* 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 CIRCLE K Group consists of the following entities: Circle K Latvia, Circle K Lithuania and Circle K Estonia. Revenue from transactions between these entities is not excluded from the Group’s revenue

For the third year in a row “Prudentia” and NASDAQ has created Baltic TOP10. With this continuing tradition we give an opportunity to the public in Latvia and other Baltic states to gain an insight into the most important companies in the Baltic. It is also an opportunity to rate the Latvian companies in comparison with other companies in the Baltic.

As in past years, it is visible that the Baltic TOP10 represents the industries with large, consolidated players with business in all three of the Baltic countries (banks and a fuel trader). These companies work in the Baltic as a single group. The TOP10 also includes the most important energy companies of each state that have large domestic market, but must also compete with each other in the neighboring markets; there is also the largest retail company in the Baltic and transport and logistics heavyweights.

All these companies have landed among top ten most valuable companies in the Baltic due to good corporate management, ability to make the right strategic decisions, thus generating continued positive cash flow.