LATVIAN SECURITIES MARKET STATISTICS FOR 2015

Latvian Central Depository 2

The Latvian Central Depository (LCD) has summarized the statistics on the Latvian securities market for the period from January 1 to December 31, 2015, covering:

+ all securities issues registered with the LCD, including public issues listed on Nasdaq Riga

+ securities trading – the number of transactions and turnover on the stock exchange and the OTC (over the counter) market for LCD-registered securities

+ the number of securities accounts containing LCD-registered securities and new accounts in 2015

+ the breakdown of investors by residency, legal status and geographic location

The statistics covers all securities in public circulation as well as non-public securities that are on the accounts of the LCD participants – banks and investment brokerage companies. The data have been contributed by all LCD participants – banks and investment brokerage companies, the Central Securities Depository of Lithuania, the Estonian Central Securities Depository and the Bank of Latvia. The LCD participants are commercial banks and investment brokerage companies that have signed a participation agreement with the LCD, hold securities registered on the LCD books and provide services thereof, as well as perform securities-related settlement services. On 31 December, 2015 the LCD had 16 participants, and, in addition, the Bank of Latvia, the Treasury, the Central Securities Depository of Lithuania, the Estonian Central Securities Depository and Clearstream Banking Luxembourg and Polish National Depository for Securities as the LCD participants with special status. The list of the LCD participants is available here: http://www.nasdaqomxbaltic.com/en/csds/latvian-csd/lcd-participants/list-of-participants

SECURITIES ISSUES REGISTERED WITH THE LCD

Latvian Central Depository 3

The Latvian Central Depository is the only institution in Latvia with exclusive mandate as a

securities registrar. The LCD registers all securities that are in public circulation in Latvia as

well as non-listed securities upon request of the issuer. The number of issues registered

with the LCD and issue value on December 31, 2015:

* Capitalization of the shares includes capitalization of publicly traded shares and the shares that are not listed on a stock exchange but are registered with LCD, i.e., closed share issues. Capitalization of the publicly traded shares is calculated taking into account the last market price on 30.12.2015. and capitalization of the closed share issues is calculated at nominal value. ** Debt securities capitalization is calculated at par value.

Number of issues on 31.12.2015

Issue value / capitalization (M EUR)

Shares 70 1 517.43*

Investment funds 38 466.97

Corporate debt securities 94 1 420.51**

Government debt securities 12 1 116.23**

SECURITIES ISSUES IN PUBLIC CIRCULATION

Latvian Central Depository 4

Of the securities issues registered with the LCD, the following are listed and traded on

Nasdaq Riga:

Information source: www.nasdaqbaltic.com

* Capitalization of the publicly traded shares is calculated taking into account the last market price on 30.12.2015. This calculation does not include capitalization of closed share issues, i.e., the calculation does not reflect public companies’ shares, which are not traded on the stock exchange. ** Debt securities capitalization is calculated at par value.

Number of issues on 31.12.2015

Issue value / capitalization (M EUR)

Shares 27 1 072.78*

Investment funds 5 25.14

Corporate debt securities 42 963.83**

Government debt securities 12 1 116.23**

THE NUMBER OF TRANSACTIONS ON NASDAQ RIGA IN 2015

Latvian Central Depository 5

Trading statistics (number of transactions and turnover) for the Baltic market regarding

Latvian securities registered with the LCD and listed on Nasdaq Riga for the period from

January 1, 2015 to December 31, 2015:

Number of

transactions Turnover

(EUR)

Secondary market transactions in shares* 15 841 45 477 293

Secondary market transactions in debt securities * 607 143 417 071

Transactions in government debt securities auctions**

180 409 697 144

* Secondary market or securities trading on the stock exchange. ** Government debt securities are made available to investors via securities auctions organized by the exchange.

THE NUMBER OF OTC TRANSACTIONS IN 2015 WITH LCD-REGISTERED SECURITIES

Latvian Central Depository 6

In secondary market, transactions may be performed both on the stock market Nasdaq Riga and over the counter

(OTC market), the latter meaning that banks and investment brokerage companies and their clients agree between

themselves on a securities deal without going to the stock exchange, and report the transaction to the depository.

The LCD offers both OTC DVP (Delivery versus Payment) services meaning that the LCD provides simultaneous cash

clearing and securities settlement, and FOP (Free of Payment) transfers meaning that the LCD settles only in

securities. The number of OTC transactions and turnover in 2015:

Number of transactions Turnover (EUR)

OTC DVP transactions 658 333 290 377

in shares 399 10 575 978

in corporate debt securities 154 183 645 613

in government debt securities 95 138 806 167

in investment fund certificates 10 262 619

FOP transactions 9 458

in shares 765

In corporate debt securities 1 044

in government debt securities 372

in investment fund certificates 7 277

THE NUMBER OF SECURITIES ACCOUNTS CONTAINING LCD-REGISTERED SECURITIES

Latvian Central Depository 7

LCD-registered securities may be held either in custody by the LCD participants on securities

accounts owned both by private persons and legal entities, or in the Initial Register maintained by

the LCD. The Initial Register contains the securities that were earlier bought for privatization

vouchers and subsequently have not been transferred to securities accounts with banks or

investment brokerage companies. On 31 December, 2015 securities registered in Latvia were

allocated between 61 989 accounts:

With LCD participants

Private persons 25 544

Legal entities 1 113

TOTAL: 26 657

LCD Initial Register

Private persons 35 298

Legal entities 34

TOTAL: 35 332

NEW SECURITIES ACCOUNTS

Latvian Central Depository 8

In 2015, Latvian commercial banks and investment brokerage companies that are the LCD

participants opened altogether 3 770 new securities accounts, of this:

Residents

Private persons 2 552

Legal entities 146

TOTAL: 2 698

Non-residents

Private persons 384

Legal entities 688

TOTAL: 1 072

INVESTOR STRUCTURE ACCORDING TO RESIDENCY

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The pie chart shows breakdown of LCD-registered securities (shares, debt securities, investment

fund certificates) by residency of investors. Investors are grouped into residents (private persons

and legal entities registered in Latvia) and non-residents ( private persons and legal entities

registered outside Latvia). The Latvian law requires that the proprietary securities of commercial

banks and investment brokerage companies should be kept segregate from customers' securities,

therefore they form a separate group of LCD participants. Customers of foreign CSD form a

separate group.

As of 31.12.2015

32.63%

32.72%

15.60%

19.05%

Residents Non-residents Customers of foreign CSD LCD participants

INVESTOR STRUCTURE BY LEGAL STATUS

Latvian Central Depository 10

The pie chart shows the breakdown of investors of LCD-registered securities (shares, debt

securities, investment fund certificates) by legal status of investors.

According to legal status, the investors are grouped in natural (private) persons, legal entities

(companies that invest their spare funds in securities) and investment funds (professional

investors). Custodian banks, who on behalf of their clients keep securities on nominee accounts,

and customers of foreign CSD form separate groups.

As of 31.12.2015

9.25% 11.00%

40.19%

4.91%

15.60%

19.05%

Natural persons Investment funds Legal persons

Custodian banks Customers of foreign CSD LCD participants

INVESTOR STRUCTURE OF THE LCD-REGISTERED SHARES

Latvian Central Depository 11

For LCD-registered shares only, the investor structure on 31 December, 2015 is the following:

As of 31.12.2015

24.79%

26.90% 48.29%

0.03%

Investor breakdown by residency

Residents Non-residents

Customers of foreign CSD LCD participants

9.42% 0.31%

39.53%

2.43%

48.28%

0.03%

Investor breakdown by legal status

Natural persons Investment fundsLegal persons Custodian banksCustomers of foreign CSD LCD participants

GEOGRAPHICAL BREAKDOWN OF INVESTORS

Latvian Central Depository 12

Geographical breakdown of owners and custodians of LCD-registered shares – TOP 8 countries.

As of 31.12.2015

44.68%

26.76%

10.62%

6.46%

5.54%

3.59% 0.52% 0.35% 1.50%

Cyprus

Latvia

Germany

Estonia

Russia

Lithuania

Great Britain

Belgium

Other countries

Latvian Central Depository 13

Latvian Central Depository Valnu Street 1 Riga, LV-1050

Latvia

Phone: +371 67 212 431 Fax: +371 67 229 411

E-mail: lcd.riga@nasdaq.com www.nasdaqbaltic.com