We  hereby  notify  you  that  an ordinary shareholders' meeting of JSC

Latvijas balzams took place on 26 April 2004. The Shareholders' Meeting

adopted the following decisions:

1.  To  approve  the audited annual account of JSC Latvijas balzams for

the  year  2003,  the  consolidated  annual  account and the dependence

report,  to  release  the following members of the Board: Juris Gulbis,

Rolands  Gulbis, Aleksandrs Jerņevs, Indra Ozola (for the activity from

01  January  2003  till 04 April 2003), Oleg Voroshin (for the activity

from  01  January  2003  till  04  April 2003), Egils Dzerelis (for the

activity  from  04 April 2003 till 31 December 2003), Sergejs Limarenko

(for  the  activity  from  04  April  2003  till 31 December 2003) from

liability for the business activity of JSC Latvijas balzams in 2003.

2.  To  use the net profit of the year 2003 in the sum of LVL 2'108'013

for development of JSC Latvijas balzams .

3.  To  approve  the  budget  of JSC Latvijas balzams for the year 2004

observing the following:



- In the income part, thous. LVL         58 172

    - In the spending part, thous.LVL       55 954

    - Profit, thous. LVL                                2 218



4.  To  determine  that  in  2004  members of the Board of JSC Latvijas

balzams  shall  not  receive  remuneration for the fulfillment of their

official  duties.  To  determine  the  aggregate  remuneration fund for

members of the Council of JSC Latvijas balzams for the year 2004 in the

amount of LVL 15'000.

5.  To elect SIA PriceWaterhouseCooper (Commercial Company's License No

5) as Sworn Auditor of JSC Latvijas balzams for the year 2004.

6.  To  enter  the  Joint  Stock  Company  Latvijas  balzams  into  the

Commercial  Register.  To  determine that all rights and obligations of

the  Joint  Stock  Company  Latvijas balzams , decisions adopted by the

managing  bodies,  and  other circumstances relating to the business of

the Joint Stock Company Latvijas balzams shall refer to the Joint Stock

Company  Latvijas  balzams  and be effective also after the Joint Stock

Company Latvijas balzams is entered into the Commercial Register.

7.  To  convert  5'000  (Five  thousand)  shares  without voting rights

(qualifying  shares)  into 5'000 (Five thousand) registered shares with

voting rights.

8.  To  approve  the Articles of Association of JSC Latvijas balzams in

the new wording.