Cabinet of Ministers Regulations No. 1050 Riga 2004 December 21 (Mon. No 74 27) on the payment agreement between the Republic of Latvia and the Nordic investment bank Issued under Cabinet installations of article 14 of the law in the first part of paragraph 3 1. payment agreement between the Republic of Latvia and the Nordic investment bank (hereinafter referred to as the agreement) with these terms are accepted and approved. 2. the agreement shall enter into force for the period specified in article 3 and in order. Prime Minister a. Halloween Finance Minister o. Spurdziņš project is accepted and approved by the Cabinet of Ministers of 21 December 2004, regulations No 1050 payment agreement between the Republic of Latvia and the Nordic Investment Bank AS the Republic of Latvia (hereinafter referred to as "Latvia") together with the Republic of Estonia and the Republic of Lithuania has decided to join the Nordic investment bank (the "Bank"); WHEREAS the three accession of the new Member States the Bank happens to a new contract with the Bank, and then add the new Statute, signed between Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden, and which provided for the entry into force of January 1, 2005; WHEREAS the three new Member countries contribution in the Bank's capital will be done by increasing the amount of fixed capital of the Bank, they fully subscribing to it and make payments to the Bank's reserves; and WHEREAS Latvia, signing a contract with the Bank, has agreed to subscribe to the Bank's share capital as referred to in article 3 of the Statute and is determined to make the payment to the Bank of Latvia signed share capital paid-in shares in accordance with article 4 of the Statute, as well as in accordance with the terms of accession are committed to make contributions to the Bank's reserves at the same time and the same part of the share capital subscribed. SO CONCLUDED the following agreement: 1. the amount of the payments 1.1. share capital paid-in shares Subscribed in accordance with article 4 of the Statute of the Bank of Latvia, at the request of the Bank pay as part of their pay 10.106502750 percent of the share capital subscribed. Latvia signed the share capital payment is EUR 4 431 978.17.1.2. Contributions to the Bank's reserves Latvia will contribute to the Bank's reserves, in the same proportion as in the payment of its subscribed capital. The payment amount is calculated based on total accumulated reserves that the Bank balance of the equity reported in the section on 31 December 2003 (plus other value adjustments and annual profits, but minus the owners proposed dividends payable — further information annex 1). The Latvian part of the accumulated reserve of EUR 839.98 13 199.2. Payment schedules 2.1. share capital paid-in Subscribed share of the capital subscribed share payable will be paid in three equal annual installments (assuming the membership shall enter into force on the 1 January 2005), 31 March of each year, starting with the March 31, 2005, in accordance with the following payment schedule: 1 477 1 477 326.06 31.03.05 326.06 31.03.06 31.03.07 1 477 326.05 2.2. Contributions to the Bank's reserves of Bank Deposit reserves will be made as the half-yearly payment by 31 March of each year and 30 September, starting with March 31, 2008, and ending no later than 2012 on September 30. Latvia has chosen to contribute its investment reserves with ten equal semi-annual payments, the last of which will be made in 2012 on September 30. The payment schedule will be as follows: 1 319 984.00 30.09.08 1 319 984.00 31.03.08 on 31.03.09 984.00 30.09.09 984.00 31.03.10 1 319 1 319 1 319 984.00 984.00 31.03.11 984.00 30.09.11 30.09.10 1 319 1 319 1 319 31.03.12 1 319 30.09.12 1 319 983.98 984.00 984.00 Latvia pay for the accumulated difference between the amount paid in accordance with the above payment schedules and amounts that calculated in accordance with the reference of the payment schedule, consisting of six equal semi-annual payments starting at 31 March 2008 to 30 September 2010 (the "reference payment schedule"). Charges will be based on three-year euro swap annual interest, what will be the effect on each payment date, plus an additional 25 basis points, which are calculated for six months. The fee will be paid in the next payment date following the date of the calculation. Despite the above, Latvia has the right to change the payment schedule of the first paragraph of point 2.2 of this time period, no later than 31 January 2008 in sending out a notice to the Bank. However, any alternative payment schedule beginning in accordance with paragraph 2.2 will be on 31 March 2008. Deferred expenditure, compared with the reference payment schedule, be subject to the fee, which is calculated in the same way as the previous paragraph 2.2. 3. Acquisition, entry into force of the Treaty, the signing of payment Latvia obtained all rights arising from the Treaty and the Statute, and this law shall enter into force on the date on which Latvia becomes a member of the Bank. This Charter agreement shall enter in force when the force has entered into the 2004 11 February, signed the agreement on the Nordic investment bank. Payment contract signed in English in two copies, one of which is for Latvia and the other for the Bank. Signed at Helsinki, on 17 December 2004.

The North of the Republic of Latvia, the investment BANK, on behalf of the Government of the Northern Investment Bank annex 1 Explanatory note on equity capital and reserves of EUR ' 000 EUR and signed capital allowed 4 000 000 including the announced capital-share capital 3 595 740 404 260 404 260 110.00 Statutār reserves 644 982 337 000 835.99 credit reserves special credit risk fund 10,000.00 (CASTLE) reserve for 98 200 000.00 HIPC initiative 4 300 000.00 value adjustments IAS 7 283.17 year 151 334 450.72 9 532 peļņa1

Equity — total share capital 679.88 1 649 609-404 260 110.00 dividends to be distributed (suggestion)-41 334 450.72 accumulated reserves and the profit after the 2003 dividend deduction 1 204 015 119.16 1) have not yet been broken down into individual reserve accounts payment agreement BETWEEN the REPUBLIC OF Latvia AND the NORDIC investment BANK, whereas the Republic of Latvia (the "Corporation") together with the Republic of Estonia and the Republic of Lithuania have decided to join the Nordic Investment Bank ("the Bank"); Whereas the three new member countries ' accession to the Bank will be implemented through the new agreement concerning the Bank and the new Statute, signed between the attached theret Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden and expected it to enter into force on 1 January 2005; Whereas the three new member countries ' contributions to the capital of the Bank shall be made through an increase of the authorised capital stock of the Bank, fully subscribed by them, and by payments to the reserve of the Bank; and whereas a corporation, by signing the agreement concerning the Bank, has agreed to subscribe to the capital of the Bank in an amount set forth in Section 3 of the Statute and agreed to pay to the Bank the paid-in subscribed capital of portions of it according to Section 4 of the Statute, and, Furthermore, as on of the terms and conditions of its accession , has agreed to pay to the Bank? s reserve pari passu to its share of the subscribed capital. NOW THEREFORE IT IS AGREED AS follows: 1. the payment of the Paid-1.1 Non in Portions of the Subscribed Capital According to Section 4 of the Statute, upon request of the Bank, the Corporation shall pay to the Bank, as it paid-in portions, 10.106502750 per cent of its share of the subscribed capital. Latvia's paid-in portions of the subscribed capital is € 4,431, 978.17.1.2. Payments to the Bank's reserve Corporation shall pay to the Bank's reserve according to the same proportion as its share of the subscribed capital. The amount to be paid is calculated based upon the total accumulated reserve reported under Equity in the Bank's balance sheet at 31 December 2003 (including others value adjustments and profit for the year, less the proposed dividend distribution to the owner for a detailed specification,; see Annex 1). Latvia's share of the accumulated reserve is 13,199, 839.98.2. EURO payment schedules 2.1. The Paid-in Portions of the Subscribed Capital the paid-in portions of the subscribed capital shall be paid in three equal annual instalment (assuming membership to become effective on 1 January 2005), on March 31 each year starting on March 31, 2005 according to the following payment schedule: 31.03.05, 1,477 1,477 326.06 31.03.06, 1,477 31.03.07, 326.05 326.06 2.2 payments to the Bank's payments to the Reserve Bank's reserve shall be made in the semi-annual instalment on March 31 and September 30 of each year, beginning on March 31, 2008 and ending on September 30 of the later than 2012. Latvia has chosen to pay its contributions to the reserve in ten equal annual instalment of semi-ending on 30 September 2012. The payment schedule will be as follows: 1,319, 984.00 31.03.08 30.09.08 984.00 on 31.03.09 1,319, 1,319, 30.09.09, 1,319 984.00 1,319 984.00 31.03.10, 984.00 30.09.10, 984.00 31.03.11 1,319 1,319, 30.09.11, 1,319 984.00 984.00 1,319 984.00 30.09.12 1, 31.03.12, 319, 983,98


Latvia shall pay a fee on the accumulated difference between the amount to be paid according to the payment schedule and foregoing the non is calculated according to a reference payment schedule consisting of six equal annual instalment of semi-beginning on March 31 2008 and ending on September 30, 2010 ("the reference payment schedule"). The fee shall be based on the three-year euro swap rate of interest prevailing at each of the Peruvian ann payment data with an addition of 25 bp, calculated on a semi-annual basis. The fee shall always be payable on the next payment date following the date of calculation. Notwithstanding the foregoing, Latvia is entitled to change the payment schedule within the time frame stipulated in the first paragraph of this Section 2.2 by giving the Bank notice at the latest on 31 January 2008. However, any alternative payment schedule according to this Section 2.2 shall start on March 31, 2008. Deferred payments compared to the reference payment schedule shall be subject to (a) a fee calculated in the same way as described in the foregoing paragraph of this Section 2.2.3. Acquiring of rights; Entry into force By signing this payment agreement, Latvia will all rights conferred upon acquir it according to the agreement and the Statute with effect from the date it will enter into force, the membership. This payment shall enter into agreement force when the agreement concerning the Bank, signed on 11 February 2004 has entered into force. This payment agreement has been signed in English in two counterpart, one for England and one for the Bank. Done in Helsinki on 17 December 2004 on behalf of For and For and on behalf of the Government of the REPUBLIC OF Latvia, the NORDIC investment BANK, the Nordic Investment Bank Annex 1 Explanatory note on Equity and Equity reserve EUR ' 000 subscribed capital of EUR 4 000 000 Authorised and which callabl capital-3 595 740 Paid-in capital Statutory Reserve 644 982 835.99 110.00 404 260 404 260 credit risk reserve 337 000 000.00 Special credit risk fund (CASTLE)

98 200 000.00 reserve for HIPC initiative 4 300 000.00 value adjustments IAS 9 532 283.17 profit for the year Total equity 1 649 609 1 151 334 450.72 679.88 Paid-in capital-Allocation for dividend payment 404 260 110.00 (proposal)-reserve and Accumulated 41 334 450.72 profits after distribution of dividend for 2003 1 204 015 119.16) 1 not yet allocated to separate reserve accounts