2005.06.06, Valmieras stikla šķiedra, RIG

JSC Valmieras stikla šķiedra                      June 6, 2005



Resolutions of JSC "Valmieras stikla šķiedra" AGM of shareholders



The annual general shareholders' meeting of JSC Valmieras stikla 

šķiedra convened on June 3, 2005. The AGM resolved on the 

following:



1st item on the agenda: Approval of Management Board, Supervisory 

Council, and certified auditors' reports, and approval of the 

Annual Report 2004



1) Management Board, Supervisory Council, and auditors' reports are 

acknowledged.

2) The Annual Report for 2004, prepared by the Board and reviewed 

by the Council, is approved.

3) Management Board members Karl Heinz Richard Will, Friedhelm  

August Hermann Schwender, Wilfried Queißer, Bernd Herbert Preißler, 

Andre Heinz Schwiontek, Andris Oskars Brutāns, and Imants Saulītis 

shall be discharged from liability for their operations from 

January 1, 2004 until May 29, 2004.



2nd item on the agenda: Distribution of net profit 2004



1) A net profit of the JSC Valmieras stikla skiedra 2004 of 

LVL 1,955,004 (one million nine hundred fifty-five thousand four 

lats) is approved.



2) The net profit 2004 of LVL 1,955,044 shall be distributed as 

follows:



a. LVL 884,418.59 (eight hundred eighty-four thousand four hundred 

eighteen lats point 59) or LVL 0.037 (three point seven centimes) 

shall be paid to the shareholders as dividends, whereas dividend 

record date is to be June 13, 2005, and dividend payment date is 

to be June 15, 2005.

b. 1% of net profit shall be paid to each Board member and each 

Council member of JSC Valmieras stikla skiedra for the results 

of 2004.

c. LVL 835,984.93 (eight hundred thirty-five thousand nine hundred 

eighty-four lats point 93) shall be spend on the development of 

JSC Valmieras stikla skiedra in order to strengthen its 

competitiveness.





3rd item on the agenda: Amendments to the Charter



1) This amendment to the Charter of JSC Valmieras stikla skiedra 

is approved:



Formulate paragraph 9 of the Charter as follows: "The Management 

Board of the company consists of seven members. The company is 

represented by at least 2 Board members together."



2) A mandate is issued to Management Board to put any necessary 

changes into effect should the Commercial Register of the Republic 

of Latvia refuse to register these amendments to the Charter.





4th item on the agenda: Election of a certified auditor for the 

audit of the Annual Report 2005, and determination of the 

auditor's compensation



1) Audit company Deloitte&Touche Audits Ltd. (licence No. 43) is 

approved as the auditor to perform the revision of the Annual Report 

2005.



2) Compensation of the auditor 2005 shall be LVL 21,435 (twenty-one 

thousand four hundred thirty-five lats), including taxes imposed by 

normative acts.



3) The Board is authorised to sign an agreement with the auditor on 

the audit of the Annual Report 2005.





5th item on the agenda: Compensation of Supervisory Council members



1) For their performance in 2005, the Supervisory Council members 

shall receive a compensation of LVL 6,000 (six thousand lats) per 

person.



2) Should a Supervisory Council member not participate at one or 

several of the 4 (four) mandatory Council meetings, then his 

compensation is diminished by LVL 1,500 (one thousand five hundred 

lats) for every missed session.



3) After approval of the Annual Report 2005 when deciding on the 

distribution of net profit 2005, an additional compensation for 

the Supervisory Council members of 1% for the results 2005 shall be 

resolved on.





Chairman of the Board

A.O.Brutāns



Assistant to the Board

Lauma Kugrēna

Phone +371 42 02222

      +371 6441 429

Fax   +371 42 81216

laumak@vss.lv