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Decisions Taken at the Annual General Meeting

on April 29, 2010

Name of securities: Public shares of JSC Olainfarm
ISIN code: LV000100501
Paid – in  capital: 14 085 078 LVL
Date of the Annual General Meeting: April 29, 2010 at 11:00
Venue: Olaine, Rupnicu iela 5.
Following documents have been approved at the Annual General Meeting:

1. Report of the Board on results of operations in 2009.

To take notice of the Management Report on results of operations in 2009.

Voting: the resolution was adopted unanimously.

2. Report of the Council on results of operations in 2009

To take notice of the Council Report on results of operations in 2009.

Voting: the resolution was adopted unanimously.

3. Report of the Auditing Committee.

To take notice of the Report of the Auditing Committee.

Voting: the resolution was adopted unanimously.

4. Approval of the Audited Annual Report for 2009.

To approve the Audited Annual Report for 2009.

Voting: the resolution was adopted unanimously.

5. Approval of the Audited Consolidated Annual Report for 2009.

To approve the Audited Consolidated Annual Report for 2009.

Voting: the resolution was adopted unanimously.

6. Division of profits of 2009.

To use 1 095 181 lats (1 558 302 Euros) from the profit of JSC Olainfarm made in 2009 to cover the uncovered losses of previous years, and to invest the remaining part of the profit in amount of 1 268 363 lats (1 804 718 Euros) in the development of the Company.

Voting: the resolution was adopted unanimously.

7. Report of the Board on budget for 2010 and on planned operations in 2010.

To take notice of Report of the Board on budget for 2010 and on planned operations in 2010, which include Company’s sales forecast of 24.5 million lats (34.9 million Euros) and profit forecast of 2.7 million lats (3.8 million Euros).

Voting: the resolution was adopted with necessary majority of votes.

8. Election of the Certified Auditor for 2010.

8.1. to elect SIA „Ernst & Young Baltic” (license No. 17, unified registration number: 40003593454) to be the certified auditor of JSC Olainfarm in 2010.

Voting: the resolution was adopted unanimously.

8.2.  to set the total remuneration of certified auditor at 29 000 lats (41 263 Euros), exclusive of VAT.

Voting: the resolution was adopted with necessary majority of votes.

9. Election of the Auditing Committee.

9.1. to elect Zanna Karaseva to be the sole member of the Auditing Committee.

Voting: the resolution was adopted unanimously.

9.2. to set the total monthly remuneration of the members of the Auditing Committee at 500 lats (711 Euros).

Voting: the resolution was adopted unanimously.

 

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:

Salvis Lapins
Member of the Board
JSC Olainfarm
Tel: +371 6 7013 717
Cell: +371 2 6448 873
E-mail: slapinsh@olainfarm.lv

 

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