TOP 101 Disclamer

Important remarks on obtained TOP 101 results usage restrictions and other considerations that must be taken into account while studying and/or using the TOP 101.

TOP 101 is prepared to provide an indicative notion of the value of the companies at specific time and using specific methodology. It is built using only publicly available information and methodology, described in TOP 101 methodology.

The company's value determination process and the results (among several factors) may significantly be affected by:

• Evaluation aims and stakeholders;

• The time when the assessment is made;

• Used value standard.

Although the chosen methodology is widely used in enterprises and securities evaluation practice, it provides a view on the value of the company only through a particular prism, i.e. what would be the average evaluation level of a company in certain sector from public stock market investors’ point of view. So the results of TOP 101 may not reflect value of a company after a certain benchmark (for example, true value, true market value or investment value benchmark) or accordingly to some specific evaluation context (for example, evaluation for selling, acquisition or investment transaction, evaluation for determining the value of the collateral shares, evaluation in context of tax calculation etc.)

TOP 101 does not require that evaluation process of the companies included in the evaluation has been comprehensive and all of the public or private information about the companies has been used. The judgments, evaluations, prognosis or assumptions about the companies included in TOP 101, as well as the information on which such judgments, evaluations, prognosis or assumptions are based, may or may not be correct.

In case the reader does decide to use the values reflected in TOP 101 for his particular purpose, it is recommended to use those values only as one of the points in decision-making. Users of values reflected in TOP 101 are advised to organize rated items in-depth research and analysis by themselves.

Although in TOP 101 was used objective evaluation standards, which are the same for all rated companies, taking into the account the size of the Baltic markets, AS IBS Prudentia and Nasdaq Riga, hereinafter referred to as Nasdaq Riga, does not exclude the possibility that within the rated companies may be clients or partners with whom AS IBS Prudentia and/or Nasdaq Riga may be in the economical/financial relationship (due to confidentiality constraints, AS IBS Prudentia and Nasdaq Riga are not allowed to publicly reveal the existence of such cases). However, the aforementioned doesn’t effect the evaluations mentioned in TOP 101, because for all evaluations (except banks and some other companies that were judged with factor “Market capitalization versus equity book value”) was used the same methodology.

Taking into consideration aforementioned, and although TOP 101 was prepared according to the standards of good practice, not AS IBS Prudentia or Nasdaq Riga, nor the owners, officers, employees and representatives make no warranties and confirmations and removes any responsibility from themselves about the possible consequences that may be the result of TOP 101 and usage of the information that it contains (both in terms of completeness and accuracy and AS IBS Prudentia and Nasdaq Riga’s possible economic interest in any of the evaluated companies).

Any trademarks, logos and other intellectual property used in TOP 101 belong to respective owners of the companies and they reserve any usage rights. TOP 101 or any part of it may not be reprinted without AS IBS Prudentia and Nasdaq Riga's prior written consent.