On  December 4, 2003 NORD/LB bonds primary placement auction was run at

the  Riga  Stock  Exchange.  5000  bearer bonds at total value of LVL 5

million were made available to the investors. Nominal value of one bond

is LVL 1000. The bonds mature on December 4, 2006, and coupon rate is 6

month  RIGIBOR+0.40%.  The coupon rate for the first semi-annual period

(December  4,  2003  to  June  4, 2004) was set at 4.84% on December 1,

2003.



The  aggregate  number of bonds bid was 1945; 895 or 17.9% were sold at

average weighted price 99.75%, which corresponds to yield 4.93%.



Considering  the  current  situation in the Latvian capital market (the

increasing  lat rates are an evidence of lack of liquidity in interbank

market;  several  recent  debt  securities  issues have not enjoyed the

attention  of too many investors), NORD/LB Latvija assesses the results

as satisfactory.



The  remaining  bonds  that  were not placed during the auction will be

available  to  the  investors  at NORD/LB Latvija on business days till

June 4, 2004.