In  accordance  with  part  1  of  article  50  of  law on "Joint Stock

companies"   and  decision  of  Management  Board  of  JSC  "Olainfarm"

No.V-6/2004, annual shareholders meeting of Joint Stock Company "Olaine

chemical  -  pharmaceutical  plant" is summoned on July 30th, 2004 , at

10.00 a.m..

It  is planned to review results of activities of year 2003 and approve

annual  report  at  the  meeting. At the same time the decision will be

taken on re-registration of joint stock Company in Commercial Register.

Because  of  necessary  re-registration  in  Commercial  Register it is

necessary  to  approve  a  new  wording  of  Statutes  as well as elect

appropriate institutions in accordance with Commercial Law.

The agenda of Meeting is the following:

1)       The  Management  Board's  report on results of activity in the

year 2003.

2)      The approval of the Annual report of the year 2003.

3)       The liberation of the members of the Management Board from the

liability of the activity in the year 2003.

4)      The election of the Sworn Auditor.

5)      The approval of the budget of the year 2004.

6)      The approval of the activity plan of the year 2004.

7)      Re-registration in Commercial Register.

8)      Confirmation of Statutes.

9)      Election of Supervisory Board.

10)  Different items.

The Meeting will be held at JSC "Olainfarm" premises at Olaine, Rupnicu

str.5.  Registration  of  shareholders  from  9.00  till  9.45  a.m. At

registration   shareholder   must   present   a   passport   or   other

identification  document  (with  photograph),  were  name,  surname and

personal   code  of  shareholder  is  given.  In  case  shareholder  is

represented   by   authorized  agent,  he  or  she  should  provide  an

accordingly  certified  authorization  to  represent shareholder at the

Meeting.

Shareholders,  who  are  willing  to  take  part  at  the  Meeting with

suffrage,  should  beforehand in accordance with law block their shares

at  Latvian  Central Depositary. It is possible to sign up for block of

shares with securities account holder before July 21st, 2004.

With  projects  of  decisions as well as questions entered in agenda of

the  meeting shareholders can get acquainted at Legal Department of JSC

"Olainfarm"  in  Olaine,  Rupnicu  str.5,  from 9.00 a.m. to 4.00 p.m.,

beginning with July 23rd, 2004.