1.  On  entering  of  PSC  Grindeks into the Commercial Register of the

Latvian Republic

1.1.  To enter PSC Grindeks into the Commercial Register of the Latvian

Republic.  To determine that all rights and liabilities of PSC Grindeks

,  and  resolutions  adopted  by  the  administrative  bodies  shall be

effective  also  after the entering of PSC Grindeks into the Commercial

Register of the Latvian Republic.

1.2. To convert the reserve shares 4400 (four thousand four hundred) of

the  Board into ordinary nominal shares with voting right, to permit to

leave them in ownership of the Board members of PSC Grindeks .

1.3.  To  authorise the Board Chairman of PSC Grindeks Valdis Jakobsons

to  sign  the  application  to  the  Commercial Register of the Latvian

Republic   for   registration   of   the  resolutions  adopted  at  the

Shareholders'  Meeting, to certify the extract from the Minutes of this

Meeting,  in  the case of refusal of registration to make the necessary

corrections  of errors or other formalities and/or sign the application

to the Commercial Register of the Latvian Republic, if it is needed.

1.4.  To  determine  that  the  Board  Chairman  of PSC Grindeks Valdis

Jakobsons  has  the  right to authorise any person at his discretion to

submit  all  necessary  documents for registration of the resolution of

this  General Meeting of Shareholders at the Commercial Register of the

Latvian  Republic,  as well as to provide all necessary explanations if

such  are  required,  and  to  receive  documents  from  the Commercial

Register of the Latvian Republic.

2. Approval of the Regulation of the Council of PSC Grindeks

3. Approval of the new wording of the Charter of PSC Grindeks

3.1.  To approve the Charter of PSC Grindeks in a new wording (Appendix

No._____).

3.2.  To  determine that the Charter of PSC Grindeks in the new wording

shall take effect at the moment of their registration at the Commercial

Register of the Latvian Republic.

3.3.  If  the notary of the Commercial Register of the Latvian Republic

has  made  the  decision  to  postpone  or  refuse  the entering of PSC

Grindeks  into  the  Commercial  Register  and  if such postponement or

refusal  is  related  to  the  non-compliance of the new wording of the

Charter  to  the  laws and regulations of the Latvian Republic or other

deficiencies,  and  the  elimination  of  the  deficiencies  in the new

wording  of  the  Charter  does  not alter the extent of the rights and

obligations of the shareholders, to authorise the Board of PSC Grindeks

by  its resolution upon co-ordination with the Council to eliminate the

reasons  for  postponement  or refusal of the registration mentioned in

the  resolution  of the public notary of the Commercial Register of the

Latvian  Republic  by  making relevant amendments in the new wording of

the Charter of PSC Grindeks .

4. About the Council of PSC Grindeks

To  apply  for  registration  at the Commercial Register of the Latvian

Republic the Council of PSC Grindeks in the previous composition:

Council:

Council Chairman Kirovs Lipmans

Deputy Council Chairman Vitalijs Gavrilovs

Council Member Juris Cilinskis

Council Member Juris Osis

Council Member Janis Naglis



Prepared by: Board of PSC Grindeks 

Riga, 01.09.2004