Resolutions of Extraordinary General Meeting of Shareholders of joint stock company „Staburadze” held on March 12, 2007

The Extraordinary General Meeting of shareholders of joint stock company
“Staburadze” was held on March 12, 2007. The meeting resolved following
resolutions: 

1. On the first item of the Agenda “Amendments of articles of association”: 

1) Point 4.3. of the Articles of Association to express in the following
wording: “4.3. The Supervisory Board consists of 5 (five) Supervisory Board
members.” 

2) Point 4.6. of the Articles of Association to express in the following
wording: “4.6. The Chairman of the Management Board represents the Company
separately, but other members of the Management Board represent the Company
only together.” 

3) If state notary of the Register of Enterprises of the Republic of Latvia (an
administrative institution of the Commercial Register) has made the decision to
refuse the registration of the amendments of the Articles of Association of JSC
“Staburadze”, to authorise the Management Board of JSC “Staburadze” with its
resolution to eliminate reasons of the  refusal, which are mentioned in the
decision of the state notary of the Register of Enterprises of the Republic of
Latvia (an administrative institution of the Commercial Register). 

2. On the second item of Agenda “Election of the Supervisory Board”:

1) Considering the application of the member of the Supervisory Board Solvita
Evardsone about leaving position of the member of the Supervisory Board and
according to the Clause 296 Part Nine of the Commercial law, release from their
positions members of the Supervisory Board of JSC “Staburadze” Bjarni
Gunnarson, Jon Thor Hajaltason, Gisli Reynisson, Daumants Vītols starting from
March 12, 2007. 

2) To elect in the positions of the members of the Supervisory Board of JSC
“Staburadze” for three years, determining the beginning of the duties of the
Supervisory Board as of the March 12, 2007: 

1.Juris Jonaitis, 
2.Daumants Vītols, 
3.Bjarni Gunnarsson, 
4.Jon Thor Hajaltason, 
5.Gisli Reynisson, 

3) To determine that the members of the Supervisory Board of JSC “Staburadze”
is not receiving the remuneration for their duties in the Supervisory Board. 

3. On the third item of the Agenda “About share quotation”: 

1) To take into consideration the report of the Management Board of JSC
“Staburadze” about performance of the task given by Extraordinary General
meeting of Shareholders of JSC “Staburadze” on December 12, 2006 and inclusion
of the shares in the Equity Free list of Riga Stock Exchange. 
 
2) Evaluating the effectiveness and advisability of share quotation of JSC
“Staburadze” in the Equity Free list of Riga Stock Exchange, to stop share
quotation of JSC “Staburadze” in the Equity Free list of Riga Stock Exchange
and to delist shares of JSC “Staburadze” from Equity Free list of Riga Stock
Exchange. 

Chairman of the Management Board 
N.Ozolins