On changes in composition of the Management Board of Citadele Asset Management IPAS

Citadele Asset Management announces that Company's Council has decided to
introduce changes in the management board, and as of October 20, 2010 Vladimirs
Ivanovs has been elected as the Chairman of the Management Board of Citadele
Asset Management IPAS. Other Board members Zigurds Vaikulis, Edgars Makarovs,
Igors Petrovs and Elena Coleman will continue their work. 

Since 1995 until 2001 V.Ivanovs worked in SC Paritāte banka as deputy Chairman
of the Board, Vice President and Chairman of the Council of Directors. In 2001
V.Ivanovs began to work in SC Parex banka as the Vice President responsible for
client service in CIS region. Before assuming the position of Chairman of the
Management Board at Citadele Asset Management, V.Ivanovs headed the Client
Service Division of Citadele Asset Management and was the deputy head of
Private Capital Management Sector of SC Citadele banka. He has received an MBA
degree from Riga International School of Economics and Business Administration.