JSC Latvijas kuģniecība (Latvian Shipping Company - LASCO) hereby informs that today, 25 April 2007, JSC Latvijas kuģniecība Annual General Meeting of Shareholders reviewed all the issues on the Agenda and passed resolutions on the approval of JSC Latvijas kuģniecība Annual Reports 2006 and the election of JSC Latvijas kuģniecība sworn auditor for Annual Reports 2007, all in accordance with the draft resolutions announced. LASCO AGM of Shareholders considered the reports by JSC Latvijas kuģniecība Management Board, Supervisory Council and sworn auditor on the Company's performance in 2006, as well as approved JSC Latvijas kuģniecība Annual Report 2006 and Consolidated JSC Latvijas kuģniecība and its Subsidiaries Annual Report 2006, prepared in accordance with, respectively, the Law on Annual Reports of Undertakings of the Republic of Latvia and the International Financial Reporting Standards issued by the International Accounting Standards Board. The shareholders resolved to transfer JSC Latvijas kuģniecība parent company's losses for 2006 to the accumulated losses for the previous years. The Group's audited financial results for 2006 once again evidenced to the shareholders the Company's ability to compete in the world shipping market, as envisaged by LASCO strategic goals and objectives. As already reported, JSC Latvijas kuģniecība performance in 2006 has been successful, with its Net Profit reaching USD 33.7 million, thus exceeding the respective result for 2005 by 23%. The Group's total Voyage Income reached USD 216.3 million, compared to USD 198.7 in 2005. As at the end of the reporting period LASCO Audited Shareholders' Equity was USD 419.0 million or USD 2.10 per share, which, yet another year, is the highest level in the history of LASCO as a private company. The AGM of shareholders elected Ernst & Young Baltic SIA as auditor of JSC Latvijas kuģniecība Annual Report and Consolidated Report 2007, and authorized LASCO Management Board to sign a contract therewith, determining the remuneration within JSC Latvijas kuģniecība approved budget for 2007. For detailed information: Marita Ozolina-Tumanovska Head of Public Relations Department Phone: 67020120, 29287169 E-mail: marita.ozolina@lscgroup.lv