APPROVED
At the Annual General Meeting of shareholders
JSC “Latvijas kuģniecība”
On ________, 2009
(protocol No. ___)

The amendments of articles of association of JSC “Latvijas kuģniecība”

1. To define the name of 1st chapter of the articles of association of JSC “Latvijas kuģniecība” (hereinafter – Articles of association) in the following wording: 
„1. Firm name and the form of the commercial activities”.

2. To supplement the Articles of association with Clause 1.2. in the following wording:
„1.2. The main forms of the commercial activities of the Company according to Statistical Classification of Economic Activities (NACE 2.red.) are:
1.2.1. Sea and coastal freight water transport (50.2);
1.2.2. Activities of holding companies (64.2);
1.2.3. Activities of head offices (70.1);
1.2.4. Another forms of commercial activities.”

3. To define the Clause 5.5. of the Articles of association in the following wording:
„5.5. The revision committee of the Company consist of 3 (three) members of the revision committee. The general meeting of shareholders elect the revision committee for term of three years. Remuneration of members of revision committee determines the general meeting of shareholders.”

4. To supplement the Articles of association with Clause 5.6. in the following wording:
” 5.6. The work of the revision committee is chaired by the chairperson, who is elected from among the members of the revision committee. Revision committee acts in accordance with its confirmed Regulation”.

Riga, March 26, 2009

Chairman of the Management Board
of JSC „Latvijas kuģniecība”        I.Sarmulis

                                                                      I.Sarmulis