LATVIJAS KUĢNIECĪBA                                             29.06.2005



ON JSC "LATVIJAS KUĢNIECĪBA" SHAREHOLDERS AGM ON 29. JUNE



JSC Latvijas kuģniecība (Latvian Shipping Company – LASCO) hereby informs

that the Company’s Annual General Meeting of shareholders was held today,

29 June 2005. The AGM of shareholders considered all the items of the Agenda,

announced in advance according to the applicable law, and passed resolutions

on the approval of Annual Reports 2004, distribution of profit for 2004,

election of  the sworn auditor and remuneration of LASCO officers.



The AGM of shareholders approved JSC Latvijas kuģniecība Annual Report 2004

prepared in accordance with the Law “On the Annual Reports of Enterprises”,

JSC Latvijas kuģniecība Consolidated Annual Report 2004 prepared in accordance

with Law “On Consolidated Annual Reports”, and the Consolidated Annual Report

2004 prepared in accordance with the International Financial Reporting

Standards (in the form of the reports already published). At the suggestion of

the shareholders the first part of the resolution on the given item has been

worded as follows: “To take notice of the report of JSC Latvijas kuģniecība

Board of Directors and Supervisory Council. To take for consideration and

assessment JSC Latvijas kuģniecība Sworn Auditors’ Reports.”



The shareholders resolved to use the Company’s net profit for 2004 in the amount

of LVL 37,796,988 for covering the accumulated loss of the previous years.



The AGM of shareholders resolved to elect Ernst & Young Baltic Ltd. sworn

auditors for auditing JSC Latvijas kuģniecība reports 2005. LASCO shareholders

authorised the Company’s Board of Directors to sign a contract with the auditors

with remuneration set according to the approved JSC Latvijas kuģniecība Budget

2005. It was also resolved to set the annual remuneration of the Council

according to the Company’s approved Budget 2005, and authorise the Chairman of

the Council to decide on the distribution thereof.



JSC Latvijas kuģniecība 

Public Relations

Tel.7020120

Fax: 7820239