Parex banka Decisions of annual general meeting 27.04.2012

Resolutions Adopted by the Ordinary Shareholder Meeting of JSC Parex banka

New name of the company - Reverta - approved


Today, on April 27 2012, the ordinary shareholder meeting of JSC Parex banka
reviewed and adopted resolutions on all of the matters on the announced agenda
of the shareholder meeting:

-- Shareholders of Parex banka approved the company’s annual report for 2011
which was prepared in accordance with the requirements of International
Financial Reporting Standards (annual report available at
http://www.parex.lv/lv/investoriem/finansu-informacija).. As informed
previously, in 2011 Parex banka successfully continued recovering the funds
granted by the state in order to rescue the bank. As a result of
well-considered operative and financial activity the bank was able to
decrease losses significantly. Since 1 August 2010 Parex banka has
recovered more than 220 million lats, including 158 million lats which were
recovered during the reporting period. The majority of funds were
channelled for repaying the syndicated loan worth 164 million lats; and
another 7 million lats were repaid to the Ministry of Finance before term.
Despite the fact that only the distressed assets with continuous repayment
difficulties are left in Parex banka’s portfolio, in 2011 the company
succeeded at decreasing its losses by 93.6 million lats comparing to 2010.
-- Parex banka’s shareholder meeting approved the report of the bank’s
Audit Committee for 2011, and adopted a resolution on electing SIA
PricewaterhouseCoopers as the auditor of Parex banka’s report for 2012.
-- Shareholder meeting of JSC Parex banka approved the new name of the
company – Joint Stock Company Reverta, simultaneously resolving to
introduce corresponding amendments to Parex banka’s Articles of
Association. At the same time, the shareholder meeting determined that the
adopted resolution will become effective after registering amendments to
the Articles of Association of Parex banka with the Commercial Register of
the Enterprise Register of the Republic of Latvia. The company plans to
submit the documents necessary for registering amendments to the Articles
of Association with the Enterprise Register in the beginning of May this
year.



Additional information:
On 28 December 2011 shareholder meeting of Parex banka adopted a resolution on
giving up its licence for conducting credit institution activity voluntarily.
On 15 March 2012 the Finance and Capital Market Commission resolved to adopt a
positive decision for Parex banka and annulled the bank’s license. This was a
an awaited and important decision for the change of status and brand together
with the acquired experience and unique knowledge will enable the company to
maintain efficient and professional focus on its core directions of activity:
efficient loan restructuring, debt recovery, and management and sales of
recovered real estate.


Detailed information available at:
Marita Ozoliņa-Tumanovska
Head of Communications and Marketing Department
Tel. 67779142 or 29287169
e-mail: Marita.Ozolina@parex.lv


1. Lemumi_ EN.doc
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