Tallinn Stock Exchange            NEWS RELEASE                      23.12.2004



SHARE QUANTITIES IN BALTIX FOR Q1 2005



The BALTIX index is a capitalization-weighted chain-linked total return index 

that was launched on September 27, 2004. The index is calculated daily 

using the most recent official closing prices of all shares listed on the 

Main Lists of the Riga, Tallinn and Vilnius stock exchanges. The index 

constituents are subject to quarterly weight limits of 10% of the compound 

market capitalization and the weight-limits are applied during quarterly 

rebalancings by reducing the indexed share quantities. 



According to BALTIX calculation methodology the indexed share quantities are 

determined on a quarterly basis on March 15, June 15, September 15 and 

December 15 and applied respectively on April 1, July 1, October 1 and 

January 1 each year. 



Share quantities used for calculating BALTIX in Q1 2005 are as follows:



Issuer              Exchange       Actual     Actual  Quantity in  Weight in

                              quantity on  weight on   BALTIX for BALTIX for

                               15.12.2004 15.12.2004      Q1 2005    Q1 2005



Hansapank           Tallinn   317 368 436     49.03%   22 268 517     10.00%

Eesti Telekom       Tallinn   137 954 528     15.93%   29 797 245     10.00%

Lietuvos Telekomas  Vilnius   814 912 760      8.01%  350 105 012     10.00%

Latvijas Gaze       Riga       39 900 000      5.87%   23 380 937     10.00%

Ventspils nafta     Riga      104 479 519      3.97%   90 601 130     10.00%

Merko Ehitus        Tallinn     8 850 000      2.62%    8 850 000      7.63%

Latvijas kugnieciba Riga      200 000 000      2.14%  200 000 000      6.21%

Snaige              Vilnius    23 070 405      1.94%   23 070 405      5.65%

Rokiskio suris      Vilnius     4 746 270      1.63%    4 746 270      4.74%

Ekranas             Vilnius    41 779 278      1.43%   41 779 278      4.15%

Pieno zvaigzdes     Vilnius    54 030 451      1.43%   54 030 451      4.14%

Norma               Tallinn    13 200 000      1.37%   13 200 000      3.98%

SAF Tehnika         Riga        2 970 180      1.08%    2 970 180      3.13%

Harju Elekter       Tallinn     5 600 000      0.82%    5 600 000      2.39%

Tallinna Kaubamaja  Tallinn     6 788 200      0.82%    6 788 200      2.37%

Utenos trikotazas   Vilnius    19 834 442      0.79%   19 834 442      2.30%

Vilniaus baldai     Vilnius     3 886 267      0.62%    3 886 267      1.80%

Vilniaus Vingis     Vilnius     9 123 105      0.34%    9 123 105      0.99%

Baltika             Tallinn     5 587 450      0.18%    5 587 450      0.52%



The next review of the indexed share quantities will take place on 

March 15, 2005.





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