Resolutions of Annual General Meeting of Shareholders of JSC „Valmieras stikla šķiedra” held on May 29, 2015

1. Reports of Management Board, Supervisory Board, Audit Committee and statement of Sworn auditor, approval of Annual report for the year 2014.

1. To take notice of the Reports of Management Board, Supervisory Board, Audit Committee and statement of Sworn auditor for the year 2014 of joint stock company “Valmieras stikla šķiedra”.                                                    
2. To approve the Annual Report of joint stock company “Valmieras stikla šķiedra” for the year 2014 prepared by the Management Board of joint stock company “Valmieras stikla šķiedra” and revised by the Supervisory Board of joint stock company “Valmieras stikla šķiedra”.

Voting results:  decision is taken with the required majority of votes.

2. Distribution of the profit for the year 2014.

1. To approve the net profit of joint stock company “Valmieras stikla šķiedra” for the year 2014 in the amount of 7 028 446 EUR.
2. To distribute the net profit for the year 2014 of 7 028 446 EUR as follows:

• To pay 2 811 016.91 EUR in total or 0,1176 EUR (11.76 cents) per one share to shareholders in dividends, setting July 17, 2015 as the date of calculation of dividends and July 24, 2015 as the date of payment of dividends.
• To leave undistributed and use 4 217 429.09 EUR for the development of joint stock company “Valmieras stikla šķiedra” with the aim to increase joint stock company “Valmieras stikla šķiedra” competitiveness.  

Voting results:  decision is taken with the required majority of votes.                                

3. Election of the auditor for the audit of Annual Report for the year 2015 and determination of the remuneration for the auditor.

1. To elect audit company “Deloitte Audits Latvia” SIA (commercial company license No. 43) as auditor of the Annual Report of joint stock company “Valmieras stikla šķiedra” for the year 2015.
2. To determine that the remuneration of the auditor for the audit of Annual report for the year 2015 shall be set according to the agreement signed between the auditor and joint stock company “Valmieras stikla šķiedra” on the audit of the Annual Report 2015.

Voting results:  decision is taken with the required majority of votes.

4. Election of the Supervisory Board and determination of the remuneration for members of the Supervisory Board.

1. To elect in the positions of the members of the Supervisory Board of joint stock company “Valmieras stikla šķiedra” for three years, determining the beginning of the duties of the Supervisory Board as of the May 31, 2015:

• Jürgen Heinz Preiss-Daimler;
•  Jöran Pfuhl;
•  Andris Oskars Brutāns;
•  Peter Hans Cordts;
•  Frank Wilhelm Behrends. 

Voting results:  decision is taken by dividing of votes. 

2. For the results of the year 2014 of the joint stock company “Valmieras stikla šķiedra” to pay additional remuneration in the amount of 1% of the consolidated net profit for the year 2014 to each member of the Supervisory Board.                                                      
3. To determine that for the duties during the year 2015, each member of the Supervisory Board of joint stock company „Valmieras stikla šķiedra” shall receive a remuneration in the amount of 3000,- EUR (three thousand euro) for each attended Supervisory Board meeting.        

Voting results:  decision is taken with the required majority of votes.

5. Election of the Audit committee and determination of the remuneration for the Audit committee.

1. To elect for the office of the member of of joint stock company “Valmieras stikla šķiedra” Audit Committee for the term three years, starting on  29 May 2015:
   • Stefan Preiss-Daimler;
   •  Dr. Guntis Strazds;
   •  Florian Krome.

2. To establish that the meetings of the Audit Committee shall be held in line with necessity of the company; however not less than 3 (three) times a year, but not more frequent than 4 (four) times a year.
3. To determine that for the duties during the year 2015, each member of the Audit Committee of joint stock company „Valmieras stikla šķiedra” shall receive a remuneration in the amount of 1850,- EUR (one thousand eight hundred fifty euros) for each attended Audit Committee meeting.                                 

Voting results:  decision is taken with the required majority of votes.

Valmiera, May 29, 2015

Management Board of joint stock company „Valmieras stikla šķiedra”

         Contacts:
         Marika Nīmante
         JSC „Valmieras stikla šķiedra” marketing project manager
         Phone: +371 64202276, +371 26635509
         Fax: +371 64281216
         E-mail: Marika.Nimante@valmiera-glass.com
         More information about company: www.valmiera-glass.com