JSC "Rīgas kuģu būvētava" AGM of shareholders will be held on July 15,

2002,  at  17:00,  at  the  address  2  Gāles  Street, Riga. The agenda

includes  items regarding reviewing the company performance in the past

year  and  approve  the  Annual  Report,  and  to  discuss  the  profit

distribution.  The  meeting  will  also  resolve  on  discharge  of the

Management Board members from responsibility for 2001 operations. There

will  also be Supervisory Board and Management Board elections, as well

as elections of the certified auditor for 2002.

The shareholders shall instruct their custodians to block the shares on

the accounts by July 3, 2002.