·  SIA  ""Ventspils  nafta" termināls" Charter was approved on June 16,

2003   by   resolution  of  JSC  "Ventspils  nafta"  Management  Board;

registration date is July 4, 2003;

·  SIA  ""Ventspils  nafta"  termināls" share capital is LVL 30,000 and

consists  of  300 shares with nominal value LVL 100 each; upon starting

operations,  the share capital will be increased by the amount equal to

the  value  of  JSC  "Ventspils  nafta" oil terminal fixed asset value,

which is currently in the valuation process;

· JSC "Ventspils nafta" will hold 300 shares or 100% of SIA ""Ventspils

nafta" termināls";

·  The  purpose  of  founding  SIA  ""Ventspils nafta" termināls" is to

enhance  the  management and supervision of JSC "Ventspils nafta" Group

by  segregating  the  functions  of  a holding company and by splitting

different  lines of the Group businesses between several entities, thus

improving  the financial accountability and resource utilisation - as a

result, the value of each individual entity and the Group as a whole is

expected to increase;

·  SIA  ""Ventspils  nafta"  termināls"  financial  statements  will be

consolidated with JSC "Ventspils nafta" accounts starting with 2003;

·  SIA ""Ventspils nafta" termināls" will have a material effect on JSC

"Ventspils nafta" financial performance for the year;

· The address of  SIA ""Ventspils nafta" termināls" is 75 Talsu Street,

Ventspils;

· Line of business - reloading of oil and oil products;

·  Managment  Board  - Rolands Kalniņš, Aleksandrs Antipins, Vjačeslavs

Verņuks, Marika Bīdermane, Raimonds Grīniņš.