare Raig Law Firm��Law Firm Lepik & ��Luhaäär LAWINLaw Firm Sorainen��Cresco Väärtpaberite AS��Deloitte Advisory��Redgate Capital��SEB Enskilda��Swedbank��

NASDAQ OMX Riga

Advante Corporate Finance��Ardente��Eventus Corporate Finance��SEB Enskilda��

NASDAQ OMX Vilnius

Baltijos įmonių finansai��Deloitte Lietuva��GILD��SEB Enskilda��Swedbank ��Verslo konsultacijų spektras��

The NASDAQ OMX Baltic offering includes:

1. Easy remote access for members through pan-Baltic membership

2. Easy access for investors to all Baltic investment products through any of the numerous pan-Baltic members

3. Efficient cross-border trading and settlement

A common trading system - INET ��

A single access point to Baltic local ��markets (Tallinn, Riga and Vilnius)

Harmonized market practices and rules ��

Delivery-versus-payment (DVP) ��link between the Baltic CSDs

Free-of-payment (FOP) link between the CSDs��

4. One market information source

Baltic equity lists��

Baltic bond list ��

Baltic fund list ��

Common Baltic and harmonized local indexes ��

Common website – ��www.nasdaqomxbaltic.com

One market data package for vendors ��

companies of tomorrow and the opportunity to

share in their growth and success. It may involve

higher risk but, on the other hand, may provide

better returns.

There are 18 Certified Advisers affiliated with First

North qualified to guide growth companies to

the Baltic alternative market. To join First North,

a company should enter into an advisory agree-

ment with one of our Certified Advisers.

For more information about First North visit:

www.nasdaqomxbaltic.com/firstnorth


First North Baltic certified advisers

12

International standards to facilitate benchmarking NASDAQ OMX’s exchanges in the Nordic and

Baltic regions use the Global Industry Clas-

sification Standard (GICS), a global standard

developed by Morgan Stanley Capital Interna-

tional and Standard & Poor’s. Companies are

classified according to their principal busi-

ness activity, defined according to the area

in which a company generates the major part

of its revenue.

Tradeable index

Benchmark index

All-share & Sector indexes

Tradable index • OMXBaltic10

Benchmark index• OMXBaltic

Benchmark indexes

All Share indexes• OMXBaltic• OMXTallinn• OMXRiga• OMXVilnius

Jan2000 2001 2002 2003 2004 2005 2008 2009

Jan2010

1200

1000

800

600

400

200

0

2006 2007

Indexes historical overview

OMXT Value / OMXR Value / OMXV Value / OMXBBCAPGI Value

Readily available information for informed investment decisions NASDAQ OMX Baltic offers a comprehensive range

of real-time and historical data services, as well

as other useful information products for inves-

tors, financial professionals and the media.

www.nasdaqomxbaltic.com

Presents real time as well as historical market

information and periodical statistical informa-

tion, including monthly statistical reports called

Baltic Bulletins. All information is available free of

charge.

NASDAQ OMX Baltic Fund Center

www.nasdaqomxbaltic.com/balticfunds

The Baltic Fund Center is an online information

center providing investors with performance

information for most of the funds offered in the

Baltic countries. Data of funds is displayed in a

consistent, user-friendly manner, making com-

parison of fund performance easy. All information

is available free of charge.


13

Vendor information

One of the main services of NASDAQ OMX Baltic

is to provide the necessary market information

to vendors, who further disseminate the data in

various forms to their redistributors, customers

or end-users: brokers, institutions and individual

investors.

NASDAQ OMX Baltic’s exchanges offer a wide

range of information products, covering real time

information, information with a 15-minute delay,

basic analysis data and batch data.

NASDAQ OMX Baltic’s exchanges apply the same

Agreement as used by NASDAQ OMX Nordic’s

exchanges. Vendors who have already entered

into an agreement with any NASDAQ OMX Nordic

exchange need only mark the Baltic products

they wish to subscribe to in the Application Form.

For more information about our market data

offering, please visit the NASDAQ OMX Baltic web-

site. For a list of vendors see page 88.

GlobeNewswireThe distribution service of GlobeNewswire is tai-

lor-made for listed companies in the Nordic and

Baltic region. Through GlobeNewswire, listed

companies are able to fulfill the exchange’s dis-

closure requirements as well as those of other

authorities through our extensive distribution

locally and across Europe.

The Market Data Feed is the main distribution

channel, reaching approximately 500,000 recipi-

ents through key media and data vendors, such

as Reuters and Bloomberg.

The NASDAQ OMX news distribution service deliv-

ers information instantly and simultaneously

to some 3,000 traders, including those actively

buying or selling stocks via the trading system.

Our market data feeds are subscribed to by more

than 100 global information distributors, such as

Reuters, Bloomberg and SIX, as well as 80,000

professional investors and several major bank

platforms. Our distribution network includes real-

time integration to editorial systems at major

newspapers and broadcast outlets, direct feeds

to top news agency databases and websites,

and customized emails sent directly to individual

journalists, analysts and business professionals.


14

Efficient cross-border trading and settlement NASDAQ OMX Baltic facilitates efficient cross-

border trading and settlement between the

exchanges in Estonia, Latvia and Lithuania,

thereby making the Baltic region more accessi-

ble and attractive to investors and listed com-

panies. By utilizing a common trading system, as

well as common rules and requirements between

the exchanges, and offering an advanced deliv-

ery versus payment (DVP) link, investors are able

to trade and settle efficiently and seamlessly

between the three markets.

Advanced electronic trading system INET

NASDAQ OMX Baltic’s stock exchanges oper-

ate 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.

NASDAQ OMX Baltic exchanges use the trad-

ing system INET for equity trading. Recognized

as the most advanced securities trading tech-

nology in the world, INET is used in NASDAQ OMX

Group’s exchanges in the US, the Nordic and

Baltic countries.

Having one single trading platform, used by

investors worldwide, eases and facilitates trans–

Atlantic access for members to the Nordic and

Baltic markets. With the introduction of INET,

exchange members can enjoy greater flexibility

as the platform can be used via the internet.

Fixed income instruments are traded on the

Saxess platform.

TRADING DAY

All three Baltic exchanges have the same

structure and hours to their trading day. The

day’s structure is also harmonized with other

exchanges at NASDAQ OMX Nordic.

Trading day structure

Time Trading phase

09:00–10:00 Pre-Open

10:00 Openingcall(Uncross)

10:00–15:55 Continuoustrading

15:55–16:00 Pre-Close

16:00* Closingcall(Uncross)

16:00–16:30 Post-trade

16:30-09:00 Market closed

* Randomly picked by the system between 15:59:30 and 16:00:00. GMT +02:00, different trading hours apply to the fixed income market

Trading currencies

Trading takes place in the following currencies:

Estonia:�� trading in EUR, settlement in

EUR as of January 1, 2011. Estonian

CSD joined TARGET2 in August 2009.

Latvia:�� financial instruments issued in Latvia

are traded and settled in the currency they

are issued - LVL, USD or EUR. Cash legs in

USD/EUR are settled via commercial banks.

Lithuania:�� both trading and settlement

in LTL. Settlement of trades concluded

in debt securities denominated in EUR is

performed in EUR. NASDAQ OMX Vilnius will

start using EUR as the trading and clearing

currency for share trading in November 2010.

Lithuanian CSD joined TARGET2 in 2007.


15

All three Baltic countries are part of the EU’s

exchange rate mechanism, ERM-2. Participa-

tion means that each country’s domestic cur-

rency is pegged to the euro in order to prepare

the respective country for full membership of the

monetary union.

Tick size and trading lots

As of November 2010, the tick size for listed equi-

ties is EUR 0.001 on NASDAQ OMX Tallinn and Vil-

nius, and LVL 0.001 on NASDAQ OMX Riga. The min-

imum 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 com-

patible with member rules at other NASDAQ OMX

exchanges in Copenhagen, Helsinki, Reykjavik

and Stockholm.

Clearing and settlement

The Baltic central securities depositories pro-

vide centralized clearing and settlement in each

market, as well as execution of corporate actions,

assuring a level playing field for local and inter-

national 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 necessar-

ily need to become participants of a CSD and/

or member of the national central bank, but can

facilitate all or part of the clearing and settle-

ment 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 secu-

rities and cash account in one Baltic country,

to which the securities registered in any of the

Baltic CSDs can be settled.

Pan-Baltic settlement link

An investor with a securities 1. account in Estonia/Latvia/Lithuania can easily buy and sell securities in any of the three countries

An investor interested in 2. buying securities in one of the neighboring countries no longer needs to open a new account in the country in question

Payments are made in local currency 3. (EEK in Estonia, LVL in Latvia, LTL in Lithuania); the cash-leg in foreign currencies is settled via commercial banks (EUR and USD)

One common clearing and settlement 4. time schedule for Baltic stock exchange transactions. A market specific time schedule remains for Latvian tradable government bonds

Stock exchange transactions are 5. settled via cross-border DVP

Cross-border FOP transfers and OTC 6. DVP transactions are available to all account operators and account managers of the Baltic CSDs


16

The cross-border link supports 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 second-

ary market.

The clearing and settlement solution between the

Baltic CSDs complies with the Issuer CSD Model,

meaning that the Issuer CSD takes the responsi-

bility for the settlement of securities registered

with it. The cash clearing of a cross-border DVP

transaction is conducted in its original currency

in the respective central bank via local commer-

cial banks.

Further information on the Baltic market and

its clearing and settlement practices can be

obtained from the Baltic Market Practice Guide

for Securities Settlement, available on the Baltic

CSDs’ websites.

Other depository services

Recent activities at the Baltic CSDs have con-

centrated on step-by-step improvement of the

information exchange on corporate actions. From

January 2008, information on corporate actions is

exchanged between the Baltic CSDs using SWIFT

messaging. From June 2008, the Estonian CSD

introduced ISO standard messages and e-mail,

as well as SWIFT, to transmit corporate actions to

local account operators.

Further information on the practices and execu-

tion of corporate actions at the Estonian, Lat-

vian and Lithuanian Central Depositories can be

obtained from “The Corporate Actions Practice

Guide” available on the CSDs’ websites.

NASDAQ OMX Baltic membership In order to trade on all three Baltic markets, a

bank or brokerage firm needs to be a member of

all three exchanges. However, through a single

application form, joint review and approval proce-

dure, the Baltic exchanges have made the cross-

border application procedure as simple and as

smooth as possible. We encourage our members

to become full Baltic members. Investors should

note that pan-Baltic brokerage services can only

be provided by pan-Baltic members.

To be eligible for NASDAQ OMX Baltic membership,

a company must be authorized to carry out secu-

rities operations and be under adequate super-

vision of an authorized supervisory body in the

company’s home country. A prospective member

must meet capital adequacy requirements, have

a suitable business organization, adequate risk

management routines, secure technical sys-

Basic steps to become a member

Notify the financial supervisory ��authorities in the member’s home country*

File an application with one of the ��Baltic exchanges accompanied by the required appendices

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

* The notification is required only if the potential member provides cross-border investment services to persons residing or located in the Baltic countries.


17

tems, and must otherwise be deemed suitable

to participate in trading. In addition, at least two

employees in the company must be authorized as

exchange traders in order to trade via the elec-

tronic trading system.

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

installment costs. Furthermore, they are not

required to pay extra fees to the Baltic exchanges

for the use of technical infrastructure.

Clearing and settlement of transactions made

on the NASDAQ OMX Baltic takes place in the

local CSDs. A remote member (foreign-based

member firm) has two alternatives for clear-

ing and settling transactions concluded on the

Baltic exchange(s): it can either use its own back

office and conclude respective agreements with

the Estonian, Latvian or Lithuanian CSD, or it can

outsource its clearing and settlement services.

Several service providers are available on the

market.

For a list of members see page 87.


18

consequently, the financial performance of those

enterprises, both at the state and the municipal

level, thus giving a competitive lift to the whole

Baltic region.

More information: www.corporategovernance.lt

Detailed information disclosure requirements

for listed companies

Companies traded on the exchange are subject

to information disclosure rules. NASDAQ OMX Bal-

tic’s exchanges have a harmonized set of disclo-

sure requirements for companies traded on the

Baltic 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 participants simultane-

ously, ensuring that investors and other market

participants have an equal basis upon which to

make informed investment decisions.

Safe place to investProviding a safe place to invest is one of our top

priorities and a number of effective measures

are in place to maintain investor confidence and

integrity at NASDAQ OMX Baltic’s markets. Since

joining the EU in 2004, the Baltic countries have

had to comply with all EU regulations as well as

adjust local legislation concerning securities

markets. Market supervision and enforcement

play a vital role in ensuring market confidence.

Each Baltic state has a national financial super-

visory authority (FSA) to supervise the local secu-

rities market. The stock exchanges themselves

also act as self-regulatory bodies, supervising

their member firms as well as their listed compa-

nies. This multi-tier supervision and enforcement

system is in place to ensure that issuers and

member firms act in compliance with laws and

applicable rules, regulations and instructions.

Corporate governance

Listed companies must adhere to corporate gov-

ernance requirements. At NASDAQ OMX Baltic, we

continue to work with corporate governance to

improve transparency and strengthen customer

confidence in the market.

The Baltic exchanges take an active part in the

Executive Committee of the Baltic Institute of

Corporate Governance (BICG), a non-profit orga-

nization that advances the corporate governance

agenda in the Baltic states and seeks to improve

the understanding of good corporate governance

and the value of adhering to established princi-

ples of corporate governance. The most recent

initiative of the BICG – the launch of “Baltic Guid-

ance on the corporate governance” for the gover-

nance of government-owned enterprises (GOEs) -

is designed to enhance the governance and,

EU&locallegislation

Exchangerules&CorporateGovernance

Supervision, surveillance and enforcement

Investor protection in the Baltics


19

Investor protection

A wide range of measures are in place to ensure

a high level of investor protection on the NASDAQ

OMX Baltic exchanges. It is mandatory for inter-

mediaries and custodians to keep proprietary

investments on separate accounts from their cli-

ents’ investments. This eliminates securities risk

in case of default of a bank or a brokerage com-

pany. Members are required to have sufficient

capital to cover risks associated with operations.

In addition, the exchanges have set up a Guaran-

tee Fund, used in the case of a member’s default

to which all members contribute.

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 acknowledge the best NASDAQ OMX

Baltic market participants and to improve the

overall standard of investor relations among

listed companies.

NASDAQ OMX Baltic Market Awards 2009 winners

Best Investor Relations in the ��Baltic Countries - TEO LT

Best Investor Relations in NASDAQ ��OMX Tallinn - Tallinna Vesi

Best Investor Relations in NASDAQ ��OMX Riga - SAF Tehnika

Best Investor Relations in ��NASDAQ OMX Vilnius - TEO LT

Best Investor Relations among Small ��Cap Companies - SAF Tehnika

Best Annual Report - Tallinna Vesi��

Most Visible Improvement over ��the Year - City Service

Best Investor Relations Online - ��Grindeks, SAF Tehnika, TEO LT, VST

Member of the Year 2009 - SEB Bankas��


20

Knowledge – the key to successful investing

No matter if it is to fund a college education, to

supplement current income, or save up for retire-

ment, the key to successful investing is knowl-

edge. And no matter how long one has been

investing, there is always more to learn – with

changed market conditions to consider, new

products to understand and different investment

strategies to suit changing lifestyles. NASDAQ

OMX Baltic is committed to educating current and

potential investors about investing in securities.

Through its investor awareness program, NASDAQ

OMX Baltic stock exchanges aim to provide inves-

tors and other interested groups with neutral,

practical information about investing, as well as

to support a transparent marketplace and best

practices together with governmental bodies

and supervisory authorities. The program aims to

improve education on the securities markets and

promote a steady flow of new and experienced

investors to the Baltic market. Interested people

will be provided with information according to

their level of expertise, from first-time investors

to advanced.

Informed investors drive market success and

we see great potential for our market through

enhancing the knowledge and awareness of our

investors.

The Baltic exchanges implement a wide range of local and pan-Baltic activities to raise investor awareness, including:

Local language web sections or sites ��dedicated to investor education and containing background and current information relevant to potential investors according to different levels of experience

Fairs, conferences and seminars to ��provide investors 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 understanding of the securities markets

Academic competitions to stimulate ��student involvement and interest in the Baltic securities market

Schoolbooks and other learning ��materials, which are edited and released by stock exchanges

As well as other country-��specific projects


2002 2003 2004 2005 2006 2007 2008 2009 2010 H1

Market capitalization (MEUR)

4417.0 6671.8 10587.2 12081.3 14340.8 13095.7 5177.5 6386.1 5428.0

Market turnover (MEUR)

567.0 783.0 1065.0 2603.1 2460.1 2385.7 978.4 495.0 253.4

Averagemonthlyturnover (MEUR)

47.3 65.3 88.8 216.9 205.0 198.8 81.5 41.3 42.2

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

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

Averagecompanycapitalization (MEUR)

34.5 58.5 111.4 116.2 146.3 132.3 55.1 71.0 61.7

Market cap(% of GDP)

13.5% 19.0% 27.1% 26.8% 26.9% 20.1% 7.3% 10.8% 9.3%

Market turnover (% of market cap)

12.8% 11.7% 10.1% 21.5% 17.2% 18.2% 18.9% 7.8% 10.9%

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

Aggregate Baltic market

www.instinet.comS E T T I N G T H E S T A N D A R D I N A G E N C Y E X E C U T I O N F O R 4 0 Y E A R S

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

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22

The Baltic economies

EstoniaBy the end of 2009, adjustments in Estonia’s

economy have helped it to recover from the deep

crisis it found itself in twelve months earlier.

Although household consumption and private

investments are still low, exports and related

industrial production have shown a strong recov-

ery and brought back economic growth. The most

successful sectors are producing higher value-

added products, but exports of mineral products

and electricity have also grown strongly.

The recovery of exports and industry is directly

related to adjustments made in Estonia’s com-

panies: they have become more efficient, more

productive and found new markets outside the

EU. The weakening of the euro and the recovery

in Europe have been supporting factors as well.

Still, the relatively bleak outlook for the devel-

oped world’s economies poses some risk for

the growth of Estonia’s economy as it is highly

dependent on exports.

Taking into account its low production costs –

Estonia will be the country with the lowest pro-

duction costs in the euro zone – the country’s

exports and production should grow vigorously in

the coming years although growth in the EU will

be slow. Still, the constant improvement of pro-

ductivity is required.

The government’s efforts to keep the public-sec-

tor budget deficit low despite the sharp economic

contraction were successful and were rewarded

with membership of the euro zone from 2011. The

reality of euro zone membership and the adjust-

ments in the economy have already captured the

attention of investors, which should bring more

beneficial investments to the country.

Consumption will remain weak for a long time as

high levels of unemployment will decline only

slowly and income growth will need some time to

appear. The sharply increased saving rates at the

time of the crisis will only gradually decrease in

next few years. Weak consumer demand keeps

import levels low, although it grows hand-in-

hand with exports and investments.

Maris Lauri / Senior Analyst / SwedbankSeptember 30, 2010


23

High unemployment is one of the short-to-

medium term challenges for the Estonian econ-

omy, which may result in labour outflow and limit

future growth. The business sector has to con-

tinue its efforts to raise productivity and effi-

ciency. Of the longer-term issues, ageing and

population decline will remain the biggest chal-

lenge for the country.

2000 2004 20082002 2006 2010 H12001 2005 20092003 2007

20%

15%

10%

5%

0

-5%

-10%

-15%

-20%

GDP & CPI of the Baltic states

Estonia / Latvia / LithuaniaGDP CPI

GDP (2010 2Q)

Growth

current account (2010 2Q)

budget balance (2009)

% of GDP

hourly labour cost (2008)

eur

CPI (2010 Aug)

unemployment rate (2010 2Q)

%

public debt (2009)

GDP per capita (2009)

th eur

40

30

20

10

0

-10

Major statistic about the Baltic states

Estonia / Latvia / Lithuania


24

LatviaThe Latvian economy reached the bottom of its

cycle at the end of 2009 and a slow recovery is

expected in the forthcoming years. Although

exports have already shown vigorous growth,

domestic demand is still weak and will require

time to show improvement.

The recovery of exports has been rather impres-

sive: after cost cutting, which improved com-

panies’ competitiveness, a recovery of external

demand has allowed Latvian firms to expand their

production. It is therefore reasonable to expect

Latvia to increase its share of world trade. Still,

as the global outlook remains challenged, there

is a risk that export growth will slow. Therefore,

it is crucial for Latvia’s companies to continue

increasing their efficiency and productivity and

to shift towards higher value products.

The situation and outlook for domestic demand

is far less promising. Unemployment is high and

any improvement has occurred mostly because

of seasonal factors or due to emigration. It

means that household incomes continue to be

low, which in turn affects their spending abil-

ity. Although export growth is already starting

to create jobs, this process will not be fast and

exporting sectors will not be able to absorb most

of the unemployed.

Investment growth is expected to arrive late in

2010 as excessive capacities will be employed

and a more favourable economic outlook will

encourage companies to invest. However, real

estate and government investments will remain

low due to strong oversupply and the need to cut

budget deficit.

The Latvian government has managed to keep its

promises regarding the budget deficit, and this

has improved the overall business environment.

However, fiscal consolidation has had rather a

strong negative impact on domestic demand,

and may deepen some of the problems with

infrastructure and in the social sphere. Structural

reforms in the public services are the main chal-

lenge for the Latvian economy, as only in this way

would it be possible to cut taxes and increase

budget spending on infrastructure, which in turn

would benefit the Latvian economy. The budget

deficit will decline, but remain high for some

years to come; accession to the euro zone is

expected in 2014.

Economic growth rates


2005 2006 2007 2008 2009 2010H1

15%

10%

5%

0

-5%

-10%

-15%

-20%

Budget balance / % of GDP


4%

2%

0

-2%

-4%

-6%

-8%

-10%2004 2005 2006 2007 2008 2009


25

LithuaniaThe Lithuanian economy has started on a bumpy

road upwards, supported by exports, while

domestic demand remains weak.

Improved global economic developments and

adjustments made by Lithuania’s companies, to

increase productivity and efficiency, have gen-

erated a strong export recovery. Although a sub-

stantial part of the growth in exports is and will

remain related to oil products, other exports and

the production of different forms of capital and

intermediate goods have expanded strongly as

well. The improved competitiveness of Lithua-

nia’s producers will promote export growth in the

future, despite the relatively weak outlook for

growth in the main export markets.

Domestic demand will remain low for some time

as unemployment remains high and wages strug-

gle to recover from the cuts made during the

crisis. When unemployment starts to decrease

and incomes rise, consumption will also recover.

However, the recovery will be slow, as unemploy-

ment is expected to remain high for years.

The investment outlook is bleak in the short

term due to excess capacities and financial con-

straints. However, investment will start to grow

as limits in the capacity of the export sector start

to show. Still, the real estate sector will remain

weak for some years, and the government’s abil-

ity to expand investments, other than those

related to EU funding, will be limited as well due

to budget constraints. Investments in infrastruc-

ture, particularly in the energy sector, will grow

and remain high for several years, being sup-

ported both by private and public funds - the

latter getting a substantial contribution from EU

funds and institutional borrowing.

Although most of the adjustment to the new

business reality has already taken place, the

private sector still has to continue working on

improving and maintaining its competitiveness.

In that respect, efforts to increase the produc-

tion of high value added goods should continue,

keeping the need for investment high. The gov-

ernment’s major challenges are related to the

public finances, where the budget deficit needs

to be cut. At the same time, efforts to improve

the business environment and attract more

investment should continue, as this is only way

to address the problem of high unemployment.

Lithuania is expected to join the EMU in 2014.


26

Overview of taxation in the Baltic countries

ESTONIAResident companies

In Estonia, corporate taxpayers are not subject

to traditional corporate income tax. Instead, they

are subject to a distribution tax on distributed

profits, including hidden profit distributions (e.g.

fringe benefits, non-business expenses, trans-

fer pricing adjustments, gifts and donations). The

income of a company comprises its worldwide

income of all types but no tax is levied on this

income until retained in the company. Losses

have no significance for tax purposes.

Upon distribution, the distribution tax is levied

at a rate of 21/79 (approximately 26.6%) on the

net amount of the profit distribution (21% on the

gross amount). When a resident company redis-

tributes dividends received from its subsidiary

where it has at least 10% participation, the fur-

ther distribution is exempt of tax if either the

subsidiary is (a) resident in Estonia, another EEA

state or Switzerland or (b) resident outside those

countries but was subject to tax on its profits or

the dividends received by the parent were sub-

ject to withholding tax.

Non-Resident companies

With certain exceptions, the taxation of a non-

resident’s permanent establishment in Estonia

is similar to the taxation of resident companies.

The taxation of non-residents that have no per-

manent establishment in Estonia is restricted

to their activities in Estonia. Types of non-res-

idents’ income taxable in Estonia include busi-

ness income earned in Estonia, capital gains

from real estate, gains from the shares of com-

panies holding more than 50% of their assets in

real estate, and excessive interest. Otherwise,

interest and capital gains from the sale of shares

are exempt of tax if received by non-residents. In

addition to distribution tax, which is paid by the

distributing company, there is no additional with-

holding tax on dividends.

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. An excep-

tion is that taxes on capital gains are not with-

held; the non-resident has to declare the gain

and pay the tax.

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


27

Resident Individuals

Individuals resident in Estonia are subject to taxa-

tion on their worldwide income. Income (including

dividends, interest and capital gains) is generally

subject to tax at a flat rate of 21%. Domestic divi-

dends received by individuals are not taxed. For-

eign dividends are exempt if they have been sub-

ject to withholding tax or if the profit out of which

the dividends are paid has been taxed in a foreign

state. Interest income is exempt if it is paid by a

credit institution resident in Estonia or another

EEA state. Losses from securities can be carried

forward indefinitely but can be deducted only

from a gain from the disposal of other securities.

As of 1 January 2011, capital gains derived by

individuals from the disposal of financial assets

(e.g. shares and securities traded publicly in any

of the EEA or OECD countries or under certain

conditions in other countries, units of invest-

ment funds, investment deposits) will not be tax-

able if these assets had been acquired by funds

deposited on an investment account opened for

such purpose in a credit institution of an EEA

or OECD country and the sales proceeds will be

transferred back to the investment account.

Such gains will, therefore, be only taxable when

transferred out of the investment account (i.e.

assumed to be used for consumption). Financial

assets acquired before 2011 are also eligible if

attributed to the investment account.

Non-Resident Individuals

See under “Non-Resident companies”.

The website of the Tax and Customs Board is

www.emta.ee


28

LATVIAResident companies

Resident companies are subject to income tax

at a rate of 15%. Dividends are subject to income

tax if received from non-resident companies or

resident companies to which certain tax exemp-

tions apply in Latvia. Dividends are tax exempt if

received from a company resident in another EEA

state or from a non-resident company (unless

from a low tax territory) in which the resident

company owns 25% of capital and voting rights.

Interest and capital gains received by resident

companies are generally taxed at the rate of

15%1.

Non-resident companies

With certain exceptions, the taxation of a non-

resident company’s permanent establishment in

Latvia is similar to the taxation of resident com-

panies. Taxation of non-residents that have no

permanent establishment in Latvia is limited to

their activities in Latvia. The law contains a com-

prehensive list of payments to non-residents

that are subject to withholding tax in Latvia. This

list includes, among others, dividends paid by

resident companies and interest payments. Non-

resident companies being residents in EEA states

are not subject to withholding tax on dividends,

while in general dividends paid to non-residents

are subject to 10% withholding tax. Interest pay-

ments to non-resident companies are subject to

10% withholding tax if the payer and the recipi-

ent are related parties. If the related party receiv-

ing interest payment is resident in another EU

member state, 5% withholding tax applies. Inter-

est paid by commercial banks registered in Latvia

to persons affiliated with them is subject to 5%

withholding tax. All payments made by resident

companies to low-tax or tax-free countries or

territories are subject to 15% withholding tax,

with the exception of dividends paid by Latvian

residents, interest from deposits and balance of

accounts paid by credit institutions registered in

Latvia and payments regarding supply of goods,

if such goods are goods of origin of the respec-

tive low-tax territory.

Resident Individuals

Individuals resident in Latvia are subject to taxa-

tion on their worldwide income. In general, income

tax is charged at a flat rate of 26%. Income from

disposal of capital assets is subject to personal

income tax at a rate of 15%. If in a taxation year

the assessed capital gain from the disposal of

one capital asset is negative, while from the dis-

posal of another capital asset it is positive, the

loss can be set off against the positive capi-

tal gain. The losses realized in one taxation year

cannot be set off against the capital gain realized

in subsequent taxation years or other income of

the same taxation year.

Dividends, interest income and income from pri-

vate pension funds, life insurance are subject to

personal income tax at a rate of 10%.

Non-Resident Individuals

In general, the standard personal income tax

rates also apply to non-residents. Taxation of

non-resident individuals is limited to their activ-

ities in Latvia. The law contains an exhaustive

list of income of non-residents that are subject

to taxation in Latvia. This list includes, among

others, dividends paid by resident corporations,

interest payments and income from the disposal

of capital assets. By way of exception, income

of non-residents from the disposal of financial

instruments is not subject to personal income

tax in Latvia. In most cases non-residents are

taxed by way of a withholding tax.

The website of the State Revenue Service is

www.vid.gov.lv1 Except income gained from sale of securities in public circulation,

by which a company decreases its profits.

29

LITHUANIAResident companies

The profit of Lithuanian companies is subject

to corporate income tax at a rate of 15%. Micro

companies which have up to 10 employees and

up to LTL 500 000 income per taxable year may be

subject to a reduced rate of 5%.

Generally, dividends received by a resident com-

pany are subject to corporate income tax at a

rate of 15%. A participation exemption applies

to dividends paid to a parent company holding

more than 10% of the voting shares in the dis-

tributing company continuously for at least 12

months, provided the distributing company is not

established or otherwise organized in a tax haven

country. Dividends received from the foreign com-

pany, which is registered or otherwise organised

in EEA Member State and profit of which is sub-

ject to corporate income tax or equivalent tax,

are exempt from tax.

Interest received by Lithuanian companies is

subject to corporate income tax at the rate of

15%.

Capital gains from the disposal of shares in the

company, which is resident in an EEA member

state or in a country that has concluded a double

taxation treaty with Lithuania and the profit of

which is subject to corporate income tax or an

equivalent tax, may be exempt from taxation. To

qualify for the exemption, the resident company

must hold more than 25% of the voting shares

continuously for at least 2 years (or 3 years in

case of tax neutral former reorganisation). How-

ever, the exemption is not applicable if the shares

are transferred to the issuer.

Operational losses may be carried forward indefi-

nitely, provided the company continues with the

same activity. Losses from the transfer of securi-

ties and derivatives may be carried forward for 5

years and may be offset only against income from

the disposal of securities and derivatives. Carry

back of losses is not allowed. As from January 1,

2010, losses may be transferred within a group of

companies (subject to certain restrictions).

Non-resident companies

Non-resident companies are subject to tax only

on income received by permanent establish-

ments in Lithuania and income sourced in Lithua-

nia (e.g. income gained from the transfer or lease

of immovable property located in Lithuania, inter-

est, royalties, dividends, etc.). The withholding

tax rate differs depending on the income type.

Generally, dividends paid by a resident company

to a non-resident parent company are subject to

withholding tax at a rate of 15%. A participation

exemption applies to dividends paid to a parent

company holding more than 10% of the voting

shares in the distributing company continuously

for at least 12 months, provided the recipient

company is not established or otherwise orga-

nized in a tax haven country.

As of January 1, 2010, withholding tax on inter-

est is abolished for companies resident in EEA

member states and in countries that have con-

cluded the double tax treaty with Lithuania. Oth-

erwise, the rate is 10%.

The sale of the shares in a Lithuanian company

by a non-resident company is out of the scope of

taxation in Lithuania.


30

Resident individuals

Individuals resident in Lithuania are subject to

personal income tax on their worldwide income.

The standard tax rate is 15%.

Dividends are taxed at a rate of 20%. Moreover,

the part of the dividends (only distributed to indi-

viduals) proportional to the factually tax-free

part of the Lithuanian company’s (except for a

company established in a free economic zone)

profit is subject to corporate income tax at a rate

of 15%.

Interest received by Lithuanian individuals is sub-

ject to personal income tax at the rate of 15%.

Interest is exempt from taxation if repayment

commences not earlier than 366 days after the

date when the loan was granted (some excep-

tions apply).

Capital gains are tax exempt if derived from the

disposal of shares acquired before January 1,

1999. Exemption is also applicable to gains from

the transfer of shares acquired after January

1, 1999 and held for at least 366 days, provided

the individual’s participation has not exceeded

10% of the share capital during 3 years prior to

a tax year when the shares were disposed. How-

ever, the latter exemption is not applicable if the

shares are transferred to the issuer or the autho-

rized capital of the company was increased by its

own funds and the shareholder has received the

shares for free.

Non-resident individuals

Non-residents are subject to tax only on income

derived from activities through a fixed base in

Lithuania and on income sourced in Lithuania.

Dividends are taxed at a rate of 20%, unless

reduced under the double tax treaty. Moreover,

the part of the dividends (only distributed to indi-

viduals) proportional to the factually tax-free

part of the Lithuanian company’s (except for a

company established in a free economic zone)

profit is subject to corporate income tax at a rate

of 15%.

Interest received by non-resident individuals

is subject to personal income tax at the rate of

15%, unless reduced under the double tax treaty.

Interest is exempt from taxation if repayment

commences not earlier than 366 days after the

date when the loan was granted (some excep-

tions apply).

The sale of shares in a Lithuanian company by

a non-resident individual is out of the scope of

taxation in Lithuania.

The website of the State Tax Inspectorate is

www.vmi.lt

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


31

Comparative Baltic tax table

The following table indicates the tax obligations arising in the relevant countries as of

October 1, 2010. More favourable tax rates may be enjoyed under tax treaties in effect

between the relevant countries and various other nations (most EEA states, USA and others).

Income Tax Rate Estonia Latvia Lithuania

Non-ResidentCompanies 21% 15% 15%;5%

ResidentCompanies 21/79onthenetdistribution 15% 15%;5%

Non-ResidentIndividuals 21% 26% 15%

ResidentIndividuals 21% 26% 15%

Capital Gains

Non-ResidentCompanies 21%oncertainproperty-relatedtransactions;0%onthesaleofshares(exceptsharesofreal-estatecompanies)

0%,exceptionsapply 15%forrealestaterelatedtransactions;thesaleofsharesis outside the scope of taxation

ResidentCompanies 21/79onthenetdistribution 15%,exceptionsapply 15%;0%onthesaleofshares(exceptionsapply)

Non-ResidentIndividuals 21%oncertainproperty-relatedtransactions;0%onthesaleofshares(exceptsharesofreal-estatecompanies)

15%,exceptionsapply 15%forrealestaterelatedtransactions;thesaleofsharesis outside the scope of taxation

ResidentIndividuals 21%(asof2011,incomefromsecurities that is attributed to a special investment account will notbetaxeduntiltakenout)

15% 15%;0%onthesaleofshares(exceptionsapply)

Dividends

Non-ResidentCompanies 0%(dividendsare,however,subject to distribution tax payablebythedistributingEstoniancompany)

10%,exceptionsapply 15%;0%iftheparticipationexemption applies

ResidentCompanies 21/79onthenetdistribution,exceptions apply

0%;15%ifreceivedfromanon-resident, exceptions apply

15%;0%iftheparticipationexemption applies

Non-ResidentIndividuals 0%(dividendsare,however,subject to distribution tax payablebythedistributingEstonian company

10% 20%,unlessreducedunderthedouble tax treaty

ResidentIndividuals 0%(dividendsare,however,subject to distribution tax payablebythedistributingEstoniancompany)

10% 20%

Interest

Non-ResidentCompanies 0%;21%onexcessiveinterest 10%ifthepayerandrecipientarerelatedparties;5%iftherecipient is resident in another EUMemberState;5%ifpaidbyLatvian banks to related parties

10%;0%forcompaniesinEEAordouble tax treaty country

ResidentCompanies 21/79onthenetdistribution 15% 15%

Non-ResidentIndividuals 0%;21%onexcessiveinterest 10% 15%,unlessreducedunderthedoubletaxtreaty;0%(exceptionsapply)

ResidentIndividuals 21%(exceptionsapply) 10% 15%,0%(exceptionsapply)


32

33

Linas Agro Group

Premia Foods

2010 saw the first public equity

offerings in the Baltics since the

macroeconomic downturn took

hold. That in itself is an impor-

tant sign that both retail and

institutional investor sentiment

towards the region has improved

significantly.

There is a common bond between

the two companies that made

their public offering at the begin-

ning of 2010 – Linas Agro Group

and Premia Foods. Both operate

in an industry there ultimately

to provide some form of nour-

ishment. Thereby two worthy

causes were realized at the same

time: a greater ability to supply

a source of energy to humanity

and the animal kingdom, and, at

the same time, the development

of the Baltic capital markets.

Business focus Agribusiness:farmingandfarmingsupply,agriculturalcommoditytrading

Exchangelisting NASDAQOMXVilnius

Listingdate February17,2010

Coordinator Swedbank

Number of IPO shares 47 284 769(totalnumberofshares158940398)

Share price at IPO EUR0.59

TotalcapitalraisedthroughIPO EUR28.09m

Distribution of open-market shares 39.40%93.5%toinstitutionalinvestors6.5%toretailinvestors

MarketCap,Sept1,2010 EUR86080440.73

GICS classification AgriculturalProducts

Business focus Frozen foods and fish production and distribution

Exchangelisting NASDAQ OMX Tallinn

Listingdate May5,2010

Coordinator Swedbank

Number of IPO shares 14500000(totalnumberofshares:38682860)

Share price at IPO EUR0.89

TotalcapitalraisedthroughIPO EUR12.97m

Distribution of open-market shares 37.48%31.3%toinstitutionalinvestors6.2%toretailinvestors

MarketCap,Sept1,2010 EUR33654088.20

GICS classification PackagedFoodsandMeats

Food for the people, fuel for the market

Recent IPOs

34

Company Ticker GICS Code Max(EUR)

Min(EUR)

Change (%)

Deals Turnover (MEUR)

Average Market cap

(MEUR) Page

1 TEO LT TEO1L 50101020 0.72 0.36 61.11 22705 78.16 469.58 77

2 Olympic Entertainment Group OEG1T 25301010 1.68 0.53 116.98 23511 75.30 150.24 53

3 Tallink Grupp TAL1T 20303010 0.73 0.32 90.32 19392 64.91 335.85 48

4 Ūkio bankas UKB1L 40101010 0.48 0.2 44.29 38609 36.75 77.28 75

5 TallinnaKaubamaja TKM1T 25503010 5.88 2.81 57.75 8719 26.22 181.70 56

6 TallinnaVesi TVEAT 55104010 12.25 7.96 -5.00 7191 23.54 201.21 81

7 Nordecon International NCN1T 20103010 2.6 0.87 57.65 7709 18.28 49.83 46

8 City Service CTS1L 20201050 3.48 1.52 65.36 12349 14.42 59.90 42

9 Merko Ehitus MRK1T 20103010 8.67 3.35 108.96 4785 12.84 111.06 45

10 ArcoVara ARC1T 40403010 4.67 2.611 53.12 12110 11.93 20.17 69

11 Apranga APG1L 25504010 1.39 0.54 109.52 11378 11.17 51.92 50

12 Panevėžio statybos trestas PTR1L 20103010 1.46 0.7 60.00 13400 9.08 18.52 47

13 Baltika BLT1T 25203010 1.1 0.54 30.91 9546 8.69 13.49 51

14 Silvano Fashion Group SFGAT 25504010 1.84 0.38 411.43 2858 7.98 42.54 54

15 LinasAgroGroup4 LNA1L 30202010 0.67 0.49 -16.34 4890 7.30 94.33 60

16 Rytųskirstomiejitinklai RST1L 55101010 0.91 0.48 19.39 8642 5.80 309.81 80

17 Šiauliųbankas SAB1L 40101010 0.45 0.2 42.86 6706 5.33 56.22 73

18 Invalda IVL1L 40201030 1.07 0.41 113.01 10292 5.30 35.77 70

19 Lietuvos dujos LDJ1L 10102030 0.8 0.38 58.33 5872 5.17 297.34 39

20 Olainfarm OLF1R 35202010 2.13 0.77 116.13 5539 4.25 19.91 67

21 Ventspilsnafta VNF1R 10102040 2.56 1.24 35.00 2568 3.88 174.25 40

22 Sanitas SAN1L 35202010 4.17 2.1 83.77 4195 3.85 103.07 68

23 Latvijas kuģniecība LSC1R 10102040 0.98 0.5 -21.28 3101 3.49 128.04 38

24 Grindeks GRD1R 35202010 9.18 4.3 60.81 1660 3.47 66.29 66

25 Rokiškiosūris RSU1L 30202030 1.22 0.63 89.19 1524 3.44 37.62 63

26 Pienožvaigždės PZV1L 30202030 1.19 0.67 54.00 1282 3.27 50.62 61

27 Harju Elekter HAE1T 20104010 2.99 1.57 49.04 2651 3.12 39.82 43

28 Ekspress Grupp3 EEG1T 25401040 1.352 0.482 117.14 3109 3.06 25.19 52

29 Grigiškės GRG1L 15105020 0.44 0.15 150.00 5051 2.30 18.80 41

30 Premia Foods5 PRF1T 30202030 0.93 0.78 -7.87 1186 1.53 32.45 62

31 Vilkyškiųpieninė VLP1L 30202030 1.07 0.38 142.75 3011 1.49 10.84 65

32 Viisnurk VSN1T 25201020 1.24 0.44 134.09 1567 1.18 4.17 58

33 SAF Tehnika SAF1R 45201020 2.42 0.64 127.54 1838 1.04 2.86 76

34 Vilniausbaldai VBL1L 25201020 6.15 1.74 228.86 692 0.81 13.37 59

35 TrigonPropertyDevelopment TPD1T 40403020 0.64 0.28 61.29 627 0.38 2.11 74

36 Utenostrikotažas UTR1L 25203010 0.39 0.22 26.39 285 0.17 6.11 57

1 Adjusted for cancellation of shares (factor = 20,09490464) 2 Adjusted for rights issue (factor = 0,89840895) 3 Ekspress Grupp additionally issued shares (EEG4T) deals and turnover added4 Linas Agro Group, listed on February 17, 2010 5 Premia Foods AS, listed on May 5, 2010

NASDAQ OMX Baltic Main List companies trading statisticsPeriod for trading statistics: August 1, 2009 –July 31, 2010

35

Company profiles

The next section gives an overview of the companies

quoted on the Main List, with an added ten compa-

nies from the Secondary List, chosen for their free

float market value and trading turnover. The compa-

nies are arranged alphabetically within their respec-

tive GICS classification.

Free float and main shareholders are shown as of

June 30 for companies listed in Tallinn1 and Vilnius2

and as of April 30 for issuers at NASDAQ OMX Riga3.

The data has been gathered by the stock exchanges

in cooperation with Emerging Nordic Research. The

financial information has been sourced from compa-

nies’ annual and quarterly reports.

Company PageKlaipėdos nafta 36Latvijas Gāze 37Latvijas kuģniecība 38Lietuvos dujos 39Ventspils nafta 40Grigiškės 41City Service AB 42Harju Elekter 43Lietuvos jūrų laivininkystė 44Merko Ehitus 45Nordecon International AS 46Panevėžio statybos trestas 47Tallink Grupp 48Valmieras stikla šķiedra 49Apranga 50Baltika 51Ekspress Grupp 52Olympic Entertainment Group 53Silvano Fashion Group 54Snaigė 55Tallinna Kaubamaja 56Utenos trikotažas 57Viisnurk 58Vilniaus baldai 59Linas Agro Group 60Pieno žvaigždės 61Premia Foods AS 62Rokiškio sūris 63Žemaitijos pienas 64Vilkyškių pieninė 65Grindeks 66Olainfarm 67Sanitas 68Arco Vara 69Invalda 70Latvijas Krājbanka 71Snoras 72Šiaulių bankas 73Trigon Property Development 74Ūkio bankas 75SAF Tehnika 76TEO LT 77Lietuvos elektrinė 78Lietuvos energija 79Rytų skirstomieji tinklai 80Tallinna Vesi 81

1 Free float and main shareholders for Baltika, Olympic Entertainment Group and Silvano Fashion Group are shown as of September 30, 2010 after the change of the authorized capital.

2 Free float and main shareholders for Snoras are shown as of August 17, 2010, for TEO LT as of September 9, 2010, and for Lietuvos energija as of September 15, 2010 after the increase of the authorized capital.

3 Main shareholders for Ventspils nafta are shown as of June 29, 2010 and for Grindeks as of July 1, 2010.

Company profiles

36

Klaipėdosnafta NASDAQ OMX VilniusSecondary list

Energy

Company profiles: Klaipėdos nafta

Company in brief

Klaipėdos nafta is a Lithuanian enterprise offering oil cargo transit services. The oil terminal controlled by the company is one of the most up-to-date in Europe. It han-dles about one-third of all cargoes coming through Klaipeda Seaport. The Terminal is of major importance to the economy of Lithua-nia, not only because of earnings, but also because it allows for independent delivery of oil products from the West. In this way, the company is a strategic enterprise owned by the state. Its function is not only to trans-ship exported oil products, but also to sup-ply Lithuania with fuels imported by sea from the West. Moreover, the government of Lith-uania has authorized Klaipėdos nafta to make preparations to build an LNG terminal – another strategic project of the state. Thus, the role of the company in safeguarding the energy security of the whole country by sup-plying it with fuels, as well as with natural gas, has become even more important.

Klaipėdos nafta manages to keep the oil flowing despite furious competition. Long-term relations with clients and up-to-date technology, which allow for effective oper-ation, play a decisive role in the company’s effective performance. Close everyday coop-eration with Lithuanian Railways ensures efficient delivery of its cargoes. The tanker arrival schedule is strictly controlled.

Qualifications, technological discipline and the honest labor of Klaipėdos nafta’s employees guarantee reliable protection of the environment, the stable operation of the terminal, and the high quality of the services rendered.

Klaipėdos nafta was named as a finalist in two nominations, “Best Engineering and Techno- logical Capacity” and “Most Environmentally Safe Terminal”, at the international com-petition “Oil Terminal – 2006”, held for the first time in Moscow. In 2009 the company won two awards, “Successfully Performing Enterprise 2009” and “Lithuanian Exporter of the Year – 2009”, arranged by the Lithuanian Confederation of Industrialists.

Contact information

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

2006 2007 2008 2009 2010 H1

Market capitalization (MEUR) 113.91 99.05 86.17 93.11 121.83

As%oftotalBalticequitycap 0.82 0.76 1.66 1.46 2.24

Turnover (MEUR) 15.64 14.80 11.20 7.86 2.69

As%oftotalBalticequityturnover 0.64 0.62 1.14 1.59 1.06

Number of deals 2741 2 892 4 455 5 589 2 009

Listingdate: January16,1996

Total number of shares: 342 000 000

Free float: 29.37%

Main shareholders:

StaterepresentedbytheMinistryofEnergyoftheRepublicofLithuania 70.63%

AchemaGroupUAB 9.33%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 20.66 22.78 34.64 33.70 18.23

Profit/Loss(MEUR) 3.71 2.53 8.28 10.89 5.11

Total assets (MEUR) 132.60 129.28 131.93 134.95 134.33

Dividend per share (EUR) 0.01 0.01 0.01 0.01 -

Auditorin2009:KPMGBalticsUAB

Mainsubsidiarieswithresultsconsolidatedintocorporate:none.

TradingCode:KNF1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

0.40

0.35

0.30

0.25

0.20

0.15

Company information

Financial information

Share information

37

Latvijas Gāze NASDAQ OMX RigaSecondary list

Energy

Company in brief

Latvijas Gāze is the only natural-gas trans-mission, storage, distribution, and sales operator in Latvia. The company ensures the supply of natural gas to 442,000 custom-ers in Latvia; and during the heating sea-son, the company also supplies natural gas from the Inčukalns Underground Gas Storage Facility to Estonia, northwestern Russia, and Lithuania.

The company was established in 1991 after the collapse of the Soviet Union, when the Government of Latvia took over all gas sup-ply companies and facilities in Latvia and consolidated them into the state-owned company, Latvijas Gāze. In 1994 the state-owned company Latvijas Gāze became a state joint-stock company and was slated for privatization. After the privatization, last-ing from 1997 to 2002, E.ON Ruhrgas Interna-tional GmbH, OJSC Gazprom and ITERA Latvia LLC became the largest shareholders of the company.

The company’s objective is to strengthen Latvijas Gāze’s position as a leader in the Latvian fuel market, by increasing the avail-ability of natural gas, promoting the variety of its consumption, and ensuring Latvia with one of the most stable natural gas supplies in Europe, continuing the long-term mod-ernization of infrastructure and the improve-ment of security. The mission of Latvijas Gāze is to contribute to the Baltic region’s economy, by ensuring the safety of energy supply, the development of the sector, and competitive pricing.

Company profiles: Latvijas Gāze

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 1.87 2.28 0.45 0.39 0.15


Number of deals 1066 1074 1711 1267 342

Listingdate: February15,1999


Free float: 4.34%

Main shareholders:

E.ONRuhrgasInternationalAG 47.20%

Gazprom AS 34.00%

Itera Latvija SIA 16.00%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 259.45 340.69 499.44 469.13 252.89

Profit/Loss(MEUR) 29.58 45.92 27.10 27.27 11.15



Auditor in 2009: PricewaterhouseCoopers SIA


TradingCode:GZE1R

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

20

16

12

8

4

Company information


Share information

38

Latvijas kuģniecība NASDAQ OMX RigaMain list

Energy

Company in brief

JSC Latvijas kuģniecība (Latvian Shipping Company - LASCO) is one of the leading companies in the global shipping indus-try with operations focused on handy-size and medium-range product tanker seg-ments, providing clients with highly quali-fied services that comply with international safety standards. Following the best Latvian maritime traditions, LASCO carries out safe and qualitative cargo shipments as well as offering technical management for interna-tional cargo shipping. Along with the above mentioned services, LASCO also offers pro-fessional education for its seamen, provid-ing training and crewing in compliance with international conventions for both its own vessels and vessels owned by other ship-ping companies.

The current optimism surrounding LASCO is based on a decision taken several years ago to renew the fleet, which has been imple-mented tirelessly. Over a three-year period, 14 vessels were launched from the “3.Maj” shipyard in Croatia and “Hyundai Mipo Dock-yard Co., Ltd” in Korea. This is an important signal to all of our business partners, dem-onstrating LASCO’s focus on development and increased service quality standards. The constant updating of the fleet has allowed the company to reduce the average age of its ships by more than half – from 17.5 years in 2005, to 6 years now. In accordance with LASCO’s development strategy for its tanker fleet, agreements to build four new ships have been signed.

In order to diversify its financial risks, LASCO has invested in liquid and exclusive real estate projects in some of the most valu-able areas of Latvia. The management and development of this new investment sphere is handled by LASCO’s fully-owned subsi-diary, LASCO Investment.

Company profiles: Latvijas kuģniecība

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 18.96 29.37 12.27 2.72 1.56


Number of deals 7 970 6251 3 297 2591 1066

Listingdate: June 26, 2002


Free float: 12.51%

Main shareholders:

The list of shareholders can be found at www.lk.lv

TradingCode:LSC1R

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

2.5

2.0

1.5

1.0

0.5

0

Company information


Share information

2006 2007 2008 2009* 2010 H1

Sales (MEUR) 164.96 165.19 172.05 117.05 36.97

Profit/Loss(MEUR) 25.73 46.15 40.06 -75.98 -20.57


Dividend per share (EUR) - - - - -

Auditorin2009:n/a

Mainsubsidiarieswithresultsconsolidatedintocorporate:LASCOInvestmentLtd.(100%),LSCShipmanagementLtd.(100%),LSCMarineTrainingLtd.(100%).

* Figures for 2009 are non-audited

39

Lietuvos dujos NASDAQ OMX VilniusMain list

Energy

Company in brief

AB Lietuvos Dujos’ major business activities include: the import and sale of natural gas, gas transmission and distribution services, as well as the balanced and economically justified development of the natural gas supply infrastructure. The company controls assets worth EUR 0.72 billion. AB Lietuvos Dujos operates 1 900km of gas transmission pipelines, 8 100 km of gas distribution pipe-lines, 65 M&R stations, three GM-stations, and one gas compressor station. The com-pany supplies around 40% of all gas con-sumed in Lithuania to a range of customers: energy, industrial, and agricultural compa-nies, small commercial ventures, and house-holds. AB Lietuvos Dujos also transits natural gas to the Kaliningrad region of the Russian Federation. AB Lietuvos Dujos employs 1 800 employees; serving 550 000 consumers.

Every year, AB Lietuvos Dujos invests in the modernization of its infrastructure and new projects. In 2009, these investments amounted to EUR 40.49 million (in 2008: EUR 35.71 million, in 2007: EUR 34.29 million, in 2006: EUR 35.57 million).

The company develops the country’s nat-ural gas infrastructure, ensures a reliable and secure supply of gas to consumers, enhances its relationship with consumers, effectively implements management proce-dures, rationally consumes resources, and ensures compliance with the highest quality and environmental protection standards.

Company profiles: Lietuvos dujos

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 6.19 8.45 3.35 3.61 2.64


Number of deals 1876 2 599 3091 5 256 2 378

Listingdate: April23,1996


Free float: 6.3%

Main shareholders:

E.ONRuhrgasInternationalGmbH 38.9%

Gazprom OAO 37.1%

MinistryofEnergyoftheRepublicofLithuania 17.7%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 225.79 296.65 450.47 366.17 278.88

Profit/Loss(MEUR) 16.60 30.11 18.60 27.46 25.12



Auditorin2009:Ernst&YoungBalticUAB

Mainsubsidiarieswithresultsconsolidatedintocorporate:UABPalangosPerlas100%.

TradingCode:LDJ1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

1.6

1.2

0.8

0.4

0

Company information


Share information

40

Ventspilsnafta NASDAQ OMX RigaMain list

Energy

Company in brief

JSC Ventspils nafta is the central holding company in a transit-oriented group whose task is to manage investments in its sub-sidiaries, promoting the group’s joint values and encouraging growth in the value of each subsidiary. The Ventspils nafta Group is work-ing in the following areas: transshipment of crude oil and petroleum products; transpor-tation of crude oil and petroleum products by pipelines. The history of Ventspils nafta dates back 50 years.

Within the Ventspils nafta Group, the crude oil and petroleum product reloading and storage at Ventspils port is handled by the Ventspils nafta subsidiary, Ventspils nafta termināls Ltd. In year 2010 Ventspils nafta termināls has made significant investments in the diversification of its services and modernization.

The owner and operator of the crude oil and petroleum product pipelines is another subsidiary of Ventspils nafta, LatRosTrans Ltd. JSC Ventspils nafta also owns a signif-icant share (49.94%) of the publicly-listed JSC Latvian Shipping Company (Latvijas kuģniecība).

The operations of Ventspils nafta’s business and management systems accord with the highest international standards in the fields of environmental protection, quality assur-ance and safety. They are further strength-ened by the significant presence of a foreign investor, the international oil and gas com-pany Vitol Group, which holds equity in the company.

In addition to contributing positively to the Latvian economy, the main ambition of Ventspils nafta is to create long-term shareholder value, while meeting all neces-sary international safety and environmental standards in all its operations.

Company profiles: Ventspils nafta

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 9.39 10.52 3.94 1.27 2.97


Number of deals 3 360 3201 2 344 2 487 606

Listingdate: October20,1998

Total number of shares: 104479519

Free float: 100.00%

Main shareholders:

EurominHoldings(Cyprus)Limited 49.50%

Latvijas Naftas Tranzīts, AS 39.11%

2006 2007 2008 2009* 2010 H1

Sales (MEUR) 99.58 94.28 89.81 94.43 41.40

Profit/Loss(MEUR) 7.08 91.34 38.84 -2.84 -0.95



Auditorin2009:n/a

Main subsidiaries with results consolidated into corporate: LatRosTransLtd.(66%),VentspilsnaftaterminālsLtd.(51%).

* Figures for 2009 are non-audited

TradingCode:VNF1R

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

4

3

2

1

0

Company information


Share information

41

Grigiškės NASDAQ OMX VilniusMain list

Materials

Company in brief

AB Grigiškės is a rapidly growing company and a leading manufacturer of paper and paper products in Lithuania and the Baltic States. The paper mill, operating since 1823, produces high quality products that meet customer expectations. These include toi-let paper, paper towels, paper napkins, cor-rugated cardboard, corrugated cardboard boxes, and hardboard and painted hard fibreboard. AB Grigiškės employs around 440 professional employees.

Around 50% of the toilet paper produced is exported to Latvia, Estonia, Sweden, and other countries. AB Grigiškės fibreboard, which is used to manufacture furniture, is highly rated among Lithuanian buyers. 65% of the company’s hard fibreboard is exported to Sweden, Great Britain, Germany, Poland, Finland, Denmark, Holland, Switzerland, Bel-gium, the USA, and other countries.

The strength of the company lays in its regular investments in new technologies and equip-ment, the reduction of its energy costs and its ecologically-friendly production. All the main raw materials are sourced fom renew-able timber and wood-pulp resources.

AB Grigiškės is the first paper manufacturer in Lithuania to hold an EN ISO 9001 qual-ity management system certification. The company also complies with the require-ments of the LST EN ISO 9001:2008 quality management system, and is a member of the Lithuanian Timber association and the Euro-pean Federation of Fibreboard Manufactur-ers (FEROPA).

Since 1 July 2010, AB Grigiškės has been included on the Main List of NASDAQ OMX Vilnius. The company seeks to become a leader in the markets of the Baltic States, the Scandinavian countries, Belarus, and the Kaliningrad Region of the Russian Fed-eration, complying with the highest quality requirements and exporting 50-70% of its products.

Company profiles: Grigiškės

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 3.76 1.88 0.78 1.58 1.57


Number of deals 1276 1121 684 3 548 3 062



Free float: 35.46%

Main shareholders:

UABGinvildosinvesticija 48.79%

IrenaOnaMišeikienė 14.55%

RosemountHoldingLLC 9.40%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 34.75 41.71 42.13 34.44 29.98

Profit/Loss(MEUR) 1.56 1.49 -1.13 0.76 1.56


Dividend per share (EUR) 0.01 0.01 - 0.01 -

Auditorin2009:TezaurusAuditasUAB

Main subsidiaries with results consolidated into corporate: KlaipėdoskartonasAB(96,18%),BaltwoodUAB(100%),EkotaraUAB(100%),NaujiejiVerkiaiUAB(100%),MenaPakOAO(83.72%),AGRPrekybaUAB(100%),AveskoUAB(100%),KlaipėdaRecyclingUAB(100%).

TradingCode:GRG1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

0.8

0.6

0.4

0.2

0

Company information


Share information

42

City Service NASDAQ OMX VilniusMain list

Industrials

Company in brief

AB City Service, together with its subsidiar-ies, has been the facility management mar-ket leader in the Baltic States since 1999. At present, the City Service group operates in Lithuania, as well as in Latvia, St. Peters-burg and the Leningrad Oblast of the Rus-sian Federation. The Group manages more than 18m sq.m of building area.

The company provides facility manage-ment administration; management of utility systems (heat and hot water supply, water supply and sewerage, ventilation and air conditioning, electric power supply, etc.); management of energy resources; provision of technical audit services and consulta-tions on maintenance and energy resource use issues; supervision of various subcon-tractors (premise and territory management, protection, repairs and renovation, mainte-nance of gas supply systems, elevators, etc.); management of heating facility proj-ects and renovation of energy facilities. The company is ISO 9001 quality management, ISO 14001 environmental management and BS OHSAS 18001 health management certified.

In November 2009 City Service was named the “Discovery of the Year” at an awards cer-emony hosted by East Capital Fund in Stock-holm, Sweden. The award recognised the group’s effective strategy of expansion in the Baltic States and Russia, as well as the results achieved this year.

The long-term goal of City Service is to expand the area of its managed facilities to 27m sq.m. and to operate in six countries by 2011–2012.

Company profiles: City Service AB

Contact information

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

2006 2007 2008 2009 2010 H1

Market capitalization (MEUR) - 73.61 18.76 35.75 81.48

As%oftotalBalticequitycap - 0.56 0.36 0.56 1.50

Turnover (MEUR) - 12.43 3.94 4.99 10.82

As%oftotalBalticequityturnover - 0.52 0.40 1.01 4.27

Number of deals - 3199 2 060 6 668 7 394



Free float: 37.37%

Main shareholders:

ICORUAB 61.09%

EastCapitalAssetManagementAB 9.60%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 32.90 57.73 76.42 108.46 76.37

Profit/Loss(MEUR) 2.18 2.71 2.52 4.43 2.84


Dividend per share (EUR) - 0.05 0.03 0.02 -


Main subsidiaries with results consolidated into corporate:ŽaidasUAB(99%),ĄžuolynovaldaUAB(100%),UABNamųpriežiūroscentras(100%),CityServiceOAO(100%),CityServiceZAO(100%),RigaCityServiceSIA(100%),LazdynųbūstasUAB(100%),ZhylkomservisgorodaLomonosovOOO(80%),ZhylkomservisNo.3FrunzenskogorayonaOOO(80%),ZhylkomservisNo.2NevskogorayonaOOO(80%).

TradingCode:CTS1L

Jun2007

Jun2008

Jun2009

Jun2010

Share price (EUR)

5

4

3

2

1

0

Company information


Share information

Baltic MarketAwards 2009 MostVisibleImprovementovertheYear

43

Harju Elekter NASDAQ OMX TallinnMain list

Industrials

Company in brief

Harju Elekter was established in 1968 and has become one of the biggest manufac-turers of electrical equipment and materials in the Baltic region. Its main business area is the design, production and marketing of various electrical engineering and telecom-munication systems. Harju Elekter has been listed on NASDAQ OMX Tallinn since 1997.

Harju Elekter is comprised of the follow-ing subsidiaries manufacturing electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika, Satmatic Oy and UAB Rifas, as well as AS Eltek, which manufactures sheet metal products, and a sales organization, Harju Elekter AB, in Swe-den. In addition, Harju Elekter has sharehold-ings in an associated company, AS Darka Keila Cables (34%), and long-term financial investments in the Latvian sales organiza-tion, SIA Energokomplekss (14%), and in the publicly traded Finnish company, PKC Group Oyj (8%).

The production activities of all Harju Elekter’s subsidiaries meet the requirements of inter-national quality standards, ISO 9001 and ISO 14001.

Harju Elekter fulfills clients’ needs with com-petence and quality, offering greater value and reliability. The company aims to attain its future goals through research, develop-ment and expansion into other markets in the Baltics.

Company profiles: Harju Elekter

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 17.74 21.44 11.39 2.14 1.92


Number of deals 1977 1908 1031 2 097 1347

Listingdate: September30,1997


Free float: 50.46%

Main shareholders:

ASHarjuKEK 32.14%

INGLuxembourgS.A. 11.31%

LembitKirsme 8.33%

Endel Palla 5.95%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 39.76 46.78 55.71 40.44 16.91

Profit/Loss(MEUR) 3.33 5.49 2.69 1.39 1.16



Auditorin2009:KPMGBalticsAS

Main subsidiaries with results consolidated into corporate:ASHarjuElekterElektrotehnika(100%),ASEltek(100%),SatmaticOy(100%),HarjuElekterAB(90%),UABRifas(51%).

TradingCode:HAE1T

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44

Lietuvosjūrųlaivininkystė NASDAQ OMX VilniusSecondary list

Industrials

Company in brief

Lietuvos jūrų laivininkystė AB (LJL) was established on 27 June 2001 after the reor-ganisation of the Lithuanian Shipping Com-pany (LISCO), established since 1969. About 61% of the company’s shares belong to the Republic of Lithuania while the rest of the shares (39%) belong to other smaller shareholders.

The core activity of LJL is cargo carriage by ships on international sea and ocean routes. At present, the company has 11 bulk carriers shipping general and bulk cargoes all over the world. The average age of the vessels is 14.8 years, while their general deadweight amounts to 134 500 tons. LJL itself performs technical and commercial management as well as operating vessels in accordance with long-term hire agreements. LJL actively participates in the work of shipping associ-ations and public activities.

All vessels of Lietuvos jūrų laivininkystė AB sail under the flag of the Republic of Lithua-nia and are certified by the IACS (International Association of Classification Societies). All vessels and LJL have valid and regularly updated Safety Management System Certifi-cates (fully comply with the ISM Code).

LJL is well known in the shipping market and is considered a reliable partner. To continue functioning effectively, LJL is planning to renew its fleet and to purchase vessels of a larger cargo capacity. Due to the global crisis, LJL aims to stabilize its financial sit-uation by concluding long-term hire agree-ments of vessels that ensure constant revenues. In the next 12 months, LJL plans to raise its income by extending its contracts with the existing charterers at higher rates. Further LJL development plans will depend on the global economy and the recovery of the freight market, as well as on the deci-sions taken by the government regarding LJL future operations.

Company profiles: Lietuvos jūrų laivininkystė

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 3.83 3.27 2.47 4.20 2.01


Number of deals 3166 2 023 2218 5 539 3351

Listingdate: July9,2001


Free float: 38.56%

Main shareholders:

MinistryofTransportandCommunicationsoftheRepublicofLithuania 56.66%

AchemaGroupUAB 6.15%

DFDSTORLINEA/S(Denmark) 5.53%

SwedbankAS(Estonia) 5.51%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 29.60 26.56 25.38 17.15 7.34

Profit/Loss(MEUR) 3.28 8.73 -5.71 -8.36 -10.88


Dividend per share (EUR) 0.00165 0.00072 - - -

Auditorin2009:MooreStephensVilniusUAB


TradingCode:LJL1LShare price (EUR)

0.25

0.20

0.15

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45

Merko Ehitus NASDAQ OMX TallinnMain list

Industrials

Company in brief

Merko Ehitus is the construction com-pany established at the beginning of 1990 which operates in Estonia, Latvia and Lith-uania and which shares are quoted at Tal-linn Stock Exchange from the year 1997. As at the moment group employs more than 800 persons.

Long-term experience from different mar-kets, wide scope of construction services, flexibility, reliability and meeting of dead-lines and foremost quality have helped Merko Ehitus to achieve and maintain dur-ing the years the position of market leader in the Baltics. Depending on the expectations of the clients, the group companies perform both small-scale construction works as well as large scale, complicated and innovative projects.

International quality, environmental protec-tion and occupational safety certificates ISO 9001, ISO 14001 and OHSAS 18001 have been assigned to the company.

We operate on the wide scale in the con-struction sector: we build hotels, muse-ums, cultural centres, business centres, service institutions, schools, kindergartens, dwellings, offices, production buildings, sport complexes. In the engineering sector we build the port facilities, waste manage-ment facilities, bridges, viaducts, water and sewerage networks, wastewater purifiers and other environmental protection facil-ities. In the road construction we perform all road maintenance works, we build roads, carry out maintenance repairs of roads and supervision of the extracting works and road status, produce the traffic signs and provide the repair services for the machinery. In the sector of electrical works we foremost deal with planning, adjustment and construction of the medium and high voltage substations and cable lines.

Company profiles: Merko Ehitus

Contact information

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

2006 2007 2008 2009 2010 H1

Market capitalization (MEUR) - - 49.56 88.85 130.98

As%oftotalBalticequitycap - - 0.96 1.39 2.41

Turnover (MEUR) - - 3.08 9.38 7.71

As%oftotalBalticequityturnover - - 0.31 1.90 3.04

Number of deals - - 1046 3 862 2 693

Listingdate: August11,2008


Free float: 27.80%

Main shareholders:

ASRiverito 71.99%


2006 2007 2008 2009 2010 H1

Sales (MEUR) 282.13 352.20 297.44 203.32 70.85

Profit/Loss(MEUR) 37.75 35.79 19.58 7.12 3.30


Dividend per share (EUR) 0.45 - 0.22 0.70 -

Auditor in 2009: PricewaterhouseCoopers AS

Mainsubsidiarieswithresultsconsolidatedintocorporate:SIAMerks(100%),UABMerkoStatyba(100%),TallinnaTeedeAS(100%),ASGustaf(75%),OÜGustafTallinn(80%),ASMerkoTartu(66%),OÜWoody(100%),ASMerkoInfra(100%),OÜFortEhitus(75%),OÜTähelinnaKinnisvara(100%).

TradingCode:MRK1T

Aug2008

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Share price (EUR)

10

8

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4

2

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46

Nordecon International NASDAQ OMX TallinnMain list

Industrials

Company in brief

Nordecon International is a group of compa-nies offering general contracting and con-struction management services currently in Estonia, Ukraine and Finland. The competen-cies of these companies are broadly divided between superstructures (e.g. commercial, industrial and public buildings, residential development) and infrastructures (e.g. road construction and maintenance, environ-mental engineering and concrete works).

The group has a balanced revenue mix in all main segments of the construction market, coupled with experienced personnel and a strong reputation for service quality. The group holds an ISO 9001 quality management certificate (1999) and an ISO 14001 environ-mental management certificate (2002). It has won several awards from construction industry associations.

Nordecon International is a construction market leader in Estonia in several fields of work, and has a well-established pres-ence in the Ukraine since 1996. The group consists of more than 15 subsidiaries and employs more than 700 people.

The recent slump in the construction mar-kets in the Baltic States and Ukraine has forced the group to focus its attention on the Estonian market. Still, the group is preparing to resume more activities in foreign markets as soon as the situation improves, includ-ing those where Nordecon International has had prior experience (Latvia and Lithuania) as well as newer ones (Belarus and concrete works in Finland).

The leitmotif of the strategy for 2010-2013 is: “To respond to market changes swiftly and flexibly and to enter the next eco-nomic growth cycle successfully”. By the end of 2013, Nordecon International aims to become the leading construction group in Estonia, earning half of its revenues from infrastructure and the other half from build-ing construction.

Company profiles: Nordecon International AS

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 36.02 54.01 20.05 12.03 6.25


Number of deals 3 785 6071 3 073 5 264 3 393

Listingdate: May18,2006


Free float: 42.02%

Main shareholders:

AS Nordic Contractors 53.67%

Skandinaviska Enskilda Banken Ab Clients 9.36%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 160.03 239.80 247.21 154.59 37.40

Profit/Loss(MEUR) 12.15 18.52 10.95 -5.72 -4.18


Dividend per share (EUR) 0.19 0.19 0.06 - -


Mainsubsidiarieswithresultsconsolidatedintocorporate:NordeconEhitusAS*(100%),NordeconInfraAS*(100%),ASEstonEhitus(98%),NordeconBetoonOÜ(52%), OÜKaurits(66%),ASJärvaTeed(100%),OÜHiiuTeed(100%),EuroconOÜ(63%), TOVEuroconUkraine(63%).Forthecompletelistseewww.nordecon.com.

* Subsidiaries will be merged with parent company Nordecon International AS as of January 1, 2011.

TradingCode:NCN1T

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47

Panevėžio statybos trestas NASDAQ OMX VilniusMain list

Industrials

Company in brief

Founded in 1957, Panevėžio statybos tres-tas SC (PST) is the largest construction com-pany in Lithuania. The company operates in the following areas: project manage-ment, general contracting, design of build-ings and structures, general construction work, building decoration, outdoor engi-neering systems and landscaping, produc-tion of timber frame houses, production of metal structures, electrical installations, real estate development, analysis and test-ing of construction materials, and modern-izing apartment houses.

Our capacities and capabilities are dem-onstrated by attestations, licenses and certificates, corroborating our company’s high standards, which comply with Euro-pean standards. Over many years we have acquired valuable experience in the con-struction of complex objects, adhering to the following values: integrity, responsibi-lity, professionalism, quality performance and effective solutions.

Our goal is to remain the largest construc-tion company in Lithuania. We are continu-ing with on-going projects and are looking for new opportunities to pursue.

Clients trust PST and appreciate our expe-rience in developing large and technolog-ically complicated projects. We strive to please our customers with our professional-ism and determination, enabling us to imple-ment technologically complex projects of a large scope.

PST is now the largest construction com-pany in Lithuania with 1,080 employees and a turnover of EUR 170 million (2008). In 2009 turnover was lower, but the company was able to maintain a high profitability level.

Company profiles: Panevėžio statybos trestas

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 51.83 60.43 12.47 9.82 3.23


Number of deals 5 830 6104 8119 15771 4751



Free float: 50.22%

Main shareholders:

Panevėžio keliai AB 49.78%

SkandinaviskaEnskildaBanken(clients) 7.92%

BankofNewYorkascustodianortrusteeforINGB 6.74%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 98.33 149.73 164.53 53.49 24.48

Profit/Loss(MEUR) 3.90 8.84 7.00 -4.48 5.42




Mainsubsidiarieswithresultsconsolidatedintocorporate:SkydmedisUAB(100%),MetalomeistraiUAB(100%),VekadaUAB(96%),VilniauspapėdėTŪB(69%),AlinitaUAB(100%),PSTrestsSIA(100%),BaltilstroijOOO(100%),PSTinvesticijosUAB(67%).

TradingCode:PTR1L

Jan2006

Jan2007

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Share price (EUR)

8

6

4

2

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48

Tallink Grupp NASDAQ OMX TallinnMain list

Industrials

Company in brief

Tallink is the leading short cruise and ferry operator in the Baltic Sea, offering high-quality mini-cruise, passenger transport services and ro-ro cargo services. The com-pany owns a fleet of 19 vessels, including cruise ferries, fast ro-pax ferries, ro-ro cargo vessels and a high-speed ferry. These ser-vices are provided under the brand names “Tallink” and “Silja Line” on routes between Estonia - Finland, Finland - Sweden, Esto-nia - Sweden, Finland - Germany and Latvia – Sweden. Tallink maintains its leading mar-ket position on all of its main routes.

Tallink is growing quickly and has invested actively in a modern fleet, new routes and in acquiring other market players – in total, about EUR 1.8bn in the last seven years.

As a result of these investments, Tallink owns one of the most modern fleets in the Baltic Sea. This enables passengers to choose between more routes, depar-ture times and different services and has brought the region’s standard of shipping to a whole new level. The company’s manage-ment believes that it has created a strong basis for the sustainable growth of business volumes and for further strengthening of its leading position.

Tallink complies strictly with international safety regulations and with the requirements of the ISO 14001 environmental management standard. Each year, the safety manage-ment system is audited by Lloyds Register, and by the Estonian, Latvian, Swedish and Finnish maritime administrations.

Tallink has also extended its services along the customer’s travel chain to include four hotels in Tallinn. The fifth hotel in Riga, which was opened in 2010, makes the com-pany one of the largest hotel operators in the region.

A strong market position, flexible fleet, broad product offering, strong brands and an experienced management team with a proven track record are the main strengths of the company.

Company profiles / Tallink Grupp

Contact information

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

2006 2007 2008 2009 2010 H1


As % of total Baltic equity cap 5.02 5.40 4.95 3.90 6.95

Turnover (MEUR) 195.26 362.67 93.48 54.36 31.12

As % of total Baltic equity turnover 7.95 15.23 9.55 10.98 12.28

Number of deals 14 598 25 408 14 754 15 769 10 022

Listing date: December 9, 2005


Free float: 57.68%

Main shareholders:

AS Infortar 40.01%

Nordea Bank Finland PLC / Non-resident legal entities 10.18%

ING Luxembourg S.A. 10.07%

Citigroup Venture Capital International Jersey Limited 7.31%

05/06* 06/07* 07/08* 08/09* 09/10*

Sales (MEUR) 404.62 760.76 785.86 791.86 813.87

Profit / Loss (MEUR) 94.93 67.06 19.42 -8.18 21.85

Total assets (MEUR) 1 657.33 1 698.19 1 898.29 1 947.24 1 871.32


Auditor in 2009/2010: KPMG Baltics AS

Main subsidiaries with results consolidated into corporate:The consolidating group consists of 48 companies.

* Financial year starts September 1st ends August 31st

Trading Code: TAL1T

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Share price (EUR)

2.0

1.6

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49

Valmierasstiklašķiedra NASDAQ OMX RigaSecondary list

Industrials

Company in brief

JSC Valmieras stikla šķiedra is the only enter-prise in the Baltic states that produces fiber-glass and is one of the largest chemical and textile companies within the Baltic states.

Valmieras stikla šķiedra was founded in 1963. By investing in new technologies, it has retained its position as an experienced and reliable partner in Europe and the rest of the world. The company has an ISO 9001:2000 certificate.

The company produces and sells various fiberglass products – „E” glass yarns, tex-tured wovings, fabrics, nettings, nonwo-vens; high silica glass fiber fabrics, nettings, nonwovens for:

• theautomotiveindustry;• thebuildingindustry;• shipbuilding;• electronics;• theaerospaceindustry;• householdappliances;• medicalappliances;• thechemicalindustry.

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

The company’s main advantage is its wide range of products; we can deliver every-thing the client could possibly need, start-ing from the raw material all the way through to impregnated materials.

Our company has: skilled employees; pro-duction up to traditions and a stable posi-tion in the market.

Valmieras stikla šķiedra operates on a rel-atively low cost base and, in the future, intends to reduce this further. We aim to assume a leading position in the glass fibre market, and set a good example for other manufacturers to follow.

Company profiles: Valmieras stikla šķiedra

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 6.29 5.76 0.45 0.42 0.11


Number of deals 1095 745 1265 1175 220



Free float: 94.93%

Main shareholders:

VitrulanInternationalGmbH 36.20%

P-D Glasseiden GmbH Oschatz 26.00%

P-DManagementIndustries–TehnologiesGmbH 23.93%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 49.78 52.93 53.80 43.05 27.14

Profit/Loss(MEUR) 1.02 -0.61 0.72 0.03 0.33


Dividend per share (EUR) 0.01 - - - -

Auditor in 2009: Deloitte Audits Latvia SIA


TradingCode:VSS1R

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Share price (EUR)

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50

Apranga NASDAQ OMX VilniusMain list

Consumer Discretionary

Company in brief

Apranga group is one of the leading cloth-ing retailers in the Baltic States. The group develops its own distinctive retail con-cepts: Apranga, Aprangos galerija, City men&women, Mados Linija, and also oper-ates under franchising agreements with Zara, Hugo Boss, Emporio Armani, Erme-negildo Zegna, Max Mara, Mango, Bershka, Pull and Bear, Stradivarius, Mexx, S.Oliver, Tommy Hilfiger and Promod. At the end of 2009, Apranga group operated a chain of 109 stores in the Baltic States: 74 in Lithuania, 29 in Latvia, 6 in Estonia, with a total sales area more then 63 000 sq.m.

The company can trace its history to 1945, when it started business as a clothing and footwear wholesaler. In 1993, the retail chain was established and in 2004, Apranga group became a partner of Inditex Group in the Bal-tic States. Presently, the group consists of the main company, Apranga APB, and 14 subsidiaries.

In 2009, the retail turnover of the chain oper-ated by Apranga Group amounted to LTL 392.6 million (VAT incl.), 22.9% less than in 2008. That same year, the Lithuanian mar-ket’s share of total turnover was 66.7%, with foreign markets accounting for 33.3%.

Due to the rapidly worsening economic situ-ation and a sharp decrease in consumption, in 2009, Apranga Group focused on restruc-turing its stores, optimising its operations and reducing expenses in the Baltic States. These actions sought to mitigate the influ-ence of the economic crisis, creating the preconditions for a stronger performance in 2010 and beyond, as the economy starts to recover.

Company profiles: Apranga

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 18.52 53.90 15.94 6.21 7.48


Number of deals 7 823 16972 16465 10669 5 432



Free float: 36.18%

Main shareholders:

MGBalticInvestmentUAB 53.67%

SwedbankAS(Estonia)clients 10.89%

MinvistaUAB 6.50%

SEB AB clients 5.92%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 73.42 106.84 121.24 91.20 37.05

Profit/Loss(MEUR) 5.05 7.22 3.98 -4.90 0.08



Auditorin2009:PricewaterhouseCoopersUAB

Mainsubsidiarieswithresultsconsolidatedintocorporate:UABAprangaLT(100%),UABAprangaBPBLT(100%),UABAprangaPLT(100%),UABAprangaSLT(100%),SIAApranga(100%),SIAAprangaLV(100%),SIAAprangaBPBLV(100%),SIAAprangaPLV(100%),SIAAprangaSLV(100%),OÜApranga*(100%),OÜAprangaEstonia(100%),OÜAprangaBEE(100%),OÜAprangaPBTrade(100%),OÜAprangaSTRetail(100%). * The company directly owns 53.85% shares and indirectly through its subsidiary owns the rest 46.15% of shares.

TradingCode:APG1L

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Share price (EUR)

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51

Baltika NASDAQ OMX TallinnMain list


Company in brief

Baltika, one of the biggest vertically inte-grated fashion groups in the Baltics and CEE region, owns and runs four retail con-cepts: Monton, Mosaic, Baltman and Ivo Nik-kolo. The group currently operates over 120 stores in Estonia, Latvia, Lithuania, Ukraine, Russia and Poland. The biggest brands in the portfolio are Monton and Mosaic and the biggest markets Estonia, Russia and Lithua-nia. Up to 10% of sales come from wholesal-ing, including eastern and central European markets, together with Scandinavia and western Europe.

Baltika’s roots can be traced back to 1928. From the 1960s until the 1990s, Baltika was one of the biggest producers of tailored gar-ments in the region. From 2002-2005, the company underwent a radical turnaround, from a production company to a fashion retailer.

Baltika uses a vertically integrated business model, which means that the company con-trols all stages of the production-to-sales process. The company is responsible for the design, manufacturing (partly), supply chain management, marketing of brands’ collec-tions, distribution/logistics, creating the store concepts and operating its premises. Such a model establishes a flexible struc-ture for the business and enables Baltika to quickly update its products according to the latest fashion trends and customer needs. The company’s portfolio of brands serves a broad customer base, offering stability in the fast-moving fashion business.

Main subsidiaries: OÜ Baltman 100%, SIA Bal-tika Latvija 100%, UAB Baltika Lietuva 100%, Baltika Ukraina Ltd 99%, OOO Kompania “Bal-tman RUS” 100%, Baltika Poland Sp.z.o.o. 100%, OÜ Baltika Tailor 100%, OÜ Baltika TP 100%.

Company profiles: Baltika

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 72.75 53.55 23.62 7.57 3.61


Number of deals 6091 7 883 8 750 8515 3 880

Listingdate: June5,1997


Free float: 67.65%

Main shareholders:

BMIGOÜ 16.82%


E.MiroglioS.A 10.91%


Svenska Handelsbanken Clients Account 7.17%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 57.49 73.60 76.33 56.25 23.64

Profit/Loss(MEUR) 5.63 2.80 -1.37 -10.24 -2.91





TradingCode:BLT1T

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Share price (EUR)

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52

Ekspress Grupp NASDAQ OMX TallinnMain list


Company in brief

Ekspress Grupp is the leading media com-pany in the Baltic States. The group plays a prominent role in newspaper and maga-zine publishing and is a leading online media company in the Baltic States. The company is active in Estonia, Latvia, Lithuania and Ukraine and is also looking for opportunities in other Eastern European countries.

Ekspress Grupp started operations in 1992, publishing the first edition of the popu-lar weekly newspaper Eesti Ekspress. Since then, it has added daily newspapers, mag-azines and online websites to its portfolio. The company also owns a modern print-ing facility and distributes magazines in the Lithuanian market. In 2007, Ekspress Grupp became a public company and its shares were listed on Tallinn Stock Exchange (now NASDAQ OMX Tallinn). The IPO was more than seven times oversubscribed.

The main strength of Ekspress Grupp is its very strong market position, with the com-pany’s brands being the most popular among consumers. Ekspress Grupp owns the lead-ing online media portals in the Baltics and publishes Estonia’s most widely read daily and weekly newspapers, in addition to seven out of the top ten magazines in Estonia. The group is vertically integrated with everything from content to printing and distribution car-ried out by its own companies.

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 Lithuania, Latvia and Ukraine. The company’s goal is to be a truly modern media company with a strong foot-hold in all markets where actively present, with a leading position in online media.

Company profiles: Ekspress Grupp

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) - 44.50 8.56 2.18 1.27


Number of deals - 9 686 1938 2 233 1456

Listingdate: April 5, 2007


Free float: 43.50%

Main shareholders:

HHLRühmOÜ 27.82%

Hans Luik 26.72%



NordeaBankFinlandPLC/Non-residentlegalentities 5.42%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 59.49 73.50 80.20 62.86 25.19

Profit/Loss(MEUR) 6.02 5.89 2.94 -12.08 -0.06




Main subsidiaries with results consolidated into corporate: EestiAjalehedAS(Estonia)(100%),UABEkspressLeidyba(Lithuania)(100%),SIADelfiHolding(Latvia)(100%),ASDelfi(Estonia)(100%),ASDelfi(Latvia)(100%),UABDelfi(Lithuania)(100%),TOVDelfi(Ukraine)(100%),SIAMango.lv(Latvia)(100%), ASPrintall(Estonia)(100%).Forthecompletelistpleaseseewww.egrupp.ee.

TradingCode:EEG1T

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Share price (EUR)

8

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53

Olympic Entertainment Group NASDAQ OMX TallinnMain list


Company in brief

Olympic Entertainment Group’s (OEG) oper-ations cover a range of activities centered on managing casinos and hotels. OEG is the largest provider of casino entertainment in the region. The company is a full member of the European Casino Association (ECA) and employs more than 2 100 people across eastern and central Europe: in Estonia, Lat-via, Lithuania, Belarus, Romania, Poland and Slovakia. OEG’s shares are listed on the main lists of the Tallinn and Warsaw Stock Exchanges.

OEG AS is the holding company which carries out the strategic management and financ-ing of the group. National casino opera-tions are handled by local entities. Non-core operations, such as bar management, are separated from casino operations and are managed by specialized legal entities.

The group’s first company was established in September 1993 under the name, AS Ben-etreks (now Olympic Casino Eesti AS). Olym-pic Entertainment Group AS was established in November 1999 (previously called OÜ Mecom Grupp).

The company’s main competitive advan-tages are a very strong concept and unique business model. Other factors contributing to its success include diversity of services, prime casino locations and a professional team. The work procedures of Olympic Casi-nos in Estonia, Latvia and Lithuania are cer-tified according to international ISO 9001 quality requirements.

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

Company profiles: Olympic Entertainment Group

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 84.53 216.19 73.11 36.83 41.00


Number of deals 8 457 29132 17924 12494 13538

Listingdate: October 23, 2006


Free float: 34.82%

Main shareholders:

OÜHansaAssets 45.87%

OÜHendayaInvest 19.28%

2006 2007 2008 2009 2010 H1

Sales* (MEUR) 106.01 158.97 156.86 108.09 52.54

Profit/Loss(MEUR) 25.84 24.33 -29.06 -32.93 -1.23




Mainsubsidiarieswithresultsconsolidatedintocorporate:OlympicCasinoEestiAS(95%),KunglaInvesteeringuAS(100%),OlympicCasinoLatviaSIA(100%),OlympicCasinoGroupBaltijaUAB(100%),OlympicCasinoBelIP(100%),CasinoPolonia-WroclawSp.Z.O.O.(80%),OlympicCasinoBucharestS.R.L.(100%),OlympicEntertainmentSlovakiaS.R.O.(100%).

* Sales for 2006 and 2007 include sales from discontinued business areas.

TradingCode:OEG1T

Oct2006

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Share price (EUR)

8

6

4

2

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54

Silvano Fashion Group NASDAQ OMX TallinnMain list


Company in brief

AS Silvano Fashion Group (SFG) is an interna-tional manufacturer and retailer of lingerie, vertically integrated fashion group (design, manufacturing, retail). The company is located in Russia, Belarus, CIS, and Baltics and has a strong focus on developing its own retail capacity through its own and fran-chised stores network. The holding company is headquartered in Tallinn, Estonia. SFG operates the top lingerie brands in Russia, Ukraine and Belarus, including “Milavitsa” – one of the region’s most recognized brands. The company’s strengths include in-house design, supported by experienced foreign designers; the company’s own regional pro-duction facilities, which allow for a cost efficient and flexible production supply; self-owned and franchised retail chain in Russia, Belarus, Ukraine and the Baltic; favorable trends in consumption habits in major target markets – a shift from open-air shopping to branded stores; a large potential customer base – 252 million people in their target markets and well-recognized and reputa-ble trademarks – the “Milavitsa”, “Lauma”, “Alisee”, “Hidalgo”, “Laumelle” trademarks which are among the best-known lingerie brands in Russia, CIS and the Baltic.

The group’s overall strategy primarily focuses on the simultaneous expansion of its own retail and franchised operations and the continued development of its lingerie manufacturing operations. Plans to expand its distribution network through controlled regional representative offices and whole-sale distributors in core markets, like Rus-sia, Belarus and Ukraine, are also important strategic decisions. The Group will also pro-mote marketing activities that promote brand awareness and brand loyalty. The group will continue to operate stores under the “Lauma”, brand in the Baltic.

Company profiles: Silvano Fashion Group

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 13.81 64.29 15.53 2.85 4.92


Number of deals 2145 7 456 2 395 2 080 1480



Free float: 55.03%

Main shareholders:

Toomas Tool 24.77%

KrajowyDepozytPapierowWartošciowychS.A.[J] 23.60%

SEBPankAS/Non-ResidentRetailClients 20.20%

UniCreditBankAustriaAG 7.67%


2006 2007 2008 2009 2010 H1

Sales (MEUR) 27.01 98.58 101.00 74.04 46.76

Profit/Loss(MEUR) 3.97 15.60 -6.41 -0.91 7.77


Dividend per share (EUR) - - - 0.05 -



TradingCode:SFGAT

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Share price (EUR)

8

6

4

2

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55

Snaigė NASDAQ OMX VilniusSecondary list


Company in brief

Established in 1963, Snaigė is the only man-ufacturer of refrigerators in the Baltics. The company produces a variety of high quality domestic refrigerators, showcase-refriger-ators, mini-bars, wine-storage, freezers and spare parts. Snaigė exports 95% of its prod-ucts to more than 30 countries.

The Snaigė Group owns plants in Alytus (Lithuania), with a capacity of 550 000 units per year and in Kaliningrad (Russia), with a capacity of 350 000 units per year. Also Snaigė has subsidiaries in Russia, Ukraine and Lithuania.

Snaigė owns two brands: Snaigė and General Frost. The company also produces refriger-ators under other brand names for trade partners, retail networks, as well as other producers: SMEG (Italy), Whirlpool (Italy), Electrolux (Sweden), SEVERIN (Germany), Alaska METRO, Far - CONFORAMA (France), others.

The company has certified its quality man-agement system in compliance with ISO 9001. In 2005, Snaigė re-certified its environmen-tal management system in compliance with ISO 14001 international standards. Snaigė holds six golden medals from the annual competition, Lithuanian Product of the Year, and has twice won the prize for innovation in the Lithuanian Innovative Company of the Year competition.

Snaigė is capable of competing with man-ufacturers in Eastern and Western markets in terms of a high quality, modern approach, combined with flexibility. The company’s strengths include: excellent geographic location, application of ecological standards and continuous modernization of production processes, good managerial standards, and the usage of state-of-the-art technologies.

At the beginning of 2010, Snaigė presented refrigerators with A++ standards of energy efficiency, according to the highest Euro-pean quality standards. Only a few man-ufacturers produce refrigerators to this standard.

Company profiles: Snaigė

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 17.86 9.26 1.72 6.38 3.32


Number of deals 1637 925 643 12810 6 688



Free float: 90.24%

Main shareholders:

SwedbankAS(Estonia) 48.88%


HermisCapitalUAB 9.76%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 101.90 118.78 98.14 35.09 12.81

Profit/Loss(MEUR) -3.07 -3.40 -6.98 -11.06 -0.33




Mainsubsidiarieswithresultsconsolidatedintocorporate:TechprominvestOOO(100%),MorozTradeOOO(100%),Liga-ServiceOOO(100%),Snaigė-UkrainaOOO(99%),AlmechaUAB(100%).

TradingCode:SNG1L

Jan2006

Jan2007

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Share price (EUR)

5

4

3

2

1

0

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56

TallinnaKaubamaja NASDAQ OMX TallinnMain list


Company in brief

Tallinna Kaubamaja is a leading Estonian retail group operating across the Baltic states. The group operates two Kaubam-aja department stores, 35 Selver super- and hypermarkets, a chain of 30 footwear stores (ABC and Shu), 4 I.L.U. cosmetics stores, and a shopping mall. The group also acts as the importer and distributor of KIA motor vehi-cles in the three Baltic states, with three car centers in each of the Baltic capitals and owns 50% of a car parking operation in Tal-linn, Estonia.

Tallinna Kaubamaja dates back to 1960, when the landmark department store in Tal-linn was opened. After the Soviet occupa-tion ended, the company was privatized and turned into a modern retail operation, open-ing its first supermarket in 1995. In 2005, the company’s real estate business expanded with a 14 500 sq.m shopping mall, half of which is operated under the Kaubamaja brand.

Today, the company’s business opera-tions are strong, despite the recent tur-moil in the global economy. Organic growth turned into a single-digit decrease in 2009, with the recession hitting Baltic retail sales hard. Due to the extensive expansion of the previous years, the company has still been able maintain its position among the lead-ing retailers of the Baltic region. In 2009, the group’s share of the Estonian retail market was 11%.

Kaubamaja’s main strengths lie in its estab-lished retail brands, the excellent locations of its different retail formats, strong supply channels, business diversification and an exciting, yet balanced portfolio of brands.

Company profiles: Tallinna Kaubamaja

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 24.63 67.79 56.27 18.58 12.16


Number of deals 5 069 15636 4 499 5 774 4192



Free float: 32.98%

Main shareholders:

OÜNGInvesteeringud 67.00%



2006 2007 2008 2009 2010 H1

Sales (MEUR) 270.93 376.59 417.43 408.28 192.36

Profit/Loss(MEUR) 17.55 26.26 5.31 -12.57 4.57




Mainsubsidiarieswithresultsconsolidatedintocorporate:A-SelverAS(100%), TallinnaKaubamajaKinnisvaraOÜ(100%),TartuKaubamajaKinnisvaraOÜ(100%),KIAAutoAS(100%),ÜlemisteAutokeskusOÜ(100%),KIAAutoUAB(100%),KIAAutomobilesSIA(100%),OÜTKMBeautyEesti(100%),OÜSuurtükiNK(100%),ASABCKing(100%)andothers.

TradingCode:TKM1T

Jan2006

Jan2007

Jan2008

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Share price (EUR)

12

10

8

6

4

2

0

Company information


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57

Utenostrikotažas NASDAQ OMX VilniusMain list


Company in brief

Established in 1967, Utenos trikotažas is the largest vertical manufacturer of knitwear fabrics and garments in Lithuania and one of the most innovative apparel manufacturers in central and eastern Europe. The main pro-duction facility in Lithuania, together with a subsidiary plant in Ukraine, covers the full production cycle.

About 90% of the company’s production is exported, mostly to the large retail chains in western Europe, reaching end custom-ers in more than 50 countries. The company succeeded in developing its organic cot-ton products, which account for approxi-mately a quarter of sales. 10% of production is sold domestically under Utenos trikotažas’ brands.

The company’s strengths are long last-ing relationships with its clients, reliability, rapid response time, flexibility, experience and know-how. The company is committed to fulfilling the highest quality requirements, which are reflected in the ISO 9001 certifica-tion of its quality management system, the ISO 14001 certification of its environmen-tal management system and the OEKO-TEX 100, EU-Flower, Organic Exchange 100 and GOTS certification of its production systems for organic products. Utenos trikotažas was the first company in Lithuania to be certi-fied by SA 8000, proving its social account-ability system complied with best practice standards.

The Utenos trikotažas’ group comprises the parent company and three subsidiaries: Mrija, Šatrija (producer of complex, specific garments, www.satrija.lt) and Gotija (retail shop). After strategic investments in Mrija in 2005, the company developed its production capacities in Ukraine, increasing its flexibil-ity and cost-efficiency. The company’s stra-tegic direction is to stay close to its clients, deliver excellent service, focus on products with high added value (e.g. organic products) and expand the sales of products under its own brand.

Company profiles: Utenos trikotažas

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 0.70 0.47 0.08 0.13 0.06


Number of deals 583 436 343 235 152



Free float: 24.63%

Main shareholders:

KoncernasSBAUAB 51.12%

AmberTrustS.C.A.(SCA) 13.61%

EastCapitalAssetManagement 10.63%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 47.29 39.83 31.84 20.37 10.20

Profit/Loss(MEUR) 0.61 -2.32 -5.08 -0.03 1.05




Main subsidiaries with results consolidated into corporate:ŠatrijaAB(89.78%),GotijaUAB(90.50%),MTFMrijaOAO(98.95%).

TradingCode:UTR1L

Jan2006

Jan2007

Jan2008

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Share price (EUR)

3

2

1

0

Company information


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58

Viisnurk NASDAQ OMX TallinnMain list


Company in brief

Viisnurk AS retails furniture and furnish-ings, in addition to producing furniture and building materials. The Furniture and Build-ing Materials Divisions are the business units of Viisnurk AS.

The Skano furniture store chain, operating in Ukraine and the Baltics, and a plant pro-ducing original home furniture made of tim-ber belong to the Furniture Division.

The building materials division manufac-tures and distributes two product catego-ries based on soft-boards: insulation and wind protection board under the Isoplaat brand name, and interior finishing boards for walls and ceilings, which are distributed under the Isotex brand name.

Viisnurk dates back to 1945 when the state enterprise, Pärnumaa Tööstuskombi-naat, was founded. In 1996 the Isotex pro-duction 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 furni-ture store was opened in Tallinn. In 2007 AS Viisnurk was divided into a real estate com-pany and manufacturing company, with both of them listed on NASDAQ OMX Tallinn.

The competitive strengths of the furniture division include a focus on a limited number of product ranges, allowing for greater effi-ciency and saving on product development. Vertical integration with Skano, provides the company with full access to demand-driven market information and direct feedback from end-customers. The competitive strengths of the building material division include cli-ent diversification in different markets, allowing the company to re-organize sales to a market where the construction cycle is currently peaking.

Viisnurk holds an ISO 9001 quality certificate for management systems.

Company profiles: Viisnurk

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) - 0.52 0.29 0.79 0.59


Number of deals - 676 568 1316 649

Listingdate: September 25, 2007


Free float: 39.94%

Main shareholders:

OÜTrigonWood 59.62%


2006 2007 2008 2009 2010 H1

Sales (MEUR) 14.50 15.95 17.93 13.15 6.36

Profit/Loss(MEUR) 0.80 0.81 0.39 0.01 0.39




Mainsubsidiarieswithresultsconsolidatedintocorporate:OÜSkano.

TradingCode:VSN1T

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Share price (EUR)

Company information


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Sep2007

4

3

2

1

0

59

Vilniausbaldai NASDAQ OMX VilniusMain list


Company in brief

Vilniaus Baldai AB is a global leader in pro-ducing flat-pack furniture, with a core competence in BOF production. Originally established in 1883 as small sawmill, today the company is one of the most modern fur-niture manufacturers in Lithuania.

The company manufactures bedrooms, liv-ing-rooms and playroom furniture, made of wood particle boards, using the most mod-ern and popular technology as well as hon-eycomb substrate technology that helps reduce the weight.

Modern equipment from well-known manu-facturers enables the company to manufac-ture different types of furniture, finished on HDF (high density fiberboard); a minor por-tion of the production includes the furniture made of laminated wood particle boards.

Vilniaus Baldai is ISO certified, with the ISO 9001 quality system enacted in 2001. The company systematically strives for improve-ments in furniture quality, analyzes con-sumer demand and looks for methods and instruments to make the production pro-cess more effective and flexible. Further-more, the company tries to ensure that their customers receive not only high quality, but also eco-friendly furniture, and have there-fore become certified in compliance with the ISO 14001 standard requirements.

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

Company profiles: Vilniaus baldai

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 1.42 1.70 0.83 0.32 0.50


Number of deals 647 645 374 337 350



Free float: 27.71%

Main shareholders:

Invalda AB 72.01%

Swedbank(clients) 9.32%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 31.94 43.85 39.83 43.14 25.11

Profit/Loss(MEUR) -1.54 0.52 2.20 4.52 3.64




Mainsubsidiarieswithresultsconsolidatedintocorporate:Ari-LuxUAB(100%).

TradingCode:VBL1L

Jan2006

Jan2007

Jan2008

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Share price (EUR)

12

10

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60

LinasAgroGroup NASDAQ OMX VilniusMain list

Consumer Staples

Company in brief

Linas Agro Group, an integrated agribusi-ness company and competitive European player, has subsidiaries and joint ventures located in Lithuania, Latvia, Denmark and Ukraine. The group is engaged in producing and marketing agricultural products, feed-stuffs and other agriculture related supplies, as well as farming.

The company sells around 1.3 million tons of agricultural and related products per year on the international market and has business relations in over 40 countries. The compa-nies of the group are leaders in almost all of its business segments in the Baltics: grain and oilseed sourcing, grain elevator services, agricultural inputs supply and farming.

The group started its activities in 1991 by exporting rapeseeds. It then gradually expanded its activities towards supplying and farming agricultural products, trading these internationally, and finally became a vertically-integrated agribusiness company holding a “European Good Trading Practice“ certificate.

The company’s main strengths in interna-tional trading are its own grain storage facil-ities in Lithuania, long-term partnerships on sourcing markets, a diversified prod-uct portfolio and dispersed sales markets. Meanwhile, its advantages on the agricul-tural supply market include being a pioneer in agricultural contracting and having an attractive product portfolio as well as close cooperation with the farmers in the Baltics.

The vision of the company is to be the Bal-tic agribusiness leader with integrated and diversified businesses and to focus on growth on neighboring markets, such as Belarus and Ukraine.

Company profiles: Linas Agro Group

Contact information

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

2006 2007 2008 2009 2010 H1

Market capitalization (MEUR) - - - - 85.62

As%oftotalBalticequitycap - - - - 1.58

Turnover (MEUR) - - - - 5.21

As%oftotalBalticequityturnover - - - - 2.06

Number of deals - - - - 3 280



Free float: 29.72%

Main shareholders:

Akola ApS 55.14%

Darius Zubas 10.73%

06/07* 07 /08* 08/09* 09/10*

Sales (MEUR) 191.55 262.69 322.60 241.58

Profit/Loss(MEUR) 5.22 11.95 9.20 9.71

Total assets (MEUR) 90.09 125.76 112.15 129.84

Dividend per share (EUR) - - - 0.006**


Mainsubsidiarieswithresultsconsolidatedintocorporate:ABLinasAgro(100%),RosenkrantzA/S(60%),SIALinasAgro(100%),UABLinasAgroGrūdųcentras(100%), UABLinasAgroGrūdųcentrasKŪB(100%),UABGerera(100%),UABLignineko(100%), UABLinasAgroKonsultacijos(100%),AukštadvarioŽŪB(65.35%),SidabravoŽŪB(55.90%),LukšiųŽŪB(93.93%),MedeikiųŽŪB(96.54%),ŽŪBLandvesta1(100%),ŽŪBLandvesta2(100%),ŽŪBLandvesta3(100%),ŽŪBLandvesta4(100%),ŽŪBLandvesta5(100%),ŽŪBLandvesta6(100%),ŽŪKKupiškiogrūdai***(72.53%).

* Financial year starts July 1st ends June 30th** To be approved by AGM on October 28, 2010*** As of August 27, 2010

TradingCode:LNA1L

Feb2010

Mar2010

Apr2010

May2010

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Share price (EUR)

0.7

0.6

0.5

Company information


Share information

61

Pienožvaigždės NASDAQ OMX VilniusMain list

Consumer Staples

Company in brief

Established through the merger of a few specialized dairy processors in 1998, Pieno žvaigždės has benefited from the consolida-tion of the Lithuanian dairy sector and has quickly grown into one of the leading dairies in the Baltic States. The company’s primary focus is on fresh dairy products, while main-taining a sound export record.

Over the years Pieno žvaigždės has estab-lished itself as a reliable dairy processor able to consistently produce premium quality products at competitive prices. The compa-ny’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 con-sistent focus on quality has given Pieno žvaigždės the operational direction nec-essary to meet strict international require-ments through ISO, HALAL and KOSHER certification. Most of the company’s prod-uct range - yellow cheeses, butter, whey and milk powder - are exported following the company’s adherence to standards in sales markets. Modern processing facilities, strict quality control and innovative marketing strategies backed by professional manage-ment have helped the company to become the largest Baltic dairy, with sales of EUR 180m in 2009.

Pieno žvaigždės will continue to strengthen its leading position and exploit opportuni-ties for further growth. By continually updat-ing its already modern facilities, which have set new standards locally, the company will build on its competitive advantage and deliver excellent value to its shareholders and stakeholders.

Company profiles: Pieno žvaigždės

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 18.81 12.44 3.49 2.41 0.53


Number of deals 2 224 3 050 1515 1179 602

Listingdate: January11,1999


Free float: 45.77%

Main shareholders:


AgrolitasImeksLesmaUAB 14.77%

J.Kvaraciejus 13.06%

SmilgelėŽŪKB 10.58%

Swedfund International 8.67%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 157.85 192.13 192.97 180.28 79.19

Profit/Loss(MEUR) 5.36 9.65 -1.25 4.51 -0.22





TradingCode:PZV1L

Jan2006

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Share price (EUR)

2.0

1.6

1.2

0.8

0.4

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Share information

62

Premia Foods NASDAQ OMX TallinnMain list

Consumer Staples

Company in brief

AS Premia Foods is a dynamic and diversified consumer goods group involved in ice cream production, fish production and farming, fro-zen food and food products distribution. The foundation of our group companies is built on decades of dedication by founders and its current shareholders. Some of our group companies have been in business for more than fifty years.

AS Premia Foods was established in Decem-ber 2008 by merging previously separate legal entities who shared common owner-ship and operational and management con-trol under single holding company. Today, the group is among the most advanced food processing and distribution companies in the Baltic and Nordic region and is unique for its ability to expand and adapt to new prod-uct and geographic markets.

We believe that the team of AS Premia Foods is one of the most valuable assets of our company. Different cultural backgrounds enable us to maximize the best experiences of those people and continue to develop products for today´s and tomorrow´s cus-tomers tastes. Although great teamwork and team spirit are values that cannot be directly expressed on income or balance sheet statements, it is the hard work and dedication of all of our employees that has allowed us to demonstrate exceptional financial performance.

The core of our business are brands that are well recognised and liked by our custom-ers, whether they are kids or adults. We at AS Premia Foods pride ourselves to steadily live up to our consumers’ expectations by strengthening our existing and future brands and products.

AS Premia Foods AS Premia Foods has been listed on the NASDAQ OMX Tallinn Stock Exchange since May 5th, 2010.

Company profiles: Premia Foods AS

Contact information

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

2006 2007 2008 2009 2010 H1

Market capitalization (MEUR) - - - - 32.11

As%oftotalBalticequitycap - - - - 0.59

Turnover (MEUR) - - - - 1.53

As%oftotalBalticequityturnover - - - - 0.60

Number of deals - - - - 1116



Free float: 33.34%

Main shareholders:


2006 2007 2008 2009 2010 H1

Sales (MEUR) - - - 68.70 36.26

Profit/Loss(MEUR) - - - 0.69 1.83

Total assets (MEUR) - - 65.72 62.83 74.55


Auditorin2009:AlliottKangustOÜ

Mainsubsidiarieswithresultsconsolidatedintocorporate:SaaremereKalaAS(100%),ABPremiaKPC(100%),ASPremiaTKH(100%),HeimonKalaOY(100%),VettelOÜ(100%),GourmetHouseOÜ(100%),OOOKhladokombinatNo1(100%),ASPremiaFFL(100%).

TradingCode:PRF1T

May2010

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Share price (EUR)

Company information


Share information

0.95

0.90

0.85

0.80

0.75

63

Rokiškiosūris NASDAQ OMX VilniusMain list

Consumer Staples

Company in brief

Rokiškio sūris is one of the largest and most modern dairy production companies both in Lithuania and the Baltics. The main activity of the company is producing and selling fer-mented cheese, fresh dairy products, but-ter, milk powders, and by-products from whey. The company produces around 30 000 tons of fermented cheese per year, of which 80% is exported to other countries.

The company was first established in 1964 as a specialized cheese manufacturing company. In a couple of years, it became one of the leading creameries in Lithuania, with its high quality products being well-known outside the country’s borders.

In 1992, Rokiskio sūris was one of the first Lithuanian companies to become a joint-stock company.

To secure a constant supply of raw materi-als and to strengthen its position in the local market, Rokiškio sūris affiliated several dair-ies and formed the Rokiškio sūris AB group. Currently, there are three sites of produc-tion: Rokiškis, where fermented cheese, milk sugar (lactose) and liquid whey protein concentrate are produced; Utena, which specializes in the production of fresh dairy products, butter and milk powders; while Ukmerge focuses on the production of quark and quark products.

Every year the company undergoes signifi-cant renovation and reconstruction, boldly introducing advanced technologies.

In 1998, the company was granted an EU vet-erinary number, enabling it to export its pro-duction there. Rokiškio sūris was the first dairy company in Lithuania to be certified as a safe food manufacturer. In 2001, the company was awarded an HACCP certificate, providing it with international recognition. In 2002, the HACCP system was introduced in the subsidiaries as well. The international certification company, BVQI, awarded the company and its subsidiaries with the qual-ity certificate, ISO 9001, and the environ-mental management certificate, ISO 14001.

Company profiles: Rokiškio sūris

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 17.26 18.94 4.90 2.59 2.40


Number of deals 1691 3 258 2 238 1836 545



Free float: 42.85%

Main shareholders:

PienoPramonėsInvesticijųValdymasUAB 39.90%

Antanas Trumpa 14.38%

SkandinaviskaEnskildaBankenAB(clients) 10.60%

SwedbankAB(clients) 7.07%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 147.78 192.59 197.47 162.30 65.97

Profit/Loss(MEUR) 3.77 9.92 -5.30 4.34 0.78




Mainsubsidiarieswithresultsconsolidatedintocorporate:RokiskiopienasUAB(100%),ŽalmargėPK(100%),SkirpstasUAB(100%),BatėnaiUAB(100%),JekabpilspienakombinatsSIA(50.05%),PienoupėsUAB(50.00%).

TradingCode:RSU1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

2.5

2.0

1.5

1.0

0.5

0

Company information


Share information

64

Žemaitijos pienas NASDAQ OMX VilniusSecondary list

Consumer Staples

Company in brief

Žemaitijos pienas, one of the region’s largest milk processing companies, was established in 1924 in Telsiai. Almost 3 000 employees work at the company. Today, the company produces more than 200 new and popu-lar dairy products, including a new group of eco-friendly dairy products, fermented and melted cheeses, the only unripened cheese sticks in Lithuania, milk, sour milk, yogurt, sour cream, cream, curd, coated sweet curd cheeses, natural and flavored butter as well as many other products.

Žemaitijos pienas, operating on a system of self-control, strictly monitors the raw mate-rials and production processes used by the company. The company’s laboratory, which has been accredited under international standards, analyses the finished products, following the latest methodologies.

In 1998, Žemaitijos pienas received EU certi-fication, which confirms the high quality of the products.

Žemaitijos pienas’ products are being exported to the EU, Russia, USA, Canada, etc. The high quality of the products is proved not only by their popularity, but also by an abun-dance of awards in national and interna-tional exhibitions and contests. Constantly increasing sales of Žemaitijos pienas’ prod-ucts prove that the company has a strong and stable position in the dairy products market and is capable of keeping ahead of the competition.

Žemaitijos pienas applies a modern and extremely reliable method of treating milk, known as bactocatch.

The company also produces whey pow-der, which is exported around the world. The powder is packed in a new packing line, meeting strong quality requirements.

Company profiles: Žemaitijos pienas

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 1.81 4.82 1.15 3.34 2.12


Number of deals 904 2 485 1627 6314 3 333

Listingdate: October13,1997


Free float: 44.71%

Main shareholders:

AlgirdasPažemeckas 44.15%

SkandinaviskaEnskildaBanken(clients)(Sweden) 10.52%

KlaipėdospienasAB 7.45%

Danutė Pažemeckienė 6.25%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 111.00 134.45 136.65 107.99 56.68

Profit/Loss(MEUR) 3.74 7.10 -1.07 3.26 0.76



Auditorin2009:NepriklausomasauditasUAB

Main subsidiaries with results consolidated into corporate: TarpučiųPienasŽUK(10.80%),ŠilutėsRambynasABF(87.82%).

TradingCode:ZMP1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

0.8

0.6

0.4

0.2

0

Company information


Share information

65

Vilkyškiųpieninė NASDAQ OMX VilniusMain list

Consumer Staples

Company in brief

Founded in 1993, Vilkyškių pieninė AB is cur-rently one of the most up-to-date cheese factories in Lithuania, holding 17% of that country’s cheese production market.

In January 2005, Vilkyškių pieninė AB was restructured from a private limited company into a public limited company and started a new stage of activity.

Today, the Vilkyškių pieninė AB group con-sists of three companies: Vilkyškių pieninė AB, Modest AB and Kelmės pieninė AB. The main activity of the mother company is production and sales of various kinds of cheese. The company also produces and sells whey products, raw milk and cream. Modest AB produces cheeses and various kinds of non-traditional cheese products, such as blue cheese, feta cheese, ricotta and various kinds of mozzarellas. Kelmės pieninė AB produces fresh dairy products: milk, kefir, yogurt, sour cream and cottage cheese products. This wide assortment of dairy products allows successful competi-tion with other dairy processors. The main markets of Vilkyškių pieninė AB group are in Lithuania, EU, Russia, and other Baltic countries.

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 EUR 12m into modern production technologies to increase automation and boost efficiency.

After implementing a quality manage-ment program in 2000, Vilkyškių pieninė AB received an export license for EU coun-tries. In 2008, the company got ISO 9001 and ISO22000 certificates.

The base of Vilkyškių pieninė’s success is formed from reliable relationships with busi-ness partners tested over time, rapid reac-tions to the needs of customers and the market, and the competence of employees. Equally important are its circle of reliable suppliers, established long-term sales rela-tionships and attractive pricing policy.

Company profiles: Vilkyškių pieninė

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 0.60 3.81 1.93 1.06 0.81


Number of deals 221 1103 1691 2751 1665



Free float: 37.43%

Main shareholders:

GintarasBertašius 50.38%

OrionSecurities(clients)FMĮUAB 14.62%

Linas Strėlis 8.50%

Skandinaviska Enskilda Banken AB 8.37%

Finasta Group of Companies 6.57%

SkandinaviskaEnskildaBankenAB(clients) 5.33%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 33.51 39.47 44.02 46.14 31.16

Profit/Loss(MEUR) 1.12 2.90 -3.47 1.95 0.75




Main subsidiaries with results consolidated into corporate: ModestAB(97%),Kelmėspieninė(AB99%).

TradingCode:VLP1L

May2006

May2007

May2008

May2009

May2010

Share price (EUR)

2.0

1.6

1.2

0.8

0.4

0

Company information


Share information

66

Grindeks NASDAQ OMX RigaMain list

Health Care

Company in brief

Based in Latvia, Grindeks is the leading phar-maceutical companies in the Baltic states, with extensive know-how and experience in research, development, manufacture, reg-istration and sales of original cardiovascu-lar and anti-cancer products, generics and active pharmaceutical ingredients. Grindeks’ products are exported to more than 40 coun-tries; exports account for more than 96% of the company’s total turnover. The main mar-kets are the Baltic states, Russia and other CIS countries, Japan, the USA.

Grindeks’ origins date back to 1946. Since then it has grown considerably and is deve-loping into a pharmaceutical company of European significance. The Grindeks Group consists of four subsidiaries in Latvia, Esto-nia and Russia, as well as representa-tives and representative offices in fourteen countries.

In developing its business, Grindeks focu-ses on expanding its pharmaceutical holdings by acquiring other pharmaceutical companies, spreading its international sales network and developing new markets (China, Vietnam, Turkey, Eastern Europe etc.). Grindeks continuously develops its product portfolio and registers its medica-tions worldwide, in addition to increasing its production capacities.

Grindeks constantly modernizes its manu-facturing infrastructure, introducing modern technologies and ensuring their com-pliance with international quality stan-dards – GMP, GLP, GDP, FDA, TGA, MHLW, ISO 9001:2008, ISO 14001:2004.

In 2008 and 2009, Grindeks received the Bal-tic Corporate Excellence Award as the best Latvian company listed on the NASDAQ OMX Baltic exchange.

Company profiles: Grindeks

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 23.02 22.46 5.47 4.22 2.13


Number of deals 1881 2 624 2 240 2 607 577



Free float: 55.81%

Main shareholders:

KirovsLipmans 33.29%

Anna Lipmane 16.69%

Pharmstandard OAO 11.38%

Skandinavisa Enskilda Banker Nominal account 10.04%

Swedbank AS Nominal account 6.57%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 60.09 73.24 88.37 76.23 45.69

Profit/Loss(MEUR) 9.42 10.13 12.85 5.08 5.87



Auditorin2009:BDOInvestRiga

Mainsubsidiarieswithresultsconsolidatedintocorporate:JSCKalceks,Latvia(98.7%),NamuapsaimniekosanasprojektiLtd.,Latvia(100%),JSCTallinnPharmaceuticalPlant,Estonia(100%),GrindeksRusLtd.,Russia(100%).

TradingCode:GRD1R

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

14

12

10

8

6

4

2

Company information


Share information

Baltic MarketAwards 2009 BestInvestorRelationsOnline

67

Olainfarm NASDAQ OMX RigaMain list

Health Care

Company in brief

JSC “Olainfarm” is one of the leading man-ufacturers of ready-made medications and chemical pharmaceutical ingredients in the Baltic States. The company’s product port-folio consists of more than 70 final dosage forms and 50 active pharmaceutical ingredi-ents and chemical intermediates. Olainfarm exports its production to more than 30 coun-tries worldwide.

The company’s predecessor was the state-owned Olaine Chemical-Pharmaceutical Plant, established in 1972. Olainfarm was formed following Olaine’s privatization in 1997.

The production activities of Olainfarm meet the requirements of Good Manufacturing Practice (GMP), the Food and Drug Adminis-tration (FDA) and ISO 14001.

Olainfarm has significantly diversified both markets and products, so no single coun-try accounts for more than 50% 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.

The company’s strategy is to develop and produce products with higher value added and strengthen the company’s position in existing and new markets. Currently the company is in the process of launching a series of new products including: Olvazol®, R-Fenibut and R-Fenotropil. Meldonium and Memantine, announced earlier, have already been launched and are being sold to sev-eral markets, including Russia, Australia and Canada. When fully launched they are expected to boost Olainfarm’s sales by 30% per annum.

Company profiles: Olainfarm

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 3.87 6.84 1.18 1.92 2.46


Number of deals 2 492 3104 1851 4 066 2316



Free float: 27,43%

Main shareholders:

SIA Olmafarm 42,56%

HB-19InvestmentsLimited 26,17%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 23.77 26.98 28.58 31.93 17.83

Profit/Loss(MEUR) 1.11 0.48 -2.06 3.36 2.55



Auditorin2009:Ernst&YoungBalticSIA

Mainsubsidiarieswithresultsconsolidatedintocorporate:SIAReinolds(100%).

TradingCode:OLF1R

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

20

16

12

8

4

Company information


Share information

68

Sanitas NASDAQ OMX VilniusMain list

Health Care

Company in brief

AB Sanitas (hereinafter - Sanitas or Com-pany) is the oldest and largest pharmaceu-tical company in Lithuania. Sanitas group includes Sanitas, the Polish company Jelfa SA and its subsidiaries Laboratorium Far-maceutyczne Homeofarm sp.z.o.o and San-itas Pharma a.s. Jelfa SA has representative offices in Slovakia, Hungary, Bulgaria, Rus-sia and Ukraine.

The main activities of Sanitas group’s com-panies are the manufacture and sale of var-ious generic drugs, the development of new products, and toll manufacturing. The group’s main markets are Poland, Russia, the Baltics and other Central and Eastern European countries. Today, Sanitas focuses on the least competitive segments, regularly renewing its product portfolio and strength-ening its position in the Central European market.

Sanitas group has two production sites, located in Kaunas (Lithuania) and Jelenia Gora (Poland). Both of them have “Good Man-ufacturing Practice” certification. In order to increase the efficiency of its production, Sanitas sold its site located in Martin (Slova-kia) in July 2010. After this sale, the Sanitas group’s total productive capacity is 1 350m units of tablets and capsules, 150m units of solutions for injections, 50m units of oint-ments, 15m bottles of eye drops and 15m units of syringes.

Sanitas’ mission is to be a fast growing, mul-tinational pharmaceutical company with a strong focus on Central and Eastern Europe. It also aims to be one of the best in terms of efficiency and customer confidence. Over the next 3–5 years, Sanitas is planning to focus on its own product portfolio and con-tinue its roll-out of new branded generic pharmaceuticals in its targeted therapeu-tic niches.

Company profiles: Sanitas

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 5.98 18.46 8.02 3.57 1.80


Number of deals 3125 4 986 4781 3 303 1718



Free float: 25.08%

Main shareholders:

Invalda AB 23.32%

Baltic Pharma Limited 20.30%

CitigroupVentureCapitalInternationalJerseyLimited 17.56%

AmberTrustIIS.C.A 12.71%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 46.84 97.14 110.78 93.47 51.34

Profit/Loss(MEUR) -2.12 10.80 -0.55 5.17 5.01


Dividend per share (EUR) - 0.17 - - -

Auditorin2009:DeloitteLietuvaUAB

Main subsidiaries with results consolidated into corporate:JelfaSA(100%),HBMPharmas.r.o.(100%)

TradingCode:SAN1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

12

10

8

6

4

2

0

Company information


Share information

69

ArcoVara NASDAQ OMX TallinnMain list

Financials

Company in brief

Arco Vara is one of the leading real estate developers in the Baltics. Supported by its brokerage network, construction arm and service division, Arco Vara Group is able to cover all services related to a property, from its cost-benefit analysis, brokerage, valua-tions, development, construction and facil-ity management.

The company was established in 1992 as a real estate agency. In 1996 its first devel-opment project was launched in Tallinn and 1997, the group expanded into Latvia. Arco Vara has operations and assets in Estonia, Latvia, Bulgaria and Ukraine. The group cur-rently has branches in 17 different regions and employs more than 160 people.

Arco Vara has long held experience in the real estate business and the highest pro-fessional competence. The company’s suc-cessful track record has enabled it to build up a significant land bank in addition to its existing developments portfolio. This gives the company the flexibility to carry through developments on its own.

Company profiles: Arco Vara

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) - 80.15 36.79 11.69 3.24


Number of deals - 10327 6 769 11549 3 596



Free float: 26.16%

Main shareholders:

FreierProjektOÜ 23.58%

OÜToletum 21.89%

OÜHMInvesteeringud 21.90%

GammaHoldingOÜ 6.47%

2006 2007 2008 2009 2010 H1*

Sales (MEUR) 30.91 46.48 42.17 25.87 8.71

Profit/Loss(MEUR) 13.89 15.05 -74.15 -20.73 -1.14



Auditorin2009:Ernst&YoungBalticAS

Mainsubsidiarieswithresultsconsolidatedintocorporate:ArcoInvesteeringuteAS(100%),ArcoEhitusOU(100%),ArcoRealEstateAS(100%).

* RulesforconsolidatingGroupresultshavechangedin2010.

TradingCode:ARC1T

Jun2007

Jun2008

Jun2009

Jun2010

Share price (EUR)

Company information


Share information

50

40

30

20

10

0

70

Invalda NASDAQ OMX VilniusMain list

Financials

Company in brief

Invalda AB, an investment company, was established in 1992 and has been listed on the NASDAQ OMX Vilnius exchange since 1995. Invalda AB actively manages its invest-ments, with the largest part of its assets currently allocated to Poland and Lithua-nia. The main portfolio companies with most interests in Poland are in the road and bridge construction (Kauno Tiltai, Tiltra Group and Poldim) and pharmaceutical (Sanitas, Jelfa) sectors. Invalda group’s companies are also involved in furniture manufacturing (Vilniaus Baldai), various real estate projects and facilities management services (Invalda Real Estate Fund, Invalda Service and other com-panies), IT infrastructure (Baltic Amadeus Infrastructure Services) and several other smaller businesses.

Main investments of Invalda are:

• RoadandbridgeconstructioncompaniesKauno Tiltai, Tiltra Group and Poldim group, with combined (pro-forma) sales in 2009 of 291.4 MEUR, EBITDA of 28.8 MEUR and net profit of 17.4 MEUR. Invalda’s stake is about 44%, the companies are unlisted;

• Generic pharmaceuticals producer San-itas, with sales in 2009 of 93.5 MEUR, EBITDA of 21.5 MEUR and net profit of 5.2 MEUR. Invalda’s stake is about 26%, the company is listed;

• FurnituremanufacturingcompanyVilniausBaldai, with sales in 2009 of 43.1 MEUR, EBITDA of 7.7 MEUR and net profit of 4.5 MEUR. Invalda’s stake is72%, the company is listed.

Company profiles: Invalda

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 11.47 23.27 13.64 4.11 2.48


Number of deals 8 808 11508 9162 8 443 4 527

Listingdate: December19,1995


Free float: 28.13%

Main shareholders:

IrenaOnaMišeikienė 26.69%

VytautasBučas 18.56%

AlgirdasBučas 9.02%

Alvydas Banys 6.16%

Darius Šulnis 5.70%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 64.98 73.45 89.62 62.94 33.31

Profit/Loss(MEUR) 21.88 25.36 -26.52 -24.81 3.52




Maingroupcompanies:KaunoTiltaiAB,TiltraGroupABandPoldimS.A.,SanitasAB,JelfaSA,VilniausBaldaiAB,InvaldanekilnojamojoturtofondasAB,InvaldaServiceUAB,BalticAmadeusinfrastruktūrospaslaugosUAB.

TradingCode:IVL1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

6

5

4

3

2

1

0

Company information


Share information

71

LatvijasKrājbanka NASDAQ OMX RigaSecondary list

Financials

Company in brief

JSC Latvijas Krājbanka is the oldest com-mercial bank in Latvia. It started operations in 1924 as the Latvian Postal Service Sav-ings Bank during the first period of Latvian independence. In 2009 Latvijas Krājbanka celebrated its 85th anniversary. Its biggest shareholder is AB Bankas Snoras (85.19%).

Krājbanka is a universal network of commer-cial banks offering a full-range of services to businesses and private individuals, both residents and non-residents. The bank has the widest client service network in Latvia, thus providing a convenient service for its clients throughout the state. It ranks first among Latvian commercial banks in terms of the number of client service centers it operates (113 – 30.06.2010). While, with regards to ATMs, Krajbanka ranks third with 190 machines.

The bank retains stable numbers of clients and deposit accounts; Krājbanka has the third largest amount of deposits by private persons. Its activity is also directed towards attracting corporate clients.

For the fourth time in 2010, Krājbanka received the “Deutsche Bank’s STP Excel-lence Award”, confirming the processing quality of the bank’s outgoing payments. At the same time, the SNORAS group received the World Finance Banking Award for the best Banking Group in the Baltics from the World Finance organization.

In order to maintain the loyalty of Latvia’s residents and its small-and-medium enter-prises, the bank will continue to prioritize its clients’ needs, keeping up with all the latest developments.

Company profiles: Latvijas Krājbanka

Contact information

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

2006 2007 2008 2009 2010 H1LKB1RLKB2R

LKB1RLKB2R

LKB1RLKB2R

LKB1RLKB2R

LKB1RLKB2R

Market capitalization (MEUR) 63.49-

89.870.03

14.000.03

21.440.02

32.990.03

As%oftotalBalticequitycap 0.46-

0.690.00

0.270.00

0.340.00

0.61 0.00

Turnover (MEUR) 0.86 -

4.71 0.00

0.84 0.00

0.18 0.00

0.07 0.00

As%oftotalBalticequityturnover 0.04 -

0.20 0.00

0.09 0.00

0.06 0.00

0.03 0.00

Number of deals 1331 -

3 779 6

1973 26

631 5

221 2

Listingdateofordinaryshares: October 27, 2004

Listingdateofpreferanceshares: April17,2007

Total number of ordinary shares: 19321414

Total number of preference shares: 2 834

Free float: 14.81%

Main shareholders:

AB Bankas Snoras 85.19%

RattoHoldingsLimited 6.28%

2006 2007 2008 2009 2010 H1

Net interest income (MEUR) 16.30 22.41 27.63 13.98 -0.08

Profit/Loss(MEUR) 5.75 7.05 3.96 -2.75 -6.59


DividendpershareLKB1R(EUR) 0.28 0.30 - - -

DividendpershareLKB2R(EUR) 0.58 0.60 0.35 - -

Auditorin2009:Ernst&YoungBalticSIA

Mainsubsidiarieswithresultsconsolidatedintocorporate:SIALKBLīzings(100%),ASIeguldījumupārvaldessabiedrībaLKBKrājfondi(100%),ASLKBLIFE(99,79%),SIAKrājinvestīcijas(100%),SIALKBDrošība(100%),SIALKBCollect(100%),SIALKBRīgasīpašumi(100%),SIAJēkaba2(100%),SIALKBproperty(100%),SIABrīvības38(100%).

TradingCode:LKB1R/ LKB2R

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

Company information


Share information

Jan2006

16

12

8

4

0

72

Snoras NASDAQ OMX VilniusSecondary list

Financials

Company in brief

During its eighteen years of activity (since 1992), AB Bank SNORAS has become one of the largest banks in Lithuania, with the most expansive and modern customer service network in Lithuania: ten regional branches, fourteen branch outlets, 230 territorial divi-sions and 339 ATMs. The bank has success-fully strengthened its position in Lithuania’s retail and corporate banking market. AB Bank SNORAS owns branches in Estonia and Lat-via, as well as representative offices in the United Kingdom, Belgium, the Czech Repub-lic, Ukraine and Belarus.

On 1st July 2010, AB Bank SNORAS was the third largest bank in Lithuania in terms of total deposits collected, the fourth larg-est by capital and the fifth largest by total assets. Over a million clients use the ser-vices of the Bank.

AB Bank SNORAS directly manages eight subsidiary companies in Lithuania, Lat-via and Estonia. The SNORAS Group consol-idates thirty one companies, which provide retail, corporate, investment banking, asset management and other services for market participants in the Baltic States and abroad.

In July 2010 AB bank SNORAS was named the best financial group in the Baltic States in 2010 (“Best Banking Group Baltics 2010”) by “World Finance” and the users of www.worldfinance.com. This is the first award of its kind to be given to a bank operating in the Baltic States.

The shares of AB Bank SNORAS have been listed on the Secondary list of NASDAQ OMX Vilnius since 24 January 1994. Since 1 July 2009, the registered ordinary shares of AB Bank SNORAS have been included in OMX Bal-tic 10 index.

Company profiles: Snoras

Contact information

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

2006 2007 2008 2009 2010 H1SRS1LSRS2L

SRS1LSRS2L

SRS1LSRS2L

SRS1LSRS2L

SRS1LSRS2L

Market capitalization (MEUR) 153.2710.57

248.037.15

43.132.90

113.512.68

104.433.19

As%oftotalBalticequitycap 1.100.08

1.890.05

0.830.06

1.780.04

1.920.06

Turnover (MEUR) 10.35 0.62

29.67 2.39

8.66 1.18

17.08 0.44

4.75 0.17

As%oftotalBalticequityturnover 0.42 0.03

1.25 0.10

0.89 0.12

3.45 0.09

1.87 0.07

Number of deals 6 360 352

10206 1155

12334 982

24 027 962

6 644 366

TradingCode:SRS1L/SRS2L

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

Company information


Share information

Jan2006

6

5

4

3

2

1

0

2006 2007 2008 2009 2010 H1*

Net interest income (MEUR) 43.80 56.88 63.82 18.49 10.68

Profit/Loss(MEUR) 18.92 21.12 6.76 -12.78 2.90


DividendpershareSRS1R(EUR) 0.03 0.03 - - -

DividendpershareSRS2R(EUR) 0.29 0.29 - - -


Mainsubsidiarieswithresultsconsolidatedintocorporate:ASLatvijasKrajbanka,JSCFinastaHoldig,JSCSNOROlizingas,JSCSNORASInvestmentManagement,JSCSNORASMedia.

* DataforSnorasFinancialGrouponly.

Listingdateofordinaryshares: January24,1994

Listingdateofpreferanceshares: December 28, 2006

Total number of ordinary shares: 474217107

Total number of preference shares: 2 000 000

Free float*: 6.6%

Main shareholders*:

VladimirAntonov 68.10%

RaimondasBaranauskas 25.31%

* FreefloatandMainshareholdersareshownasofAugust17,2010afterincreaseoftheauthorizedcapital.

73

Šiauliųbankas NASDAQ OMX VilniusMain list

Financials

Company in brief

Šiaulių bankas was established in 1992. Since 1994, when the first territorial subdi-visions of the Bank started their operation, Šiaulių bankas has expanded its network to 51 territorial subdivisions operating in 31 towns of the country.

Šiaulių bankas provides all the traditional services of commercial bank. It has a strong position in the sector providing credit for small and medium-sized enterprises. A pri-ority for the bank is financing municipal and regional projects, also expanding its ser-vices to individuals. Šiaulių bankas actively participates in state-supported credit pro-grams as well as suggesting new bank-ing products and sources of finance to its customers.

In 2010 Šiaulių bankas started implement-ing the JEREMIE initiative, financed by the European Investment Fund (EIF), accord-ing to which the bank will extend more than EUR 40m to small and medium-sized enter-prises. Seeking to improve crediting condi-tions, Šiaulių bankas has also participated in a state-supported program to modern-ize multi-apartment buildings - the bank became the first financial partner of the European Investment Bank (EIB) in Lithuania, using the JESSICA financial instrument.

The major shareholder of the bank is the European Bank for Reconstruction and Development (EBRD), which currently pos-sesses 22.44% of the authorized capital. The largest part of Šiaulių bankas’ capital is com-prised of Lithuanian capital - 71.44% of the Bank’s shares are owned by residents and individuals of Lithuania.

The fact that the bank actively participates in the credit market contributes to the increas-ing popularity in Lithuania of new models of fostering business, paying particular atten-tion to public, cultural and social projects. This leads to favorable conditions for the implementation of the Bank’s strategy – to grow organically and develop its activity in Lithuania.

Company profiles: Šiaulių bankas

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 14.53 71.25 24.33 5.54 1.97


Number of deals 6 735 16279 11371 6621 2 469

Listingdate: November29,1994


Free float: 51.64%

Main shareholders:

EuropeanBankforReconstructionandDevelopment 22.44%

GintarasKateiva 7.28%

AlgirdasButkus 5.17%

2006 2007 2008 2009 2010 H1

Net interest income* (MEUR) 8.79 10.88 12.38 7.99 3.48

Profit/Loss*(MEUR) 3.95 7.89 5.08 -8.72 -3.22

Total assets* (MEUR) 390.42 583.05 593.63 596.41 625.45

Dividend per share* (EUR) 0.006 0.006 - - -



* All figures are non-consolidated

TradingCode:SAB1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

1.2

1.0

0.8

0.6

0.4

0.2

0

Company information


Share information

74

TrigonPropertyDevelopment NASDAQ OMX TallinnMain list

Financials

Company in brief

Trigon Property Development was estab-lished on Feburary 17, 1945. It was listed on the main list of the Tallinn Stock Exchange in June 1997.

Trigon Property Development has evolved as a result of the division of AS Viisnurk on Sep-tember 19, 2007, when the property develop-ment and the furniture and building material divisions were divided into separate compa-nies. Since then, the core business activity of Trigon Property Development is property development in central and eastern Europe.

Currently Trigon Property Development owns one property development project, which is a 40ha land-area in Pärnu city, Estonia. The company is developing this site for logistics, warehousing and light industrial purposes.

Company profiles: Trigon Property Development

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 2.55 3.74 0.27 0.29 0.12


Number of deals 1708 1582 444 553 210



Free float: 40.38%

Main shareholders:

OÜTrigonWood 59.62%


2006 2007 2008 2009 2010 H1

Sales (MEUR) 0.03 0.02 0.03 0.04 0.01

Profit/Loss(MEUR) 5.14 2.38 -0.84 -3.81 -0.01




Mainsubsidiarieswithresultsconsolidatedintocorporate:VNNiiduKinnisvaraOÜ.

TradingCode:TPD1T

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

Company information


Share information

Jan2006

4

3

2

1

0

75

Ūkio bankas NASDAQ OMX VilniusMain list

Financials

Company in brief

Established in 1989 as the first private com-mercial bank in Lithuania, Ūkio bankas is now operating a countrywide retail banking network of 12 branches and 47 client ser-vice units. Ūkio bankas has representative offices in Kiev and Almaty.

Ūkio bankas is primarily focused on domes-tic commercial banking activities, followed by retail customer banking. The bank offers a full range of financial services for both corporate and private clients: retail banking, commercial and corporate banking, secu-rities brokerage and investment banking, international banking, foreign exchange and money market operations as well as internet banking. The company’s subsidiaries, Ūkio banko lizingas, Ūkio Banko Investicijų Valdy-mas and Ūkio Banko Rizikos Kapitalo Valdy-mas, supplement the range of its financial services with lease, investment manage-ment and venture capital management services.

In 2006, Ūkio bankas became the first finan-cial company to be included on the Baltic Main List.

In May 2010 the international capital and financial market magazine, Euromoney, honored Ūkio bankas with two prestigious awards. Ūkio bankas was named the best local bank in Lithuania’s private banking and wealth management survey for 2010 and the best provider of private banking services in Lithuania.

Ūkio bankas plans to achieve further growth by expanding its range of services and prod-ucts, leading to an increase in the number of clients and activity.

Company profiles: Ūkio bankas

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 75.28 136.04 64.81 33.56 12.55


Number of deals 22 556 47158 53 664 38316 12744

Listingdate: August2,1994


Free float: 63.41%

Main shareholders:

VladimirRomanov 32.95%

UniversalBusinessInvestmentGroupManagementUAB 9.99%

ZinaidaRomanova 8.73%

FIRSTPartneriaiUAB 7.76%

2006 2007 2008 2009 2010 H1

Net interest income (MEUR) 22.59 34.02 37.87 18.11 1.13

Profit/Loss(MEUR) 12.59 22.35 13.24 -20.42 0.65




Mainsubsidiarieswithresultsconsolidatedintocorporate:UABŪkioBankoLizingas(100%),UABGDBonumPublicum(100%),UABŪkioBankoInvesticijųValdymas(100%),UABŪkioBankoRizikosKapitaloValdymas(100%),RABŪkioBankLizing*(100%),UABInvesticinioturtovaldymas(100%),UABTurtovaldymopaslaugos(100%).

* UAB Ūkio Banko Rizikos Kapitalo Valdymas owns 100% of the shares of RAB Ūkio Bank Lizing

TradingCode:UKB1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

1.6

1.2

0.8

0.4

0

Company information


Share information

76

SAF Tehnika NASDAQ OMX RigaMain list

Information Technology

Company in brief

JSC SAF Tehnika is a Latvian designer, manu-facturer and distributor of digital microwave data transmission equipment. SAF Tehnika products provide wireless backhaul solu-tions for digital voice and data transmission to mobile and fixed network operators, data service providers, governments and private companies.

Located in Northern Europe, SAF Teh-nika managed to acquire and consolidate the region’s microelectronics industry and spread its presence to almost 100 coun-tries, covering all relevant market segments worldwide within just a decade.

SAF was first registered as an enterprise in 1994, with SAF Tehnika registered in 1999. In 2002 the company obtained ISO 9001 cer-tification and in 2004 launched a success-ful IPO on the Riga Stock Exchange (NASDAQ OMX Riga). In 2006, SAF Tehnika launched its CFQ product line - high capacity radio equip-ment; in 2008 the new CFIP product line - SAF’s Next Generation Microwave Radio System was presented.

The strengths of SAF Tehnika are highly reliable and durable products produced in Europe, strong research and development capabilities, a flexible business approach, professional pre and after-sales support, fast warranty service and a worldwide part-ners network.

By reinvesting its profits into its research and development, the company aims to bet-ter meet the needs of its customers.

The main targets for the company in the coming years are to achieve steady growth, maintaining high production quality and customer satisfaction levels and to regain a 1% share of the world’s microwave market.

The total number of employees on June 30, 2009 was 143.

Company profiles: SAF Tehnika

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 8.91 10.53 0.99 0.69 0.46


Number of deals 259 1482 1911 1642 699

Listingdate: May 26, 2004


Free float: 36.96%

Main shareholders:

Didzis Liepkalns 17.05%

Maleks S, SIA 10.72%

AndrejsGrišāns 10.03%

Skandinavisa Enskilda Banker Nominal account 9.98%

NormundsBergs 9.74%

Juris Ziema 8.71%

Swedbank AS Nominal account 8.50%

VentsLācars 6.08%

05/06* 06/07* 07/08* 08/09* 09/10*

Sales (MEUR) 18.87 19.01 15.15 12.56 14.55

Profit/Loss(MEUR) 2.28 0.23 -0.67 -1.77 2.12


Dividend per share (EUR) 0.28 - - 0.33 -

Auditorin2009/2010:PotapovičaunAndersone,SIA

Mainsubsidiarieswithresultsconsolidatedintocorporate:none. * Financial year starts July 1st ends June 30th

TradingCode:SAF1R

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

20

16

12

8

4

0

Company information


Share information

Baltic MarketAwards 2009

BestInvestorRelationsamongSmallCapCompaniesBestInvestorRelationsinNASDAQOMXRigaBestInvestorRelationsOnline

77

TEO LT NASDAQ OMX VilniusMain list

Telecommunication Services

Company in brief

TEO LT, AB is the largest integrated tele-communication, IT and television services provider in Lithuania. TEO Group is a part of TeliaSonera Group, which provides tele-communications services in 20 markets in Europe and Asia.

TEO has the largest share of the markets for fixed voice telephony, internet, data com-munication and leased lines in Lithuania. The company is also a leading provider of inter-net and digital terrestrial television services in the country. TEO’s subsidiary, Lintel, has the largest share of the directory inquiry ser-vices market in Lithuania and another sub-sidiary, Baltic Data Center, is a leader in the data center business in the Baltic States.

In terms of revenue, TEO has 95% of the fixed voice telephony and 40% of the broadband internet market in Lithuania. At the end of 2009, the company had 722 000 telephone lines, 313 000 broadband internet connec-tions and 102 000 TV services users. TEO Group employs more than 3 200 people.

Since 2005 the company has been imple-menting the Corporate Social Responsibil-ity (CSR) concept in business and was one of the first to publish a CSR Report in 2006.

The company’s vision states that TEO is your best partner in communication, with the constantly changing world. The company’s mission is to create value for shareholders and customers by providing professional, high-quality telecommunications, TV and IT services.

TEO’s awards in 2009:• Lithuania’s most successful listed

company (Baltic Corporate Excellence Awards)

• InnovativeCompany(InnovationAward)• The“greenest”enterprise(TheMinistryof

Environment Awards)• Socially Responsible Enterprise 2009

(National Responsible Business Awards)

Company profiles: TEO LT

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 92.19 145.80 75.64 79.56 25.50


Number of deals 18169 30179 30 449 28 570 9 838



Free float*: 31.47%

Main shareholders*:

AmberTeleholdingA/S(subsidiaryofTeliaSoneraAB) 62.94%

EastCapitalAssetManagmentAB 5.82%

TeliaSonera AB 5.14%

* Free float and Main shareholders are shown as of September 9, 2010 after cancellation of the Company’s treasury stocks.

2006 2007 2008 2009 2010 H1

Sales (MEUR) 212.82 229.80 239.30 236.20 112.08

Profit/Loss(MEUR) 37.77 47.16 46.31 48.97 24.20




Mainsubsidiarieswithresultsconsolidatedintocorporate:UABLintel(100%),UABBalticDataCenter(100%),UABInterdata(100%).Forthecompletelistseewww.teo.lt.

TradingCode:TEO1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

1.0

0.8

0.6

0.4

0.2

Company information


Share information


BestInvestorRelationsintheBalticCountriesBestInvestorRelationsinNASDAQOMXVilniusBestInvestorRelationsOnline

78

Lietuvos elektrinė NASDAQ OMX VilniusSecondary list

Utilities

Company profiles: Lietuvos elektrinė

Company in brief

Lietuvos elektrinė was established on December 31, 2001, following the reorgani-zation of Lietuvos Energija. In 1972, the com-pany finished building the biggest thermal energy plant in Lithuania, with four energy blocks each generating 150 MW and four more producing 300 MW, in total 1,800 MW of installed power.

Lietuvos elektrinė manufactures, sup-plies and distributes electricity and thermal energy.

After the decommissioning of the first block of the Ignalina nuclear power plant, Lietu-vos elektrinė became the main producer of electricity in the country. In meeting grow-ing demand and in order to reduce the cost of electricity, a new 445 MW combined gas cycle turboblock is being built. The value of this project totals EUR 329m. The new turbo block is scheduled to be ready for 2012. The company’s technology allows for the burn-ing of other liquid fuels, like fuel oil and other cheaper emulsions in line with eco require-ments. This makes the company indepen-dent from any single fuel source. To ensure a reliable performance in the future, a num-ber of modernizations and repair works have been completed. Having invested about EUR 289m (LTL 1 bn) into its modernization during the last ten years, the company will serve as a reliable source of energy and power over the next ten years.

In 2010 the reorganization of the Lithua-nian electricity sector was launched, aim-ing to organize the country’s electricity infrastructure along EU lines. The reorga-nization plan comprises the establishment of four functional blocks of transmission, generation, distribution and maintenance. The goals in forming the generation block are: to purify and concentrate the activ-ity of generation in one company –Lietuvos energija (achieved by incorporating Lietuvos elektrinė into Lietuvos energija); to reorga-nize and centralize generation capacities, necessary to ensure the energy indepen-dence of Lithuania.

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 0.91 0.75 0.34 0.23 0.11


Number of deals 594 690 308 484 217



Free float: 4.46%

Main shareholders:

VisaginoAtominėElektrinėUAB 95.54%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 55.25 75.95 112.30 120.17 109.65

Profit/Loss(MEUR) 7.24 9.82 -9.94 26.23 2.04


Dividend per share (EUR) - 0.004 - 0.02 -



TradingCode:LEL1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

2.5

2.0

1.5

1.0

0.5

Company information


Share information

79

Lietuvosenergija NASDAQ OMX VilniusSecondary list

Utilities

Company in brief

Lietuvos Energija AB, established in March 1991, is the owner of a high-voltage elec-tricity transmission (330 – 110 kV) grid and, through its daughter companies, performs the activities of an electricity transmission operator, a market operator and other activ-ities in the field of electric power. The com-pany owns a dispatch center, two hydro power plants – Kaunas HPP and Kruonis PSP (ensuring the balance between generation, consumption and regulating power flows), 230 transformer substations and switch-yards, over 6 000 km of high voltage elec-tricity lines, and an information technology and telecommunications center.

In 2010 the reorganization of Lithuania’s electricity sector was launched with the aim to organize its infrastructure under EU requirements: to separate and purify activ-ities, improve the efficiency of the electric-ity system, promote energy independence, interconnect with the European continen-tal grid and integrate into the EU’s electric-ity market.

The reorganization plan comprises the establishment of four functional (trans-mission, generation, distribution and main-tenance) blocks. After the transfer of the company’s functions as a transmission system operator and market operator, the remainder of Lietuvos Energija AB will form the basis of the electricity generation block. Auxiliary functions will be transferred to maintenance companies. Lietuvos Energija AB will be the Lithuania’s largest electric-ity generation and supply company and will consolidate the country’s major electricity generating capacities, ensuring the elec-tricity independence of Lithuania.

The key changes in the sector are expected to be implemented by the end of 2010, with all legal and business processes completed by the end of the first quarter of the year 2011.

Company profiles: Lietuvos energija

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 3.01 5.94 1.75 1.50 0.48


Number of deals 1784 5 089 1935 2416 1043



Free float*: 2.50%

Main shareholders*:


* Free float and Main shareholders are shown as of September 15, 2010 after increase of the authorized capital.

2006 2007 2008 2009 2010 H1

Sales (MEUR) 290.22 347.62 443.20 454.34 242.95

Profit/Loss(MEUR) 5.42 14.01 12.67 5.96 20.60


Dividend per share (EUR) 0.003 - - 0.02 -


Main subsidiaries and joint venture with results consolidated into corporate: LITGRIDUAB(100%),EnergijosTiekimasUAB(100%),InterLinksUAB(100%),KruonioInvesticijosUAB(100%),EnergetikosPajėgosUAB(100%),KaunoEnergetikosRemontasUAB(100%),LitPolLinkSp.zo.o.(50%),Lietuvoselektrinė(91.27%)*.

* As of August 18, 2010

TradingCode:LEN1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

2.5

2.0

1.5

1.0

0.5

0

Company information


Share information

80

Rytųskirstomiejitinklai NASDAQ OMX VilniusMain listUtilities

Company profiles: Rytų skirstomieji tinklai

Company in brief

AB ‘Rytų skirstomieji tinklai’ (RST) is a rapidly developing company that distributes elec-tricity in the eastern part of Lithuania. The company provides services to 705 000 pri-vate customers and 25 000 business clients. RST owns and maintains the electricity dis-tribution system in eastern Lithuania, and is responsible for the reliability and quality of the electricity supply to end users, as well as developing, maintaining and moderniz-ing the network, ensuring adequate safety standards. In recent years RST has been among the top twenty largest companies in Lithuania.

RST was founded in 2001 after the reorgani-zation of Lietuvos energija AB.

Apart from distributing electricity through its subsidiary companies, RST also pro-vides other services in the Lithuanian mar-ket, including the repair and maintenance of the power network, and renting out special transport.

Providing a reliable electricity supply is one of the major objectives of the company. The priority remains improving customer satis-faction as well as introducing state-of-the-art technologies, developing client service channels and improving the quality of cus-tomer service.

RST aims to contribute to the welfare of the population, not only by securing uninter-rupted supplies of electricity and taking care of its employees, but also by highlighting the issues of electricity safety and rational con-sumption, and by initiating various social and environmental projects.

In 2011, AB ‘Rytų skirstomieji tinklai’ will be merged with AB ‘VST’. Together, both compa-nies will supply and distribute electricity to the whole of Lithuania. This merger will boost the combined entity’s performance, reduc-ing the numbers of administrative staff and premises, cutting costs and improving the efficiency of public procurement.

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 10.66 13.19 10.85 3.45 3.14


Number of deals 4 868 7 265 4617 5 375 4 475



Free float: 8.38%

Main shareholders:


E.ONRuhrgasInternationalGmbH 20.28%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 64.98 73.45 89.62 62.94 33.31

Profit/Loss(MEUR) 21.88 25.36 -26.52 -24.81 3.52




Mainsubsidiarieswithresultsconsolidatedintocorporate:RytraUAB(100%),ElektrostinklopaslaugosUAB(100%),TetasUAB(100%).

TradingCode:RST1L

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

2.0

1.5

1.0

0.5

0

Company information


Share information

81

TallinnaVesi NASDAQ OMX TallinnMain listUtilities

Company in brief

Tallinna Vesi is the largest water utility company in Estonia, providing drinking water and wastewater disposal services to over 400 000 people in Tallinn and in several of the neighboring municipalities. It has exclusive rights to run this service until 2020. The com-pany operates a 2 000 sq.km catchment area to collect raw water, and owns and operates the full range of assets required to treat and supply water and collect and dispose of wastewater and stormwater. Tallinna Vesi is IS09001, ISO14000, ISO 17025, OHSAS18001 and EMAS accredited.

In textbook fashion, Tallinna Vesi has trans-formed itself from a 100% owned munici-pal water company, through a privatization in 2001, to a listed company on the Tallinn Stock Exchange in 2005. The company is at present owned 35.30% by UU Tallinn B.V and 34.70% by the city of Tallinn, with 30% traded publicly.

The company’s main strengths are visi- bility of earnings due to the fact that tariffs are agreed.

Company profiles: Tallinna Vesi

Contact information

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

2006 2007 2008 2009 2010 H1



Turnover (MEUR) 58.37 82.83 92.87 14.48 14.89


Number of deals 2 364 2 234 1583 2 562 5127



Total number of preference shares: 1

Free float: 30.00%

Main shareholders:

UnitedUtilities(Tallinn)B.V. 35.30%

Tallinna Linnakantselei Finantsteenistus 34.70%

2006 2007 2008 2009 2010 H1

Sales (MEUR) 37.66 41.44 46.01 49.37 24.73

Profit/Loss(MEUR) 15.85 17.76 18.92 21.73 2.56




Mainsubsidiarieswithresultsconsolidatedintocorporate:ASWatercom(100%).

TradingCode:TVEAT

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Share price (EUR)

20

16

12

8

4

Company information


Share information


BestInvestorRelationsinNASDAQOMXTallinnBestAnnualReport

82

Company Ticker GICS IndustryHome Exchange FF2

(%)Max

(EUR)Min

(EUR)Change

(%)Deals Turnover

(EUR)

Average Market cap

(MEUR)

Sales/Turnover

Profit/loss

Total assets

Dividend per share 2009

(EUR)

1 Snoras SRS1L 40101010 Commercial Banks VLN 6.604 0.48 0.17 91.23 20093 14769898.67 119.58 18.49 -12.78 2615.95 -

Snoras SRS2L1 VLN 45.00 2.08 1.07 69.46 856 416174.15 3.18 -

2 Snaigė SNG1L 25201010 Household Durables VLN 90.24 0.34 0.11 70.00 15677 8146000.50 5.59 35.09 -11.52 30.46 -

3 Klaipėdos nafta KNF1L 10102040 Oil,Gas&ConsumableFuels VLN 29.37 0.4 0.27 37.89 4283 5892512.53 108.60 33.70 10.89 134.95 0.01

4 Žemaitijos pienas ZMP1L 30202010 Food Products VLN 44.71 0.52 0.18 143.48 7596 4221818.93 17.29 107.98 3.26 52.77 -

5 Lietuvos jūrų laivininkystė LJL1L 20303010 Marine VLN 38.56 0.18 0.07 -28.95 5025 2739697.04 22.44 59.21 -28.86 289.43 -

6 Limarko laivininkystės kompanija LLK1L 20303010 Marine VLN 10.12 0.26 0.12 -21.82 4591 2396636.24 19.88 37.65 -3.60 90.64 -

7 Lietuvos energija LEN1L 55105010 IndependentPowerProd.&EnergyTraders VLN 2.503 0.98 0.49 -7.32 3051 1897443.94 476.19 454.34 5.96 927.52 0.02

8 Stumbras STU1L 30201010 Beverages VLN 4.91 1.77 1.23 11.36 1400 906982.15 57.75 34.49 6.71 35.34 0.14

9 Järvevana JRV1T 20103010 Construction&Engineering TLN 27.82 0.45 0.26 7.69 1088 593701.09 6.26 - -0.13 16.00 -

10 Rīgas kuģu būvētava RKB1R 20106010 Machinery RIG 52.47 0.5 0.23 52.38 1203 567058.84 3.67 30.38 -0.38 77.78 -

11 Linas LNS1L 25203010 Textiles,Apparel&LuxuryGoods VLN 48.80 0.11 0.03 150.00 1514 549951.36 1.83 9.61 -0.52 6.33 -

12 Liepājas metalurgs LME1R 15104050 Metals&Mining RIG 7.89 2.7 1.12 39.29 693 455314.51 29.31 240.69 -17.37 200.46

13 Valmieras stikla šķiedra VSS1R 20102010 BuildingProducts RIG 94.93 0.91 0.46 73.53 990 412208.72 16.40 43.05 0.03 83.94 -

14 Latvijas Gāze GZE1R 10102040 Oil,Gas&ConsumableFuels RIG 4.34 8.54 5.76 38.27 1104 399933.62 283.17 469.13 27.27 656.65 0.57

15 Latvijas tilti LTT1R 20103010 Construction&Engineering RIG 10.04 52.63 5.55 746.15 569 345914.49 11.09 32.62 6.40 19.79 9.53

16 Lietuvos elektrinė LEL1L 55101010 ElectricUtilities VLN 4.46 1.83 1.16 12.22 641 303050.64 211.09 120.17 26.23 617.05 0.02

17 Latvijas balzams BAL1R 30201010 Beverages RIG 13.55 4.41 1.72 35.38 1007 253575.26 20.94 79.11 5.10 114.62 -

18 Latvijas Krājbanka LKB1R 40101010 Commercial Banks RIG 14.81 1.92 1.01 28.00 633 220476.53 24.79 13.98 -2.75 806.44 -

Latvijas Krājbanka LKB2R1 RIG 100.00 11.38 7.11 33.33 5 2251.69 0.03 -

19 Klaipėdos baldai KBL1L 25201010 Household Durables VLN 27.65 1.01 0.38 140.80 376 170976.45 5.63 49.24 1.49 28.09 -

20 VST VST1L 55101010 ElectricUtilities VLN 1.79 122.51 57.63 -24.14 355 140998.23 309.88 328.30 1.34 765.98 0.61

21 Anykščių vynas ANK1L 30201010 Beverages VLN 5.10 0.19 0.07 3.70 595 120289.57 4.96 7.56 -2.07 12.80 -

22 Latvijas Jūras medicīnas centrs LJM1R 35102010 HealthCareProviders&Services RIG 34.29 2.99 1.78 28.00 50 107052.46 1.87 6.49 -0.08 5.00 -

23 Olaines kūdra OLK1R 15101030 Chemicals RIG 38.17 0.6 0.24 36.84 164 88034.90 0.72 1.47 0.04 2.91 -

24 Ditton pievadķēžu rūpnīca DPK1R 20106010 Machinery RIG 46.35 0.3 0.16 53.85 388 85124.60 1.45 6.98 -1.48 15.25 -

25 Kauno energija KNR1L 55105010 IndependentPowerProd.&EnergyTraders VLN 7.18 0.92 0.55 19.05 207 60074.15 28.97 81.21 1.85 109.98 0.02

26 Rīgas farmaceitiskā fabrika FRM1R 35202010 Pharmaceuticals RIG 52.30 1.95 1.04 -13.33 114 44634.41 1.00 2.54 -1.40 2.27 -

27 Liepājas autobusu parks LAP1R 20304020 Road&Rail RIG 39.46 2.76 1.24 52.94 123 35960.82 1.19 10.01 0.35 5.99 -

28 Vilniaus degtinė VDG1L 30201010 Beverages VLN 21.71 0.44 0.26 37.08 118 32891.16 9.28 15.41 0.21 22.32 -

29 Kurzemes CMAS KCM1R 30202010 Food Products RIG 48.45 2.63 1.64 -0.63 68 28239.44 0.90 0.92 0.15 1.47 0.10

30 Rīgas juvelierizstrādājumu rūpnīca RJR1R 25203010 Textiles,Apparel&LuxuryGoods RIG 40.94 0.13 0.06 0 182 22254.53 0.37 0.37 -0.08 1.54 -

NASDAQ OMX Baltic Secondary List TOP 30 companies by turnoverPeriod for trading statistics: August 1, 2009 –July 31, 2010

1 Preference shares2 Free Float as of April 30, 2010 for NASDAQ OMX Riga and as of June 30, 2010 for

NASDAQ OMX Tallinn and Vilnius listed companies.3 Free float as of September 15, 2010, after increase of the authorized capital4 Free float as of August 17, 2010, after increase of the authorized capital

Secondary List TOP 30

83

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

MEUR (Audited annual report for 2009)Company Ticker GICS Industry

Home Exchange FF2

(%)Max

(EUR)Min

(EUR)Change

(%)Deals Turnover

(EUR)

Average Market cap

(MEUR)

Sales/Turnover

Profit/loss

Total assets

Dividend per share 2009

(EUR)

1 Snoras SRS1L 40101010 Commercial Banks VLN 6.604 0.48 0.17 91.23 20093 14769898.67 119.58 18.49 -12.78 2615.95 -

Snoras SRS2L1 VLN 45.00 2.08 1.07 69.46 856 416174.15 3.18 -

2 Snaigė SNG1L 25201010 Household Durables VLN 90.24 0.34 0.11 70.00 15677 8146000.50 5.59 35.09 -11.52 30.46 -

3 Klaipėdos nafta KNF1L 10102040 Oil,Gas&ConsumableFuels VLN 29.37 0.4 0.27 37.89 4283 5892512.53 108.60 33.70 10.89 134.95 0.01

4 Žemaitijos pienas ZMP1L 30202010 Food Products VLN 44.71 0.52 0.18 143.48 7596 4221818.93 17.29 107.98 3.26 52.77 -

5 Lietuvos jūrų laivininkystė LJL1L 20303010 Marine VLN 38.56 0.18 0.07 -28.95 5025 2739697.04 22.44 59.21 -28.86 289.43 -

6 Limarko laivininkystės kompanija LLK1L 20303010 Marine VLN 10.12 0.26 0.12 -21.82 4591 2396636.24 19.88 37.65 -3.60 90.64 -

7 Lietuvos energija LEN1L 55105010 IndependentPowerProd.&EnergyTraders VLN 2.503 0.98 0.49 -7.32 3051 1897443.94 476.19 454.34 5.96 927.52 0.02

8 Stumbras STU1L 30201010 Beverages VLN 4.91 1.77 1.23 11.36 1400 906982.15 57.75 34.49 6.71 35.34 0.14

9 Järvevana JRV1T 20103010 Construction&Engineering TLN 27.82 0.45 0.26 7.69 1088 593701.09 6.26 - -0.13 16.00 -

10 Rīgas kuģu būvētava RKB1R 20106010 Machinery RIG 52.47 0.5 0.23 52.38 1203 567058.84 3.67 30.38 -0.38 77.78 -

11 Linas LNS1L 25203010 Textiles,Apparel&LuxuryGoods VLN 48.80 0.11 0.03 150.00 1514 549951.36 1.83 9.61 -0.52 6.33 -

12 Liepājas metalurgs LME1R 15104050 Metals&Mining RIG 7.89 2.7 1.12 39.29 693 455314.51 29.31 240.69 -17.37 200.46

13 Valmieras stikla šķiedra VSS1R 20102010 BuildingProducts RIG 94.93 0.91 0.46 73.53 990 412208.72 16.40 43.05 0.03 83.94 -

14 Latvijas Gāze GZE1R 10102040 Oil,Gas&ConsumableFuels RIG 4.34 8.54 5.76 38.27 1104 399933.62 283.17 469.13 27.27 656.65 0.57

15 Latvijas tilti LTT1R 20103010 Construction&Engineering RIG 10.04 52.63 5.55 746.15 569 345914.49 11.09 32.62 6.40 19.79 9.53

16 Lietuvos elektrinė LEL1L 55101010 ElectricUtilities VLN 4.46 1.83 1.16 12.22 641 303050.64 211.09 120.17 26.23 617.05 0.02

17 Latvijas balzams BAL1R 30201010 Beverages RIG 13.55 4.41 1.72 35.38 1007 253575.26 20.94 79.11 5.10 114.62 -

18 Latvijas Krājbanka LKB1R 40101010 Commercial Banks RIG 14.81 1.92 1.01 28.00 633 220476.53 24.79 13.98 -2.75 806.44 -

Latvijas Krājbanka LKB2R1 RIG 100.00 11.38 7.11 33.33 5 2251.69 0.03 -

19 Klaipėdos baldai KBL1L 25201010 Household Durables VLN 27.65 1.01 0.38 140.80 376 170976.45 5.63 49.24 1.49 28.09 -

20 VST VST1L 55101010 ElectricUtilities VLN 1.79 122.51 57.63 -24.14 355 140998.23 309.88 328.30 1.34 765.98 0.61

21 Anykščių vynas ANK1L 30201010 Beverages VLN 5.10 0.19 0.07 3.70 595 120289.57 4.96 7.56 -2.07 12.80 -

22 Latvijas Jūras medicīnas centrs LJM1R 35102010 HealthCareProviders&Services RIG 34.29 2.99 1.78 28.00 50 107052.46 1.87 6.49 -0.08 5.00 -

23 Olaines kūdra OLK1R 15101030 Chemicals RIG 38.17 0.6 0.24 36.84 164 88034.90 0.72 1.47 0.04 2.91 -

24 Ditton pievadķēžu rūpnīca DPK1R 20106010 Machinery RIG 46.35 0.3 0.16 53.85 388 85124.60 1.45 6.98 -1.48 15.25 -

25 Kauno energija KNR1L 55105010 IndependentPowerProd.&EnergyTraders VLN 7.18 0.92 0.55 19.05 207 60074.15 28.97 81.21 1.85 109.98 0.02

26 Rīgas farmaceitiskā fabrika FRM1R 35202010 Pharmaceuticals RIG 52.30 1.95 1.04 -13.33 114 44634.41 1.00 2.54 -1.40 2.27 -

27 Liepājas autobusu parks LAP1R 20304020 Road&Rail RIG 39.46 2.76 1.24 52.94 123 35960.82 1.19 10.01 0.35 5.99 -

28 Vilniaus degtinė VDG1L 30201010 Beverages VLN 21.71 0.44 0.26 37.08 118 32891.16 9.28 15.41 0.21 22.32 -

29 Kurzemes CMAS KCM1R 30202010 Food Products RIG 48.45 2.63 1.64 -0.63 68 28239.44 0.90 0.92 0.15 1.47 0.10

30 Rīgas juvelierizstrādājumu rūpnīca RJR1R 25203010 Textiles,Apparel&LuxuryGoods RIG 40.94 0.13 0.06 0 182 22254.53 0.37 0.37 -0.08 1.54 -

Secondary List TOP 30

84

Baltic Fund List As of July 31, 2010

Fund manger Fund Name Market Currency NAV DateReturn

6 monthsReturn 1 year

AB.LV Asset Management IPAS AB.LVGlobalUSDETFFund LV EUR 30.07.2010 3.74 16.3AB.LVGlobalEURETFFund LV EUR 30.07.2010 5.56 16.22AB.LVEmergingMarketsUSDBondFund LV EUR 30.07.2010 7.72 20.41AB.LVEmergingMarketsEURBondFund LV EUR 30.07.2010 3.63 16.89AB.LVHighYieldCISBondFund LV EUR 30.07.2010 6.32 29.36

Avaron Asset Management AvaronEmergingEuropeSmallCapFundA EE EUR 30.07.2010 2.77 27.27AvaronEmergingEuropeSmallCapFundB EE EUR 30.07.2010 3.03 27.92AvaronEmergingEuropeSmallCapFundC EE EUR 30.07.2010 2.5Investment Fund Avaron Private Portfolio B EE EUR 30.07.2010 2.67 11.25

Baltikums Asset Management BaltikumsShort-termInvestmentStrategybondfund LV EUR 30.07.2010 2.51Barclays Capital SEB Guarantee Fund 80 MT EUR 30.07.2010 -4.07 -2Carlson Fund Management Company S.A. CarlsonFund-BRIC LU EUR 30.07.2010 15.04 34.73

Carlson Fund - China LU EUR 30.07.2010 14.98 19.06Carlson Fund - China Micro Cap LU EUR 30.07.2010 3.25 17.56CarlsonFund-GlobalEmergingMarkets LU EUR 30.07.2010 5.28 19.11Carlson Fund - Scandinavia LU EUR 30.07.2010 12.12 36.73Carlson Fund - India LU EUR 30.07.2010 17.68 40.79Carlson Fund - American Small Cap LU EUR 30.07.2010 9.81 15.88Carlson Fund - Asian Small Cap LU EUR 30.07.2010 12 29.35Carlson Fund - Far East LU EUR 30.07.2010 14.69 29.96Carlson Fund - Global LU EUR 30.07.2010 8.7 23.31Carlson Fund - Europe LU EUR 30.07.2010 5.57 18.54Carlson Fund - North America LU EUR 30.07.2010 -2.58 9.56CarlsonFund-DnBNORNordicTechnology LU EUR 30.07.2010 13.18 39.67CarlsonFund-DnBNORNavigator LU EUR 30.07.2010 -7.22 17.42CarlsonFund-DnBNORPrivateEquity LU EUR 30.07.2010 12.15 37.28CarlsonFund-DnBNORRenewableEnergy LU EUR 30.07.2010 0.17 7.93CarlsonFundSEKShortBondA LU EUR 30.07.2010 0.14 0.34CarlsonFundSEKLongBondA LU EUR 30.07.2010 1.99 4.6

Citadele Asset Management CitadeleUkrainianEquityFund LV EUR 30.07.2010 19.67 83.33CitadeleCaspianSeaEquityfund LV EUR 30.07.2010 -4.55 32.12CitadeleRussianEquityFund LV EUR 30.07.2010 5.46 40.8Citadele Eastern European Balanced Fund LV EUR 30.07.2010 6.06 25.06CitadeleBalticHighYieldFund LV EUR 30.07.2010 -64.62 -77.49Citadele Eastern European Bond Fund LV EUR 30.07.2010 9.02 29.27CitadeleActiveStrategyFund-EUR LV EUR 30.07.2010 7.62 20.03CitadeleActiveStrategyFund-USD LV EUR 30.07.2010 1.24 11.5CitadeleBalancedStrategyFund-EUR LV EUR 30.07.2010 4.92 15.61CitadeleBalancedStrategyFund-USD LV EUR 30.07.2010 -0.22 9.27CitadeleUniversalStrategyFund-EUR LV EUR 30.07.2010 4.24 10.63CitadeleUniversalStrategyFund-USD LV EUR 30.07.2010 3.12 8.12CitadeleBalticRealEstatefund-II LV EUR 30.07.2010 -0.35 -13.48

DnB NORD Fondi DnBNORDTargetFund LV EUR 30.07.2010 1.11 2.31DnB NORD Investicijų Valdymas UAB DnBNORDMoneyMarketFund LT EUR 30.07.2010 2.65 6.91DnB NORD Investicijų Valdymas UAB DnBNORDEquityFundofFunds LT EUR 30.07.2010 7.62 21.42Finasta Asset Management Baltic Index fund LV EUR 30.07.2010 3.24 51.52Finasta Asset Management UAB JTBalticEquityFundI LT EUR 30.07.2010 0.3 14.95

JTBalticEquityFundII LT EUR 30.07.2010 3.8 17.37JTBalticEquityFundIII LT EUR 30.07.2010 0.12 23.57JT Banks Fund LT EUR 30.07.2010 9.96 18.49Finasta Central and Eastern Europe fund for Investment in Transferable Securities LT EUR 30.07.2010 8.14 39.09

Finasta Future Harmonized Investment Fund LT EUR 30.07.2010 4.11 29.86Finasta Infrastructure Harmonized Investment Fund LT EUR 30.07.2010 3.49 22.93Finasta New Europe Harmonized Investment Fund LT EUR 30.07.2010 2.62 24.83FinastaRussianHarmonizedInvestmentFund LT EUR 30.07.2010 13.71 38.53Finasta Bond Harmonized Investment Fund LT EUR 30.07.2010 9.19 17.73SNORASBalancedFundofFunds LT EUR 30.07.2010 7.14 9.64SNORASGlobalEquityfundofFunds LT EUR 30.07.2010 7.85 17.02

GE Money Asset Management GEMoneyEasternEuropeEquityfund LV EUR 30.07.2010 6.46 39.47GE Money European Bond fund LV EUR 30.07.2010 1.11 2.47

Hipo Fondi IPS Hipo Global total return fund LV EUR 30.07.2010Hipo Global bond investment fund LV EUR 30.07.2010

Investicijų portfelių valdymas UAB NSEL 30 Index Fund LT EUR 30.07.2010 1.56 52.13ZPRUSSmallCapFund LT EUR 30.07.2010 6.53 22.64

Kawe Kapital KaweInvestmentFundA-unit EE EUR 30.07.2010 -0.15 36.66KaweInvestmentFundD-unit EE EUR 30.07.2010 -6.24 26.47KaweInvestmentFundE-unit EE EUR 30.07.2010 -0.1 36.38

Baltic Funds List

85For the up to date list of funds visit www.nasdaqomxbaltic.com/balticfunds

Fund manger Fund Name Market Currency NAV DateReturn

6 monthsReturn 1 year

LHV Asset Management LHVEmergingEuropeAlphaFondA EE EUR 30.07.2010 3.55 25.08LHVEmergingEuropeAlphaFundB EE EUR 30.07.2010 3.55 25.08LHVPersianGulfFundA EE EUR 30.07.2010 7.83 3.01LHVPersianGulfFundB EE EUR 30.07.2010 7.83 3.01LHVWorldEquitiesFundB EE EUR 30.07.2010 3.97 11.03LHVWorldEquitiesFundA EE EUR 30.07.2010 3.97 11.03

LKB Krājfondi LKBBalancedFund LV EUR 30.07.2010 5.25 16.14LKBBondFund LV EUR 30.07.2010 4.01 13.26

Citadele investicijų valdymas CitadeleBalticSeaEquityFund LT EUR 30.07.2010 5.78 27.32Prudentis UAB Prudentis Baltic Fund LT EUR 30.07.2010 4.03 49.8RB Asset Management AS IPS RBOpportunityFund-1 LV EUR 31.07.2010 -0.58 -9.29SEB Asset Management S.A. SEBChoiceAsiaSmallCapsex.JapanFund LU EUR 30.07.2010 6.85 25.29

SEB Eastern Europe Small Cap Fund LU EUR 30.07.2010 1.75 56.49SEBEuropeChance/RiskFund LU EUR 30.07.2010 4.4 16.56SEBGlobalChance/RiskFund LU EUR 30.07.2010 6.51 18.3SEBHighYieldC LU EUR 30.07.2010 5.41SEBChoiceJapanChance/RiskFund LU EUR 30.07.2010 2.57 5.34SEBChoiceAsiaex.JapanFund LU EUR 30.07.2010 13.48 22.75SEB Nordic Small Cap Fund C LU EUR 30.07.2010 2.39 36SEBRussiaFund LU EUR 30.07.2010 5.04 59.38SEB Ethical Europe Fund LU EUR 30.07.2010 2.59 13.29SEBBiotechnologyFund LU EUR 30.07.2010 2.7 9.49SEBChoiceEmergingMarketsFund LU EUR 30.07.2010 10.44 25.8SEBEasternEuropeFundexRussia LU EUR 30.07.2010 3.62 31.99SEB Europe Fund LU EUR 30.07.2010 3.79 15.44SEB Global Fund LU EUR 30.07.2010 -2.62 6.18SEB Choice Japan Fund LU EUR 30.07.2010 5.99 6.72SEB Medical Fund LU EUR 30.07.2010 -0.98 10.1SEBChoiceNorthAmericaChance/RiskFund LU EUR 30.07.2010 7.61 17.4SEB Nordic Focus Fund LU EUR 30.07.2010 10.76 30.81SEB Nordic Fund LU EUR 30.07.2010 8.92 27.12SEBStrategyAggressiveFund LU EUR 30.07.2010 6.25SEBTechnologyFund LU EUR 30.07.2010 9.02 19.06SEB deLuxe - Multi Asset Balance LU EUR 30.07.2010 3.54 12.65SEB deLuxe - Multi Asset Defensive Plus LU EUR 30.07.2010 2.5 6.58SEBCorporateBondFundEUR LU EUR 30.07.2010 2.8 10.63SEBShortBondFundEUR LU EUR 30.07.2010 -0.09 -0.21SEBShortBondFundUSD LU EUR 30.07.2010 -0.34 -0.57SEB Asset Selection Fund LU EUR 30.07.2010 2.82 1.6SEBListedPrivateEquityFundC LU EUR 30.07.2010 2.14 31.52

SEB Investicijų Valdymas UAB SEBFundofFunds-Equity LT EUR 30.07.2010 5.18 22.53SEB Fund of Funds - Global LT EUR 30.07.2010 4.27 16.21

SEB Varahaldus SEB Generic Pharma Fund EE EUR 30.07.2010 5.85 27.76SEB Growth Fund EE EUR 30.07.2010 0.97 31.14SEBHighYieldBondFund EE EUR 30.07.2010 20.74 24.04SEB Eastern Europe Bond Fund EE EUR 30.07.2010 8.08 13.35SEBLiquidityFund EE EUR 30.07.2010 0.31 3.47SEB Active Fund of Funds EE EUR 30.07.2010 2.94 20.18SEB Balanced Fund of Funds EE EUR 30.07.2010 2.27 11.86SEB Dynamic Fund of Funds EE EUR 30.07.2010 2.02 15.55

SEB Wealth Management TheLatReserveFund LV EUR 30.07.2010 1.29 5.92TheRealEstateFund LV EUR 31.07.2010 14.41

Swedbank Investeerimisfondid SwedbankEasternEuropeEquityFund EE EUR 30.07.2010 7.86 35.4SwedbankEasternEuropeRealEstateEquityFund EE EUR 30.07.2010 2.62 22.54SwedbankCentralAsiaEquityFund EE EUR 30.07.2010 -0.92 41.42SwedbankRussianEquityFund EE EUR 30.07.2010 6.06 55.46SwedbankFundofFunds100 EE EUR 30.07.2010 7.58 26.66Swedbank Fund of Funds 30 EE EUR 30.07.2010 3.97 13.31Swedbank Fund of Funds 60 EE EUR 30.07.2010 5.77 19.38

Trigon Alternative Funds TrigonActiveAlphaFund EE EUR 30.07.2010 10.09 50.55Trigon Funds TrigonEmergingFinancialsFund EE EUR 30.07.2010 8.24 44.75

TrigonAgri-SectorFund EE EUR 30.07.2010 -0.39 34.43TrigonTopPicksFund EE EUR 30.07.2010 28.02 104.56TrigonNewEuropeValueFund EE EUR 30.07.2010 9.03 32.94TrigonBalkanFund EE EUR 30.07.2010 6.1 33.19TrigonNewEuropeSmallCapFund EE EUR 30.07.2010 0.33 30.37

Ūkio banko investicijų valdymas UAB Ūkio bankas Opportunities Fund China Sub-fund LT EUR 30.07.2010 9.07Ūkio bankas Opportunities Fund Europe Sub-fund LT EUR 30.07.2010 3.61ŪkiobankasOpportunitiesFundRussiaSub-fund LT EUR 30.07.2010 1.14ŪkiobankasOpportunitiesFundUSASub-fund LT EUR 30.07.2010 1.86ŪkiobankasRationalInvestmentFund LT EUR 30.07.2010 7.6 12.72Ūkio bankas bond fund LT EUR 30.07.2010 3.93 13.59Ūkio bankas Opportunities Fund Money Market Sub-fund LT EUR 30.07.2010 0.06

World Investment Opportunities Funds (SICAV) WIOF Eastern Mediterranean Performance Fund LU EUR 30.07.2010 -22.77 -33.07WIOFRussiaandCISPerformanceFund LU EUR 30.07.2010 -0.24 32.39WIOFConservativeRisk3%Portfolio LU EUR 30.07.2010 1.73 5.88WIOFGlobalStrategyAlphaPortfolio LU EUR 30.07.2010 9.68 15.02

Baltic funds list

86

ISSUER Note ISIN Market Coupon rate (%)

Listing date Maturity date Issue size Security nominal

Currency

Corporate bondsDnBNORDBankasAB LT0000405052 VLN 5.00 22.07.2010 7.05.2015 150000 100.00 LTLDnBNORDBankasAB LT0000402489 VLN - 26.04.2010 5.03.2012 150000 100.00 LTLGE Money Bank AS LV0000800316 RIG 4.63 1.08.2006 10.01.2011 22108 100.00 LVLParex banka AS LV0000800696 RIG 11.00 7.11.2008 8.05.2018 53 500 100.00 EURŠiauliųBankasAB LT1000401299 VLN - 15.12.2009 2.12.2010 41187 100.00 EURSnaigėAB LT1000401315 VLN 10.00 26.04.2010 11.04.2011 61372 100.00 EURTechnikabank OJSC LV0000800746 RIG 13.50 24.02.2009 15.08.2011 100000 100.00 USD

Government and Central/European Banks bondsLatvian Government 12monthsT-bills LV0000541472 RIG - 26.07.2010 22.07.2011 50 000 100.00 LVLLatvian Government 6 months T-bills LV0000532786 RIG - 26.07.2010 21.01.2011 50 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541464 RIG - 21.06.2010 17.06.2011 50 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541456 RIG - 7.06.2010 3.06.2011 50 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541449 RIG - 31.05.2010 27.05.2011 50 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541431 RIG - 24.05.2010 20.05.2011 80 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541423 RIG - 5.05.2010 29.04.2011 50 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541415 RIG - 19.04.2010 15.04.2011 50 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541407 RIG - 12.04.2010 8.04.2011 50 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541399 RIG - 6.04.2010 1.04.2011 100000 100.00 LVLLatvian Government 12monthsT-bills LV0000541381 RIG - 22.03.2010 18.03.2011 100000 100.00 LVLLatvian Government 12monthsT-bills LV0000541373 RIG - 15.03.2010 11.03.2011 100000 100.00 LVLLatvian Government 12monthsT-bills LV0000541365 RIG - 8.03.2010 4.03.2011 100000 100.00 LVLLatvian Government 12monthsT-bills LV0000541357 RIG - 1.03.2010 25.02.2011 100000 100.00 LVLLatvian Government 12monthsT-bills LV0000541340 RIG - 22.02.2010 18.02.2011 100000 100.00 LVLLatvian Government 12monthsT-bills LV0000541332 RIG - 15.02.2010 11.02.2011 100000 100.00 LVLLatvian Government 12monthsT-bills LV0000541324 RIG - 8.02.2010 4.02.2011 60 700 100.00 LVLLatvian Government 12monthsT-bills LV0000541316 RIG - 1.02.2010 28.01.2011 70 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541308 RIG - 25.01.2010 21.01.2011 69 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541290 RIG - 18.01.2010 14.01.2011 100000 100.00 LVLLatvian Government 12monthsT-bills LV0000541282 RIG - 11.01.2010 7.01.2011 150000 100.00 LVLLatvian Government 12monthsT-bills LV0000541274 RIG - 21.12.2009 17.12.2010 50 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541266 RIG - 14.12.2009 10.12.2010 97 000 100.00 LVLLatvian Government 6 months T-bills LV0000532778 RIG - 21.06.2010 17.12.2010 50 000 100.00 LVLLatvian Government 6 months T-bills LV0000532760 RIG - 7.06.2010 3.12.2010 50 000 100.00 LVLLatvian Government 12monthsT-bills LV0000541258 RIG - 7.12.2009 3.12.2010 150000 100.00 LVLLatvian Government 3 year bond LV0000560043 RIG 5.88 26.04.2010 23.04.2013 267 950 100.00 LVLLatvian Government 11yearbond LV0000590024 RIG 6.75 7.07.2008 4.07.2019 21500 100.00 LVLLatvian Government 5 year bond LV0000570067 RIG 6.75 7.07.2008 14.03.2013 28170 100.00 LVLLatvian Government 2 year bond LV0000550093 RIG 6.00 1.03.2010 26.02.2012 500 000 100.00 LVLLatvian Government 11yearbond LV0000590016 RIG 5.63 13.08.2007 10.08.2018 132990 100.00 LVLLatvian Government 10yearbond LV0000580017 RIG 5.13 17.02.2003 14.02.2013 971509 100.00 LVLLatvian Government 5 year bond LV0000570059 RIG 5.00 6.11.2006 3.11.2011 680 620 100.00 LVLLatvian Government 10yearbond LV0000580025 RIG 4.75 2.04.2004 2.04.2014 289 250 100.00 LVLLatvian Government 10yearbond LV0000580033 RIG 3.50 5.12.2005 2.12.2015 671241 100.00 LVLLithuanian Governmnet 12monthsT-bills LT0000601999 VLN - 5.05.2010 4.05.2011 800 000 100.00 LTLLithuanian Governmnet 12monthsT-bills LT0000601981 VLN - 21.04.2010 20.04.2011 2 900 000 100.00 LTLLithuanian Governmnet 12monthsT-bills LT0000601973 VLN - 3.03.2010 2.03.2011 1700000 100.00 LTLLithuanian Governmnet 12monthsT-bills LT0000601957 VLN - 13.01.2010 12.01.2011 1600000 100.00 LTLLithuanian Governmnet 3 year bond LT0000603227 VLN 7.60 29.10.2009 29.10.2012 4 050 000 100.00 LTLLithuanian Governmnet 10yearbond LT0000610032 VLN 6.10 22.03.2002 15.03.2012 1244060 100.00 LTLLithuanian Governmnet 10yearbond LT0000610040 VLN 5.60 31.01.2003 24.01.2013 4521250 100.00 LTLLithuanian Governmnet 5 year bond LT0000605107 VLN 4.90 29.04.2010 29.04.2015 1900000 100.00 LTLLithuanian Governmnet 11yearbond LT0000611014 VLN 3.75 21.02.2005 10.02.2016 3 725 900 100.00 LTLLithuanian Governmnet 1096daysbond LT1000600254 VLN - 9.02.2010 1.02.2013 100000 100.00 EURLithuanian Governmnet 553 days bond LT1000600262 VLN - 21.07.2010 25.01.2012 150000 100.00 EURLithuanian Governmnet 727 days bond LT0000602138 VLN - 19.02.2010 9.02.2012 551000 100.00 LTLLithuanian Governmnet 730 days bond LT1000600247 VLN - 9.02.2010 1.02.2012 200 000 100.00 EURLithuanian Governmnet 393 days bond LT1000600239 VLN - 29.01.2010 22.02.2011 350 000 100.00 EURLithuanian Governmnet 534 days bond LT1000600221 VLN - 22.01.2010 7.07.2011 200 1000000.00 EEKLithuanian Governmnet 456 days bond LT1000600213 VLN - 13.01.2010 7.07.2011 750 000 100.00 EUR

Mortgage bonds (asset-backed bonds)GE Money Bank LV0000800373 RIG 1.88 21.11.2006 1.10.2011 50 000 100.00 EURLatvijasHipotēkuunZemesBanka LV0000800340 RIG 1.25 20.07.2006 15.02.2012 200 000 100.00 EURLatvijasHipotēkuunZemesBanka LV0000800217 RIG 1.13 30.08.2004 15.08.2011 60 000 100.00 USDLatvijasHipotēkuunZemesBanka LV0000800100 RIG 7.50 5.11.2001 15.08.2011 11500 100.00 LVLLatvijasHipotēkuunZemesBanka LV0000800142 RIG 6.00 28.10.2002 15.08.2012 50 000 100.00 LVLLatvijasHipotēkuunZemesBanka LV0000800688 RIG 5.70 21.05.2008 15.02.2011 127390 100.00 EURLatvijasHipotēkuunZemesBanka LV0000800159 RIG 5.25 1.12.2003 15.08.2013 38 624 100.00 LVLPrivatBank LV0000800381 RIG 2.63 17.04.2007 15.12.2011 70 000 100.00 EURTrasta komercbanka LV0000800415 RIG 2.00 26.10.2007 1.12.2012 50 000 100.00 EUR

Baltic Bond List As of July 31, 2010 Excluding bonds with maturity before December 1, 2010

Baltic Bond List

87

Member Membership Contact

Bankas Finasta T/R/V Maironiog.11,LT-01124,Vilnius,Lithuania,+37052786833,[email protected]

Carnegie Investment Bank, Finland branch T/V Eteläesplanadi12,FI-00130,Helsinki,Finland,+3589618711,[email protected]

Credit Suisse Securities T OneCabotSquare,E144QJ,London,UK,+442078888888

Cresco Väärtpaberid T/R/V Tartumnt.2,EE-10145,Tallinn,Estonia,+3726405880,[email protected]

Danske Bank T/R/V HolmenKanal2-12,DK-1092,Copenhagen,Denmark,+4533440000

Danske Bank AS Estonia branch T Narvamnt.11,15015,Tallinn,Estonia,+3726752104,[email protected]

Danske Bank Lithuania branch VSaltoniškiųg.2,LT-08500,Vilnius,Lithuania,+37052156185,[email protected]

DnB NORD T/R/V Skanstesiela12,LV-1013,Riga,Latvia,+37167077157,[email protected]

DnB NORD Bankas T/R/V J.Basanavičiausg.26,LT-03601,Vilnius,Lithuania,+37052393776,[email protected]

Evli Bank Plc T/R/V Aleksanterinkatu19APL1081,00100,Helsinki,Finland,+3589476690,[email protected]

Finasta T/R/V Maironiog.11,LT-01124,Vilnius,Lithuania,+37052786833,[email protected]

Finbaltus VKonstitucijospr.23-660,LT-08105,Vilnius,Lithuania,+37052725861,[email protected]

GE Money Bank T/R/V 13.janvaraiela3,LV-1050,Riga,Latvia,+37167001878,[email protected]

Hipotēku banka T/R/V Domalaukums4,LV-1977,Riga,Latvia,+37167774053,[email protected]

Instinet Europe Limited T/R/V CanadaSquare25,E145LB,London,UK,+442071548400

Latvijas Krājbanka T/R/V JanaDalinaiela15,LV-1013,Riga,Latvia,+37167092990,[email protected]

LHV Pank T/R/V Tartumnt.2,EE-10145,Tallinn,Estonia,+3726270420,[email protected]

Marfin Pank Eesti T/R/V Pärnumnt12,EE-10148,Tallinn,Estonia,+3726802500,[email protected]

MP Bank hf. T/R/V Skipholti50d,105,Reykjavík,Iceland,+3545403233,[email protected]

Nordea Bank Finland Plc T/R/V AleksisKivenkatu9,FIN-00020,Helsinki,Finland,+35891651

Norvik banka T/R/V E.Birznieka-Upisaiela21,LV-1011,Riga,Latvia,+37167041100,[email protected]

Orion Securities T/R/V A.Tumėno4,corp.B,floor9,LT-01109,Vilnius,Lithuania,+37052313833,[email protected]

Citadele banka T/R/V Republikaslaukums2A,LV-1010,Riga,Latvia,+37167010000,[email protected]

Citadele bankas V K.Kalinauskog.13,LT-03107,Vilnius,Lithuania,+37052664622,[email protected]

RB Securities R Vesetasiela7,LV-1013,Riga,Latvia,+37167025584,[email protected]

Rietumu banka R Vesetasiela7,LV-1013,Riga,Latvia,+37167025555,[email protected]

Regionala investiciju banka T/R/V J.Alunanaiela2,LV-1010,Riga,Latvia,+37167508982

SEB banka T/R/V Unicentrs,Ķekavaspagasts,LV-1076,Rīgasrajons,Latvia,+37167215587,[email protected]

SEB bankas T/R/V Gediminopr.12,LT-01103,Vilnius,Lithuania,+37052682370,[email protected]

SEB Pank T/R/V Tornimäe2,EE-15010,Tallinn,Estonia,+3726655100,[email protected]

Skandinaviska Enskilda Banken AB T/R/V Kungsträdgårdsgatan4,SE-10640,Stockholm,Sweden,[email protected]

SMP Bank R Elizabetesiela57,LV-1772,Riga,Latvia,+37167019153,[email protected]

Swedbank T/V Liivalaia8,EE-15040,Tallinn,Estonia,+3726131670,[email protected]

Swedbank T/R/V Balastadambis1a,LV-1048,Riga,Latvia,+37167444444,[email protected]

Swedbank V Konstitucijospr.20A,LT-03502,Vilnius,Lithuania,+37052582513,[email protected]

Svenska Handelsbanken AB T Kungsträdgårdsgatan2,10670,Stockholm,Sweden,+4684112122

Šiaulių bankas V Tilžėsg.149,LT-76348,Šiauliai,Lithuania,+37041595654,[email protected]

Trasta komercbanka T/R/V Miesniekuiela9,LV-1050,Riga,Latvia,+3717027777,[email protected]

Ūkio bankas T/R/V Maironiog.25,LT-44250,Kaunas,Lithuania,+37037301432,[email protected]

NASDAQ OMX Baltic members

NASDAQ OMX Baltic membersT - NASDAQ OMX Tallinn / R - NASDAQ OMX Riga / V - NASDAQ OMX Vilnius

88

International

ABN Amro Bank www.abnamro.com

Activ Financial Systems Inc www.activfinancial.com

Blackrock Investment Management (UK) Ltd www.blackrock.co.uk

Bloomberg Finance L.P www.bloomberg.com

Capco Reference Data Services www.capco.com

Danske Bank A/S www.danskebank.com

DnBNOR Asset Management AB www.dnbnor.com

Dow Jones & Company www.dowjones.com

Exchange Data International www.exchange-data.com

Factset Research Systems Inc. www.factset.com

Fidessa plc. www.fidessa.com

FT Interactive Data (Europe) Ltd www.ftinteractivedata.com

GL Trade S.A. www.gltrade.com

Infront www.infront.no

Instinet Europe Limited www.instinet.co.uk

Investis Flife Oy www.investisflife.com

JPMorgan Chase Bank www.jpmorganchase.com

Knight Capital Group www.knight.com

Liquidnet Holdings www.liquidnet.com

Markit Equities www.markit.com

Morgan Stanley & Co.Int.Ltd www.morganstanley.com

Nordea Bank Danmark www.nordea.com

Options IT www.options-it.com

Principal Global Investors www.principalglobal.com

Reuters www.reuters.com

RiskMetrics Group www.riskmetrics.com

SEB Wealth Management www.seb.se

Standard & Poor's www.standardandpoors.com

SIX Telekurs Ltd www.telekurs-financial.com

Tele Trader Software www.teletrader.com

TGS Management Corporation www.tgsmc.com

Thomson Reuters www.thomsonreuters.com

VWD Vereinigte Wirtschaftsdienste AG www.vwd.com

Xignite, Inc. www.xignite.com

Estonia

Äripäev Online www.aripaev.ee

BNS www.bns.ee

ETV www.etv.ee

LHV Pank www.lhv.ee

Marfin Pank Eesti www.marfinbank.ee

SEB Pank www.seb.ee

Swedbank AS www.swedbank.ee

Latvia

Dienas bizness www.db.lv

Latvijas Hipotēku un zemes banka www.hipo.lv

Latvijas Krājbanka www.lkb.lv

LHV Pank www.lhv.lv

Citadele banka www.citadele.lv

SEB banka www.seb.lv

Swedbank AS ib.swedbank.lv

Ziņu aģentūra LETA www.leta.lv

TV24 www.tv24.lv

Lithuania

Bankas Finasta www.finasta.lt

DnB NORD bankas www.dnbnord.lt

Finasta www.finasta.lt

LHV Pank www.lhv.lt

MP Investment Bank www.mp.is

Nomura International www.nomura.com

Orion Securities www.orion.lt

SEB bankas www.seb.lt

Swedbank, AB ib.swedbank.lt

Terra Octo (Spekuliantai.lt) www.spekuliantai.lt

Ūkio bankas www.ub.lt

Verslo žinios.lt www.vz.lt

Market data vendors

Contacts

NASDAQ OMX Tallinn

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Telephone: +372 640 8800

Fax: +372 640 8801


NASDAQ OMX Riga

Vaļņu iela 1, Rīga LV 1050, Latvia

Telephone: + 371 6721 2431

Fax: + 371 6722 9411


NASDAQ OMX Vilnius

Konstitucijos pr. 7, LT-08501 Vilnius, Lithuania

Telephone: + 370 5 272 3871

Fax: + 370 5 272 4894


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