The  RSE  Management  Board resolved on its meeting of June 2, 2003 to

transfer  JSC  "Latvijas  kuģniecība"  shares  from  Official  list  to

Surveillance  list starting with June 2, 2003.   The decision was taken

due  to the failure of JSC "Latvijas kuģniecība" to disclose to the RSE

the  planned investment in upgrading the tanker fleet. Thus, by failing

to  disclose  material information that may affect the share price, the

company   has  breached  the  requirements  in  defence  of  investors'

interests as stipulated by Item 11.2.2.7 of the RSE Enforcement Note on

Securities Lists.