Corporate Profile LHV The Partnership Twelve

Corporate Profile

LHV – The Partnership Twelve partners dedicated to excellence in our business Clear Baltic focus Five business lines: Corporate Finance Asset Management Venture Capital Investment Services Structured Finance

Operating Principles Long-Term Commitment In the long-term prosperity of our clients lies the key to our own success. Dedication to Excellence In-depth knowledge about our clients’ businesses and pursuits paves the way to long-term relationships. Reputation The impeccable reputation of LHV, and that of our people, is the cornerstone of our endeavours. Losing our reputation would equal losing our business. People and Organisation Our main assets are our people.

Corporate Finance Highly skilled and motivated team of 6 partners and 2 analysts Personal experience from major Baltic transactions Extensive contacts among Baltic industrial and opinion leaders Providing a wide range of tailor-made solutions in the following areas: Mergers & Acquisitions Strategic and Financial Advisory Capital Raising

Credentials – Strategic Advisory March 2000 Ministry of Finance December 2000 Drafting of the business plan and financing alternatives for the $100 m Estonian Gene Heredity Project. Strategic advisory on involvement of private sector financing into Estonia’s health care sector. May 1999 April 1999 Preparation of the trade sale of 49. 5% of AS Norma to Autoliv AB of Sweden. Strategic advisory on the expansion of Selver supermarket chain. March 2000 Strategic advisory on formulating the business and revenue models for the transport and logistics sector of Estonia. 2001 Advisor to YIT in the tender offer to minority shareholders of FKSM.

Credentials – Financial Advisory Pärnu Hospital Ministry of Social Affairs 2001 Drafting of financial model and business plan for the new building of Pärnu Hospital. Strategic advisory on healthcare reform for the Ministry of Social Affairs. Drafting of the financial model for the new building of Tartu University Hospital.

Credentials – M&A Transactions – Buy Side December 2000 Advisor to LNT, the largest private TV station in Latvia, in their acquisition of 100% of AS ESTV, the operator of TV 1 in Estonia. December 2000 Advisor to International Water in the privatisation of 50. 4% of AS Tallinna Vesi. EEK 1, 338, 000

Credentials – M&A Transactions – Sell Side City of Tallinn 1999 March 2000 2001 Advisor to the minority shareholders of AS Fanaal, in the strategic trade sale initiated by the majority shareholders. Advisor to AS Eesti Elektrivõrkude Ehitus and its majority shareholder on the trade sale of 59% of the company to PVOPalvelut OY (now Empower OY) of Finland. Advisor to the City of Tallinn in granting a 30 year lease of the district heating operations of the Tallinn District Heating Company.

Credentials – M&A Transactions – Sell Side 2001 2000 Advisor to AS FKSM and its majority shareholders in the trade sale of 53. 76% of FKSM to YIT Construction Ltd. of Finland. Advisor to AS Eesti Buss in the trade sale (51%) of its subsidiary Nordeka.

Credentials – Capital Raising EGeen International Inc. 2001 Domestic capital raising for the commercial arm of the Estonian Genome Project.

Asset Management Philosophy The application of a highly disciplined and clearly defined approach to investing and portfolio construction. LHV Asset Management believes in the benefits of global investing and portfolio diversification. Team 2 partners Investment experience since the inception of the Baltic financial markets Clients LHV Asset Management can best add value to clients with financial assets starting from EEK 0. 5 m ($30, 000).

Asset Management – Portfolio Management Prepares investment strategy to meet the needs of each individual client Global asset allocation is the starting point of the investment process … … that is realised through a range of products: International equity funds Private equity International equities and bonds The discipline of putting chosen strategies into practice is as vital as the choice of the strategy itself, therefore we emphasize the importance of: Specific portfolio targets and risk control Benchmarking Reporting

Asset Management – Investment Funds Pension Funds: Voluntary Pension Fund (3 rd pillar pension fund)– aims to bring additional earnings to LHV’s investors after retirement. Mandatory Pension Funds (2 nd pillar pension fund) – LHV Asset Management is currently applying licenses for two mandatory pension funds: Investing only in fixed income securities Balanced fund - 50% equities and 50% fixed income Money Market Fund A+ Investing in Euro securities offers returns that are comparable to EEK yields. Lowest risk, highest liquidity instrument on the Estonian market Third party investment funds

Venture Capital www. lhvventures. com Early stage and expansion phase funding Hands-on participation in strategy and operations Focus on IT and emerging sectors

Venture Capital – Portfolio Companies January 2000 Internet enabled recruitment and HR development February 2000 E-solutions provider System integration and software development Latvia April 2000 ISP and telephony provider based on broadband technology “Amphora” groupware producer Estonia Baltics Central and Eastern Europe April 2000 March 2000 Estonia April 2000 October 2000 Outsourcing of IT services SMS messaging and mobile service Estonia Baltics September 1999 Online Auctions Network Baltics

Investment Services www. lhv. ee LHV Investment Services makes investing easy and generally reachable. LHV Investment Services enables diversification and capital growth through global investing. LHV Investment Services lowers barriers to investing with low commissions and no minimum balances.

Investment Services www. lhv. ee Services include: Online trading with stocks quoted on Tallinn Stock Exchange (TSE) Online trading with stocks quoted on NYSE, Nasdaq, Amex LHV is the first to intermediate options noted in the US markets via Internet. As our newest service, we also offer Estonian options via Internet. Kasvukonto - mathematically optimized investment product for the new generation. Personal contact through Customer Support and personalised e-mails. Learning tools Most popular financial discussion forums Great learning tools featuring investment school and virtual portfolios Daily newsletters, market overviews and stock features.

Structured Finance is involved in in-depth analysis and engineering of financial products. Services include: Managing LHV Arbitrage- the first hedge fund-like investment vehicle in the Baltic States. Analyzing clients’ currency and interest rate risks providing customized solutions in covering risks dynamically. Providing liquidity to LHV web based equity option trading. Structured finance department is the most active market maker in the Baltic equity options.

LHV Contacts Corporate Finance: Tallinn Office Riga Office ph: +372 6 110 300 ph: +371 7 814 256 fax: +372 6 110 310 fax: +371 7 814 249 Asset Management Venture Capital ph: +372 6 108 453 fax: +372 6 110 310 ph: +372 6 110 305 ph: +372 6 108 400 ph: +372 6 108 446 fax: +372 6 110 310 fax: +372 6 108 402 Maakri 19/21 Tallinn, 10145 Office in Riga Kalku iela 10 Riga, 1050 Investment Services Structured Finance Offices in Tallinn Roosikrantsi 2 Tallinn, 10119