Riga  Stock  Exchange Management Board on its meeting of July 28, 2003

resolved to transfer JSC "Kaija" shares from the RSE Second list to the

Surveillance list.

The  decision  is taken due to the failure of the JSC "Kaija" to submit

the  financial  statements  for  6  month  of 2003 within the reporting

deadlines. Thus the issuer has not complied with protection of investor

rights  requirements,  as  stated in the provisions of Item 11.2.4.3 of

the RSE Enforcement Note on Securities Lists.