EXTRACT

                                            Minutes No.2/09

                                 of the extraordinary meeting of

                            JSC "VEF RADIOTEHNIKA RRR"

3 Kurzemes prospekts, Riga

August 10, 2009, 4 pm.

Based on the decision of the Board of JSC "VEF Radiotehnika RRR" to call an extraordinary meeting, which was published in newspapers "Latvijas Vēstnesis" on July 04, 2009 and "Diena" on July 07, 2009, the meeting has been opened.

The meeting has been opened by Chairman of the Board Jānis Salenieks.

Chairman of the Board J.Salenieks informs that according to registration data the shareholders or their authorized persons present at the meeting represent 2213784 shares having the right to vote and which makes 89.42 % of the paid capital.

Registration of shareholders has been done in accordance with the list confirmed by the Central Depositary of Latvia and lists of registry of closed emissions.

Registration documents with Powers of Attorney of representatives and authorized persons of shareholders have been added to the copy of the minutes, which is kept in the JSC.

Paid capital of the JSC is 2 549 084 Ls.

The meeting is legitimate and can startd discussing the questions included in the agenda of the meeting.

On behalf of the Board chairman of the Council J.Salenieks announces the list of shareholders present at the meeting: E.Malejevs with 423599 shares, J.Malejevs with 422571 shares, I.Spruga with 97042 shares, SIA "Baltlains.Intern" with 1270612 shares, represented by Power of Attorney authorized person O.Romanko.

Members of the Council of JSC present at the meeting: Chairman of the Council J.Salenieks, members of the Council - J.Olekšs, A.Smiltniece.

Members of the Board present at the meeting: Chairman of the Board E.Maļejevs, members of the Board: J.Voins, G.Lācis.

Chairman of the Board J.Salenieks informs that to follow the procedure of the meeting and voting for the questions discussed it is necessary to elect vote counting commission.

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

- to elect Olga Romanko as the vote counter;

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

- to elect Janis Salenieks as the chairman of the meeting;

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

- to elect Olga Romanko as the secretary of the meeting;

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

- toelect shareholders Jurijs Malejevs and Inga Spruga as persons verifying correctness of the Minutes of the Meeting.

Chairman of the meeting announces the advertised agenda of the meeting:

1. Changes in the personnel of the Council of JSC "VEF Radiotehnika RRR"

2 . Business and financial situation of JSC "VEF Radiotehnika RRR"

The meeting of shareholders commences discussing the questions included in the agenda.

1. Changes in the personnel of the Council of JSC "VEF Radiotehnika RRR"

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

To recall from the members of the Board of JSC "VEF Radiotehnika RRR"

Janis Salenieks, Janis Olekss, Ausma Smiltniece in accordance with p.296 article (9).

Chairman of the meeting invites shareholders in accordance with the law to nominate candidates for the positions of members of the Council.

Shareholder Eduards Malejevs represented by 423559 shares, proposes for nomination as candidates for the position of members of the Board to be included into the voting list: Jāni Salenieku, Juriju Malejevu, Ingu Sprūgu, Ausmu Smiltnieci, Vjačeslavu Mihailovinu.

No more candidates have been nominated.

Chairman of the meeting announces the candidates included in the voting list: Jānis Salenieks, Jurijs Malejevs, Inga Sprūga, Ausma Smiltniece, Vjačeslavs Mihailovins.

Agreements of the candidates to take the position of members of the Council have been received.

Voting takes place.

Chairman of the vote counting commission O.Romanko announces the results of the voting:

1. Jānis Salenieks for 442764 votes of shareholders present;

2. Jurijs Malejevs for 442755 votes of shareholders present;

3. Inga Sprūga for 442755 votes of shareholders present;

4. Ausma Smiltniece for 442755 votes of shareholders present,

5. Vjačeslavs Mihailovins for 442755 votes of shareholders present.

Thus, as members of the council of JSC "VEF Radiotehnika RRR" have been elected:

1. Jānis Salenieks

2. Jurijs Malejevs

3. Inga Sprūga

4. Ausma Smiltniece

5. Vjačeslavs Mihailovins

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

To confirm the resultas of the election of the Council of JSC "VEF Radiotehnika RRR" that as the members of the Council of JSC "VEF Radiotehnika RRR" have been elected:

1. Jānis Salenieks for 442764 votes of shareholders present;

2. Jurijs Malejevs for 442755 votes of shareholders present;

3. Inga Sprūga for 442755 votes of shareholders present;

4. Ausma Smiltniece for 442755 votes of shareholders present;

5. Vjačeslavs Mihailovins for 442755 votes of shareholders present.

2. Business and financial situation of JSC "VEF Radiotehnika RRR"

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

Take note of “VEF Radiotehnika RRR” Board  report on the result of the activities the company in the first half of the current  year and institutional business improvement during the  second half.

Chairman of the meeting: J.Salenieks (signature)

Secretary O.Romaņko (signature)

Verifying correctness of the Minutes of the Meeting:

Jurijs Malejevs (signature)

Inga Sprūga (signature)

"Extract is correct"

Chairman of the Board of

JSC "VEF RADIOTEHNIKA RRR"

E.Maļejevs

________________________

Riga, August 10, 2009 

Inga Sprūga ocupied the position of the member of bthe Board during last years.

Jurijs Malejevs  ocupied the position of the member of bthe Board during last years.

Vjačeslavs Mihailovins is director of the company since 2004.

Information prepared by

A.Smiltniece

Member of Council