Resolutions  of  the  Riga  Stock Exchange Management Board meeting of

October 15, 2002:

- JSC  "Latvijas  Hipotēku  un  zemes  banka" AL series 30,000 mortgage

mortgage  bond  primary  placement  will  be  conducted on the RSE on a

special  auction on October 25, 2002. The auction will be run according

to  the  procedure  specified  in  "Instruction  for  price  fixing and

execution  of  orders  and  competitive  multiple price auction with an

extension",  approved  on  April  17, 2002. The total face value of the

30,000 mortgage bonds is LVL 3,000,000, accrued interest on the auction

date is 1.25 %, and settlement date is October 30, 2002.

Bids for the auction may be submitted on October 25, 2002 from 11:00 to

12:00. The extension is from 12:00.

The  AL  series  mortgage bonds will be listed on the RSE Official list

starting with October 28, 2002.