* 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.

⁴ The equity value of Luminor Group is derived by combining the equity values of Luminor Bank Latvia, Luminor Bank Estonia and Luminor Bank Lithuania.

⁴ Lithuanian Railroad

For the fifth year in a row Prudentia and NASDAQ have created the Baltic TOP10. With this continuing tradition we give an opportunity to the public of 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 clear that the Baltic TOP10 represents the industries with large, consolidated players with business in all three of the Baltic countries, such as banks. 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, a fuel retailer, transport and logistics heavyweights.

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