1.          Approval of JSC Latvijas kuģniecība Annual Report 2003

1.1.        To approve JSC Latvijas kuģniecība Annual Report 2003.

1.2.         To  approve  JSC  Latvijas  kuģniecība Consolidated Report

2003.

2.            Release  of  Members  of  the  Board  of  Directors  from

responsibility for 2003

To  release  the  Members of the Board of Directors from responsibility

for 2003:

1)      Gints Bukovskis (for the period from 1 January 2003 till 30 May

2003);

2)       Juris  Kārlis Viktors Reinhards (for the period from 1 January

2003 till 30 May 2003);

3)       Imants  Vikmanis  (for  the period from 1 January 2003 till 31

December 2003);

4)       Valērijs  Godunovs (for the period from 1 January 2003 till 31

December 2003);

5)       Alvis Akmens (for the period from 30 May 2003 till 31 December

2003);

6)       Aivars  Enkuzens  (for  the  period  from  30 May 2003 till 31

December 2003).

  3.          Distribution of JSC Latvijas kuģniecība profit for 2003

To  use  JSC  Latvijas  kuģniecība  profit  for  2003  for covering the

accumulated loss of the previous years.

4.           Approval  of  JSC  Latvijas  kuģniecība  Budget  2004  and

Business Plan 2004

To approve JSC Latvijas kuģniecība Budget 2004 and Business Plan 2004

5.       Registration  of  JSC  Latvijas  kuģniecība  in the Commercial

Register

To  register  JSC  Latvijas  kuģniecība  in the Commercial Register. To

resolve  that  all  rights and obligations of JSC Latvijas kuģniecība ,

resolutions   adopted   by  its  managing  bodies,  as  well  as  other

circumstances  relating  to  its  business  activity shall refer to JSC

Latvijas  kuģniecība   and  remain  effective  also  after JSC Latvijas

kuģniecība registration in the Commercial Register.

6.      Conversion of shares

1)       To  convert  10  000  (ten  thousand) common registered shares

without  voting  rights  into  dematerialised bearer shares, giving the

bearer  voting  rights at the meetings of shareholders and the right to

receive  dividend  and  liquidation  quota; to put the shares converted

into circulation on the regulated market.

2)       To  convert  199  990 000 (one hundred and ninety-nine million

nine  hundred  and  ninety  thousand)  common  registered  shares  into

dematerialised  bearer  shares,  giving the bearer voting rights at the

meetings  of  shareholders  and  the  right  to  receive  dividend  and

liquidation quota.

3)      To authorize JSC Latvijas kuģniecība Board of Directors to take

all the required actions to effect item 1) and 2) hereof.

7.      Approval of the new Articles of Association

To  approve  the  new  version  of  JSC Latvijas kuģniecība Articles of

Association.

.      Election of JSC Latvijas kuģnicība Supervisory Council

8.1.   To recall ____________________ from the office the Member of JSC

Latvijas kuģniecība Supervisory Council starting from May 28, 2004.

8.2.    To  elect  ____________________________  Member of JSC Latvijas

kuģniecība  Supervisory  Council  starting  from  May 28, 2004 till the

re-election of the Council.

8.3.    To  approve  yearly  remuneration  of  the  Supervisory Council

Members  in  the  amount  provided  for  in  the  approved JSC Latvijas

kuģniecība Budget 2004.

9.       Election  of  the  Certified  Auditor  and  the  International

Auditors for the Mother Company and the Group for 2004

9.1.   To approve Viktorija Usoviča as certified auditor (certificate #

109)  for JSC Latvijas kuģniecība Annual Report and Consolidated Report

2004.  To  instruct  the  Board of Directors to sign and agreement with

Moore Stephens international auditors.

10.  Miscellaneous

10.1.                      To   authorize   ___________________,   p.c.

_____________,

*         to  sign an Application to the Register of Enterprises of the

Republic  of  Latvia  (an  administrative institution of the Commercial

Register) to register the resolutions passed by JSC Latvijas kuģniecība

AGM of Shareholders in the Commercial Register;

*         to  attest to the correctness of the Excerpt from the Minutes

of JSC Latvijas kuģniecība AGM of Shareholders;

*         should  the  registration  be  refused,  to sign the repeated

Application  and/or  appeal  to  the  Register  of  Enterprises  of the

Republic  of  Latvia  (an  administrative institution of the Commercial

Register), if needed.

*         To authorize ___________________________, p.k. _____________,

to  submit  all  the  required  documentation  and  supply the required

explanations,  if  demanded,  to register the resolutions passed by JSC

Latvijas  kuģnicība AGM of Shareholders in the Commercial Register, and

to  take  out  the  documents  from  the Register of Enterprises of the

Republic  of  Latvia  (an  administrative institution of the Commercial

Register).