Draft  resolutions   of  JSC  "  Latvijas  kuģniecība"  repeated Annual

General Meeting (AGM) of Shareholders, to convene on June 28, 2004

1. Registration of JSC Latvijas kuģniecība in the Commercial Register

To  register  JSC  Latvijas  kuģniecība  in the Commercial Register. To

resolve  that  all  rights and obligations of JSC Latvijas kuģniecība ,

resolutions   adopted   by  its  managing  bodies,  as  well  as  other

circumstances  relating  to  its  business  activity shall refer to JSC

Latvijas  kuģniecība   and  remain  effective  also  after JSC Latvijas

kuģniecība registration in the Commercial Register.

2. Conversion of shares

1)       To  convert  10  000  (ten  thousand) common registered shares

without  voting  rights  into  dematerialised bearer shares, giving the

bearer  voting  rights at the meetings of shareholders and the right to

receive  dividend  and  liquidation  quota; to put the shares converted

into circulation on the regulated market.

2)       To  convert  199  990 000 (one hundred and ninety-nine million

nine  hundred  and  ninety  thousand)  common  registered  shares  into

dematerialised  bearer  shares,  giving the bearer voting rights at the

meetings  of  shareholders  and  the  right  to  receive  dividend  and

liquidation quota.

3)      To authorize JSC Latvijas kuģniecība Board of Directors to take

all the required actions to effect item 1) and 2) hereof.

3. Approval of the new Articles of Association

T  o  approve  the  new  version of JSC Latvijas kuģniecība Articles of

Association (_____ pages, Enclosure _____).

4.            Election of JSC Latvijas kuģnicība Supervisory Council

5.1.   To recall ____________________ from the office the Member of JSC

Latvijas kuģniecība Supervisory Council starting from June 28, 2004.

5.2.    To  elect  ____________________________  Member of JSC Latvijas

kuģniecība  Supervisory  Council  starting  from June 28, 2004 till the

re-election of the Council.

5.3.    To  approve  monthly  remuneration  of  the Supervisory Council

Members  in  the  amount  provided  for  in  the  approved JSC Latvijas

kuģniecība Budget 2004.

6.      Miscellaneous

6.1.                          To  authorize  ___________________,  p.c.

_____________,

·         to  sign an Application to the Register of Enterprises of the

Republic  of  Latvia  (an  administrative institution of the Commercial

Register) to register the resolutions passed by JSC Latvijas kuģniecība

repeated AGM of Shareholders in the Commercial Register;

·         to  attest to the correctness of the Excerpt from the Minutes

of JSC Latvijas kuģniecība repeated AGM of Shareholders;

·         should  the  registration  be  refused,  to sign the repeated

Application  and/or  appeal  to  the  Register  of  Enterprises  of the

Republic  of  Latvia  (an  administrative institution of the Commercial

Register), if needed.

·         To authorize ___________________________, p.c. _____________,

to  submit  all  the  required  documentation  and  supply the required

explanations,  if  demanded,  to register the resolutions passed by JSC

Latvijas  kuģniecība  repeated  AGM  of  Shareholders in the Commercial

Register,   and  to  take  out  the  documents  from  the  Register  of

Enterprises of the Republic of Latvia (an administrative institution of

the Commercial Register).