JSC  "Olainfarm"  AGM  of  shareholders  was  held  on  July  25, 2003.

Resolutions of the AGM are the following:

1.    To accept Management Board report on 2002 performance;

2.    To approve the  Annual Report for 2002;

3.     To  discharge  the  Management  Board  from  liability  for 2002

operations;

4.    To distribute the 2002 profit as follows: a part of the profit of

JSC  "Olainfarm"  -  Ls  5216 - to leave for increasing reserve and the

remaining part - Ls 11 145 - to cover the previous years losses.

5.    To elect a certified auditor Nadežda Vikuļina, licence No.139, as

the auditor of the company;

6.    To approve 2003 budget;

7.    To approve 2003 operational plan;

8.     To  revoke Jens Hoffmann, Jurijs Kaplinovs, Inga Liščika, Andris

Jegorovs,   Armands   Lapiņš,   Viktorija   Žuka-Ņikuļina,   Aleksandrs

Černobrovijs  from responsibilities of members of Management Board  and

Irina  Sokova  from  responsibilities  of  a  candidate  to  member  of

Management Board;

9.     To  elect  the  Management  Board  for  the  next 3 year term as

follows:   Valērijs   Maligins   (Chairman  of  the  Management  Board,

president), Jurijs Kaplinovs (Vice-President), Inga Liščika, Aleksandrs

Černobrovijs, Armands Lapiņš, Andris Jegorovs, Viktorija Žuka-Ņikuļina,

and a candidate to  member of Management Board - Irina Sokova;

The renumeration of Management Board members was confirmed;

10.    To elect Supervisory Board for the next 3 years term as follows:

Juris Savickis, Jens Hoffmann, Margarita Samoviča, Gytis Tamenas, Ivars

Kalviņš, Tatjana Lukina;

The renumeration of Supervisory Board members was confirmed.