11.05.2004, Valmieras stikla šķiedra, RIG

1.       Approval   of   Management   Board,  certified  auditor's  and

Supervisory Board report on compliance with 2003 budget and approval of

2003 Annual Report.

1. To approve Management Board performance.

2. To approve the Annual Report for 2003.

3.  To  discharge  Management  Board  members  Karl Heinz Richard Will,

Friedhelm  August  Hermann Schwender, Wilfried Queisser, Berndt Herbert

Preissler,  Andre  Heinz  Schwiontek,  Andris Oskars Brutāns and Imants

Saulītis,  and  Supervisory  Board members Inārs Poļaks, Heinz - Jurgen

Preiss  - Daimler, Andris Bērziņš, Hans Peter Cordts and Guntis Strazds

from liability for 2003 operations.



2.     Distribution of 2003 net profit.

To distribute the 2003 net profit as follows:

1. To transfer LVL 372,638 or 43.2% to development and modernisation

2. To pay LVL 489,950, or 56.8% in dividends to shareholders.

Dividend record date is June 11, 2004, 8:00

Dividend payment date is June 17, 2004.



3.     2004 budget and operational plan.

1. To approve operational plan for 2004.

2.  To  approve the 2004 budget at net sales  of LVL 22,319,000 and net

profit LVL 1,396,000.



4.     Registration of company at the Commercial Register.

To  request that Company be registered at the Commercial Register under

the  present name "Valmieras stikla šķiedra" and legal address 13 Cempu

Street, Valmiera, LV-4201.



5.     Conversion of Management Board reserve shares.

To  convert  5,750  Management Board reserve shares to 5,750 registered

voting  shares.  To  retain  the  converted  shares in the ownership of

Management Board.



6.     Approval of the new version of the Charter.

To approve the revised new version of the Charter.

The  new revised version of the Charter comes into effect at the moment

when company is registered at the Commercial Register.



7.     Company key officials and their competence.

1.  The  Supervisory  Board and Management Board members, as elected by

AGM  of  May  17,  2003,  shall  retain  their  positions after Company

registration at the Commercial Register.

2. Company may be represented by Chairman of Management Board in single

person, or a Management Board member jointly with another member.

3.  To  issue  a  mandate  to  Chairman of Management Board to sign any

documents  associated  with  Company  registration  at  the  Commercial

Register.

4.  To  issue  a  mandate  to  Management  Board,  in  case  of Charter

registration refusal from Company Register/Commercial Register, to make

the necessary amendments.

5.  To issue a mandate to Aivars Pakrastiņš to communicate with Company

Register/Commercial  Register  and to submit and retrieve the documents

concerning company registration.



8.     Elections of a certified auditor.

To approve audit firm Deloitte&Touche (licence 43) Company auditor.



9.     Approval of the Property Valuation Committee.

To  approve  he  Property  Valuation  Committee,  consisting  of  Chief

Accountant, Head of Procurement, and Chief Mechanic.



10. Compensation to Supervisory and Management Board members for 2004.

To  set  a compensation to Supervisory and Management Board members for

work done in 2004 at LVL 6,000 per person, plus 0.5% of net profit made

in 2004.



11. Other business.