On  January  19,  2004  extraordinary  general meeting of JSC "Latvijas

balzams"   shareholders   took   place.   88%  of  voting  shareholders

participated.   The  meeting  made  changes  to  Management  Board  and

Supervisory  Board, and amended the Charter by complementing it with an

item "additional lines of business".



  Changes in Management Board and Supervisory Board



It was resolved to revoke Juris Gulbis, the former CEO, from Management

Board.  Valižans Abidovs, advisor to the General Director on production

matters, was elected a Management Board member.

The meeting revoked Supervisory Board members Eric Stuart Whitman, Hans

Emanuel  Urlus  and  Kaspars  Ieviņš-Brambis. Juris Gulbis, S.P.I Group

President,  Alexey  Oliynik  and  Yury Shefler were elected Supervisory

Board members.



  Complementing the Charter



The  meeting  approved  amendments  to Charter: to add "55.1 Hotels" to

Article 1.8, non-core business part.



Last  year the company has invested over EUR 7 million into increase of

output  capacities  and  to  adjust the manufacturing to the increasing

market  demand in low-alcohol drinks and large-scale export orders. The

company has doubled the output capacities.

Subsequent  to  the  share  buyout in 2003, "S.P.I. Distilleries.B.V.",

holding  6,595,745  shares  or  87.98% of share capital, is the company

main shareholder.