Norex and the Baltic Exchanges put co-operation on hold

NOREX and the Baltic Exchanges put co-operation on hold NOREX and the exchanges of Lithuania and Riga have discussed their future relations and come to a joint conclusion that the preconditions for a mutually beneficial alliance are no longer as convincing as earlier. The parties have therefore decided to formally put the co-operation on hold, while the exchanges of Lithuania and Riga explore other possible co-operation arrangements. The relations between the parties continue to be one of mutual trust and friendship. "It has proven difficult to reconcile the different needs of the larger existing NOREX exchanges with the smaller emerging Baltic markets. We wish the exchanges of Lithuania and Riga the best of luck and hope that they will find suitable partners able to address their specific needs", says Sven Arild Andersen, Chairman of NOREX and CEO of the Oslo Exchanges. "We have learnt a lot from our two-year co-operation with NOREX, however the terms of closer association proposed by the alliance would not benefit the market and our shareholders to the extent that we wish. The Management of the National Stock Exchange of Lithuania will focus on other feasible strategic partnerships that would offer new opportunities for our issuers, brokers and investors", says Rimantas Busila, President of the National Stock Exchange of Lithuania. Guntars Kokorevics, President of the Riga Stock Exchange says: "The Riga Stock Exchange has received for its consideration a few attractive co- operation offers from some other alliances and stock exchanges. At this point, it would be premature to name our future partners. The main factor guiding our decision will be their contribution towards the enhancement of the Latvian capital market. I believe that investors and brokers from the countries of NOREX stock exchange alliance will continue to regard the Baltic capital market as a challenging investment opportunity." For further information please contact: Sven Arild Andersen, Chairman of NOREX and President of the Oslo Stock Exchange, tel +47 22341700 Guntars Kokorevics, President of the Riga Stock Exchange, tel +371 72 12 431 Rimantas Busila, President of the National Stock Exchange of Lithuania, tel +370 2 72 38 71 Joint Press Release of the NOREX Alliance, the National Stock Exchange of Lithuania and the Riga Stock Exchange ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/28/20010528BIT00610/bit0001.doc http://www.bit.se/bitonline/2001/05/28/20010528BIT00610/bit0001.pdf