National Stock Exchange Of Lithuania Monthly Bulletin – June 2004

In the pursuit of the integrated Baltic securities market development, the current Baltic List of securities consisting of 15 largest listed companies of Estonian, Latvian and Lithuanian stock exchanges, was expanded to 19. Since 1 July 2004 the expanded List has comprised all main list companies of the three stock exchanges: 8 Lithuanian, 4 Latvian and 7 Estonian companies. The securities of the companies will continue to be legally listed on their current home exchanges, but marketed jointly under the Baltic List.

In June, the wait-and-see attitude could be felt in the securities market facing the announcement of half-year results. The buyers and sellers of shares were sluggish, the number of transactions reduced, the leader of the market changed almost daily. Main attempts of the market participants were directed to keep share prices up.

During the past three months the total number of transactions in shares decreased from 470 to 300, whereas the number of transactions on the central market dropped down from 450 to 290 per session. Therefore the share turnover on the central market made up only one third of the total turnover, which thanks to an increased share turnover in negotiated deals by 48% was slightly higher than in May and stood at LTL55 m. It accounted for 36 percent of the aggregate securities turnover. The turnover of debt securities was for the second time this year bellow LTL100 m. The aggregate securities turnover in June like in May fell behind the average monthly value of 2003 and made up LTL153 m.

The prices of 14 shares, including 4 of the Official List companies, rose and 21 went down in June. However the total share price level changed insignificantly: the values of all indices and capitalisation only fractionally differed from those in the end of May. A bit more than a half of the total share turnover in June was generated by Snaige AB shares. In addition to the shares of the abovementioned company, trading in shares of Ma²eiki¯ Nafta AB, Invalda AB, Lietuvos Telekomas AB and Vilniaus Vingis AB was traditionally active. Their turnover on the CM exceeded the threshold of LTL1 million.

Following the decision of the Management Board of NSEL on 1 July 2004 the shares of Invalda AB, Rokiðkio s°ris AB, and GrigiðkÎs AB were included in the LITIN-10 index basket replacing the shares of Ekranas AB, Vakar¯ Skirstomieji Tinklai AB, and Lisco Baltic Service AB . The weighted average of SnaigÎ AB in LITIN-10 was cut to 20%, and on 7 July, after the change in the nominal value of these shares, the weighting of the index was once again recalculated.