* TOP 10 reflects company’s enterprise value. With the exception of banks and Insurance companies – for these companies equity value is reflected.

** For banks and insurance companies the columns “turnover” and “adjusted EBITDA” present the value of total assets and equity respectively.

¹ The equity value of SWEDBANK Group is derived by combining the equity values of SWEDBANK Latvia, SWEDBANK Estonia and SWEDBANK Lithuania.

² The equity value of SEB Bank Group is derived by combining the equity values of SEB Bank Latvia, SEB Bank Estonia and SEB Bank Lithuania.

³ Lithuanian Railroad

⁴ Latvian State Forests.

⁵ The equity value of DNB Bank Group is derived by combining the equity values of DNB Bank Latvia, DNB Bank Estonia and DNB Bank Lithuania.

For the second consecutive year “Prudentia” and NASDAQ Riga have developed the Baltic TOP10. We want to continue this tradition by giving people in Latvian and other Baltic countries an idea of the most important companies in the Baltic. This is also an opportunity to rate Latvian companies on the background of other Baltic companies.

Similarly, as in the previous year, it is clear that Baltic TOP10 includes industries with large, consolidated players with their business activity in all three Baltic countries (banks) and each of these banks work in the Baltic as one group. The TOP10 list includes the most important energy companies of each country, which have large local market, but must compete among each other in neighboring markets; the largest retail company in the Baltic can be found here, as well as the transportation and logistics heavyweights and the leader of the Baltic timber industry.

Largely, the position of all these companies among the top ten most valuable companies in the Baltic is based on the ability to generate positive cash flow in the long-term, to be sufficiently transparent and to be able to develop their business beyond national borders.