On JSC "Balta" shares JSC "Balta" informs that majority interest holder

Danish  Insurance  company  "Codan"  has proposed to EBRD (The European

Bank  for  Reconstruction  and  Development  (EBRD))  and IO Fund ( The

Danish  Investment  Fund  for  Central and Eastern Europe (IO Fund)) to

make  an financial investment in JSC "Balta", were Codan owns more than

75% of shares.

"Codan"  has  offered  EBRD  to buy 24% of JSC "Balta" shares and to IO

Fund 17% of JSC "Balta" shares.

After signing of an agreement with EBRD and IO Fund "Codan" will remain

majority interest holder of 51% in JSC "Balta".

Purchase  of  shares will take place following authorisation of Latvian

Insurance  Supervisory  Body  and  Securities  Exchange  Commission  of

Latvia.