AGM  of  JSC  "Grindeks"  was  held  on  April  16, 2003. Shareholders

representing  70.06%  of  share capital had registered for the meeting,

which is sufficient quorum to take decisions on all agenda items.

Agenda:

1.  Approval  of Annual Report for 2002 and discharge of the Management

Board from liability.

2. Approval of the budget and operational plan for 2003.

3. Elections of certified auditor for 2003.

4. Changes in Supervisory Board and Management Board.

5. Other business.

The AGM of shareholders resolved on the following:

1.1  To  approve  audited  Annual  Report for 2002 and to be advised on

certified  auditor's  Irina  Sakasganska  (certificate  #41)  report on

"Grindeks" Annual Report for 2002;

1.2  To  approve  consolidated report for 2002 and audited consolidated

Annual  Report for 2002, and to be advised on certified auditor's Irina

Saksagansa opinion on "Grindeks" consolidated Annual Report for 2002.

1.3  To  discharge  Management  Board  members  Pēteris Stupāns, Jeļena

Borcova,  Ērika  Pleiša,  Māris  Siliņš,  Valdis Jākobsons and Vitālijs

Skrīvelis from liability for 2002 operations.

1.4 To retain the profit of LVL 724 690 in the company;

2.1  To approve operational plan and budget for 2003 with following key

figures:  net  sales  LVL   18,252,237; gross profit LVL 6,341,205; net

profit  LVL  1,475,231;  investment  amount  LVL  1,068,963. Within the

budget for 2003, the total remuneration amount for Supervisory Board is

LVL 192,008, and LVL 84,878 to Management Board, mandatory state social

insurance contributions included.

2.2 To issue a mandate to Supervisory Board to specify the criteria for

granting  bonuses  to Management Board for company performance in 2003,

as well as the bonus payments and amounts.

3.1   To   approve  Irina  Saksganska  a  certified  auditor  for  2003

(certificate  #41), from audit firm Deloitte&Touche Audits SIA (licence

#43), and to sign an agreement with Deloitte&Touche Audits SIA .

4.1  To  approve  the  request  of  Ērika  Pleiša  to  revoke  her from

Supervisory Board member position;

4.2  To approve the revoking of Māris Pomerancis from Supervisory Board

member position;

4.3 To elect Vitālijs Gavrilovs a Supervisory Board member.