19.05.2003, Valmieras stikla šķiedra, RIG

 JSC "Valmieras stikla šķiedra" AGM of shareholders was held on May 17,

2003 and resolved on the following:

1. To assess the Management Board performance in running the company in

2002 as satisfactory.

2. To approve Annual Report for 2002 and Report on Dependency for 2002;

3.  To  discharge  Management Board members Inārs Poļaks, Andris Oskars

Brutāns,  Imants  Saulītis,  Wilfried  Queisser,  Bernd  Preissler, and

Supervisory  Board  members Jürgen Preiss-Daimler, Peter Köhler, Andris

Bērziņš,  Guntis  Strazds,  Andre  Heinz  Schwiontek  (01.01.2002  till

30.11.2002)  and  Hans  Peter  Cordts (30.11.2002 till 31.12.2002) from

liability for 2002 operations.

4. To distribute the 2002 profit as follows:

1) to transfer 5% or LVL 42,084 to company reserves;

2) to transfer LVL 321,530 or 38.2% to development and modernisation;

3)  to  pay  out  in dividend LVL 478,064 or 56.8%. The dividend record

date is May 26, 2003. 8:00. The dividend payment date is May 30, 2003.

5. To approve the operational plan for 2003.

6.  To  approve the budget for 2003 with net sales of LVL 19.34 million

and net profit of LVL 993.6 thousand.

7. To approve the amendments to JSC "Valmieras stikla šķiedra" Charter.

8. To elect Supervisory Board with a mandate for 3 years, starting with

May  17,  2003: Inārs Poļaks, Jürgen Preiss-Daimler, Hans Peter Cordts,

Andris Bērziņs and GuntisStrazds.

9.  To  elect Managemen Board with a mandate for 3 years, starting with

May  17,  2003:  Karl  Heinz  Richard  Will,  Friedhelm  August Hermann

Schwender,  Willfried  Queisser,  Berndt Herbert Priessler, Andre Heinz

Schwiontek, Andris Oskars Brutāns and Imants Saulītis.

10.  To  approve  certified auditor Irina Saksaganska (certificate #41)

from   "Deloitte&Touche  Audits"  SIA  as  "Valmieras  stikla  šķiedra"

certified auditor for 2003.

11. To approve Asset Valuation Committee members:

1) Chief Accountant Dzintars Rudzītis:

2) Director of Procurements Vladimirs Višņakovs;

3) Chief mechanic Gunrtars Seglenieks.

12.  In  2003 the remuneration to each Supervisory and Management Board

member shall be LVL 6000 per year, plus 0.5% of net profit.