The  following  resolutions  were  passed  by  JSC  Latvijas kuģniecība

repeated AGM of Shareholders held on June 28, 2004:

1.      To postpone the review of the following items: "Registration of

JSC  Latvijas  kuģniecība  in  the Commercial Register", "Conversion of

shares",  "  Approval  of  the  new  Articles  of  Association"  and  "

Miscellaneous".   To  convene  the  Extraordinary  General  Meeting  of

Shareholders  to  review  the  above-mentioned  items until December 1,

2004.  To  instruct  JSC Latvijas kuģniecība Board of Directors to take

all  the  actions required to convene the Extraordinary General Meeting

of Shareholders pursuant to the Latvian legislation.

2.      To revoke Māris Kaijaks and Jānis Ādamsons from the position of

JSC  Latvijas  kuģniecība Supervisory Council member starting from June

28, 2004.

To  elect  Elena  Makarova  and  Harijs  Ilmārs  Bondars  JSC  Latvijas

kuģniecība  Supervisory  Council  members  from  June 28, 2004 till the

re-election of the Council.

To  approve  monthly remuneration of the Supervisory Council Members in

the  amount provided for in the approved JSC Latvijas kuģniecība Budget

2004.