This  is to inform that JSC "Rīgas kuģu būvētava" (Securities code: LV

0000100378)  AGM of shareholders was held on July 22, 2003. Resolutions

of the AGM are the following:

1.     To  accept  JSC "Rīgas kuģu būvētava" Management Board report on

2002 performance

2.     To  approve  the  Annual Report of JSC "Rīgas kuģu būvētava" for

2002;

3.     To  approve the Consolidated Report of JSC "Rīgas kuģu būvētava"

for 2002;

4.     To  approve  the  Dependency Report of JSC "Rīgas kuģu būvētava"

for 2002;

5.     To  discharge  the  members  of Management Board and Supervisory

board from liability for 2002 operations;

6.     To pay dividends from JSC "Rīgas kuģu būvētava"  2002 net income

- 0.02 LVL per share.

7.    To revoke from responsibilities the f members of Management Board

as follows:

· Chairman (president) Vasilijs Meļņiks;

· Deputy Chairman (vice president) Sergejs Golicins;

· member Igors Komarovs;

· member Gatis Lazdiņš;

8. To elect JSC "Rīgas kuģu būvētava" Management Board as follows:

· Vasilijs Meļņiks;

· Aivars Stolders;

· Igors Komarovs.

9.  To  revoke  from  responsibilities  members of Supervisory Board as

follows:

· Chairman Jānis Davidovičs;

· Deputy Chairman Anatolijs Ustinovs;

· member Ēriks Kaža;

· member Vladislavs Loškarevs;

· chief financial officer Larisa Artemenko.

10. To elect JSC "Rīgas kuģu būvētava" Supervisory Board as follows:

 Jānis Davidovičs;

Anatolijs Ustinovs;

Larisa Artemenko;

Sergejs Golicins;

Gundars Staģis.

11.  The renumeration of Management Board and Supervisory Board members

was confirmed.

12.  Ms  Natāliju  Zaicevu (SIA "Astrop") was approved as an auditor of

JSC "Rīgas kuģu būvētava" for 2003.

13.  To  confirm  application  of  3%  from  company's net turnover for

Supervisory   and  Management  Board  organisational  costs,  including

additional  remuneration  for  Management  Board  and Supervisory Board

members and employees.

14.  JSC "Rīgas kuģu būvētava" lawyer Ms. Sanita Lazdane is responsible

for  all  duties  related to registration of the resolutions of the JSC

"Rīgas  kuģu būvētava" Annual General Meeting at Enterprise Register of

the Republic of Latvia.

15. To organise repeated AGM of the JSC "Rīgas kuģu būvētava" on August

5, 2003, at 17.00

JSC  "Rīgas  kuģu būvētava" informs that due to the lack of quorum, AGM

did  not  resolved  issues  related  to the amendments in the statutes.

Repeated AGM of the JSC "Rīgas kuģu būvētava" will be held on August 5,

2003 at 17.00, at the address Gāles street 2, Riga. Shareholders of JSC

"Rīgas  kuģu  būvētava"  shall  apply  for  blocking  shares by July 25

(including),  2003. We require the list of the shareholders by July 31,

2003.