Extract

Minutes No.1/11

of the extraordinary meeting of

JSC “VEF RADIOTEHNIKA RRR”

3 Kurzemes prospekts, Riga

April 29, 2011, 4 pm.

Based on the decision of the Board of JSC  “VEF Radiotehnika RRR” about holding the meeting of shareholders which has been published in newspapers  “Diena” on March 29 No 74 in writing let known to shareholders registered in the shareholders’ register E.Malejevs, I.Spruga, “Baltlains Intern “, J.Maļejevs, V.Mihailovins the meeting is declared open

            Chairman of the Board Mr. Janis Salenieks opens the meeting.

            Chairman of the Board Mr. Janis Salenieks informs that according to the registration data shareholders or their authorized persons are present at the meeting, which makes owners of 2407173 shares with a right of voting  and which makes  94.43 % of paid statute capital. Registration of shareholders has been done in accordance with list approved by Central Latvian Depository and listings of closed share emissions. Registration documents with signatures of representatives of shareholders and their authorized persons have been attached to the copy of minutes kept in the JSC.

Paid statute capital of JSC is LVL 2 549 084.

The meeting is legitimate and can start discussing the subjects included in the agenda.

On behalf of the Board speaker of the meeting Mr.J.Salenieks announces the list of shareholders present at the meeting:  E.Maļejevs, J.Maļejevs, I.Spruga, V.Mihailovins, authorized representative of  ”Baltlains.Intern” SIA O.Romanko.

Present at the meeting: Chairman of the Council J.Salenieks;  Members of the Council: J.Maļejevs, I.Sprūga,  A.Smiltniece, V.Mihailovins.

Members of the Board: Chairman of the Board - E.Maļejevs, members of the Board  –G.Lacis.

With 100% of the votes of shareholders present the decision has been taken:

-         to elect authorized representative of  Vjaceslavs Mihailovins as the vote counter.

With 100% of the votes of shareholders present the decision has been taken:

-         to elect Janis Salenieks  as the speaker of the meeting.

With 100% of the votes of shareholders present the decision has been taken:

-         to Inga Sprūga as the secretary of the meeting.

With 100% of the votes of shareholders present the decision has been taken:

-         to elect shareholders Eduards Malejevs and Jurijs Malejevs as authorized signatures of the minutes of the meeting.

Chairman of the meeting announces the agenda of the meeting:

1. Report of the Board on the results of 2010
2. Council report on the results of 2010
3. Revision Committee Report of the on the results of Committee operations
4. Sworn auditor's report.
5. Acceptance of the balance of 2010
6. Sharing of profit of 2010
7. Acceptance of JSC budget and plan of activities for 2011.
8. Acceptance of sworn auditor.
9. Personell changes in the Council of JSC ”VEF Radiotehnika RRR”

With 100% of the votes of shareholders present the decision has been taken:

Accept the report of the Board on the results of 2010

        2.Council report on the results of 2010

With 100% of the votes of shareholders present the decision has been taken:

Accept Council report on the results of 2010

3 Revision committee report on the 2010 results

 With 100% of the votes of shareholders present the decision has been taken:

       Note the Stock Company revision committee report on the 2010 results of operations.

4. Report of the sworn auditor.

With 100% of the votes of shareholders present the decision has been taken:

To take into consideration the report of the sworn auditor.

      5.Acceptance of the balance of 2010

With 100% of the votes of shareholders present the decision has been taken:

Accept the balance of 2010 with the total amount 5085861 LVL

6.Sharing of profit of 2010

With 100% of the votes of shareholders present the decision has been taken:

To divert the profit of 2010 in the amount of 16835 LVL to covering the losses of the previous years.

7. Acceptance of JSC budget and plan of activities for 2011.

With 100% of the votes of shareholders present the decision has been taken:

To accept the JSC budget and plan of activities for 2011:

1.Including       1340000
2.Manufacturing costs 1148000
3.PROFIT after tax 52,100

      8.Election of sworn auditor

With 100% of the votes of shareholders present the decision has been taken:

To elect as JSC sworn auditor for 2011 sworn auditor Nelli Jermolicka (certificate Nr.102).

                 9 Personell changes in the Council of JSC ”VEF Radiotehnika RRR”

            Due to the fact that the council members withdrew their applications before the meeting,               there is no reason to consider the matter.

          10.Organization of the revision committee of JSC ”VEF Radiotehnika RRR”

          With 100% of the votes of shareholders present the decision has been taken:

Extend revision committee term by three years to existing Joint Stock Company revision committee in following structure: committee members O.Romanko, J.Malejeva and L.Rjabaja.

Speaker of the meeting: J.Salenieks (signature)

Secretary I.Spruga (signature)

Confirm adequacy of the minutes:

Eduards Malejevs(signature)

Jurijs Malejevs(signature)

“Minutes are adequate”

Chairman of the Board

JSC “VEF Radiotehnika RRR”

E.Malejevs

_____________________________

Riga, April 29, 2011