On  December  23,  2003 extraordinary general meeting of JSC "Grindeks"

took  place.  The  shareholders  who  had  registered  for  the meeting

represented  70%  of  the share capital, which is not sufficient quorum

for the meeting to be authorised to discuss all the agenda items.



The  meeting  resolved  on  changes in Supervisory Board and Management

Board:

1. To revoke Anna Lipmane from the position of Supervisory Board member

and to elect shareholder Kirovs Lipmans a Supervisory Board member.

2. To approve the Supervisory Board budget for 2003 at LVL 260,000.

3.  To  revoke  Jeļena  Borcova  from  the position of Management Board

member,  postponing  the  discharging  her  from the liability for 2003

operations till the next shareholders' meeting.

Jeļena  Borcova is leaving her position in the Management Board because

of maternity leave.

4.        To   elect   Jānis   Romanovskis,  "Grindeks"  Financial  and

administrative director, a Management Board member.



The meeting failed to discuss the item about increase of share capital.

The  item  will  be discussed on a shareholders' meeting to be convened

repeatedly  on  January  19, 2004 at 10:00, JSC "Grindeks" premises, 53

Krustpils Street, Riga. The agenda remains the previous:

1.      Increase of JSC "Grindeks" share capital.

2.      Other business.