51%  of  shareholders  with voting rights participated at JSC "Latvijas

balzams" general meeting of shareholders on December 3, 2001.

The  shareholders  approved  changes  in  management  board, dismissing

Aleksandrs  Ivanovs  and Valters Māziņš, and appointing Rolands Gulbis,

Chief  Financial  Officer,  and  Aleksandrs  Jerņevs,  Chief  Engineer,

Management Board members.

Rolands  Gulbis,  the  former Head of Economy Department, was appointed

CFO in October 2001, after Juris Gulbis' appointment as Chairman of the

Board  and General Director. Aleksandrs Jerņevs is a long-term employee

of JSC "Rīgas vīni", now merged with JSC "Latvijas balzams". Aleksandrs

Jerņevs  was  Head  of  Production,  and,  since  December  2000, Chief

Engineer.