JSC "Olainfarm" informs that on July 30th, 2004, annual JSC "Olainfarm"

shareholders  meeting was held.            The following decisions have

been taken at the meeting:



1) To accept to the knowledge report of the Management Board concerning

results of activities in year 2003.

2) Approve annual report on year 2003.

3)  Release  members  of  the  Management Board and Advisory Board from

liability for activities in year 2003.

4) Elect Diāna Krišjāne (Ernst&Young) as sworn auditor of the company.

5) Approve budget for year 2004.

6) Approve activities plan for year 2004.

7) Convert JSC "Olaine chemical - pharmaceutical plant" 5100 Management

Board  reserve  shares  into common dematerialized name shares with the

votes.

8)  Perform  re-registration  of Joint Stock Company "Olaine chemical -

pharmaceutical  plant" and to enter Commercial registrar of Republic of

Latvia, assigning it the firm - Joint Stock Company "Olainfarm".

9) Approve new edition of Statutes of  Joint Stock Company "Olainfarm.

10) Cancel JSC "Olainfarm" Advisory Board in full constitution.

11)  Elect  Advisory  Board  of Joint Stock Company "Olainfarm" for the

term  of  next  three  years consisting of following six members: Juris

Savickis,  Zigurds  Jeromanovs,  Tatjana  Lukina, Ivars Kalvinsh, Elena

Dudko, Guntis Belevichs.

12) Cancel JSC "Olainfarm" Management Board in full constitution.

13)  Elect  Management Board of Joint Stock Company "Olainfarm" for the

term  of  next  three  years  consisting  of  following  seven members:

Valerijs   Maligins,  Jurijs  Kaplinovs,  Andris  Jegorovs,  Aleksandrs

Kulikovs,   Aleksandrs   Chernobrovijs,   Armands   Lapinsh,  Viktorija

Zuka-Nikulina.

14)  Determine  common  monthly  emolument  of  the members of Advisory

Board.

15)  Determine  common  monthly  emolument of the members of Management

Board.



JSC "Olainfarm"

Head of Management Board

V.Maligins 



V.Zuka-Nikulina

Ph.:7013871