JSC  "Latvijas  balzams"  AGM  of  shareholders took place on April 4,

2003, and resolved on the following:

1.  To  approve "Latvijas balzams" Annual Report for 2002, Consolidated

Group  Report  as well as Report on Dependency. To discharge Management

Board members Oļegs Vorošins, Rolands Gulbis, Aleksandrs Jerņevs, Juris

Gulbis,  Indra Ozola from liability for company operations in 2002. JSC

"Latvijas   balzams"   net   sales  in  2002  was  LVL  51,926,436  and

consolidated profit was LVL 2,387,687.

2.  To  retain  the 2002 net profit of LVL 2,387,687 in the company for

development.

3.  To  approve  "Latvijas  balzams"  budget  for  2003 considering the

following:

- revenues LVL 48,264 thousand;

- costs LVL 46,248 thousand;

- profit LVL 2,016 thousand.

4.  To  dismiss  all  Management Board members: Oļegs Vorošins, Rolands

Gulbis,  Aleksandrs  Jerņevs,  Juris Gulbis, Indra Ozola. The number of

Management  Board  members  shall  be  5  and the following members are

elected  for  a  three  year  period:  Juris  Gulbis,  Rolands  Gulbis,

Aleksandrs Jerņevs, Egils Dzerelis and Sergejs Ļimarenko.

5.  To  dismiss  all  Supervisory  Board  members: Aleksandrs Kovaļovs,

Aleksejs  Olijniks,  Jurijs  Šeflers,  Kaspars  Ieviņš-Brambis,  Jurģis

Ābele,  Pjotrs  Avens. To elect the following Supervisory Board members

and  issue mandate for 3 years: Hanss Urluss, Eriks Vitmans, Aleksandrs

Kovaļevs, Pjotrs Avens, Vitolds Kokars and Kaspars Ieviņš-Brambis.

6.  In  2003  Management  Board  members  will  not  be remunerated for

performing their duties in the capacity of Management Board members.

7. The remuneration to Supervisory Board members is LVL 15,000.

8. To elect the audit firm "PriceWaterhouseCoopers" (commercial company

licence #5) as "Latvijas balzams" certified auditor for 2003.