Resolutions  of  the  Riga  Stock Exchange Management Board meeting of

November 12, 2002:

1.JSC "Latvijas Hipotēku un zemes banka" AL series 20,000 mortgage bond

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

November  15,  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 20,000 mortgage bonds is

LVL  2,000,000,  accrued  interest  on  the auction date is 1.60 %, and

settlement date is November 21, 2002.

Bids  for  the auction may be submitted on November 15, 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 November 25, 2002.