OREANDA-NEWS. On 29 July 2008 Parex Group informed, that on ”Parex Asset Management” IPAS Board meeting, which took place on May 29, 2008, were approved substantial changes in Parex Conservative Fund prospect. New name of the fund is – “Parex Local Currency Bond fund”.

The substantial changes of the fund are:

Fund's base currency (changed to EUR)

Fund's strategy and objective

Fund's risks

The investment objective of the open-ended investment fund is to achieve long-term capital growth by investing mainly in Eastern European debt securities of state municipalities, central banks, financial institutions and commercial companies, which are issued mainly in the national currencies of Eastern European countries.

The fund is created for professional and experienced investors, and also for those, who is not familiar with opportunities of financial market, and for investors, interested in receiving profit from capital market of the European Union countries with moderate risk level. The strategy of the fund foresees investments in foreign countries and is related to the risk of non-fulfillment of the obligations by the issuer, currency risk, as well as political and economic risks, which can negatively affect price of the investment certificates. According to the fund strategy, recommended investment horizon is 3 years. Management fee is 1.50% per annum from average value of the fund assets.