Baltic bourses: two steps toward consolidation

Step 1.
Alliance with NOREX possible starting in 2000

The Nordic states stock exchange alliance NOREX will make a final
decision on admitting the Baltic bourses no sooner than in the second
half of 2000, the Riga Stock Exchange public relations office has
told the Baltic News Service. The final decision on admitting the
Baltic bourses to the alliance will be made after all payments are
known, all rules are coordinated and the source of financing for the
project is found.

NOREX was set up in early 1998 between the Copenhagen and Stockholm
stock exchanges, while the Oslo bourse plans to join soon. The NOREX
project is based on the idea that independent bourses work through a
united trading system, with cross-membership and single listing.

Step 2.
Baltic List begins to take shape

The Baltic List, the joint trading list of the three Baltic bourses,
is beginning to take shape, with the Riga, Tallinn and Vilnius
bourses proposing securities to place on the list. The Tallinn Stock
Exchange proposes to include five companies - Telecom, Hansapank,
Uhispank, Optiva Bank and Norma.

The Riga bourse proposes to include Balta, Latvijas Gaze, Unibanka
and Ventspils Nafta in the list. The Vilnius bourse wants Kalnapilis,
Rokiskio Suris, Utenos Trikotazas, Vilniaus Bankas and possibly
Snaige to join the Baltic List, to be launched as soon as January
2000.

Only businesses quoted on the main list of each stock exchange are
eligible for the joint Baltic List. The firm's market capitalization
must be at least 15 million euros, and a minimum of 25 percent of its
shares must be freely tradable with its bookkeeping in line with
international standards.