Pursuant to JSC "Ventspils nafta" Company Charter, the general meeting

of  shareholders  has  the  exclusive  power to revoke and to elect the

Company   management   institutions,   including  the  members  of  the

Management Board. The issue of suspending a Management Board member has

to  be harmonised with the Supervisory Board. Currently the Supervisory

Board  has reviewed no such item, nor has there been any decision about

convening a general meeting of shareholders.