Joint Press Release of the Baltic Stock Exchanges 



From  1  January  2004, after the approval of the Estonian, Latvian and

Lithuanian  stock exchanges, the composition of the Baltic List will be

the following:



+---+------------------------------+-------------------+------------------------------+---------------------------------------------------------+

|   |           Company            |Home stock exchange|          Market cap          |Profile                                                  |

|   |                              |                   |(million EUR) as of 15/12/2003|                                                         |

|1. |Eesti Telekom                 |        TSE        |            923.59            |telecommunications                                       |

|2. |Ekranas                       |       NSEL        |            59.63             |manufacture of electronic equipment                      |

|3. |Hansapank                     |        TSE        |           1616.20            |banking                                                  |

|4. |Harju Elekter                 |        TSE        |            36.45             |manufacture of electric supplies                         |

|5. |Latvijas Gaze                 |        RSE        |            328.52            |energy                                                   |

|6. |Latvijas Kugnieciba           |        RSE        |            107.78            |shipping                                                 |

|7. |Lietuvos Telekomas            |       NSEL        |            365.82            |telecommunications                                       |

|8. |Merko Ehitus                  |        TSE        |            108.94            |construction                                             |

|9. |Norma                         |        TSE        |            82.50             |seat belt manufacturing                                  |

|10.|Pieno Zvaigzdes               |       NSEL        |            46.16             |dairy products                                           |

|11.|Rokiskio Suris                |       NSEL        |            63.62             |dairy products                                           |

|12.|Snaige                        |       NSEL        |            93.99             |manufacture of refrigerating equipment                   |

|13.|Tallinna Kaubamaja            |        TSE        |            31.57             |retail                                                   |

|14.|Ventspils Nafta               |        RSE        |            200.20            |handling and storage of oil products                     |

|15.|Vilniaus Vingis               |       NSEL        |            24.04             |manufacture of electronic radio and television components|

+---+------------------------------+-------------------+------------------------------+---------------------------------------------------------+







As  of 15 December 2003, the total market capitalisation of the list of

the  Baltic  blue-chip  securities  stood at EUR 4.09 billion (EUR 4.30

billion as of 15 October 2003).



Further  information  about  the  Baltic List is available on the joint

Internet     homepage     of    the    three    Baltic    bourses    at

<a href='http://www.baltic-exchanges.com' target='_blank'>http://www.baltic-exchanges.com</a> 



Additional information: 



Kristel  Raesaar                                                  Diana

Sokolova

Public    Relations    Adviser                                   Public

Relations Manager

Tallinn  Stock  Exchange  (HEX  Tallinn)                 National Stock

Exchange of Lithuania

Tel: +372 64 08 849                                         Tel: +370 5

272 13 71



Krista Grintale

Director of Corporate Communications

Riga Stock Exchange (HEX Riga)

Tel: +371 7212431