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TPD: Financial results of Trigon Property Development, 3 months of 2008

30.05.2008 17.00,

30.05.2008

As at the end of first quarter 2008, AS Trigon Property Development owned one property development project involving 40-hectare land plot in the City of Pärnu, Niidu area. Commercial property for the logistics, warehousing and light industries will be developed on this area.

The balance sheet as of 31.03.2008 and 31.12.2007 delivered by the present announcement completely reflects the assets, liabilities and equity capital of AS Trigon Property Development, which remained in the company after separation of AS Viisnurk.

The current income statement for 3 months of 2008 reflects the profit of AS Trigon Property Development and the comparative information reflects the profit of AS Trigon Property Development and AS Viisnurk because the assets, liabilities and equity capital of AS Viisnurk were separated from the financial reports of AS Trigon Property development as of 30.09.2007.

According to the presented income statement the net profit for 3 months 2008 of AS Trigon Property Development is 1 thousand EEK and the earnings per share is 0.00 EEK. Diluted earnings of AS Trigon Property Development per share are equal to the basic earnings per share because the Company does not have any potential ordinary shares with the dilutive effect on the earnings per share.

Condensed consolidated balance sheet

EEK thous

EEK thous

EUR thous

EUR thous

31.12.2008

31.12.2007

31.03.2008

31.12.2007

Cash

376

372

24

24

Receivables and prepayments

97

84

6

5

Total current assets

473

456

30

29

Investment property

137 251

137 251

8 772

8 772

Total non-current assets

137 251

137 251

8 772

8 772

TOTAL ASSETS

137 724

137 707

8 802

8 801

Borrowings

392

392

25

25

Payables and prepayments

466

450

30

29

Total current liabilities

858

842

55

54

Long-term borrowings

2 546

2 546

163

163

Total non-current liabilities

2 546

2 546

163

163

Total liabilities

3 404

3 388

218

217

Share capital at nominal value

44 991

44 991

2 875

2 875

Share premium

3 537

3 537

226

226

Statutory reserve capital

4 499

4 499

288

288

Retained earnings

81 293

81 292

5 195

5 195

Total equity

134 320

134 319

8 584

8 584

TOTAL LIABILITIES AND EQUITY

137 724

137 707

8 802

8 801

Condensed consolidated income statement

EEK thous

EEK thous

EUR thous

EUR thous

First quarter 2008

First quarter 2007

First quarter 2008

First quarter 2007

Continuing operations

Rental income

117

85

7

5

Expenses related to investment property

(45)

0

(3)

0

Gross profit

72

85

4

5

Administrative and general expenses

(71)

0

(4)

0

Change in fair value of investment property

0

4 968

0

318

Operating profit

1

5 053

0

323

Profit from continuing operations

1

5 053

0

323

Profit from discontinued operations

0

7 405

0

474

NET PROFIT FOR THE PERIOD

1

12 458

0

797

Basic earnings per share

0.00

2.77

0.00

0.18

Diluted earnings per share

0.00

2.77

0.00

0.18

Ülo Adamson

Chairman of the Supervisory Board

+372 51 39 424