2002.01.29, Valmieras stikla šķiedra, RIG

JSC  "Valmieras  stikla  šķiedra"  general  meeting  of shareholders of

January  26,  2002, resolved on the following amendments to the company

charter  (pursuant  to  Management  Board  resolutions  of December 21,

2001):

1.  Article  2.13  shall  have  the following wording: "2.13. Owners of

closed  issue shares may transfer their holdings by submitting the said

shares  and  an  application to the Company Management Board. Owners of

public  shares  shall  not  have  pre-emptive  rights  to  closed issue

shares.

Within  a  two-week period, Management Board shall offer the shares put

out  for  sale  to  the existing holders of the closed issue shares. If

more  than one buyer applies, the available shares shall be distributed

pro rata.

If the Company has issued shares of different types and categories, the

shares  put  out  for sale shall be first offered to the holders of the

said share type or category.

If  the existing shareholders have not purchased all the offered shares

in  the procedure specified in part 2 and 3 of the present Article, the

remaining  shares,  within  a  period  of  at  least one week, shall be

offered  to  the  existing  shareholders,  without  any  limitations in

numbers, in the procedure specified in part 3 of the present Article.

If the existing shareholders have not applied for the said shares or do

not buy all the shares put out for sale, Management Board may sell them

upon its discretion.

In case Management Board has failed to sell the shares within one month

after receiving them, they shall be transferred back to the holder, who

may sell them upon his/her discretion.