AGM  of  JSC "Pirmā banka" shareholders was closed on March 27 2003 at

12:00.  All  agenda  items  were reviewed and the following resolutions

were passed:

1. Review and approval of the annual report for year 2002 of JSC "Pirma

Banka" 

Approve  the  Annual Report together with Dependency Statement for year

2002  of  JSC  "Pirma  Banka"  submitted  by the Board of Directors and

reviewed by the Supervisory Council.

2.  Release  of  the  members  of  the Board of Directors of JSC "Pirma

Banka" from responsibility for year 2002 

Release  the  members  of  the  Board of Directors of JSC "Pirma Banka"

Jürgen  Machalett,  Andris  Ozolins,  Aivars  Flemings and Rudolf Franz

Karges from responsibility for year 2002.

3. Distribution of the profit of JSC "Pirma Banka" for year 2002 

Distribute  the  profit  of  JSC  "Pirma  Banka" for year 2002 in total

amount  of  LVL  1,336,244.64  (One  million  three  hundred thirty six

thousand two hundred forty four lats and 64 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 22 April, 2003 as the Accounting Date and 29 April, 2003 as the

Payment Date of the mentioned dividends.

2.  To  allocate  part  of  the profit amounting to LVL 126,590.88 (One

hundred twenty six thousands five hundred ninety lats and 88 centimes),

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

years.

4. Amendments to the Charter of Pirma Banka 

I. Make the following amendments to the Charter of JSC "Pirma Banka":

1.   Replace the words "Pirma Banka" on the title page and Article 1.1.

of the Charter of JSC "Pirma Banka" by the words "NORD/LB Latvija".

2. Exclude the Article 1.8 from the Charter of JSC "Pirma Banka".

II.  Authorise  the Board of Directors of JSC "Pirma Banka" to file the

Amendments  to  Register  of  Enterprises and take each and every other

action for Amendments of the Charter come into effect.

5.  Review  and  approval of the budget and business plan of JSC "Pirma

Banka" for year 2003 

1.  Approve  the budget of Pirma Banka for year 2003 with the following

main positions:

- Total assets - LVL 201,343,000;

- Shareholders' equity - LVL 23,352,000;

- Net interest income - LVL 5,959,000;

- Other income - LVL 3,140,000;

- Costs - LVL 7,160,000;

-  Remuneration of the Supervisory Council and the Board of Directors -

LVL 392,000;

- Net profit - LVL 1,597,000;

and  Activities  Plan of JSC "Pirma Banka" for year 2003 with following

principal performance outlines:

-  special  focus  on  increasing  the  market share in retail banking,

particular  attention  being spent on sales of mortgage loans, consumer

loans and card products;

- sustain the growth in corporate banking at the level achieved in 2001

- 2002;

-  further develop sales channels, in particular, increase the presence

in Riga by opening 5 new retail branches;

-  continue improvement of bank's image and launch successfully the new

name "NORD/LB Latvija".

2.  Authorise  the  Board  of  Directors  of  JSC  "Pirma  Banka" after

obtaining the prior consent of Supervisory Council of JSC "Pirma Banka"

to adjust the Pirma Banka budget for year 2003.

6.  Changes  in the composition of the Board of Directors of JSC "Pirma

Banka" 

1.  Elect  Mr.  Michael  Kiesewetter  as  the  member  of  the Board of

Directors of JSC "Pirma Banka" starting from 1 July 2003 in addition to

the  current  members  of the Board of Directors of JSC "Pirma Banka" -

Chairman  of  the Board of Directors Jürgen Machalett, Vice Chairman of

the  Board  of  Directors  Andris  Ozoliņš  and members of the Board of

Directors Aivars Flemings and Rudolf Franz Karges.

2.  Assign  the  Board  of  Directors  of JSC "Pirma Banka" to take all

necessary  actions  to  register  in  the  Register  of Enterprises the

changes in the composition of the Board of Directors.

7. Election of the chartered auditor of JSC "Pirma Banka" for year 2003

1.  Elect  "PriceWaterhouseCoopers"  (Registered  in  the  Register  of

Enterprises  with No. 000314279) as the chartered auditor of JSC "Pirma

Banka"  for  year 2003, stating the remuneration in accordance with the

budget of JSC "Pirma Banka" for year 2003.

2.  Authorise  the  Board of Directors of JSC "Pirma Banka" to conclude

the contract on auditing with "PriceWaterhouseCoopers".