JSC   "Valmieras  stikla  šķiedra"  extraordinary  general  meeting  of

shareholders of November 24, 2001 passed the following resolutions:

-  to  approve  the  rules  of  the  7th  closed  share  issue  and the

prospectus;

-  to  issue  15,436,437  common registered shares with nominal value 1

LVL.  The  purpose  of  the  issue is debt-equity swap, originated as a

result  of  investments,  for  Glasseiden  GmbH Oschatz. This also will

allow the rest of shareholders to exercise their pre-emptive rights.

-  to  increase  JSC  "Valmieras  stikla  šķiedra"  by  LVL 15,436,437,

including  swapping debt to equity at total amount of LVL 9,368,760 for

its  shareholder  Glasseiden  GmbH  Oschatz,  and  assuring pre-emptive

rights for the rest of shareholders at total value of LVL 6,067,677.

- to give mandate to JSC "Valmieras stikla šķiedra" Management Board to

make  more accurate definitions in the 7th closed share issue Rules and

Prospectus,  without  changing  the  spirit  of  the said documents. To

authorise  I.Poļaks,  Chairman  of  Management  Board,  to sign the 7th

closed share issue Rules and Prospectus, and submit them to the Company

Register.

-  to authorise Aivars Pakrastiņš to submit to the Company Register and

to   receive  back  from  it  the  Company  documents  associated  with

registration of capital subscription;

- after increase, Company registered capital is LVL 29,970,882;

-  shareholders  as  of  start  of  office day on November 14, 2001 may

exercise  their pre-emptive rights. Subscription to 6,067,677 shares of

7th issue opens on March

1,  2002  and  closes  on May 1, 2002. Subscription is organised by the

Latvian Central Depository. Shareholders or their proxies may subscribe

at  the  Latvian Central Depository at 1 Doma laukums, Riga, Latvian on

all office days from

10:00  till  17:00.  Share price is LVL 1.00, which is built of nominal

value LVL

1.00. 30% of the subscribed value is to be paid upon subscription; full

amount  is  to be paid by November 1, 2002. The 7th share issue will be

regarded as effective to the tune of subscribed amount.

-  starting with November 24, 2001, following his request, to discharge

Kārlis Andrejs Cerbulis from Supervisory Board Member position.