Resolutions  of  the  Riga  Stock Exchange Management Board meeting of

August 7, 2002:

1.  JSC  "Latvijas  Hipotēku  un zemes banka" AD series 10,000 mortgage

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

auction  on  August  9,  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 10,000 mortgage

bonds is LVL 1,000,000, accrued interest on the auction date is 0.00 %,

and settlement date is august 15, 2002.

Bids  for  the auction may be submitted on august 9, 2002 from 11:00 to

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

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

starting with July 15, 2002.