Resolutions of Ordinary General Shareholders' Meeting of NORD/LB

                      Latvija JSC 23 March 2004 



Review  and  approval  of  the  annual  report for year 2003 of NORD/LB

Latvija JSC

Approve  the  Annual Report together with Dependency Statement for year

2003  of  NORD/LB  Latvija  JSC  submitted  by the Management Board and

reviewed by the Supervisory Council.

In  Addendum: Annual Report together with Dependency Statement for year

2003 of NORD/LB Latvija JSC

Release  of  the members of the Management Board of NORD/LB Latvija JSC

from responsibility for year 2003

Release  the  members  of  the  Management Board of NORD/LB Latvija JSC

Jürgen  Machalett, Andris Ozolins, Aivars Flemings, Rudolf Franz Karges

and Michael Kiesewetter from responsibility for year 2003.

Distribution of the profit of NORD/LB Latvija JSC for year 2003

Distribute  the  profit  of  NORD/LB Latvija JSC for year 2003 in total

amount  of  LVL 1,506,164.74 (One million five hundred and six thousand

on hundred sixty four lats and 74 centimes) as following:

Pay  out  the  dividends  in  amount  of  LVL 0.06 per one share, which

constitute  the  total  amount  of  LVL  1,209,653.76  (One million two

hundred and nine thousand six hundred fifty three lats and 76 centimes)

stating  17  May  2004  as  the  Accounting Date and 24 May 2004 as the

Payment Date of the mentioned dividends.

To  allocate part of the profit amounting to LVL 296,510.98(Two hundred

ninety  six  thousand  five  hundred and ten lats and 98 centimes), not

paid  in  the  dividends,  for covering of accumulated loss of previous

years.

Review  and approval of the budget and business plan of NORD/LB Latvija

JSC for year 2004

1.  Approve  the  budget  of NORD/LB Latvija JSC for year 2004 with the

following main positions:



  * Total assets - LVL 316,245,000;

  * Shareholders' equity - LVL 33,737,000;

  * Net interest income - LVL 7,773,000;

  * Other income - LVL 4,074,000;

  * Provisions made - LVL 650,000

  * Expenses - LVL 8,097,000;

  * Remuneration  of the Supervisory Council and the Management Board -

    LVL 483,000;

  * Net profit - LVL 2,617,000;



and  Activities  Plan  of  NORD/LB  Latvija  JSC for the year 2004 with

following principal performance outlines:

  * to  continue rapid increase of the bank's assets and in particular,

    the  loan  portfolio, reaching LVL 316 million and LVL 262 million,

    respectively, till the year-end, and increasing the market share;

  * to  continue  rapid  growth  of  the lending to private individuals

    (mortgage  loans,  in  particular),  simultaneously  developing the

    cross-selling of other products to private individuals;

  * to activate lending to SMEs and substantially increase the SME loan

    portfolio;

  * to reinforce the position in the leasing market by establishing the

    subsidiary  "NORD/LB  Līzings"  and  substantially  increasing  the

    volume of leasing to both private individuals and companies;

  * to continue the modernisation and extension of the branch network.



2.  Authorise  the  Management  Board  of  NORD/LB  Latvija  JSC  after

obtaining  the  prior consent of Supervisory Council of NORD/LB Latvija

JSC to adjust the NORD/LB Latvija JSC budget for year 2004.

  Issue of the bonds of NORD/LB Latvija JSC

1. To issue bonds of NORD/LB Latvija JSC with nominal value of EUR 1000

and  maturity period 3 years in the total amount of EUR 30,000,000, and

put the mentioned bonds into public circulation in the Federal Republic

of Germany;

2. For completion the Item 1 above to authorize the Management Board of

NORD/LB Latvija JSC to decide on conditions of public offer, to approve

the  Prospectuses  of mentioned issue of bonds and any other documents,

as  well  as take each and every action necessary for putting mentioned

issue of bonds into public circulation.



Changes  in  the composition of the Management Board of NORD/LB Latvija

JSC

 1. Elect  Mr.  Aivars  Flemings  (IC  200762-11364),  Mr. Rudolf Franz

    Karges  (IC  040753-14652) and Mr. Andris Ozoliņš (IC 110462-12302)

    as  the  members  of the Management Board of NORD/LB Latvija JSC in

    addition  to  the current member of the Management Board of NORD/LB

    Latvija JSC Mr. Michael Kiesewetter.

 2. State  that  the p.1 above comes into effect by the registration of

    it with Register of Enterprises.

 3. Assign  the  Management  Board  of  NORD/LB Latvija JSC to take all

    necessary  actions  to  register in the Register of Enterprises the

    changes in the composition of the Management Board.



Election of the chartered auditor of NORD/LB Latvija JSC for year 2004 

 1. Elect  "PricewaterhouseCoopers"  (Registered  in  the  Register  of

    Enterprises with No. 000314279) as the chartered auditor of NORD/LB

    Latvija  JSC  for year 2004, stating the remuneration in accordance

    with the budget of NORD/LB Latvija JSC for year 2004.

 2. Authorise  the  Management Board of NORD/LB Latvija JSC to conclude

    the contract on auditing with "PricewaterhouseCoopers".



Registration of NORD/LB Latvija JSC with Commercial Register 

 1. Approving of the Charter of NORD/LB Latvija JSC

      1. To  converse  shares  of  NORD/LB Latvija JSC Management Board

         reserve  by  conversing  each  Management Board reserve share,

         totally 600 shares, into ordinary registered voting share with

         nominal value of LVL 1.00;

 2. Conversion of Board reserve shares of NORD/LB Latvija JSC

      1. To  approve the Articles of Association of NORD/LB Latvija JSC

         in  the  new wording (in addendum) and state that the Articles

         of  Association  comes  into  effect as from registration with

         Register of Enterprises;

      2. Authorise  the Management Board of NORD/LB Latvija JSC to take

         each  and  every  action  to register NORD/LB Latvija JSC with

         Commercial Register in conformity of Commercial Law.

 3. Approving of  th e Re gulations of  th e Bo ard of  Di rectors an d

    Supervisory Council of NORD/LB Latvija JSC

      1. To  approve  the  Regulations  of  the  Supervisory Council of

         NORD/LB Latvija JSC in the new wording (in addendum) and state

         that  the  Regulations  come  into  effect  by registering the

         Articles  of  Association of NORD/LB Latvija JSC with Register

         of Enterprises in accordance with p.2 above.

      2. To authorise the Supervisory Council after registration of the

         Articles  of  Association of NORD/LB Latvija JSC with Register

         of  Enterprises  in  accordance  with p.2 above to approve the

         Regulations of Management Board of NORD/LB Latvija JSC.



In Addendum:

1.  Articles  of  Association  of  NORD/LB Latvija JSC; - 

Articles.pdf (75.32 KB) 

2.   Regulations   of  Supervisory  Council  of  NORD/LB  Latvija  JSC.

-   Council_regulations.pdf (111.67 KB)