The announcement is supplemented with information on the meeting of the Supervisory Board of Latvenergo AS, where Chairman of the Supervisory Board and Deputy Chairman of the Supervisory Board was elected. The date when the Audit Committee of Latvenergo AS commences its work is corrected.

On 10 June, the Shareholder's Meeting of Latvenergo AS appointed a new Supervisory Board of Latvenergo AS, which will further include Ivars Golsts, Toms Siliņš, Aigars Laizāns, Gundars Ruža and Kaspars Rokens. The Audit Committee of Latvenergo AS will include Toms Siliņš and Gundars Ruža.

On 11 June, a meeting of the Supervisory Board of Latvenergo AS was held where Ivars Golsts was elected as Chairman of the Supervisory Board and Kaspars Rokens as Deputy Chairman of the Supervisory Board.

The Supervisory Board will comprise of independent professionals, who are able to take strategically evaluated decisions, set ambitious targets and ensure their achievement, promote long-term development of the company, introduction of innovations, strategic management, as well as financial and risk supervision. Latvenergo Group is one of the largest providers of power supply services in the Baltics.

The composition of the new Supervisory Board of Latvenergo AS is balanced, all its members together have necessary competence, skills and experiences in development and implementation of strategies of companies, financial management and supervision, risk management, internal audit matters, corporate governance, as well as understanding of the fields of operation of Latvenergo Group, including knowledge of the energy sector, knowledge of foreign languages, impeccable reputation and necessary experience in executive positions.

Ivars Golsts has extensive experience in company management, finances and technical area. He was the head of the Latvian Guarantee Agency, the Latvian State Radio and Television Centre, as well as worked in the European Bank for Reconstruction and Development. Golsts has a Master’s degree in International Business Management obtained at the University of Colorado Denver and a diploma of a Computational Engineer from Riga Technical University.

Toms Siliņš has over 25 years of experience in senior management positions in financial, banking and investment management areas. He is a Chief Financial Officer and a Member of the Management Board at Remaco Asset Management AG, Switzerland, as well as a member of the Supervisory Board of Air Baltic Corporation. Previously, Mr Siliņš obtained experience working at the Bank of Latvia, Deutsche Bank Securities, Swedbank group, as well as Sberbank Switzerland. He has MBA from New York University, and a CFA degree.

Kaspars Rokens is an expert in energy construction with experience in management of international companies. Previously, he was a Member of the Management Board and the Chief Operations Officer of RB Rail AS, joint venture of the Baltic States established for the implementation of the Rail Baltica railway project, and was responsible for designing and construction of transport infrastructure. Before that, he was the Chairman of the Management Board of Schneider Electric Latvia SIA and the head of the company in Latvia and Baltics, where he supervised production and trade of electrical appliances, development of energy efficient solutions. This March, Mr Rokens was elected the Chairman of the Management Board of Velve construction company. He has Executive Master’s degree in Business Administration from Stockholm School of Economics in Riga and a Master’s degree in Engineering from RTU.

Aigars Laizāns is a professor of the Latvia University of Life Sciences and Technologies, vice-rector for studies and leading researcher. Since 2016, he has also been an independent Member of the Supervisory Board of Latvijas Dzelzceļš VAS. Mr Laizāns has several years of experience in research and executive positions. He has a Doctor’s degree in Engineering and a Master’s degree in Business Administration.

Gundars Ruža has several years of experience as a Member of the Management Board, Chief Executive Officer and Chief Financial Officer of Moller Group since 2006. He has several years of experience in leading audit projects in international audit companies as a certified auditor at Ernst&Young Baltic and Andersen business units. Mr Ruža has an Economist’s diploma in Accounting, as well as Bachelor’s degree in Law and Master’s degree in International Law from the University of Latvia.

The Shareholder’s Meeting of Latvenergo AS decided to approve the three existing members of the Audit Committee – Torben Pedersen, Svens Dinsdorfs, Marita Salgrāve, as well as two Committee members from the elected Supervisory Board – Toms Siliņš and Gundars Ruža for a three-year term from 11 June 2020 for the Audit Committee of Latvenergo AS.

The general strategic objective of Latvenergo is to provide energy sector goods and services important for the competitiveness and growth of the national economy in a sustainable, responsible and economically sound manner, and efficiently manage the resources and infrastructure of strategic importance for national development and security, contributing to increased reliability of energy supply.

Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897
E-mail: investor.relations@latvenergo.lv

www.latvenergo.lv

About Latvenergo

Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.

Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas in Lithuania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.