On 28 August 2009, the extraordinary meeting of Parex banka's shareholders approved the restated Articles of Association of the Bank. The new edition of the Articles has been drafted in compliance with the requirements set by the Agreement with the European Bank for Reconstruction and Development (EBRD). Pursuant to the restated Articles, henceforward any decision of the Board shall require a preliminary approval by the Council of the Bank. Currently, Parex banka's majority shareholder with 95.3% holding is the Latvian Privatisation Agency. The EBRD will acquire 25% and one share of the Bank. Similarly, the Supervisory Council of Parex banka was re-elected at the meeting. In accordance with the resolution made during the meeting the following members are elected to Parex banka's Council - Andžs Ūbelis, Michael J. Bourke, Laurence Phillips Adams, Kaspars Āboliņš and Juris Vaskāns. With the exception of Juris Vaskāns, all the elected members worked in the Council of the Bank also previously. Juris Vaskāns is a Board Member of the Latvian Privatisation Agency. About Parex banka Founded in 1992, Parex banka offers universal banking services throughout the Baltic region, the CIS and other European nations 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. Currently, the Latvian Privatisation Agency is the majority shareholder of Parex banka, holding 95,3% of the Bank's shares. Additional information: Inga Saleniece Corporate Communications and PR Phone: 6777 8870 or 2 6564629 E-mail: pr@parex.lv