The Board of Directors of the Macedonian Stock Exchange, on its session held on 24th of March 2003 has brought the following Decision for listing the denationalization bond-Second issue issued by the Republic of Macedonia 1. The denationalization bonds-second issue issued by the Republic of Macedonia are approved be listed on the Official market on the Macedonian Stock Exchange for Long Term Securities Skopje. 2. The listed securities have the following characteristics: - Type of security:denationalization bond-second issue, issued as dematerialized securities, on name and with unlimited transferability - Issuer: Republic of Macedonia - Code: RMDEN02 - nominal value: the nominal value of the denationalization bond is the amount that the requesting person gets on the basis of the denationalization as compensation expressed in EURO - total amount of the issue:38.100.000 EURO 3. The trading in the bonds will start at 27th March 2003. 4. The decision is in force as of the day of its adoption.