DRAFT RESOLUTIONS

of Annual General Meeting of Shareholders

of joint stock company „Valmieras stikla šķiedra” to be held on May 28, 2010

including the candidates of the members of the Supervisory Board proposed by the shareholders  „P-D Management Industries Technologies GmbH” and „ Vitrulan International GmbH”

1.        Reports of Management Board, Supervisory Board, Audit Committee and statement of Sworn auditor, approval of Annual reports for the year 2009.

1)      To take notice of the Reports of Management Board, Supervisory Board, Audit Committee and statement of Sworn auditor for the year 2009 of joint stock company “Valmieras stikla šķiedra”.                                                    

2)      To approve the Annual Report of joint stock company “Valmieras stikla šķiedra” for the year 2009 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”.                                                                     

2.        Distribution of profit for the year 2009.

1)      To approve the net profit of joint stock company “Valmieras stikla šķiedra” for the year 2009 in amount of 18 422 LVL (eighteen thousand four hundred twenty two lats).

2)      The net profit for the year 2009 in amount of 18 422 LVL (eighteen thousand four hundred twenty two lats) use for the development of joint stock company “Valmieras stikla šķiedra” with the aim to increase joint stock company “Valmieras stikla šķiedra” competitiveness.                                

3.      Election of the auditor for the audit of Annual Reports for the year 2010 and determination of the remuneration for the auditor.

1)      To elect audit company limited liability company “Deloitte Audits Latvia” (commercial company licence No. 43) as auditor of the Annual Report of joint stock company “Valmieras stikla šķiedra” for the year 2010.

2)      To determine that the remuneration of the auditor for the audit of Annuals report for the year 2010 shall be set according to the agreement concluded between the auditor and joint stock company “Valmieras stikla šķiedra” on the audit of the Annual Report 2010.

4.      Election of the Supervisory Board and determination of the remuneration for members of the Supervisory Board.

1)      To elect in the positions of the members of the Supervisory Board of joint stock company “Valmieras stikla šķiedra” for three years, determining the beginning of the    duties of the Supervisory Board as of the May 28, 2010:

1)      Jürgen Heinz Preiss-Daimler;

2)      Dr. Guntis Strazds;

3)      Dr. Aivars Lošmanis;

4)      Hans Peter Cordts;

5)      Dr. Reinhard Edwin Manfred Willi Conradt.

2)      To determine that for the duties during the year 2010, each member of the Supervisory Board of joint stock company „Valmieras stikla šķiedra” shall receive a remuneration of 6 000 LVL (six thousand lats).                                 

3)      To determine that 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 1 000 LVL (one thousand lats) for every meeting missed.          

4)      To decide about an additional remuneration in the amount of 1% (one percent) of the net profit for the year 2010 for each Supervisory Board member of the joint stock company “Valmieras stikla šķiedra” after approval of the Annual report for the year 2010 when deciding about the distribution of the profits for the year 2010.              

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

1)      To determine 1 000 EUR (one thousand euro) as the annual remuneration for the each member of the Audit Committee for the execution of the duties of member of the Audit committee.

2)      To determine that if a member of the Audit committee does not participate at any of the mandatory Audit committee meeting, then the remuneration shall be diminished proportionally for every meeting missed.

Valmiera, May 14, 2010

Chairman of the Management Board                                                           A.O.Brutāns                                                                    

Member of the Management Board                                                             D.Šēnbergs