Market Overview: NASDAQ OMX Tallinn 2011, wk.

15
Highlights:
 The Baltic market indexes Nasdaq OMX Vilnius (OMXV) and Nasdaq OMX
Tallinn (OMXT) have experienced significantly decreases of 0.99% and 1.00%
respectively.
 The biggest losers of the 15th week were Viisnurk (VSN1T) and AS Premia
Foods (PRF1T) with decrease of 3.63 % and 3.87 % correspondingly.
 The biggest gainers: Trigon Development Property (TDP1T) +12.82% and Järvevana
(JRV1T) +6.04%.
The 15th week of 2011 ought to be considered as the waiting time for Q1 results i.e. Investors are
waiting for Q1 results which resulted in fallen turnover in the world markets. The Baltic market
indexes Nasdaq OMX Vilnius (OMXV) and Nasdaq OMX Tallinn (OMXT) have experienced
significantly decreases of 0.99% and 1.00% respectively (Figure 1), regarding the fact that the
World markets resulted in pessimistic and waiting mood. Notwithstanding that investors were
trading in the market not very actively, the best performers Trigon Development Property
(TDP1T) and Järvevana (JRV1T) with sharp increases of 12.82% and 6.04% have to be
mentioned. On the other hand, the rest of the companies in OMXT have been experiencing
significant losses, with the ‘leaders’ Viisnurk (VSN1T) and AS Premia Foods (PRF1T) with
decrease of 3.63 % and 3.87 % correspondingly. Overall, in 15th week 1,345 deals were made and
2,216,318 securities have changed their owners which resulted in turnover of 3,383,728.99 EUR.

Figure 1 Nasdaq OMX Tallinn and Nasdaq OMX Vilnius in 15th week of 2011
Source: www.nasdaqomxbaltic.com

One of the least liquid stock listed in OMXT Trigon Development Property (TDP1T) showed the
best performance during 15th week – a larger increase of 12.82%. In spite of being best performer,
the construction company Trigon Development Property (TDP1T) didn’t attract investors’

Market Overview is not an advice. Neither authors nor iFund or other representatives are liable for possible use of information contained in
1 it. Relatively reliable public information (Exchanges websites, Bloomberg, Reuters, etc) was used to produce this Market Overview.
Market Overview: NASDAQ OMX Tallinn 2011, wk. 15
attention until 15th of April i.e. Friday. On account of the fact that it is a very illiquid stock i.e. the
market is not deep and investors can influence price very easily, the stock is considered to have
been affected by this 4 deals on Friday which resulted in 1,120.25 EUR turnover and extremely
large increase of 18.60 %. To conclude, we strongly believe that Trigon Development Property
(TDP1T) has to experience correction after such sharp increases two weeks in a row i.e. 8.33% and
12.82 %.

Figure 2 The construction company Trigon Development Property (TDP1T) in 15th week
Source: www.nasdaqomxbaltic.com

Market Overview is not an advice. Neither authors nor iFund or other representatives are liable for possible use of information contained in
2 it. Relatively reliable public information (Exchanges websites, Bloomberg, Reuters, etc) was used to produce this Market Overview.
Market Overview: NASDAQ OMX Tallinn 2011, wk. 15

Järvevana (JRV1T) was the second most improving company in 15th week. During the week the
construction company showed positive trend – sharp increases until 13th of April, then a
considerable gain followed by small correction. Overall, Järvevana (JRV1T) has experienced gain
of 6.04%. Nevertheless, the fact that the stock is considered to be illiquid as well as Trigon
Development Property (TDP1T) has to be noted. In other words, the market is not deep as well in
this case and, for instance, 6 deals and turnover of 1,416.60 EUR on 12th of April resulted in large
increase of 8.11%. All in all, we believe that (similar to previous case of Trigon Development
Property (TDP1T) ) a correction during incoming week is inevitable.

Figure 3 The construction company Järvevana (JRV1T) in the period of 2011-04-11 – 2011-04-15
Source: www.nasdaqomxbaltic.com

Market Overview is not an advice. Neither authors nor iFund or other representatives are liable for possible use of information contained in
3 it. Relatively reliable public information (Exchanges websites, Bloomberg, Reuters, etc) was used to produce this Market Overview.
Market Overview: NASDAQ OMX Tallinn 2011, wk. 15

The furniture producer Viisnurk (VSN1T) has been declining almost without any significantly
fluctuation almost all week. The company began the week with opening price of 1.51 EUR and
ended up with sharp decrease of 3.63% and closing price of 1.46 EUR. Viisnurk (VSN1T) was not
very popular among investors during 15th week and that resulted in small turnover of 23,178.61
EUR. Regarding that for the company one of the main material which affect marginal costs is the
price of lumber, the fact that a sharp increase in lumber prices were experienced during 15 th week
has to be marked and considered as one of the main factor which provoked negative tendency. To
conclude, the company has shown very good results in 2010, however knowing that negative
background in Nasdaq OMX Tallinn (OMXT) and global markets affects very easily Viisnurk
(VSN1T) incoming week can continue in negative tendency.

Figure 4 The furniture producer Viisnurk (VSN1T) in 15th week

Source: www.nasdaqomxbaltic.com

Market Overview is not an advice. Neither authors nor iFund or other representatives are liable for possible use of information contained in
4 it. Relatively reliable public information (Exchanges websites, Bloomberg, Reuters, etc) was used to produce this Market Overview.
Market Overview: NASDAQ OMX Tallinn 2011, wk. 15

The food producer Premia Food AS (PRF1T) was the most unsuccessful during this week. The
week began with opening price of 0.905 EUR and ended up with closing price of 0.87 EUR i.e.
overall, the company gained a loss of 3.87 %. During the week until Thurday there were made any
announcements which could have been directly affect the company. Nevertheless, on 14th of April
Premia Food AS (PRF1T) made an announcement that it registered and reduced a share capital
denominated in euro. To sum up, a conclusion that the price will be declining next week due to the
above mentioned fact has to be commemorated.

Figure 5 The food producer AS Premia Foods (PRF1T) in the period of 2011-04-11 – 2011-04-15
Source: www.nasdaqomxbaltic.com

Overall, the 15th week was rather pessimistic due negative macroeconomic background of global
markets; also International Monetary Fund (IMF) cut the USA and Japan GDP growth which
resulted in negative tendencies in global markets that affected Nasdaq OMX Tallinn (OMXT) as
well. To conclude, we strongly believe that tight situation in Libya, anxiety of Greek bankruptcy
result in the fact that investors’ risk appetite will be reduced and they would rather wait for Q1
results; knowing strong correlation between Baltic markets and global markets these fact can result
in negative tendencies during next week.

Review by: Liudvikas Galvanauskas, Paulius Jurgutis, Oleg Demidov, Liene Putnina

Market Overview is not an advice. Neither authors nor iFund or other representatives are liable for possible use of information contained in
5 it. Relatively reliable public information (Exchanges websites, Bloomberg, Reuters, etc) was used to produce this Market Overview.