20.05.2005, Valmieras stikla šķiedra, RIG

JSC Valmieras stikla šķiedra                         20.05.2005.



Draft resolutions of JSC "Valmieras stikla šķiedra" AGM of 

shareholders, to convene on June 3, 2005



1. Approval of Management Board, Supervisory Council, and certified 

auditors’ reports, and approval of the Annual Report 2004



1) Management Board, Supervisory Council, and auditors’ reports are 

acknowledged.

2) The Annual Report for 2004, prepared by the Board and reviewed 

by the Council, is approved.

3) Management Board members Karl Heinz Richard Will, Friedhelm August

Hermann Schwender, Wilfried Queißer, Bernd Herbert Preißler, Andre

Heinz Schwiontek, Andris Oskars Brutāns, and Imants Saulītis shall

be discharged from liability for their operations from January 1st, 

2004 until May 29th, 2004.



2. Distribution of net profit 2004



1) A net profit of the JSC Valmieras stikla šķiedra 2004 of 

LVL 1,955,004 (one million nine hundred fifty-five thousand four 

lats) is approved.



2) The net profit 2004 of LVL 1,955,044 shall be distributed as 

follows:



a. LVL 884,418.59 (eight hundred eighty-four thousand four hundred 

eighteen lats point 59) or LVL 0.037 (three point seven centimes) 

shall be paid to the shareholders as dividends, whereas dividend 

record date is to be June 13, 2005, and dividend payment date is 

to be June 15, 2005.

b. 1% of net profit shall be paid to each Board member and each 

Council member of the JSC Valmieras stikla šķiedra for the results 

of 2004.

c. LVL 835,984.93 (eight hundred thirty-five thousand nine hundred 

eighty-four lats point 93) shall be spend on the development of 

JSC Valmieras stikla šķiedra in order to strengthen its 

competitiveness.



3. Amendments to the Charter



1)The following amendment to the Charter of JSC Valmieras stikla 

šķiedra is approved:

	

Formulate paragraph 9 of the Charter as follows: „The Management 

Board of the company consists of seven members. The company is 

represented by at least 2 Board members together.”

	

2)A mandate is issued to Management Board to put any necessary 

changes into effect should the Commercial Register of the Republic

of Latvia refuse to register these amendments to the Charter.





4. Election of a certified auditor for the audit of the Annual 

Report 2005, and determination of the auditor’s compensation



1)Audit company Deloitte&Touche Audits Ltd. (licence No. 43) is 

approved as the auditor to perform the revision of the Annual 

Report 2005.



2)Compensation of the auditor 2005 shall be LVL 15,500 (fifteen

thousand five hundred lats), including taxes imposed by normative 

acts.



3)The Board is authorised to sign an agreement with the auditor 

on the audit of the Annual Report 2005.





5. Compensation of Supervisory Council members



1)For their performance in 2005, the Supervisory Council 

members shall receive a compensation of LVL 6,000 (six thousand 

lats) per person.



2)Should a Supervisory Council member not participate at one or 

several of the 4 (four) mandatory Council meetings, then his 

compensation is diminished by LVL 1,500 (one thousand five hundred 

lats) for every missed session.



3)After approval of the Annual Report 2005 when deciding on the 

distribution of net profit 2005, an additional compensation for 

the Supervisory Council members of 1% for the results 2005 shall 

be resolved on.





JSC Valmieras stikla šķiedra

Chairman of the Board

Andris Oskars Brutāns



Assistant to the Board

Lauma Kugrēna

Phone +371 4202222, +371 6441429

Fax +371 4281216

laumak@vss.lvv