Amendments passed on the Riga Stock Exchange Supervisory Board Meeting

                                                    on October 16, 2003



      Amendments approved by Financial and Capital Market Commission on

                                  November 14, 2003 by Resolution No258



  Amendments to Enforcement Note "On Securities Lists"



1. The wording of Item 2.2. shall be:

     2. Listed securities are securities admitted to listing, which may

be traded on the RSE. Trading may be on the

     Official  list,  Second list, Free list, Pre-list, Investment Fund

list or Surveillance list.



2. The wording of Item 3.2.2. shall be:

     3.2.2.Issuer  and  the  debt  securities  shall  comply  with  the

following requirements:

        2)  minimum value of the debt securities issue shall be 200,000

(two hundred thousand) Euro or equivalent

           amount in LVL.



3. The wording of Item 4. shall be:

   4.Listing of shares on the RSE Second list.



4. Item 4.2 and all sub-items are deleted.



5. The wording of Item 5 and its sub-items shall be:

    5. Listing of shares on the Free list

        5.1. Applying for listing and resolution on listing

              An  issuer  of the Republic of Latvia or a foreign issuer

shall submit a written application for share listing

              on  the Free list. The RSE Management Board shall resolve

on listing of the issuer's shares on the Free

             list.

        5.2. Release of the issuer's decision to seek for listing

             Issuer  shall, without delay, publicise via mass media the

decision to seek for share listing on the RSE

             Free list, as well as on the fact that listing application

has been submitted to the RSE.

        5.3 Listing application documents

             The issuer shall provide the following listing application

documents to the RSE:

            1) A copy of share issue certificate;

            2) Issue prospectus;

            3) A copy of issuer's Registration Certificate or a copy of

similar document issued by the Company

                Register;

           4) Issuers decision to enter into the agreement specified in

Item 1.5 about share listing on Stock

               exchange;

           5) Annual report approved by a certified auditor.

         5.4. The issuer's  shares shall be listed on the RSE Free list

after signing the Agreement. The present Free

              list issuers have to sign the Agreement specified in Item

1.5.



6. The wording of Item 7.2.2. shall be:

       7.2.2.  Issuer of a listed security shall, without delay, advise

the RSE on any resolutions and circumstances

       associated  with  the  issuer  and  his business that may affect

materially the value of the listed securities, or

      the capability to meet the associated liabilities



7.The wording of new Item 7.2.3. shall be:

      7.2.3.  Issuer  has  an  obligation  to  provide the RSE with any

information that the RSE Management Board

     deems it necessary in the defence of investors' rights.



8. The wording of Item 7.2.7. shall be:

    7.2.7 The provisions of Chapters 7 and 8 of the present Enforcement

Note describe the procedure how

     issuers  of  shares  listed  on the Official list, Second list and

Pre-list shall provide information to the RSE on

     regular  and  continuous basis. The provisions of Chapters 7 and 9

describe the procedure how issuers of

      debtsecurities   listed   on  the  Official  list  shall  provide

information to the RSE on regular and continuous basis.



9. The wording of new Item 7.2.8. shall be:

     7.2.8. The provisions of Chapter 7 item 7.2.3. and 7.2.4.  as well

as Chapter 8 item 8.2.2. describes the

      procedure  how  issuers  of  shares listed on the Free list shall

provide information to the RSE on a regular

    basis.



10. The wording of Item 8.2.1. shall be:

    8.2.1.  Preliminary  financial  statements  and  non-audited annual

reports.



11. The wording of new Item shall be 8.2.1.2.:

     8.2.1.2.  Non audited annual report, which includes balance sheet,

cash flow, profit and loss statements and

    notes, must be provided to Stock exchange not later than March 1 of

the following year.



12. The wording of Item 8.2.2.1. shall be:

   8.2.2.1  Official  list  share issuers shall prepare annual reports,

and get them approved by a certified auditor,

     in   compliance   with   the  issuer's  registration  country  and

International Accounting Standards; Second list and

     Free  list  share  issuers  -  in  compliance  with  the  issuer's

registration country accounting standards. In

     addition,  share  issuers  have  to follow the specific legal acts

regulating their business.



13. The wording Item 8.2.2.2. shall be:

    8.2.2.2  Share issuers shall provide to the RSE their annual report

no later than  two weeks before its annual

   general meeting of shareholders, however, not later than April 30 of

the following year.



14. The wording of new Item 8.2.2.3 and shall be:

   8.2.2.3. If the issuer is a part of concern as a parent company, the

consolidated concern annual report to be

   submitted by July 31 of the following year.



15. The wording of Item 9.1.1.1. shall be:

    9.1.1.1  Official list debt securities issuers shall make available

to the RSE, without delay, annual reports

    approved  by  a  certified auditor, and prepared in compliance with

International Accounting Standards (for

    Official  list).  Annual  reports  are provided to the RSE and made

available to public according to the procedure

   specified by the RSE Management Board.



16. The wording of Item 10.1.2. shall be:

    10.1.2. The RSE Management Board may resolve on delisting of shares

on the basis of issuer's application, or

    on its own record. Such resolution may be passed if regular trading

with shares in question can no longer be

     conducted,  and  no  material  harm is caused to investors by such

decision, or if issuer of shares fails to pay

     the  annual fee, or if Financial and Capital Market Commission has

revoked the issue certificate, or the issuer

    has become insolvent or terminated its business.



17. The wording of Item 10.2.2 shall be:

    10.2.2  The  RSE  Management Board may resolve on delisting of debt

securities on the basis of issuer's

    application, or on its own record. Such resolution may be passed if

regular trading with debt securities in

    question can no longer be conducted, and no material harm is caused

to investors by such decision, or if

    issuer  of  debt  securities  fails  to  pay  the annual fee, or if

Financial and Capital Market Commission has

   revoked the issue certificate, or the issuer has become insolvent or

terminated its business.



18. The wording of Item 11.1.1. shall be:

    11.1.1.4  In  case  of  failure  of  an  issuer  to comply with the

provisions of the present enforcement note, the

     RSE Management Board may issue a warning, or may impose a fine, or

may transfer the issuer's securities

     to Surveillance  list,  or  may  suspend trading with the issuer's

securities.



19.  To  delete Items 12.2.1.,12.2.4., and 12.2.5 from the Transitional

Provisions of the Enforcement Note.



20.  To  have  the  following  wording for Item 12.2.3. of Transitional

Provisions:

     12.2.3.  A  Disciplinary  Committee  shall be set up at the RSE by

January 1, 2005.



21. The wording of the new Item 12.2.2. shall be:

    12.2.2.  Second  list share issuers shall prepare annual report for

year 2004 in compliance with the issuer's

    registration country and International Accounting Standards.



22.  To  delete  part  IV  "Free  list",  presently in effect, from the

Enforcement Note on Securities lists of October 8, 1998.



23.  To align the numeration in the entire text of the Enforcement Note

on Securities Lists.