Resolutions of Annual General Meeting of Shareholders


The Annual General Meeting of shareholders of joint stock company “VEF” was
held on April 20, 2007. The meeting resolved following resolutions: 

1.On the first item of the Agenda „The Reports of the Management Board, the
Supervisory Board and the statement of the sworn auditor”: 

To take notice of the report of the Management Board, the report of the
Supervisory Board and the statement of the sworn auditor of joint stock company
“VEF”. 

2.On the second item of the Agenda „ Approval of Annual report for the year
2006”: 

1)To approve the Annual Report of JSC “VEF” for the year 2006 prepared by the
Management Board and revised by the Supervisory Board. 
2)To transfer the balance position “Other reserves” 586 037 LVL (five hundred
eighty six thousand thirty seven lats) into the balance position “Undistributed
profit of previous years”. 

3.On the third item of the Agenda „Distribution of profit for the year 2006”:

The net profit of JSC „VEF” for the year 2006 in the amount of 13 842 LVL use
to cover loses of previous years. 

4.On the fourth item of the Agenda „Election of the auditor for the audit of
Annual Report for the year 2007 and determination of the remuneration for the
auditor”: 

1)To elect sworn auditor Māra Līgute (licence No. 55) as auditor of the Annual
Report of JSC “VEF” for the year 2007. 

2)To determine the remuneration for the auditor for audit of the Annual Report
of JSC “VEF” for the year 2007 in the amount of 1062 LVL, including taxes
provided by the legislative acts. 

3)To assign the Management Board of JSC “VEF” to sign the contract with the
elected auditor for audit of the Annual Report of JSC “VEF” for the year 2007. 

On behalf of the Management Board of JSC „VEF”,

G.Feņuks
Chairman of the Management Board

T.Kampāne
Member of the Management Board