2. Article

Payment Schedules 2.1.The Paid-in Portion of the Subscribed Capital The paid-in portion of the subscribed capital shall be paid in three equal annual instalments (assuming membership to become effective on 1 January 2005), on 31 March each year starting on 31 March 2005 according to the following payment schedule: 31.03.05 1,477,326.06 31.03.06 1,477,326.06 31.03.07 1,477,326.05 2.2. Payments to the Bank’s Reserves Payments to the Bank’s reserves shall be made in semi-annual instalments on 31 March and 30 September each year, beginning on 31 March 2008, and ending no later than on 30 September 2012. Latvia has chosen to pay its contribution to the reserves in ten equal semi-annual instalments ending on 30 September 2012. The payment schedule will be as follows: 31.03.08 1,319,984.00 30.09.08 1,319,984.00 31.03.09 1,319,984.00 30.09.09 1,319,984.00 31.03.10 1,319,984.00 30.09.10 1,319,984.00 31.03.11 1,319,984.00 30.09.11 1,319,984.00 31.03.12 1,319,984.00 30.09.12 1,319,983,98 Latvia shall pay a fee on the accumulated difference between the amount paid according to the foregoing payment schedule and the amounts calculated according to a reference payment schedule consisting of six equal semi-annual instalments beginning on 31 March 2008 and ending on 30 September 2010 (“the reference payment schedule”). The fee shall be based on the three-year euro swap rate of interest per annum prevailing at each payment date 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 31 March 2008. Deferred payments compared to the reference payment schedule shall be subject to a fee calculated in the same way as described in the foregoing paragraph of this Section 2.2.