Changes in the composition of the Council of Parex Asset Management

The following changes in the composition of the Council of Parex Asset
Management (PAM) have been made: the Chairman of the Council, Mr. Mārtiņš
Jaunarājs, has resigned from his position and Mr. Glenn Frank Woo has left the
position of the Member of the Council. The above mentioned changes were made
due to the fact that Mr. Jaunarājs has applied to leave the Council, as well as
to the expected new Council elections. The new PAM Council elections will take
place in the nearest future. 

The Council currently includes the following members: Valdis Birkavs (Deputy
Chairman of the Council), Deniss Grigorenko, Roberts Stuģis, Arvīds Sīpols and
Raits Černajs (Members of the Council). 

The Board of Parex Asset Management is chaired by Roberts Idelsons, and
includes four Board Members, namely Elena Coleman, Edgars Makarovs, Igors
Petrovs and Zigurds Vaikulis. 

Parex Asset Management was established in 2002 and is the 100% subsidiary of
Parex banka.