Parex banka will comment on the audited financial results for year ending 31 December 2008 after receiving the audited annual report for 2008. Currently, Ernst & Young performs audit of Parex Group's annual financial reports for 2008; the process is to be finalized by 31 March 2009. As Parex banka's Council has approved the proposal by the Management Board to optimize the administrative costs by 35% in 2009, saving additional LVL 28 million, which provides a certain optimism that the annual results for year 2009 will be better. At this point the main priority of the Bank is to conclude the negotiation process with syndicated lenders and finalize the negotiation process with FCMC and Cabinet of Ministers on possibility of lifting the restrictions on debit operations. The next steps of Parex banka's Management include the elaboration of the Bank's overall development strategy, envisaging Parex banka as safe and well-performing Pan-Baltic Bank. The development of the operational strategy is a warranty to the State's investments. Furthermore, it ensures that Parex banka will be attractive to potential strategic or financial investor. About Parex banka: Being founded in 1992, Parex banka offers universal banking services throughout the Baltic region, the CIS and other European countries such as Germany, Switzerland and Sweden. Parex Group companies operate across the banking, finance, leasing, asset management and life insurance sectors. Parex banka is the only partner of American Express in Latvia and Lithuania, allowed to issue American Express credit cards. Since 05 December 2008 the State owned Mortgage and Land Bank of Latvia is the majority shareholder of Parex banka. Additional information: Indra Zinkevica Head of Corporate Communications and PR Parex banka Phone: +371 67778571 E-mail: pr@parex.lv