PXS:Start of closed-end Parex Baltic High Yield fund investment certificates’ second emission

Parex Asset Management                                  05.02.2007

Start of closed-end investment fund Parex Baltic High Yield fund 
investment certificates’ second emission

“Parex Asset Management” IPAS informs that the second emission of 
investment certificates of the closed-end investment fund Parex 
Baltic High Yield fund starts on February 05, 2007. The main conditions 
of the second emission are:
  -The volume of the second emission is EUR 3’000’000;
  -The period of initial placement of the Fund’s investment certificates 
   shall be 90 days or up to the day when all investment certificates 
   offered in the initial placement are sold, but not to exceed 90 days;
  -The price of a second emission investment certificate is EUR 1050.