1.  There  are no decisions made by any structure within the Management

of  Ventspils  Nafta to sell the former Hotel Rīgas Līcis Spa & Resort.

However,  considering  that  supply and demand position on the property

market  in  Jūrmala  changes  rapidly  as it shows a steady increase in

prices, the former Hotel Spa & Resort, including its buildings and land

has  been  surveyed  again  to  find  out the possibilities of its most

expedient  use.  There are a few alternatives under consideration, e.g.

whether to sell some plots of land or refurbish the Hotel by keeping in

part  its former business profile and establishing there both the hotel

and individual apartments. Some amendments in the earlier accepted plan

for commercial activities, as well as the necessity of finding the most

efficient  way for the use of the property above are connected with the

boost of prices that is especially obvious for properties in Jūrmala as

according  to  the  market conditions also the former Hotel Rīgas Līcis

Spa  & Resort owned by Ventspils Nafta is situated in particularly such

a profitable area.

2.  As  far as is known, Ms. Olga Pētersone, the President of Ventspils

Nafta  ,  JSC in her earlier interviews did not mention any possibility

of  selling particularly the shares of Latvian Shipping , JSC, however,

she  made  an allowance, when speaking of a business perspective, for a

fully  motivated  possibility  that  in  general  in case of respective

market  conditions  these shares may have been sold, just like they may

have not been sold. One should remember that meanwhile the situation in

the area of the previous core business of Ventspils Nafta Holding - the

transhipment  of  crude  oil  and petroleum products - is significantly

changing. It is connected with Russia's administrative and monopolistic

decisions to cut off oil exports by pipeline to Ventspils.

In order to secure for further activities of the transhipment terminal,

as well as to use the market situation up to its maximum, it is planned

to  put  into  operation some significant investment projects that have

been  already  started within the framework of an investment programme,

e.g.  to complete the construction of unloading facility to be used for

unloading of crude oil and petroleum products from railcars. Certainly,

the  implementation  of this project requires significant investment of

financial  resources.  Taking into account all the circumstances above,

as  well  as  the  fact  that  Ventspils  Nafta  Holding, following the

recommendations  of  international  auditors, has been already for many

years  involved in risk diversification and, as a result, acquired some

stocks and capital shares of the companies in industries other than oil

transit  business,  there  is  now  a  possibility that after a careful

consideration and in a respective market situation some of these stocks

and shares may be sold.

The direct assignment of the new management of Ventspils Nafta , JSC in

addition  to their providing improvement in Holding's management system

is  to  evaluate  how  expedient  is  the whole investment portfolio of

Ventspils  Nafta , JSC by reporting their opinion and suggestions about

the  optimum  development  of investments in the future. The evaluation

process  has  not  been  finished  yet  and  therefore,  no  particular

decisions have been made in this respect.