JSC  "Latvijas  kuģniecība"  AGM of shareholders on its meeting of May

30, 2003 resolved on the following:

1.  To  approve  the Annual Report for 2002 and Consolidated Report for

2002;

2.  To  discharge  Management  Board  members  from  liability for 2002

operations for the specified periods in 2002:

1) Vladislavs Skrebelis (January 1 till June 10)

2) Andris Kļaviņš (January 1 till July 26)

3) Roberts Joma (January 1 till July 26)

4) Elmārs Vītoliņš (January 1 till July 26)

5) Jānis Brūnavs (January 1 till July 26)

6) Lars Anders Hedberg (January 1 till July 26)

7) Ilmārs Krūms (July 26 till November 7)

8) Jānis Rocēns (July 26 till November 7)

9) Imants Vikmanis (July 26 till December 31)

10) Valērijs Godunovs (July 26 till December 31)

11) Gints Bukovskis (July 26 till December 31)

12) Juris Kārlis Viktors Reinhards (July 26 till December 31)

3.  To  be  advised  on the JSC "Latvijas kuģniecība) Supervisory Board

resolution  #19/10 "With regard to remuneration for 2002 performance to

the   dismissed  Management  Board  members  A.Kļaviņš,  A.Hedberg  and

R.Joma".

4. To approve the 2003 budget and operational plan.

5. To approve certified auditor Viktorija Usovica (certificate #109) as

auditor  for  JSC  "Latvijas kuģniecība" Annual Report and Consolidated

Report  for  2003;  to charge Management Board with the task to sign an

agreement with the audit firm "Moore Stephens".

6. To approve JSC "Latvijas kuģniecība" strategy for the period between

2003 and 2010.

7.  To  approve  the  Charter  of Standing Valuation Committee in a new

wording.

8.  To  revoke Andis Jankevics' from the position of Standing Valuation

Committee   member.   Following   the  recommendation  of  the  company

Management  Board  and  Supervisory  Board,  to elect Arvīds Grieznis a

member and also the Chairman of Standing Valuation Committee.

9. To revoke Gints Bukovskis and Juris Kārlis Viktors Reinhards, on the

basis  of  their  resignation  letters, from the position of Management

Board members. To review the issue of discharging these two individuals

from  liability  for  2002 operations for the period between January 1,

2003  and  May  30,  2003  after  approval of JSC "Latvijas kuģniecība"

Annual Report for 2003.

10. To elect Aivars Enkuzens and Alvis Akmens Management Board members,

their mandate starting with May 30, 2003.

11.  To revoke Igors Skoks from the position of Management Board member

on the basis of his resignation letter.

12.   To  approve  the  Charter  of  JSC  "Latvijas  kuģniecība"  Audit

Committee.

13.  To  elect  Igors  Rodins,  Anrijs Lembergs, Edgars Jansons, Andris

Vilcmeiers and Ilona Pavāre Audit Committee members.

Pursuant  to  the provisions of Article 56.2 of the law "On Joint Stock

Companies",  the quorum of the meeting was not sufficient to review the

announced   agenda   item  "Amendments  to  JSC  "Latvijas  kuģniecība"

Charter".  Management Board, pursuant to the provisions of Article 56.3

of the said law, will repeatedly call an AGM  for reviewing this agenda

item.