JSC  "Latvijas kuģniecība" AGM of shareholders will be held on May 30,

2003  at  11:00  at  the  address  1  Reimersa Street, Riga, Park Hotel

Rīdzene conference hall "Bastejs".

Agenda:

1. Approval of JSC "Latvijas kuģniecība" Annual Report for 2002.

2.  Discharge  of  Management  Board  members  from  liability for 2002

operations;

3. Approval of operational plan and budget for 2003

4.  Elections of a certified auditor and an audit firm for auditing the

parent company and the group accounts in 2003.

5.  Approval  of JSC "Latvijas kuģniecība" business strategy up to year

2010;

6. Approval of Chairman of Asset Valuation Standing Committee;

7. Approval of Asset Valuation Standing Committee Charter;

8. Changes in Management Board;

9. Changes in Supervisory Board;

10. Amendments to the JSC "Latvijas kuģniecība" Company Charter;

11. Other business.

Shareholder  registration  is open on the AGM day  on May 30, 2003 from

10:00 till 11:00 at the venue of the meeting.

Shareholders  may  participate  in  person  or  may  be  represented by

representatives or trustees.

  * Shareholders  who  have  their  shares registered in the securities

    account  with  a  custodian  have  to present their passport or any

    other  personal  identification  document  upon  registration and a

    statement issued by the custodian certifying the blocking of shares

    on the account.

  * Shareholders  who have their shares in the Initial Register have to

    present   their  passport  or  any  other  personal  identification

    document upon registration.

  * Shareholder  representatives and trustees have to present a written

    proxy  issued  by  the  shareholder  or  a  document testifying the

    mandate  of  the  representative,  that  should be in the format as

    stipulated  by  the  legal  acts  of  the Republic of Latvia, and a

    personal  ID  document.  In  case  the  shares  of  the represented

    shareholder  are  registered  in  the  securities  account  with  a

    custodian,  also a statement issued by the custodian certifying the

    blocking of shares on the account has to be presented.



Shareholders  may  instruct their custodians to block the shares on the

accounts by the end of the business day of May 20, 2003.

Draft resolutions are available to shareholders for inspection from May

21  till  May 29 on business days from 10:00 till 16:00, at the Latvian

Central  Depository  at  Doma  laukums  1,  Riga,  upon phone (7229821)

appointment on the previous day.