The  RSE Management Board reviewed JSC "Vulkāns" listing application to

Free  list. Pursuant to the provisions of Item 4 of Enforcement Note on

Securities  Lists,  it  resolved to request additional information from

the  applicant,  including  Management Report on company performance in

2001 and development prospective.



The   information   currently  provided  by  "Vulkāns"  does  not  give

sufficient  understanding  about the company operations and development

prospective, thus not assuring sufficient protection to the investors.