1.  Review  and  approval of the annual report for year 2003 of NORD/LB

Latvija JSC

Approve  the  Annual Report together with Dependency Statement for year

2003  of  NORD/LB  Latvija  JSC  submitted  by the Management Board and

reviewed by the Supervisory Council.

In  Addendum: Annual Report together with Dependency Statement for year

2003 of NORD/LB Latvija JSC

2.  Release  of  the members of the Management Board of NORD/LB Latvija

JSC from responsibility for year 2003

Release  the  members  of  the  Management Board of NORD/LB Latvija JSC

Jürgen  Machalett, Andris Ozolins, Aivars Flemings, Rudolf Franz Karges

and Michael Kiesewetter from responsibility for year 2003.

3. Distribution of the profit of NORD/LB Latvija JSC for year 2003

Distribute  the  profit  of  NORD/LB Latvija JSC for year 2003 in total

amount  of  LVL 1,506,164.74 (One million five hundred and six thousand

on hundred sixty four lats and 74 centimes) as following:

1.  Pay  out  the  dividends in amount of LVL 0.06 per one share, which

constitute  the  total  amount  of  LVL  1,209,653.76  (One million two

hundred and nine thousand six hundred fifty three lats and 76 centimes)

stating  17  May  2004  as  the  Accounting Date and 24 May 2004 as the

Payment Date of the mentioned dividends.

2.  To  allocate  part  of  the  profit amounting to LVL 296,510.98(Two

hundred ninety six thousand five hundred and ten lats and 98 centimes),

not paid in the dividends, for covering of accumulated loss of previous

years.

4.  Review  and  approval  of  the  budget and business plan of NORD/LB

Latvija JSC for year 2004

4.1.  Approve  the budget of NORD/LB Latvija JSC for year 2004 with the

following main positions:

* Total assets - LVL 316,245,000;

* Shareholders' equity - LVL 33,737,000;

* Net interest income - LVL 7,773,000;

* Other income - LVL 4,074,000;

* Provisions made - LVL 650,000

* Expenses - LVL 8,097,000;

*  Remuneration  of  the Supervisory Council and the Management Board -

LVL 483,000;

* Net profit - LVL 2,617,000;

and  Activities  Plan  of  NORD/LB  Latvija  JSC for the year 2004 with

following principal performance outlines:

*  to  continue  rapid increase of the bank's assets and in particular,

the  loan  portfolio,  reaching  LVL  316  million and LVL 262 million,

respectively, till the year-end, and increasing the market share;

*  to  continue  rapid  growth  of  the  lending to private individuals

(mortgage   loans,   in   particular),  simultaneously  developing  the

cross-selling of other products to private individuals;

*  to  activate lending to SMEs and substantially increase the SME loan

portfolio;

*  to  reinforce the position in the leasing market by establishing the

subsidiary "NORD/LB Līzings" and substantially increasing the volume of

leasing to both private individuals and companies;

* to continue the modernisation and extension of the branch network.

4.2.  Authorise  the  Management  Board  of  NORD/LB  Latvija JSC after

obtaining  the  prior consent of Supervisory Council of NORD/LB Latvija

JSC to adjust the NORD/LB Latvija JSC budget for year 2004.

5. Issue of the bonds of NORD/LB Latvija JSC

1) To issue bonds of NORD/LB Latvija JSC with nominal value of EUR 1000

and maturity period 3 years in the total amount of EUR 30,000,000 , and

put  the mentioned bonds into public circulation in Federal Republic of

Germany;

2) For completion the Item 1 above to authorize the Management Board of

NORD/LB Latvija JSC to decide on conditions of public offer, to approve

the  Prospectuses  of mentioned issue of bonds and any other documents,

as  well  as take each and every action necessary for putting mentioned

issue of bonds into public circulation. 

6.  Changes  in  the  composition  of  the  Management Board of NORD/LB

Latvija JSC

1) Elect Mr. Aivars Flemings (IC 200762-11364), Mr. Rudolf Franz Karges

(IC  040753-14652)  and  Mr.  Andris  Ozoliņš  (IC 110462-12302) as the

members  of  the Management Board of NORD/LB Latvija JSC in addition to

the  current  member of the Management Board of NORD/LB Latvija JSC Mr.

Michael Kiesewetter.

2) State that the p.1 above comes into effect by the registration of it

with Register of Enterprises.

3)  Assign  the  Management  Board  of  NORD/LB Latvija JSC to take all

necessary  actions  to  register  in  the  Register  of Enterprises the

changes in the composition of the Management Board.

7.  Election  of  the chartered auditor of NORD/LB Latvija JSC for year

2004

1)  Elect  "PricewaterhouseCoopers"  (Registered  in  the  Register  of

Enterprises  with  No.  000314279)  as the chartered auditor of NORD/LB

Latvija  JSC for year 2004, stating the remuneration in accordance with

the budget of NORD/LB Latvija JSC for year 2004.

2)  Authorise  the  Management Board of NORD/LB Latvija JSC to conclude

the contract on auditing with "PricewaterhouseCoopers".

8. Registration of NORD/LB Latvija JSC with Commercial Register

1)  To  converse shares of NORD/LB Latvija JSC Management Board reserve

by  conversing each Management Board reserve share, totally 600 shares,

into ordinary registered voting share with nominal value of LVL 1.00;

2) To approve the Articles of Association of NORD/LB Latvija JSC in the

new  wording  (in  addendum) and state that the Articles of Association

comes into effect as from registration with Register of Enterprises;

3)  Authorise  the Management Board of NORD/LB Latvija JSC to take each

and  every  action  to  register  NORD/LB  Latvija  JSC with Commercial

Register in conformity of Commercial Law.

4)  To  approve  the  Regulations of the Supervisory Council of NORD/LB

Latvija  JSC  in  the  new  wording  (in  addendum)  and state that the

Regulations come into effect by registering the Articles of Association

of  NORD/LB Latvija JSC with Register of Enterprises in accordance with

p.2 above.

5)  To  authorise  the  Supervisory  Council  after registration of the

Articles  of  Association  of  NORD/LB  Latvija  JSC  with  Register of

Enterprises  in accordance with p.2 above to approve the Regulations of

Management Board of NORD/LB Latvija JSC.

In Addendum:

1.Articles  of  Association  of  NORD/LB  Latvija JSC   - 

_Articles.pdf (75.33 KB) 

2.Regulations   of   Supervisory   Council   of  NORD/LB  Latvija  JSC.

-   Council_Regulations.pdf (112.43 KB)