RSE  Management  Board, on its meeting of January 31, 2002, resolved on

the following:

1.  To  run  a  primary  placement  special  auction  for JSC "Latvijas

Hipotēku un zemes banka"  AD series mortgage bonds on February 7, 2002,

pursuant  to  "Procedure for price calculation and order execution at a

competitive  multiple-price auction" (December 18, 2000). The number of

securities  to  be  placed  is  10,000;  total  nominal  value  is  LVL

1,000,000; accrued interest as of settlement date - 0%; settlement date

- February 15, 2002.

Orders may be submitted to the RSE on February 7, 2002, from 11:00 till

12:00.

The  AD  series mortgage bonds, placed on February 7, will be listed on

the Official list starting with February 18, 2002.

2.  To  run  a  primary  placement  special  auction  for JSC "Latvijas

Hipotēku  un  zemes  banka"   AI  series mortgage bonds on February 12,

2002,  pursuant to "Procedure for price calculation and order execution

at  a  competitive  multiple-price  auction"  (December  18, 2000). The

number of securities to be placed is 10,000; total nominal value is LVL

1,000,000; accrued interest as of settlement date - 0%; settlement date

- February 15, 2002.

Orders  may  be  submitted  to the RSE on February 12, 2002, from 11:00

till 12:00.

The  AD series mortgage bonds, placed on February 12, will be listed on

the Official list starting with February 18, 2002.