Report of year 2003 as well as budget and activities plan for year 2004

the  Management  Board  is  planning  to present at annual shareholders

meeting.  The  following  projects of decisions concerning questions of

shareholders meeting will be offered to the shareholders:

-  To accept to the knowledge report of the Management Board concerning

results of activities in year 2003.

- Approve annual report on year 2003.

- Release members of the Management Board from liability for activities

in year 2003.

- Elect a sworn auditor of the company in accordance with shareholders'

voting.

- Approve budget for year 2004.

- Approve activities plan for year 2004.



Without annual questions already mentioned, the meeting shall decide on

re-registration of the joint stock company in the Commercial registrar.

When  re-registering  it  is  offered  to  waive long and outdated name

"Olaine  chemical - pharmaceutical plant" keeping the short name of the

company  Olainfarm.  This  name  previously was a cut name of the joint

stock  company  which  was very well known by our clients and partners.

Wherewithal  the  shareholders will be offered the following project of

the decision:

-  To 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".



Owing to re-registration in the Commercial registrar it is necessary to

approve  new  edition  of  Statutes  which  should  correspond  to  the

requirements  of  Commercial  Law,  as  well  as  elect  new  executive

institutions  and determine their emolument. The corresponding projects

of decisions are the following:

- Approve new edition of Statutes of Joint Stock Company "Olainfarm".

- Elect Advisory Board of Joint Stock Company "Olainfarm" consisting of

five  members  in  accordance with candidates nominated by shareholders

and based on the voting of shareholders.

-  Elect Management Board of Joint Stock Company "Olainfarm" consisting

of five members in accordance with candidates nominated by shareholders

and based on the voting of shareholders.

-  Determine  common monthly emolument of the members of Advisory Board

in accordance with voting of shareholders.

- Determine common monthly emolument of the members of Management Board

in accordance with voting of shareholders.



Prepared by V.Žuka-Ņikuļina

Tel. +371 7013870