Financial  and Capital Market Commission (FCMC) on 25.03.2003 received

a more specific buy-back offer from S.P.I Distilleries B.V. with regard

to  target  company  Latvijas  Balzams shares at the price LVL 1.56 per

share.  The  buy  back  offer  becomes valid only after the approval by

FCMC. FCMC expects to review the offer on its meeting on 28.03.2003.

The target company shareholders may respond to the offer within 30 days

after the offer has been published in "Latvijas Vēstnesis".

S.P.I  Distilleries B.V. is registered and operates in the Netherlands'

jurisdiction.  Its  is  registered  on  December 30¸ 2002 at Haaglanden

Commercial  and Industrial Register with number 27255571¸ and its legal

address  is  Martinus  Nijhofflaan  2¸  2624ES Delft¸  the Netherlands.

Phone 31 015 2569251.

The authorised representative in Latvia is Juris Gulbis.