On  permission  to  allow  Codan A/S to propose mandatory share buy-out

offer  Securities Exchange Commission of Latvian Republic in compliance

with Regulations on buy-out of shares point 2.7.informs that on May 23,

2001

Management Board of Securities Exchange Commission has decided to grant

permission  to Codan A/S (registered in Denmark, registration No CVR 56

77  12  12)  to  propose  JSC "Balta" mandatory share buy-out offer, in

compliance with on May

21, 2001 submitted share buy-out Regulations.