DECISIONS of
Annual General Meeting of Shareholders of Joint Stock Company “VEF”
held on 27 April 2017

1. Reports of the Management Board, the Supervisory Council and the statement of the sworn auditor.

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

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

2. Approval of Annual report for the year 2016.

To approve the Annual Report of joint stock company “VEF” for the year 2016 prepared by the Management Board and revised by the Supervisory Council.

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

3. Distribution of profit for the year 2016.

The net profit of the year 2016 of joint stock company “VEF” in the amount of 304 985 EUR use to cover losses of previous years.

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

4. Election of the auditor and determination of the remuneration for the auditor.

1) To take into consideration that sworn auditor Aleksejs Ļitvinovs (certificate no.190) who was elected in Annual general meeting of shareholders
                 held on April 25, 2016 has refused to perform audit of VEF Annual report 2016.
2) To take into consideration and accept that audit of joint stock company “VEF” Annual report 2016 was performed by SIA „BDO AUDIT”
                 (commercial company licence No.176) for the remuneration of 3800 EUR, excluding VAT.
3) To elect SIA „BDO AUDIT” (commercial company licence No.176) as auditor of the Annual Report of joint stock company “VEF” for the year 2017.
4) To determine the remuneration for the auditor for audit of the Annual Report of joint stock company “VEF” for the year 2017 in the amount of  3 140 EUR, excluding VAT.
5) To assign the Management Board of Joint Stock Company “VEF” to sign the contract with the elected auditor for audit of the Annual Report of joint stock
                 company “VEF” for the year 2017.

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

Riga, April 27, 2017

The Management Board of JSC „VEF”