Baltic Trust Bank                                                20.07.2005



JSC "Baltic Trust Bank" new edition of articles of association



Articles of Association of Joint Stock Company "BALTIC TRUST BANK"

(new wording)



	Approved at the Extraordinary Meeting of Shareholders of JSC "BALTIC 

TRUST BANK" in Riga on 28 of June 2005, resolution No 3/1



1.	Firm



1.1.	The Joint Stock Company "BALTIC TRUST BANK" (hereinafter referred to 

as the Company) shall be a capital company founded and acting according to 

the present Articles of Association and laws of the Republic of Latvia.

1.2.	The firm name of the Company shall be JSC "BALTIC TRUST BANK".



2.	Term



		The Company is founded for an unlimited term.



3.	Fixed Capital



3.1.	The fixed capital of the Company amounts to LVL 8 601 250,00 (eight 

million six hundred and one thousand two hundred fifty lats) constituted of 

172025 shares of par value LVL 50.- (fifty lats).

3.2.	All shares are voting registered ones and are dematerialized; a share 

grants equal rights to receive dividends and liquidation quota as well as 

equal voting right at the meeting of shareholders.

3.3.	Shares of the Company are not subject of public circulation.



4.	Competence of the Meeting of Shareholders



The Meeting of Shareholders is competent if at least a half of the paid-up 

fixed capital of the joint stock company is represented. If the meeting of 

shareholders is incompetent due to lack of quorum, the extraordinary meeting 

of shareholders with the same agenda shall be convened no later than in 35 

days. The repeated meeting of shareholders is to be announced no later than 

in 30 days before the provided meeting of shareholders. The repeated meeting 

of shareholders shall be competent to adopt resolutions irrespectively of the 

fixed capital represented at it.



5.	Council



5.1.	The Council consisting of 5 (five) members shall be elected by the 

Meeting of Shareholders for the term of 3 (three) years.

5.2.	Members of the Council shall elect the chairperson of the Council and 

one his (her) deputy choosing among themselves.

5.3.	Resolutions of the Council shall be passed by simple majority of votes 

of attending members of the Council.

5.4.	The Board shall need consent of the Council to solve the following 

important issues:

5.4.1.	Participation of the bank in other companies, increase or decrease of 

participation if it exceeds 500000,00 (five hundred thousand) lats;

5.4.2. 	Purchase, sale of real estate or termination of activity of enterprises, 

if it is not related to fulfillment of customers' obligations against the bank 

for an amount exceeding 1 000 000,00 (one million) lats;

5.4.3. 	Granting loans, sureties, warranties and conclusion of other similar 

transactions (excluding interbank transactions), if zero risk level is not 

stipulated in normative acts for such transactions, for an amount exceeding 

1 000 000,00 (one million) lats.



6.	Board



6.1.	The Board consisting of 5 (five) members shall be elected by the Council

 for the term of 1 (one) year.

6.2.	The chairman of the Board as well as any member of the Board shall be 

entitled to represent the Company individually.

6.3.	The Board shall adopt its resolutions by simple majority of votes of 

attending members.



7.	Other Provisions



		Any issues related to the Company's activity, relations with 

shareholders, the executive body and other issues not stipulated in the present 

Articles of Association shall be solved according to legislative acts effective 

at the moment.



The present Articles of Association have been drawn up and signed in five (5) 

original counterparts in Latvian on three (3) pages in Riga on the 28th of June

 2005.



Chairman of the Board 	

Edgars Dubra