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Draft resolutions of annual shareholders’ meeting of joint stock company “Latvijas kuģniecība” to be held on April 27, 2015

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Draft resolutions of annual shareholders’ meeting of joint stock company “Latvijas kuģniecība” to be held on April 27, 2015

april 13, 2015 / Latvian Shipping Company

1.    Approval of annual reports for 2014

1)    To take notice of the report of the Supervisory Council of joint stock company “Latvijas kuģniecība”, report of the Audit Committee and the Corporate Governance Report for 2014.

2) To approve the annual report of joint stock company “Latvijas kuģniecība” for 2014 (in appendix No. ___).

3) To approve the consolidated annual report of joint stock company “Latvijas kuģniecība” for 2014 (in appendix No. ___).

2.    Use of profit of 2014

To use the 2014 profit of joint stock company “Latvijas kuģniecība” (parent company) in the amount of 1 611 473 EUR (one million six hundred eleven thousand four hundred seventy three euro) to cover losses of previous years.

3.    Election of auditor for audit of annual reports for 2015

1)    To elect auditing firm “PricewaterhouseCoopers” Ltd (commercial enterprise license No. 5) as the auditor of joint stock company “Latvijas kuģniecība” for audit of the annual reports for 2015.

2)    To assign the Management Board of joint stock company “Latvijas kuģniecība” to conclude an agreement with “PricewaterhouseCoopers” Ltd on audit of the annual reports of joint stock company “Latvijas kuģniecība” for 2015, by fixing the remuneration up to EUR 90 000 (ninety thousand euro), excluding value added tax. 

4.  Election of the Supervisory Council. 

1) As from April 27, 2015 to dismiss the following persons from the position of member of the Supervisory Council of joint stock company “Latvijas kuģniecība”: Vladimir Egger, Rubil Yilmaz, Simon Boddy, Andrea Clare Schlaepfer, Varvara Maximova, Julia Vershchagina, Olga Kurenkova, Giovanni Fagioli,  Kristo Oidermaa and Ivars Girgensons. 

2) To elect the Supervisory Council of joint stock company “Latvijas kuģniecība” for a period of five years in the following composition, by setting the beginning of term of powers as from April 27, 2015:

1. ____________________;

2. ____________________;

3. ____________________;

4. ____________________;

5. ____________________;

6. ____________________;

7. ____________________;

8. ____________________;

9. ____________________;

10. ____________________;

11. ____________________;

12. ____________________;

3) To assign ____________ /name, surname/ to convene the first meeting of the newly elected Supervisory Council of joint stock company “Latvijas kuģniecība”, to notify Supervisory Council members on the time and venue of the Supervisory Council meeting, to fix the agenda of the first meeting of the newly elected Supervisory Council of joint stock company “Latvijas kuģniecība”, to open the Supervisory Council meeting, as well as to take other necessary actions in relation to convening and holding the first meeting of the newly elected Supervisory Council of joint stock company “Latvijas kuģniecība”. 

4) To fix the annual remuneration fund for the members of the Supervisory Council of joint stock company “Latvijas kuģniecība” for fulfilment of duties in the amount of EUR 0.00 (zero euro). 

5. Elections of the Audit Committee and determination of the remuneration for the Audit Committee. 

1) To elect the following persons as members of the Audit Committee of joint stock company “Latvijas kuģniecība” for 3 (three) years, fixing the beginning of term of duties as of July 25, 2015:

1. Lahsen Idiken, born [..], address: [..];

2. Nafiset Negouch, born [..], address: [..];

3. Jozef Hubertus Johannes Baardemans, born [..], address: [..].

2) To set the annual remuneration fund of the Audit Committee of joint stock company „Latvijas kuģniecība” in the amount not exceeding EUR 10.000 (ten thousand euro), by authorising the Chairman of the Audit Committee to split the remuneration fund between members of the Audit Committee. 

Management Board of joint stock company “Latvijas kuģniecība”

About JSC “Latvian Shipping Company”

JSC “Latvian Shipping Company” (NASDAQ OMX RIGA: LSC1R) is among the biggest vessel owners in the segment of medium and handy size tankers and takes leading positions in terms of the transported amount of petroleum products among similar companies in Northern Europe. The company owns 16 modern vessels employing more than 500 professional and high-skilled seamen from Latvia. The average age of the LK fleet is 7 years. All of the vessels have received ISM (International Safety Management) certificates. 

Additional information:
Elīna Dobulāne, Communication Consultant
JSC “Latvian Shipping Company”
Phone: +371 25959447
E-mail: elina.dobulane@vnafta.lv
www.lk.lv