Comment: In the framework of cost optimisation plan Parex has made decisions to close its rep offices in Germany, the UK and Uzbekistan

In the framework of cost optimisation plan and in order to improve
effectiveness of the Bank's structural units, the Board of “Parex banka” has
made decisions to close its representative offices in Germany (Frankfurt am
Main), the United Kingdom (London) and Uzbekistan (Tashkent). 

The decisions have been made after careful analysis of the operations of the
Bank's units and exploring alternative options of representing “Parex banka's”
interests in these regions. In Germany “Parex banka” has a branch with 3 client
services centres in Berlin, Hamburg and Munich; thus, there is no need to
maintain an additional representative entity. The decision to close
representative office in London has been made as at the time being all
negotiations with partners and investors are being cared out through Riga.
Furthermore, Parex Group will use alternative and more effective tools in
achieving its business goals in Tashkent. 

Parex Group has representative offices, branches and subsidiaries in 13
countries, including branches with customer services centres in Estonia,
Germany and Sweden. “Parex banka” is a core company of Parex Group. Parex Group
companies operate across various financial market sectors, including subsidiary
banks in Switzerland and Lithuania, asset management companies in Latvia,
Russia, Ukraine, Lithuania, “Parex Open Pension Fund” in Latvia, leasing and
factoring companies in Latvia, Lithuania, Estonia, Russia, Ukraine, Belarus,
Azerbaijan, Georgia and finally life insurance company “Parex Dziviba” in
Latvia. Parex Group offers to its customers integrated financial services in
lending, payment/credit cards, leasing, asset management and securities
trading.