Agenda:

1. Approval of report of the Board of Directors and the Supervisory Council;

2. Approval of the annual report and release of the Board of Directors from responsibility for financial year 2007/2008;

3. Amendments to the Articles of Association;

4. Election of the members of Revision Committee and determination of the amount of remuneration;

5. Covering of losses by undivided profit from previous periods;

6. Retaining the part of undivided profit from previous periods as retained earnings;

7. Appointment of the auditor and determination of the amount of remuneration.

Registration of shareholders for the meeting shall take place on the day of the meeting – the 19th November 2008 – from 10.30 a.m. until 11.00 a.m. at the place of the meeting.

Shareholders can participate personally or delegate a representative.

Shareholders who have blocked their shares have to present passport or other verifying document to register.

Representatives of shareholders have to show legally binding power of attorney of the shareholder and passport or other verifying document to register. The template of the power of attorney is available in the webpage of JSC “SAF Tehnika”.

Every shareholder, who wants to participate in the meeting, has to block his shares by the 10th of November 2008.

Proposals regarding the agenda of  shareholders meeting can be submitted from 30th of October 2008  at the Administration of JSC SAF Tehnika (24a, Ganibu dambis, Riga, Latvia) every business day from 9.00 a.m. until 5.00 p.m., but on the day of the meeting – at the place of registration JSC “SAF Tehnika” administration conference room (24a, Ganibu dambis, Riga, Latvia).

Draft resolutions of the shareholders meeting and other documents can be found in the Attachment. However, financial results of respective period mentioned in the draft resolutions are not approved by auditors at the moment. For its part, the evaluation of the offers placed by auditors for FY 2008/2009 will be made till 30th October 2008.

Best Regards,

Board of Directors of JSC SAF Tehnika