PAREX ASSET MANAGEMENT REGISTERS PAREX CASPIAN SEA EQUITY FUND IN SWITZERLAND

Parex Asset Management (PAM), the investment management arm of Parex banka has
registered Parex Caspian Sea Equity fund for distribution in Switzerland. 

On October 15, 2007 the Swiss Financial Supervisory Authority has registered
the Parex Caspian Sea Equity fund for public distribution in Switzerland. 
Mr. Robert Idelson, the President of Parex Asset Management, said: “The
interest of international investors to the equities of companies based in Asia
is steadily increasing. Parex Caspian Sea Equity fund is one of the first
investment products, that offers access to the equities of companies rapidly
developing in this region. We hope that the long term experience of Parex Asset
Management in the Caspian Sea region will be highly valued by investors in
Switzerland.” 
Parex Caspian Sea Equity fund was registered on February 14, 2007. Since
inception, the assets of the Fund have increased up to EUR 17.6 mln. The
objective of the fund is to achieve long-term capital growth by investing in a
diversified portfolio of equity securities located in or exposed to growth in
the rapidly growing Caspian Sea region. The investment certificates of Parex
Caspian Sea Equity fund are listed on the Riga Stock Exchange. 

About Parex Asset Management: 
With over USD 1 billion of assets under management, Parex Asset Management, the
subsidiary of Parex banka, is the largest investment company in the Baltic
Region and one of the most experienced in the Central and Eastern Europe. PAM
invests internationally, maintaining a complete investment product range, when
constantly tracking the best investment opportunities in each geographic
region. Through its subsidiaries and representation offices Parex Asset
Management also operates in Lithuania, Russia, Ukraine and Kazakhstan. 

About Parex banka: 
With EUR 4.3 billion in assets, Parex banka is one of the leading banks in the
Baltic States, offering integrated client services, including lending, payment
card services, leasing, asset management and securities brokerage. The Bank is
represented in 15 countries through its wide network of representative offices,
branches and subsidiaries, including a subsidiary in Switzerland, AP Anlage und
Privatbank AG. 
Parex banka is rated Baa3 by Moody's Investors Service, BB+ by Fitch Ratings
and BBB by Capital Intelligence.