RESOLUTIONS

of Annual General Meeting of Shareholders

of joint stock company „Valmieras stikla šķiedra” held on May 20, 2011

1.        Reports of Management Board, Supervisory Board, Audit Committee and statement of Sworn auditor, approval of Annual reports for the year 2010.

1)      To take notice of the Reports of Management Board, Supervisory Board, Audit Committee and statement of Sworn auditor for the year 2010 of joint stock company “Valmieras stikla šķiedra”.                                                    

2)      To approve the Annual Report of joint stock company “Valmieras stikla šķiedra” for the year 2010 prepared by the Management Board of joint stock company “Valmieras stikla šķiedra” and revised by the Supervisory Board of joint stock company “Valmieras stikla šķiedra”.                                             

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

2.        Distribution of profit for the year 2010.

1)      To approve the net profit of joint stock company “Valmieras stikla šķiedra” for the year 2010 of LVL 616 474 (six hundred sixteen thousand four hundred seventy four lats).

2)      To distribute the net profit for the year 2010 of LVL 616 474 (six hundred sixteen thousand four hundred seventy four lats) as follows:

1. To pay LVL 184 942 (one hundred eighty four thousand nine hundred forty two lats) or LVL 0.0077 per one share to shareholders in dividends, setting June 3, 2011 as the date of calculation of dividends and June 10, 2011 as the date of payment of dividends.
2. To leave undistributed and use LVL 431 532 (four hundred thirty one thousand five hundred thirty two lats) for the development of joint stock company “Valmieras stikla šķiedra” with the aim to increase joint stock company “Valmieras stikla šķiedra” competitiveness.                                
   

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

3.      Election of the auditor for the audit of Annual Reports for the year 2011 and determination of the remuneration for the auditor.

1)      To elect audit company “Deloitte Audits Latvia” SIA (commercial company licence No. 43) as auditor of the Annual Report of joint stock company “Valmieras stikla šķiedra” for the year 2011.

2)      To determine that the remuneration of the auditor for the audit of Annuals report for the year 2011 shall be set according to the agreement signed between the auditor and joint stock company “Valmieras stikla šķiedra” on the audit of the Annual Report 2011.

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

4.      Determination of the remuneration for members of the Supervisory Board

1)      For the results of the year 2010 of the joint stock company “Valmieras stikla šķiedra” to pay additional remuneration in the amount of 1% of the net profit for the year 2010 to each member of the Supervisory Board.                                                      

2)      To determine that for the duties during the year 2011, each member of the Supervisory Board of joint stock company „Valmieras stikla šķiedra” shall receive a remuneration in the amount of LVL 6,000 (six thousand lats).                                 

3)      If a member of the Supervisory Board does not participate at any of the 4 (four) mandatory Supervisory Board meetings, then the remuneration shall be diminished by LVL 1,000 (one thousand lats) for every meeting missed.        

4)      If in 2011 joint stock company “Valmieras stikla šķiedra” will generate profit, to pay additional remuneration in the amount of 1% of the net profit for the year 2011 to each member of the Supervisory Board.

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

5.      Determination of the remuneration for members of the Audit Committee.

1)      To determine that for his/her duties, each member of the Audit Committee of joint stock company „Valmieras stikla šķiedra” shall receive the annual remuneration in the amount of LVL 1,500 (one thousand five hundred lats).                                 

2)      If the member of the Audit Committee does not participate at any of the 3 (three) mandatory Audit Committee meetings, then the remuneration shall be diminished by LVL 500 (five hundred lats) for every meeting missed.        

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

Valmiera, May 20, 2011

The Management Board of joint stock company “Valmieras stikla šķiedra”

Additional information:

Inita Martinsone

Phone: + 371 642 02242

Mobile: +371 29338802

e-mail: initam@vss.lv