• Liepa, Skopina /BORENIUS has provided legal advice to a number of foreign investors, taking stakes in Latvian Commercial banks, procurement of all the regulatory and filing submission matters with Latvian Financial and Capital Markets Commission.

• Advising management to one of the leading Latvian public relations and marketing companies in a successful management buy-out from the international shareholders.

• Advice to a Latvian industrial company in conducting the management buy-in into a fast-growing industrial know-how powered press-form factory.

• Advising a US Venture Capital company in taking control over a Latvian Cable TV operating company.

• Conduct of legal due diligence and provision of legal services with respect to change of control of Llc “Banku servisa centrs” whereby attorneys-at-law Liepa, Skopina/BORENIUS in cooperation with DLA Nordic DA and DLA Piper Rudnick Gray Cary, represented First Data Corporation, a global leader in electronic commerce and payment services, as the acquirer of EuroProcessing International, the holding company of Llc “Banku servisa centrs”.

• Provision of legal advice to Credit Suisse First Boston in Latvia concerning the issue of Eurobonds in the amount of 100,000,000 EUR by A/S “Parex Banka”.

• Advising international road construction company COLAS regarding the sale of its Latvian subsidiary UNION ASPHALTTECHNIK, Ltd.

• Legal representation of the real estate and investment services company Re&Solution in Latvia in acquisition of the real estate management company Kristensen Baltic.

• Advice to the real estate development company InReal in acquisition of a multi-million real estate development project.

RESUME

Mirroring the success of Latvian economy being the fastest growing national economy within the EU, the year 2005 has been another consecutive successful year since the foundation of law firm Liepa, Skopina /BORENIUS. The year was marked by a considerable growth in the number of assisted corporate, financial and real estate transactions.

The year 2005 for Attorneys at law Liepa, Skopina /BORENIUS has started by joining the Latvian Venture Capital Association. By the end of the year the office and the managing partner Lauris Liepa have been announced the Member of the Year 2005 of the Latvian Venture Capital Association. This nomination was fostered by a successful cooperation with the Latvian Venture Capital Association during 2005, that included supporting the Private Equity and Risk Capital financing concept and its active marketing, publishing the Risk Capital Handbook and co-organizing the seminar „Private equity/Risk capital and Competition issues in transactions”, as well as documentation drafting for the association.

The spring and autumn periods for Attorneys at Law Liepa, Skopiņa /BORENIUS traditionally is a time for annual seminars.

On May 2005 Liepa, Skopiņa /BORENIUS hosted a seminar "Business, State and Administrative Procedure". It was dedicated to the topical administrative rights and administrative procedure issues. Associate lawyers of the office Martins Zalans and Ieva Azanda with participation of Judge of the Supreme Court senate and state and municipal institutions conducted a discussion on administrative procedure and shared their experience and opinion regarding those issues.

Whereas on November 2005 Attorneys at Law "Liepa, Skopina /BORENIUS" in co-operation with the Latvian Venture Capital Association organized a seminar "Private equity/Venture capital and Competition issues in transactions”.

The seminar has touched upon the importance of private equity financing in Latvia, the role of venture capital in transactions and company development, systematization of transactions and settlement of legal relations of the participants, as well as on competition law issues in venture capital financed transactions.

Among the speakers of the seminar were associate lawyers of the Riga office Indrikis Liepa and Ieva Azanda, the managing partner of Borenius & Kemppinen Helsinki Office Jyrki Tahtinen and the senior competition law group attorney Asko Lindqvist, as well as the representatives of the Latvian Venture Capital Association and Private Equity Houses with investments in Latvia.

Following the tradition, in 2006 Liepa, Skopina /BORENIUS is planning to host the annual seminars in Riga focusing on the most topical legal issues for our clients.

Liepa, Skopina /BORENIUS currently employs 14 lawyers, two of them Indrikis Liepa and Inese Libina have recently became sworn advocates.

At the end of year 2005 the office expanded to larger premises in the newly built Terbatas business centre.