JSC Development Finance Institution Altum - Decisions Passed by Extraordinary Shareholder Meeting

The extraordinary shareholder meeting of JSC Development Finance Institution Altum (hereinafter – the Company) was held on October 5, 2022 12.00 p.m. in the premises of the Company at Dome Square 4, Riga. Meeting was organized by using remote connection options.

The shareholders' meeting discussed issues of (i) the assessment of the performance of JSC Attīstības finanšu institūcija Altum in 2021 (ii) amendments to the 2022 operating plan of the Internal Audit Division of JSC Attīstības finanšu institūcija Altum (iii)  On the assessment of the performance of the head of the Internal Audit Division in 2021 and the payment of a bonus (iv) the re-election of a member of the Supervisory Board (v) permission to a member of the Supervisory Board to combine posts (vi) assessment process of projects under the Investment Loans Programme with Capital Rebate for Midcaps and Medium-Sized Enterprises (vii) increasing the subscribed capital of and Altum’s investment in the venture capital funds Buildit Latvia Pre-Seed Fund and Commercialization Reactor Pre-seed Fund

The following decisions were made in the shareholder meeting:

1. To assess the results of JSC “Development Financial Institution Altum” in 2021 as “very good”

2. To approve the changes in the 2022 operating plan of the Internal Audit Division

3. To approve the assessment of the performance of the Internal Audit Division’s head in 2021 and payment of a bonus

4. To re-elect Liga Kļavina as the chairperson of the Supervisory Board for a term of three years

5. To permit Liga Kļaviņa to combine posts

6. To make note on information on the assessment process of projects under the Investment Loans Programme with Capital Rebate for Midcaps and Medium-Sized Enterprises

7. To approve increasing the subscribed capital of and Altum’s investment in the venture capital funds Buildit Latvia Pre-Seed Fund and Commercialization Reactor Pre-Seed Fund 

JSC Attīstības finanšu institūcija Altum (JSC Development Finance Institution Altum) is a Latvia state-owned company that ensures access of the enterprises and households to the financial resources by means of support financial instruments - loans, guarantees, investments in venture capital funds - in the areas defined as important and to be supported by the state, thus developing the national economy and enhancing mobilization of the private capital and financial resources. On 25 March 2019 Moody’s Investors Service (Moody’s) reconfirmed Altum’s Baa1 long-term issuer rating, with outlook stable. The baseline credit assessment (BCA) was upgraded to investment grade rating baa3. The assigned Moody’s rating of Altum is one of the highest credit ratings assigned to corporate entities in Latvia. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga.

         Laura Lapkovska
         AS Attīstības finanšu institūcija Altum Investors Relationships Division
         Tel.: +371 26165699
         E-mail: Laura.Lapkovska@altum.lv