MANAGEMENT REPORT

November 29, 2013

The types of activities performed by the JSC “Brivais Vilnis” are processing and canning of fish and fish products, wholesale of food products and other commercial activities classified nowhere else. On May 14, 2002 the company was registered in the Common commercial register of the Republic of Latvia.

Year 2013 is the 22^nd year of operation since the Company was transformed into a Joint Stock Company. In 9 months of 2013 the Company produced a total of 17.5 million cans of various types (137) of fish products, including 8.4 million cans of sprat. In 9 months of 2013 there were sold 17.0 million cans for LVL 6.7 million. The financial result of 9 months of 2013 is profit of LVL 394 593. This profit is from economic activities of the Company.

Net turnover for 9 months of 2013 is LVL 6 766 thousand.

Result for 9 months of 2013:                  

Gross profit (LVL)                                                                                    917 thousand

Gross profit (%)                                                                                       13.6

The Company’s goal is to continue transformation in accordance with the EU and third countries quality requirements.

We have started enlargement of canned fish sterilization area that will increase production capacity and assortment.

The JSC “Brivais Vilnis” will continue cooperation with the “NASDAQ OMX Riga” JSC and remain listed in the free list of stock exchange in 2013. The Company continues work on adoption of new markets in Western Europe and other world in 2013.

The Company continues development of new products and new packaging and works on improvement of quality of the current assortment also in this year.