FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011

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3 TABLE OF CONTENTS Federation of Euro-Asian Stock Exchanges 3 Bloomberg 1 IS Investment 12 Finans Asset Management 14 Deutsche Boerse Group 15 NASDAQ OMX 18 Tayburn Kurumsal 21 Stock Exchange Profiles Abu Dhabi Securities Exchange 24 Amman Stock Exchange 28 Bahrain Bourse 31 Baku Interbank Currency Exchange 34 Baku Stock Exchange 36 Banja Luka Stock Exchange 4 Belarusian Currency and Stock Exchange 43 Belgrade Stock Exchange 46 Bucharest Stock Exchange 5 Bulgarian Stock Exchange 54 Damascus Securities Exchange 57 Egyptian Exchange 6 Georgian Stock Exchange 64 Iraq Stock Exchange 67 Istanbul Gold Exchange 7 Istanbul Stock Exchange 72 Karachi Stock Exchange 75 Kazakhstan Stock Exchange 78 Kyrgyz Stock Exchange 81 Lahore Stock Exchange 84 Macedonian Stock Exchange 86 Moldova Stock Exchange 9 Mongolian Stock Exchange 93 Montenegro Stock Exchange 96 Muscat Securities Market 99 NASDAQ OMX Armenia 12 Palestine Exchange 16 Sarajevo Stock Exchange 11 State Commodity & Raw Materials Exchange of Turkmenistan 112 Tehran Stock Exchange 115 Tirana Stock Exchange 118 Toshkent Republican Stock Exchange 121 Ukrainian Stock Exchange 125 Zagreb Stock Exchange 128 Affiliate Member Profiles Central Registry Agency Inc. 133 Central Securities Depository of Iran 134 Macedonian Central Securities Depository 135 National Depository Center of Azerbaijan 136 Misr for Clearing, Settlement & Central Depository 137 Securities and Exchange Brokers Association of Iran (SEBA) 138 Securities Depository Center (SDC) of Jordan 139 Takasbank - ISE Settlement and Custody Bank, Inc. 14 Tehran Securities Exchange Technology Management Company (TSETMC) 141 The Association of Capital Market Intermediary Institutions of Turkey (TSPAKB) 142 Member List 143 FEDERATION OF EURO-ASIAN STOCK EXCHANGES (FEAS) I.M.K.B Building, Emirgan Istanbul, Turkey Tel: (9 212) Fax: (9 212) secretariat@feas.org Web address: Contacts: Mr. Mustafa Baltaci, Secretary General Ms. Ege Adalioglu, Deputy Secretary General Mrs. Susan Gogus, Deputy Secretary General The Federation of Euro-Asian Stock Exchanges Annual Report April 211 is published by the Federation of Euro-Asian Stock Exchanges. All editorial material was collated and edited by the Federation of Euro-Asian Stock Exchanges. The design, production and distribution was coordinated by the Federation of Euro-Asian Stock Exchanges. Designed by: Tayburn Kurumsal Although every care has been taken to ensure the accuracy of the information contained within the publication, the Secretariat cannot be held liable for any inaccuracies, errors or omissions, nor held liable for any actions taken on the basis of the information provided herein. The Federation of Euro-Asian Stock Exchanges PAGE 1

4 Established on 16 May 1995, the Federation of Euro-Asian Stock Exchanges (FEAS) today has 34 stock exchange members and 13 affiliate members in 3 countries. MEMBERS Abu Dhabi Securities Exchange Amman Stock Exchange Bahrain Bourse Baku Interbank Currency Exchange Baku Stock Exchange Banja Luka Stock Exchange Belarusian Currency and Stock Exchange Belgrade Stock Exchange Bucharest Stock Exchange Bulgarian Stock Exchange Damascus Securities Exchange Egyptian Exchange Georgian Stock Exchange Iraq Stock Exchange Istanbul Gold Exchange Istanbul Stock Exchange Karachi Stock Exchange Kazakhstan Stock Exchange Kyrgyz Stock Exchange Lahore Stock Exchange Macedonian Stock Exchange Moldova Stock Exchange Mongolian Stock Exchange Montenegro Stock Exchange Muscat Securities Market NASDAQ OMX Armenia Palestine Exchange Sarajevo Stock Exchange State Commodity & Raw Materials Exchange of Turkmenistan Tehran Stock Exchange Tirana Stock Exchange Toshkent Republican Stock Exchange Ukrainian Stock Exchange Zagreb Stock Exchange AFFILIATE MEMBERS Association of Certified Capital Market Professionals (ACCMP), Jordan Central Registry Agency Inc. Central Securities Depository of Iran Macedonian Central Securities Depository Misr for Clearing, Settlement & Central Depository MSM Brokers Association, Oman National Depository Center of Azerbaijan Securities and Exchange Brokers Association of Iran (SEBA) Securities Depository Center (SDC) of Jordan Takasbank - ISE Settlement and Custody Bank, Inc. Tehran Securities Exchange Technology Management Company (TSETMC) The Association of Capital Market Intermediary Institutions of Turkey (TSPAKB) The South Asian Federation of Exchanges (SAFE) PAGE 2

5 FEDERATION OF EURO-ASIAN STOCK EXCHANGES Huseyin Erkan President of FEAS & Chairman and CEO of the Istanbul Stock Exchange The future outlook for our markets seems to depict that our member markets continue to provide competitive and viable financing options to both government and private sectors. The world economy expanded at a rate of 5% in 21 and is forecasted to grow by 4,4% in 211. Emerging economies have contributed most (7,1%) to the economic growth and are expected to keep on leading the global recovery. While strong domestic demand and capital inflows have been the most influential factors fuelling growth in emerging economies, inflation risks arising in commodity and food prices have appeared on the scene exerting pressure on policy makers. Advanced economies have experienced moderate levels of recovery in 21, with double dip recession fears exacerbated in the mid year easing down. In such an environment, the importance of cooperation and coordination among stock markets and regulatory authorities is once more underlined. Euro-Asia Region uniting frontier markets can be a leading model for integrated markets creating a common shield for economic turbulances while trading the mutually beneficial products. The regulatory authorities focus more on managing risk and creating an integrated margining system and encourage investors to trade on organized exchanges. The improvement of trading technologies also facilitates the exchanges to act in coordination and to initiate new common projects such as common trading platforms. In this perspective, I believe that standing together may give us the chance to turn the global crisis into an opportunity for our markets. Within this context, the electronic connectivity and direct market access alternative that may be created among our member exchanges seems rational. In this approach, each participating exchange will keep its entity and stocks will be traded in the home country stock exchange, creating further liquidity in home markets. In its sixteenth year of operation, FEAS accomplished some noteworthy events such as implementation of the Dow Jones FEAS Indices. The FEAS Index is the first index to measure the performance of companies across the Euro-Asian region. It covers 95 % of the free-float market capitalization of each country in the respective index. Actually, three indexes were launched in June 29, one composite, and two regional sub-indexes. The Indeces are designed to underlie index-linked investment products such as funds and structured products. The FEAS Composite Index currently includes 375 stocks from 11 of the 34 member exchanges including Abu Dhabi, Amman, Bahrain, Belgrade, Bulgaria, Istanbul, Karachi, Macedonia, Muscat, Sarajevo and Zagreb. Our aim is to launch an investable blue chip index in the forthcoming years. During 21, FEAS jointly hosted with its members three meetings and conferences. These were Environmental Social and Corporate Governace (ESCG) meeting held by the joint effort of FEAS, UNPRI and ISE in February, the Executive Committee Meeting and Working Committee Meeting held in Amman, Jordan in May; the 16th FEAS General Assembly Meeting and Executive Committee Meeting held in Istanbul, Turkey, celebrating the Federation s 15th year, together with the First FEAS Marketing Exhibition; followed by ISE s 25th year Anniversary Meetings. Besides these meetings, the FEAS Secretariat continues to pursue activities that will promote the growth of member stock exchanges operations such as bilateral visits, workshops seminars held by the FEAS Training Center, production of the FEAS movie and the joint ISE/FEAS projects with international associations and organizations such as the UNPRI, World Federation of Exchanges (WFE) and other International Organizations. While celebrating the 15th year of FEAS, we said good-by to the Secretary General Aril Seren who has worked all through the establishment and growth of the Federation. I would like to extend my sincere thanks to him for the great work he has done for FEAS. The new Secretary General Mustafa Baltacı started his position as of January 1, 211. I wish him all the best for his new position. I also would like to take this opportunity to extend my heartfelt thanks for their contributions to Finans Asset Management, Is Investment, Deutsche Boerse, Nasdaq OMX, Tayburn Kurumsal, and Bloomberg for making this publication possible. We hope that you will take a moment to visit our contributor section in FEAS website at and read their articles in the following pages. The future outlook for our markets seems to depict that our member markets continue to provide competitive and viable financing options to both government and private sectors, while enhancing operations through technology and expanding the services offered to market participants. We surely continue to focus on the areas of increased transparency through investing in infrastructure and developing regulations to promote stronger environmental social governance. The efforts of all our Task Force Members will surely play a vital role in achieving our objectives through their commitment and hard work and the Secretariat for maintaining our cohesive organization. As we close our 16th year, we look to the future with a renewed sense of purpose and a detailed strategy for achieving our goals. PAGE 3

6 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ORGANIZATION The Federation of Euro-Asian Stock Exchanges (FEAS) was established with its head quarters in Istanbul on 16 May 1995 with 12 founding members, and it has grown to 34 members and 13 affiliate members in 3 countries as a not-for-profit organization. Membership in the Federation is open to exchanges in Europe and Asia as affiliate membership is available for post trade institutions and dealer associations in the same region. The governing body of FEAS is the General Assembly, comprised of all 34 member exchanges and 13 affiliate members. The Assembly meets once annually in a member country to discuss major issues concerning the operations of FEAS. The purpose of the meeting is to decide upon changes in the Charter and by laws, its annual budget and to approve its activity and financial reports as well as the Audit Report. The Executive Committee, made up of 12 members, is responsible for the development of Federation policies, making major administrative decisions, as mandated by the General Assembly, approving the content and scope of tasks assigned to the Working Committee, and making recommendations to the General Assembly. The administration of the Federation is entrusted to the Secretary General, who is appointed by the General Assembly and whose office is situated at the headquarters of the Federation. Secretary General reports directly to the President. MISSION STATEMENT The mission of FEAS is to help create fair, efficient and transparent market environments among FEAS members and in their operating regions. FEAS aims to minimize barriers to trade through the adoption of best practices for listing, trading and settlement. Federation also supports promoting linkages among members for crossborder trading. In accordance with the Mission Statement, 5-year Strategic Objectives are set up to ensure compliance with the long term mission of the Federation. These objectives are: Objective I: Promote good corporate governance for exchanges, brokerage companies and listed companies. Facilitate timely disclosure of material events to achieve transparency through effective dissemination of information. Objective II: Encourage convergence among FEAS Members in their: listing requirements, trading rules technical infrastructure and settlement cycle. Objective III: Promote mechanisms for reliable, transparent and uninterrupted securities trading and settlement. Objective IV: Create greater recognition and visibility for the region s securities and investment opportunities both locally and internationally. Objective V: Encourage the listing of investment grade securities in the respective Home markets of the Region. Objective VI: Encourage foreign investor participation in Member Markets Objective VII: Promote linkages among the Region s: intermediaries, data vendors, settlement and custody institutions, exchanges; and also encourage cooperation among Region s Regulators. Objective VIII: Promote and encourage research activities and training for FEAS Members and their personnel. Objective IX: Assist Members of FEAS to increase financial literacy through public awareness. CONTACT INFORMATION As seen in the photo (from left to right) Ms. Ege Adalioglu, Deputy Secretary General - egea@feas.org Mr. Mustafa Baltaci, Secretary General mustafa.baltaci@feas.org Mrs. Susan Gogus, Deputy Secretary General - susang@feas.org Ms. Aydan Bal, Coordinator - aydanb@feas.org secretariat@feas.org Website FEAS region PAGE 4

7 FEDERATION OF EURO-ASIAN STOCK EXCHANGES DEVELOPMENT AND MARKETING OF THE REGION FEAS PROJECTS AND ACTIvITIES This section highlights the summary of continuing programs and the activities of the Task Forces during 21. BILATERAL INITIATIvES PROGRAM The Federation supports a fully funded bilateral visits Program to facilitate visits of personnel of FEAS members with each other for the purpose of exchange of information and experience on specific topics of interest to both parties. Almost all Federation members have now participated in this program, which is planned to continue during 211. During 21, 14 bilateral have been successfully completed. FEAS INDICES As part of the marketing plan for the FEAS Region, and following approval by General Assembly, the FEAS Dow Jones Index Agreement was signed in October 27. Three indexes were launched in June 29; a composite, and two regional sub-indexes. The Dow Jones FEAS Indexes are designed to underlie index-linked investment products such as funds and structured products. Dow Jones FEAS Composite Index currently includes a number of component stocks in 11 member exchanges. It is planned in 211 that a blue chip investable index will be launched. REvENUE AND EXPENSE REPORT In line with the decisions of the 16th General Assembly, the FEAS Secretariat will conduct a revenue and expense survey in 211 covering the financials of 29 and 21. This data will be combined with that of the same survey which was conducted in 29 which covered the years of 28 and 27. WORKING COMMITTEE In 21, members convened twice to hold working committee meetings. During the meetings in Amman on May19-21, 21, reports were presented by the task forces including Media, Blue Chip Listing, Rules and Regulations, Affiliate Members, FEAS Data Center. Updates were also provided by the Secretariat on the status of the FEAS Publications, FEAS Marketing Exhibition and FEAS History Movie, Revenue and Expense Analysis Survey Changes, Bilateral visits, Draft Financial Report and the 21, Corporate Governance, FEAS Index and Calendar of Events. Istanbul Stock Exchange hosted the working committee meetings in Istanbul on December 7, 21, prior to the General Assembly. The members had the opportunity to canvass the task force activities through reports and presentations. The Secretariat provided the members with information on the latest activities mandated by the working committee participants. Task Forces There are eight task forces focusing on various sectoral topics. Each task force is steered by a member which is expected to provide guidance to task force members in producing studies on sector-related issues. The activities which have been undertaken by the task forces in 21 are as follows: Task Force 44 Media (Led by Muscat Securities Market) - The FEAS Movie project has been completed. Following the approval by the President and the Secretary General, CD copies of the film have been sent to members. The FEAS Movie has also been uploaded on the FEAS Web site. - FEAS Documentary History Movie for the 15th Anniversary of FEAS has been produced for review and approval and will be sent to members after the meetings. - FEAS Marketing Exhibition was set up and the stands were kept open for all the participants of ISE Seminar and ISE Conference to be able to visit. - The educational booklet program that MSM has initiated continued with Nasdaq OMX Armenia and Toshkent SE. Kazakhstan SE will be the next one. - Depending on the resources of the hosting exchanges, Marketing Exhibitions will be taking place concurrently with General Assemblies, starting with Kazakhstan next year. -MSM training for journalists in Muscat has been announced on FEAS Web site and conducted. Task Force 412 Environmental and Social Corporate Governance (Led by Bucharest Stock Exchange) FEAS Secretariat organized a workshop on Environmental and Corporate Governance (ESG) in January 21 in order for the members to discuss ideas on CG practices with international experts. Also FEAS Secretariat co-organized a seminar with UNPRI in January 21, where the host of the seminar Istanbul Stock Exchange became one of the signatories of UNPRI. With those activities, the ESG Task Force has completed its mandated activities. The General Assembly then decided to convert the ESG Task Force into a project where the Secretariat will be responsible for updating members on the new developments regarding ESG. Task Force 51 Affiliate Members (Led by ISE Settlement and Custody Bank, Takasbank) Task Force formed a Subgroup at the workshop in September 29 for analyzing the feasibility of establishing bilateral correspondent relationships between posttrade institutions in FEAS Region. Further activity of the Task Force will focus on further enhancing connectivity with other post trade institutions and creating a new plan to increase the awareness of the task force members. Task Force 52 Technology (Led by Istanbul Stock Exchange) The Technology Task Force decided to shed light on the value-addedness of the FEAS Data Center project which has been under consideration for some time. The Task Force leader has then put forward a suggestion that the project might be transformed into a historical database for daily trading data. Task Force 54 Research and Development (Led by the Istanbul Stock Exchange) This task force brings members together to work on joint research projects of general interest for FEAS members that will consolidate their experiences and knowledge. The Task Force has recently conducted a study and a presentation on a model of linkages between FEAS Member Exchanges, at FEAS Working Committee prior to the General Assembly in Istanbul. Task Force 91 Rules and Regulation (Led by the Bulgarian Stock Exchange) During the meeting in Istanbul, the Task Force (TF) outlined the proposed changes to update the FEAS Rule Book in order to make it compliant with the current European MiFID policies. The Task Force would be waiting the final MiFID revisions before finalizing these recommendations. Task Force 11 Dealers Associations Affiliate, (Led by TSKAPB) The Task Force has created a draft survey on the structure of SROs. This survey is similar to the one that IOSCO did previously, which implies that the findings will be comparable to the IOSCO findings and provide a benchmark for FEAS members and their local Dealer s Associations (DA). The survey is intended to be conducted in 211 with current FEAS DA Affiliate Members and potential affiliate members within the FEAS region. PAGE 5

8 FEDERATION OF EURO-ASIAN STOCK EXCHANGES Training Center Project FEAS scrambled to create a FEAS Training Center at the Istanbul Stock Exchange premises in28. The primary goal of the FEAS Training Center is to provide FEAS Members with a wide range of educational and training options with emphasis on exchange management, markets and products. Other target groups for training have been set as the listed companies and media representatives. various meetings and seminars have taken place in the past year. For instance; FEAS Media Relations Workshop on January 19-21, Data Management Strategy Training on May 21 in Amman, IPO Seminar in Istanbul on December 6. FEAS MEETINGS DURING 21 WORKING COMMITTEE & 2TH EXECUTIVE COMMITTEE MEETINGS 19-2 MAy 21 AMMAN, JORDAN The first working committee meeting of 21 was held in Amman, Jordan on the 19-2 May, 21 at the invitation of the Amman Stock Exchange. The 2th Executive Committee Meeting was held on the 2th of May following the WC meeting. The Working Committee focused on issues mandated by the General Assembly in 29 and the Secretariat prepared a report for participants to discuss. WC & 21ST EC AND 16TH GENERAL ASSEMBLy MEETING DECEMBER 7-8, 21 ISTANBUL, TURKEy The 16th Annual General Assembly of FEAS was held in Istanbul, Turkey on December 8, hosted by the Istanbul Stock Exchange. The Working Committee and 21st Executive Committee meeting were also held prior to the General Assembly. PUBLICATIONS & INFORMATION FEAS Library: The Library can be accessed through the Publications drop down menu on the main page at or through this link The FEAS Library is open to experts and organizations with financial market related material. If you would like to make a submission to the FEAS Library, please send your electronic files and links to the FEAS secretariat at secretariat@feas.org. FEAS year Book (FEAS BOOK) & Quarterly Magazines (INTERFEAS): This publication of annual activities of the Federation and information on its members, began in 1997 and is available electronically on the website: book&top=pubs. FEAS Website: The FEAS website was re-launched in March 21 and can be found at The new site contains a new home page with the FEAS movie, dedicated pages to the FEAS Indexes a more concentrated emphasis on FEAS member data with profile pages (including statistics, holidays, market policies and practices and direct links to their sites), Excel downloads for all statistical data and cross member comparisons on policies, practices and statistical data, and a News Center with headlines from member markets. Newsletter: A monthly publication which includes general secretariat news, statistical stock, bond and other volume comparisons on monthly, year-todate and prior period bases, in addition to market cap, currency, number of companies traded and index statistics. Quarterly supplemental publications include quarterly statistical analysis, press releases of FEAS members and headlines of FEAS activities. Archived copies of the newsletter can be found on our website sletter&top=pubs. SUBSCRIBE To subscribe for the electronic version of FEAS publications, please go to and click on subscribe. Subscriptions include monthly notifications of statistics and newsletter updates, as well as advance notice of FEAS events and activities. CONTRIBUTORS Please visit our Contributor sites. They can be seen on the FEAS website at: Bloomberg Deutsche Boerse Finans Asset Management IS Investment NASDAQ OMX Group Tayburn Kurumsal PAGE 6

9 FEDERATION OF EURO-ASIAN STOCK EXCHANGES Mustafa Baltaci Secretary General of FEAS As of December 21, the number of traded companies in FEAS member markets reached a regional total of 1,54, and market capitalization reached US$ 866,664. million showing an increase of US$ 11,337.3 million or 14.6% over MARKET ACTIVITy IN THE REGION The FEAS Region contains 34 member exchanges and 13 affiliate members (represented by clearing and settlement institutions, dealer s associations and regional federations) in 3 countries. As of December 21, the number of traded companies in FEAS member markets reached a regional total of 1,54, and market capitalization reached US$ 866,664. million showing an increase of US$ 11,337.3 million or 14.6% over 29. The FEAS region over the last 5 years has grown consistently with a break in that pattern in 28 due to the global crisis. We can see that the effects of the crises were more strongly felt in 29 as compared to 28 although signs of recovery in the 2nd half of the year helped to buffer the losses. In 21 Total volume in Equity Trading increased by 1%. *The 5-year statistical comparison shows that markets are providing stronger listings with greater transparency, and that market forces continue to push toward issuer quality versus material privatization quantity. The trading volumes in the stock segment continued to grow over the last 5 years with a 1.7% increase in 21 in terms of number of shares traded. The Bonds segment displayed by yearend 21 results were quite strong in both dollar and absolute volume terms among the three trading segments (Stocks, Bonds, Other) showing a 48.2% increase in the Average Daily volume (US$ Millions) and a 3.2% increase in volume in numerical terms as compared to 29. Turnover in the Other segment is also reflecting signs of recovery with an 3.8% increase from the same period last year. The regional figures show a shift in trading from Stocks to Bonds and Other, the Other trading segment continues to be ranked first as the most popular trading segment within the region. Other volume is made up by such instruments as t-bills, currency, repo/reverse repo and derivatives In addition, the development in the FEAS markets can be seen through results in the adjusted annualized return on member indices. * For individual member statistics, please go to the Member Profile sections in the following pages. 211 CALENDAR OF MEETINGS Capital Market In Iraq & Economic Growth Requirements Conference 211 Date: February 26-27, 211 Host: Iraq Stock Exchange Place: Bagdat, Iraq FEAS Executive Committee Meeting Date: May 6, 211 Host: Macedonian SE Place: Ohrid, Macedonia SASE 6th Annual Conference Date: October 14, 211 Host: Sarajevo SE Place: Sarajevo, Bosnia 11th Annual Conference of the Macedonian Stock Exchange Date: May 9-1, 211 Host: Macedonian Stock Exchange Place: Ohrid, Macedonia FEAS Working Committee Meeting Date: May 5, 211 Host: Macedonian SE Place: Ohrid, Macedonia FEAS 2nd Marketing Exhibition Date: September 29-3, 211 Host: FEAS & KASE Place: Almaty, Kazakhstan FEAS Working Committee, 23rd Executive Committee and 17th General Assembly Host: Kazakhstan SE Date: September 28-29, 211 Place: Almaty, Kazakhstan Zagreb 21st Annual Conference Date: October 2, 211 Host: Zagreb SE Place: Rovinj, Croatia 1th International Conference of Belgrade SE Host: Belgrade SE Date: November 15-16, 211 Place: Belgrade, Serbia FEAS REGION 21-MARKET CAPITALIZATION VS STOCK VOLUME FEAS REGION 21-MONTHLY VOLUME FEAS REGION 5-YEAR VOLUME COMPARISON 9, 8, 7, 6, 5, 4, 3, 2, 1, 6, 7, 5, 6, 5, 4, 4, 3, 3, 2, 2, 1, 1, J F M A M J J A S O N D Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3,, 2,5, 2,, 1,5, 1,, 5, YE Market Cap. Monthly Stock Volume Stocks Bonds Other Stocks Bonds Other PAGE 7

10 FEDERATION OF EURO-ASIAN STOCK EXCHANGES CONSOLIDATED FEAS MEMBERS 21 STATISTICS Total Volume Average Daily Volume STOCKS Total Volume (# millions) Average Daily Volume (# millions) Total Volume (US$ millions) Average Daily Volume BONDS Total Volume (# millions) Average Daily Volume (# millions) Total Volume Average Daily Volume Total Volume (# millions) Average Daily Volume (# millions) Market Capitalization Jan-1 48, , , , , , , , , , Feb-1 46, , , , , , , , , ,58.12 Mar-1 46, , ,18.7 2, , , , , , ,8.49 Apr-1 52, , , , , , , , , , May-1 44,42.7 2, , , , , , , , , ,147.9 Jun-1 34, , , , , , , , , , Jul-1 32, , , , , , , ,18.6 9, ,57.23 Aug-1 32, , , , , , , , , ,38.93 Sep-1 4, , , , , , , , , , Oct-1 5, , ,27.9 2, , , , , , , Nov-1 43, ,38.5 5, , , , , , , , ,72.78 Dec-1 56, , , , , , , , , , ,664.4 Total 528, , , , , , , ,715, , , STATISTICAL COMPARISON 26 THRU ye 21 / FEAS REGION STATISTICS yE # Companies Traded 9,57 9,498 11,298 1,261 1,54 2.4% -7.% 1.6% 16.% Market Capitalization (US$ Millions) 69, ,65, , , , % 54.8% -18.6% 25.5% Total volume (US$ Millions-Stocks) 55, , , , , % -5.9% -14.1% 4.7% Total volume (# Shares Millions-Stocks) 225, , , , , % 47.4% 49.9% 195.4% Average Daily volume (US$ Millions-Stocks) 2,47.4 2,478. 2, , , % -6.3% -14.2% 3.9% Average Daily volume (# Shares Millions-Stocks) , ,36.7 3, , % 18.9% 14.7% 199.4% Total volume (US$ Millions-Bonds) 38, , , , , % -25.6% -29.5% -11.3% Total volume (# Shares Millions-Bonds) 176, , , , , % -12.5% -38.1% 1.1% Average Daily volume (US$ Millions-Bonds) 1, , , , , % -25.2% -28.8% -1.7% Average Daily volume (# Millions-Bonds) , % -1.3% -36.3% 12.5% Total volume (US$ Millions-Other) 1,825, ,12, ,284, ,75, ,715, % 18.9% 29.2% 48.8% Total volume (# Millions-Other) 1, , , , , % 52.9% 53.3% 229.9% Average Daily volume (US$ Millions-Other) 7, , , , , % 2.1% 31.5% 51.% Average Daily volume (# Millions-Other) % 49.8% 51.5% 217.8% OTHER 21 ye % CHANGE OVER 29-FEAS REGION VOLUME BY TYPE Stocks Bonds Other 17% 21-FEAS REGION VOLUME BY TYPE Stocks Bonds Other 15% 72% 11% 76% 9% NUMBER OF COMPANIES TRADED VS MARKET CAPITALIZATION Market Cap 7, 6, 5, 4, 3, 2, 1, Companies Traded , 8, 6, 4, 2, 21-ANNUALIZED RETURN ON INDEX Top-2/Mongolia Tehran SE Iran LSE 25/Lahore KSE 1/Karachi ISE 1/Istanbul Belarusian C&SE Belarus Egyptian SE Egypt KSE Index/Kyrgyz Muscat SM Oman BET/Romania ADX/Abu Dhabi Al Quds/Palestine Bahrain Kazakhstan CROBEX/Zagreb Amman SE Jordan Iraq/Iraq MOSTE/Montenegro BIRS/Banja Luka BIFX/Sarajevo Belex15/Serbia BSE/Bulgaria B.I./Macedonia TASIX/Uzbekistan Indices are adjusted for currency fluctuations. (Formula: 1+(return)=((1+%chg. index)/(1+%chg. currency)) PAGE 8

11 DOW JONES FEAS INDICES Dow Jones FEAS Composite Index Performance (in US$) , 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 1/4/1 2/4/1 3/4/1 4/4/1 5/4/1 6/4/1 7/4/1 8/4/1 9/4/1 1/4/1 11/4/1 12/4/1 Dow Jones FEAS Composite Dow Jones Global Dow Jones Emerging Dow Jones South East Europe Index Performance (in US$) ,5 5,5 4,5 3,5 2,5 1,5 5 1/4/1 2/4/1 3/4/1 4/4/1 5/4/1 6/4/1 7/4/1 8/4/1 9/4/1 1/4/1 11/4/1 12/4/1 Dow Jones FEAS Southeast Dow Jones Global Dow Jones Emerging Dow Jones FEAS Middle East & Caucases Index Performance (in US$) , 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 1/4/1 2/4/1 3/4/1 4/4/1 5/4/1 6/4/1 7/4/1 8/4/1 9/4/1 1/4/1 11/4/1 12/4/1 Dow Jones FEAS Middle East Dow Jones Global Dow Jones Emerging PAGE 9

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14 IS INVESTMENT IS Investment provides a wide array of financial services to local and foreign investors. Ilhami Koc General Manager With a distinctive role in the development of the capital markets, IS Investment was established in 1996 as the investment banking arm of Isbank Group. IS Investment provides a wide array of financial services to local and foreign investors, including Corporate Finance, Investment Advisory, Asset Management, Brokerage and Research. IS Investment owns 99.79% of Camis Investment, 7% of IS Asset Management, 29.12% of IS Investment Trust, 29% of IS Private Equity, 6% of Turkish Derivatives Exchange and Maxis Securities Ltd is a full subsidiary in London. IS Investment also owns 74% of Efes NPL Asset Management, a new subsidiary that specializes in managing banks NPLs. With its largest individual and institutional customer base, IS Investment has 9 branches in Ankara, Bursa, Izmir, Istanbul (6 branches) and two representative offices in Almaty- Kazakhstan and Istanbul-Suadiye. In addition to this, IS Investment has a strong and widespread distribution network through the agency of more than 1 Isbank branches distributed in various industry, business and residential centers all over Turkey. IS Investment, representing approximately 4% of the sector with its USD 2.3 billion asset size, has reached USD 3.4 million consolidated net income by the first nine months of 21. IS Investment (ISMEN) itself went public in May 27 and the only investment house rated & granted with a credit rating of 'AAA(tur)' with stable outlook by Fitch Ratings in July 21. IS Investment represents around 25% of the market with its AuM size of USD 7.3 billion by the end of 21. IS Investment represents a large and commanding presence in the Turkish investment market, reflected in its transaction volumes, ranking first not only in the Istanbul Stock Exchange (ISE) Stock Market since 23, but also in the Turkish Derivatives Exchange (TurkDEX), since the foundation of the market in 25. The company presents its investors the opportunity to make transactions at Turkish markets and at more than 31 different exchange markets in the world by means of the online trading platform TradeMaster developed by IS Investment in 27. IS Investment also provides a wide range of corporate finance services including Public Offerings, Mergers & Acquisitions, Private Sector Advisory, Project Finance Advisory and Private Equity Advisory. The Company, which acted as the lead manager in 66 Public Offerings between 1988 and 21, is the leader in the public offerings market in Turkey in terms of both deal size and number of transactions. Since 2, IS Investment has completed 78 M&A transactions a number rendering the Company as the leading investment bank as per the M&A league rankings. Full Range of Investment Banking Services Brokerage Investment Advisory Asset Management Corporate Finance: IPOs, M&As, Strategic Planning Research Widest Client Base Largest domestic network more than1, Isbank branches are our agent 4,95 high-net-worth individuals 66 domestic institutional clients 48 foreign institutional clients Largest assets under management USD 7.3 bn mainly through subsidiary IS Asset Management volume Leader #1 in Stock Market #1 in Bonds Market* #1 in Derivatives TurkDEX #1 in Eurobond Transactions* *among brokerage houses Shareholders Equity USD 249 Million Only Listed Investment House in ISE Went public in May 27 with Mcap US$ 25 million Only Brokerage House with Credit Rating National Long-Term AAA (Tur) / Stable Outlook by Fitch Ratings FACTS AND FIGURES Date of Establishment December 18th,1996 Registered Capital TL 3 Million / USD 27 Million Issued Capital TL 2 Million / USD 138 Million Shareholders Equity (as of 9M1) TL 361 Million / USD 249 Million Assets (as of 9M1) TL 3.3 Billion / USD 2.3 Billion Free-Float 29.32% Branches Ankara, Izmir, Istanbul (Akaretler, Kalamis, Levent, Maslak, Yenikoy, Yesilkoy), Bursa Representative Office Agents Ownership Structure Isbank 65.65% Is Factoring 2.43% Is Leasing 2.43% Camis Investment Holding.17% Free Float 29.32% Suadiye (Istanbul), Almaty (Kazakhstan) More than 1, Isbank branches Subsidiaries* IS Investment's Share Maxis Securities Limited 1.% Camis Online 99.79% Efes NPL Asset Management 74.% IS Asset Management 7.% IS Investment Trust 29.12% IS Private Equity 29.% TurkDEX 6.% * Subsidiaries in which IS Investment has more than 5% shares. IS Investment has also shares in Growing Enterprise Market Automatic Quotation, IS REIT, ISE Settlement and Custody Bank Inc. and Yatirim Finansman Securities. PAGE 12

15 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Also known with its pioneer role and innovative reputation in the sector with new products and market tools; IS Investment established the first hedge fund in Turkey, in November 28. IS Investment has been the first local investment house to issue warrants, IS Warrants were listed in ISE in December 21. IS Investment has won several awards, including in the category of Euromoney Awards for Excellence Best Equity House in 27 and 28, Best M&A House in 29 and finally Best Investment Bank in 21. Also IS Investment was given Financial Advisor of the Year in Turkey award by FT/mergermarket in 21. In 21 IS Investment is ISE Stock Market leader, with USD 57.9 billion trading volume and 6.9% market share. TurkDex Market leader with USD 65.9 billion trading volume and 11.5% market share. ISE Securities L/B Market Leader with USD million trading volume and 24.3% market share. ISE Bonds&Bills Market Leader among brokerage houses with USD 17.8 billion trading volume and 2% market share. ISE Turkish Eurobonds Market leader among brokerage houses, with USD million trading volume and.3% market share. Since its establishment, IS Investment s international capital markets division continues to provide direct access to financial markets around the globe through its counterparty network, and professional assistance through which our clients have a better scope of investment products for achieving a diversified portfolio. The latest liquidity crisis that crippled the economies around the World, once again highlighted the importance of diversification. While the World's biggest economies have been pushed deep into the arms of recession, the biggest and most prominent financial firms had disclosed holdings in problematic mortgage backed securities, which stunned the World markets as there is no safe ground among the companies that are a vital part of the economic system. However, the ongoing excessive measures that the major Central Banks took in order to lessen the severity of this worldwide crisis, created an unprecedented rally in the financial markets starting in the year 29. With the help of its extensive global markets coverage by a team of professionals, IS Investment s client were fortunate enough to be positioned in the right place and the right time. IS Investment has been investing heavily on improving our product mix in order to satisfy the needs and spread out the single country risks of our customers. As the latest liquidity crisis put the international capital markets to the foreground of investor's attentions, IS Investment has already had an ever increasing activity in these markets. IS Investment has direct market access capabilities through the major equity exchanges around the world and also has execution facilities to emerging markets like in Middle East and CIS region. In equity markets, our activities are not only limited to secondary market trading as we also provide means for our customers to participate in primary issues all around the world and chance to invest in equity options rather than directly in cash markets. In fixed income markets, with a volume reaching almost USD 3 billion in 21, IS Investment was rated as the top financial firm among the other Turkish financial institutions based on transactions booked outside the exchange. Not only, as IS Investment, we concentrate purely on Turkish Eurobonds, but also focus heavily on high grade credits as well as credits from emerging market economies like Kazakhstan, Brazil, Russia and interact with more than hundred counterparties around the World. Latest being the Bank Pozitif s 214 maturity Eurobond issue, the syndication parts that we have taken on the Eurobond issues listed below demonstrate our commitment and willingness to be a more active player in these markets as a Turkish institution. As the financial crisis have created rollercoaster rides in the World markets, adding to the ways of diversification, the opportunities that keep on knocking increased the needs for exchange-listed derivative instruments. In order to facilitate our clients' needs for these leveraged instruments, IS Investment launched Trade Master International in the beginning of 28, which is giving execution capabilities to our investors for investing on their own in major equity markets and more importantly in futures markets like CBOT and CME. Also, through our experienced traders, our corporate clients can access to London Metal Exchange (LME) in order to hedge their physical exposures in industrial metals. Rating ourselves by far as the top Turkish institution in international capital markets, not only IS Investment will work on improving its abilities in organized exchanges around the World, but also will pursue to provide access to opportunities in emerging economies to its clients whom IS Investment made believe the importance of diversification with a little kick in it. CONTACT INFORMATION IS INvESTMENT Is Kuleleri, Kule-2 Kat: Levent 3433 Istanbul-Turkey Tel: Fax: isyatirim.com.tr / isinvestment.com For International Capital Markets Contact Name Mr. Ilkay Dalkilic Tel idalkilic@isinvestment.com For Turkish Capital Markets Contact Name Mr. Serkan Aran Tel saran@isinvestment.com For Almaty/Kazakhstan Rep. Office Contact Name Mr. Samad Azimov Tel sazimov@isinvestment.com PAGE 13

16 FINANS ASSET MANAGEMENT C. Ozgur Guneri Executive President Finans Asset Management provides a wide spectrum of products in the Turkish capital markets with respect to varying risk profiles of the investors. Global financial crisis that started in 28 changed the investment climate and investment themes drastically. Increased volatility and low interest rate environment fuelled need for new investment products and investment ideas. Some asset classes have become more attractive not only for investors but also for short-term speculators as well. Declining interest rates increased global liquidity and reduced opportunity cost for investors. Lower interest rate environment also forced investors to take risks which they were not very keen on taking before. In addition to these changes, investment climate in Turkey changed further due to low interest rate environment. Investors, who were able to generate risk-free high real returns, now face much lower nominal income and lower real returns. This forces investors to explore alternative ways to invest. However investment habits of Turkish retail investors prevents them to invest in higher risk products as mostly widely used investment products were fixed income products. In 27, Capital Markets Board issued a new mutual fund legislation allowing banks to issue capital protected funds. Capital protected funds allowed investors make financial bets on assets while their principal capital remained loss free. Furthermore, low money market rates have led to an increased awareness of the capital protected funds in Turkey as investors easily sacrifice the low interest rate returns to get opportunity of gaining on the upside potential of an asset with a comfort of not losing money on this structure. Capital protection gave investors the confidence of trying capital protected funds and a whole new family of investment products was born. In Turkey total volume of the capital protective funds has reached USD 3 billion in the last four years and the outstanding amount is USD 1.8 billion as of March 211. In the last few years, capital protected funds mostly preferred currency, emerging market stock indices and commodity markets as their underlying assets. Since the inception of first capital protected fund in Turkey, over 1 funds have been offered to investors and major investment theme varied from basic capital protected funds that offer the upside of a single asset to very complex capital protected funds that offer a combination of assets and strategies. The structure of the capital protected fund consists of a fixed income investment that creates the capital protection and over-thecounter option investment that creates the investment strategy. Capital protected funds have easy to understand and transparent portfolio composition and are relatively easy to create. However creating the investment idea behind the product which offers potential return is not always very easy. Furthermore, measuring and managing risk of underlying investment and/or overall portfolio is a crucial step in product success. Implementing risk management strategies allows fund managers to develop and price underlying investment strategy more efficiently. Currently, there are 18 capital protected funds are available in Turkey and total asset under management is around USD 1,794 mn. Since the beginning, banks in Turkey offered 21 capital protected funds to the investors and total size of investment exceed USD 3,47 mn. In the coming months, capital protected fund segment is expected to grow further in line with increasing investor awareness. Capital protected funds attract investors who are not willing to take higher risks however offering the right product to the right investor is a key factor for long-term success. Despite the fact that capital protection is very attractive for risk-averse investors they also would like to enjoy real returns. This brings asset management companies to provide different investment themes for capital protected funds. The most innovative asset management company in Turkey, Finans Asset Management, has been established in 2 as a subsidiary of Finansbank Group. FAM provides a wide spectrum of products in the Turkish capital markets with respect to varying risk profiles of the investors. As a pioneer and financial innovator FAM currently manages 7 exchange traded funds, 23 mutual funds, 1 closed-end fund and 5 pension funds with total AUM of USD 85. Finans Asset Management is also active in capital protected funds segment as other new investment product segments. 14 capital protected funds were launched in the last 3 years. Total number of issues reached 8 in 21. More importantly, capital protected funds created by Finans Asset Management performed very well and 1 of 14 funds issued since 28 returned higher than average time deposit rate. Investment methodology implemented by Finans Asset Management involves selection of investment strategy by the investment committee and then transforming the investment strategy into capital protected fund structure. The capital protected fund structure is also tested towards investor preferences of the investors and final product development strategy is developed. Finans Asset Management will continue to focus on developing capital protected funds that offer not only capital protection but also attractive returns. CONTACT INFORMATION Contact Name Mr. C. Ozgur Guneri ozgurg@finansportfoy.com Website PAGE 14

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20 NASDAQ OMX Market fragmentation poses serious challenges to the surveillance function. Lorne Chambers Head of Sales and Account Management for SMARTS at NASDAQ OMX The challenges of cross-market surveillance Market fragmentation poses serious challenges to the surveillance function. A major concern is that the effectiveness of a single market s surveillance efforts is reduced if it doesn t incorporate trading data from all venues into its surveillance system.the natural consequence is that effective surveillance becomes more costly and there is a doubling of efforts across venues. In more markets, we re seeing a single entity, such as a regulator, taking on the responsibility for consolidated market surveillance. Ideally, the price, volume and time of trades from all venues should be consolidated and made available to all participants. In the U.S., equity trades must be reported to a consolidated tape within a specified period of time. Trading venues populate their surveillance system with National Best Bid and Offer changes and prices from other venues, providing a view of trade-to-trade price changes across venues, but even that is not foolproof. While the current U.S. consolidated tape enhances transparency, it only identifies the trade's price, volume and time. It doesn't identify the broker that did it and whether it was done as a proprietary trade or on behalf of a client. As a consequence, you can t link related trades across markets. Real-time data provided by data aggregators is also used to benchmark executions and make comparisons for surveillance purposes. However, some market participants find these products too expensive. Meanwhile, Europe is one step behind the U.S. The regulators have established a pan-european trade reporting system, but the data is unreliable because the member states do not follow the same protocols and standards, and it is an end-of-day system, not real time. Better cooperation is needed. Surveillance departments at exchanges and other trading venues need to be able to share sensitive information in a secure manner. The shared information would only be used for surveillance purposes, not for commercial purposes. Given the complexity of this operation, it will make sense for some trading venues to outsource it to an entity that has the expertise and advanced technology to handle it. In the meantime, this environment has made it easier for certain types of market manipulation to go undetected (see accompanying box). Operational issues can also undermine multimarket surveillance efforts. Market operators often respond to high volatility in a single security by calling a trading halt in that stock and issuing a price query to the listed company. This enables market participants to assimilate newly disclosed information and allows price discovery to occur through a call auction. Sometimes, alternative markets ignore the halt and continue trading, allowing participants with unfair access to information to trade before the primary market re-opens. Conclusion It is clear that market fragmentation has reduced the effectiveness of traditional single market surveillance. Each market can adapt and import a consolidated view of trading, identify unusual activity in their data and compare this to the consolidated data, but this approach is incomplete. Canada and Australia have adopted complete solutions where a single regulator has a fully consolidated, broker identified, order book of every security trading under its jurisdiction. Self-regulated organizations in the U.S. have strong surveillance capabilities but still require consolidated data. European markets recognize the need for consolidated data but face the added complexity of cross-border cooperation. Fragmentation is not yet a major issue in Asia and South America, but we expect it to be in the future. Surveillance challenges of market fragmentation Unusual Price Changes: In fragmented markets, price changes need to be considered at the consolidated level. The solution employed in the U.S. is for every trading venue to populate their surveillance system with the national best bid and offer change as well as prices from other venues. This allows an accurate view of trade-to-trade price changes across venues, but does not identify the broker behind a more gradual price increase in a particular security when a broker s trades are spread across venues. This can only be effectively accomplished by an entity with a complete market picture, such as a regulator, since exchanges are unlikely to allow their competitors to view which brokers are most active on their markets. Unusual Volume Changes: Monitoring security volumes to identify potential disclosure issues is more difficult in fragmented markets. An increase in volume on one venue may be offset by a decrease on another. Only aggregate volume changes matter, so either the venues must import other venues trades or a single entity needs to monitor the consolidated volumes for the venues. PAGE 18

21 Types of market manipulation Front Running: The practice of a broker trading ahead of an order for a client positions the broker to benefit from the price movement caused by the client order. In a fragmented market a broker s order can be executed on one trading venue and the client s order executed on another, making it impossible to see the connection at the exchange level. Considered in isolation, there is nothing wrong with these trades. Effective surveillance must be carried out by a team with access to the consolidated, broker identified, principal agency tagged trading data across venues. Bait and Switch: In this scenario a market participant tries to achieve a better price by convincing other investors that there is a large aggressive buyer (seller) active in a company, when in fact the same investor is actually selling (buying). In a multiple venue setting, the two parts of the manipulative strategy can be split across two venues. For example, the large buying bait order may be placed on the market that has the most liquidity and the least risk of execution, while the owner of the bait order is selling the same security on another venue. Isolated surveillance is blind to this activity. Dark Pool Gaming: Dark pools don t provide any pre-trade transparency so investors don t know the best bid or offer (BBO). In the U.S. and Europe dark pools are restricted to executing trades within or at the consolidated or primary listing BBO. Dark pools can be gamed by placing orders onto the lit books that narrow or move the reference BBO. Buyers who want to trade in the dark may place sell orders onto the primary market to reduce the reference sell price. Those orders need only be for a small number of shares, enough to register as the best BBO, making this a low cost strategy to significantly change the overall trade value of a large block in the dark. We have advised customers to deploy alerts that look for small trades in the dark, which test for liquidity, followed by a change in the spread on the lit book and then a large trade on the dark book. This pattern may indicate that a broker is moving prices on the lit book to improve its executions on the dark book. To identify this, the dark pool needs to have knowledge of the lit book BBO. Taking Advantage of Market Open Differences: This type of market manipulation takes advantage of the same security trading on markets with different open times and where the closed market is primary. A large order is placed into the opening auction on the primary market, which although closed can still signal to the open markets that a price adjustment is necessary. Theoretically, a trader wanting to sell at a high price could place a large buy order at a very high price into the pre-open on the primary market and hope that the open markets prices react. There is no risk of the buy order being executed since it was placed on a closed market. To spot this activity, the non-primary markets will need to have the indicative opening prices on the primary markets fed into their surveillance system. Alternatively, the regulatory agent would need to have full order book surveillance of all markets. Trading halts: Market operators commonly respond to high volatility in a single security by halting trading in a stock and issuing a price query to the listed company. This allows the market participants to assimilate any newly disclosed information and allows price discovery to occur through a call auction. In some cases alternative markets ignore the halt and continue trading, allowing participants with unfair access to information to trade before the primary market re-opens. Regulators need to ensure that a uniform process is followed by all trading venues based on a clear halting framework. CONTACT INFORMATION Contact Name Mr. Henri Bergström henri.bergstrom@nasdaqomx.com Website PAGE 19

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23 TAyBURN KURUMSAL The privilege of serving our clients is what shapes our mission Ediz Usman Partner & Client Relations Director Tayburn Kurumsal provides a complete line of creative, integrated corporate communication products and services tailored according to its clients needs. Tayburn Group With 32 years of experience in international as well as European markets, Tayburn is the biggest corporate communication company in Scotland and one of the top-1 in the United Kingdom. It has been 17 years since we began blending Tayburn's know-how with our own knowledge of the local market and putting them to work in the service of clients. For more than a decade we have developed and offered productive, high-quality, and creative solutions for some of Turkey's leading companies in the areas of annual reports, branding, design, new media, advertising, and marketing. Thanks to our expert team, to the knowledge and experience acquired on our own and through Tayburn, to our customer focus, and to our innovative and creative approach to service, we are today Turkey's most sought-after service provider in the corporate communication segment. Our service area as Tayburn Kurumsal is not limited to Turkey. Because of our world-class know-how and quality of service, we are also called upon by clients operating in Europe and in neighboring countries. Our own technological infrastructure makes it easy for us to provide such clients with fast, comprehensive service too. Professional approach to business One notion defines the reason for our existence and our mission: Enable our clients to establish and maintain accurate, sustainable, and highyield communication with their target audiences by means of our high added value products and services. With our professional approach to business, our national and international market knowledge, and our global experience in corporate communication we transform this mission into reality for our clients. Since the day we commenced operations, we have been doing business and taking pride in the knowledge that we have been consistently successful in the face of Turkey s rapidly changing and developing market conditions and, what s even more important, that we have been providing solutions that precisely serve our clients needs. Reporting and investor relations: Printed and online corporate reporting and communicating with investors Our activities in the area of reporting and investor relations consist of the turnkey design and delivery of: Annual reports Sustainability reports COP reports Investor relations products Road show presentations as well as similar products and services that enable our clients to establish and maintain timely, precise, uninterrupted, and transparent communication with investors, shareholders, creditors, business partners, customers, employees, and the society at large. High added value services in investor relations Underlying all investor relations is the need to communicate corporate information accurately and clearly to investors, shareholders, creditors, employees, business partners, and society at large. Speed and transparency are of the utmost importance in investor relations today. It is vitally important for publicly-held companies to keep abreast and quickly comply with the requirements of national and international regulations (Capital Markets Board, Sarbanes Oxley, NYSE, LSE, etc). Providing truthful information at the right time and in a format that is easy to understand and to access heads the list of the objectives of everyone involved in investor relations in today s world. Tayburn Kurumsal offers clients in Turkey all the products and services that they need in the area of investor relations. Copywriting and editing services: Conveying your message clearly to the right audience Tayburn prepares and edits text in Turkish and other languages to ensure that its clients messages are conveyed to their target audiences clearly and effectively. We provide high added value corporate communication services in the following languages: Turkish, English, French, German, Italian, Spanish, Russian, Chinese, and Arabic. Other languages are also available on request. Branding: High-profile corporate and consumer brands In the areas of creating, developing, defining and maintaining standards for our clients corporate and consumer brands, our brand-related activities consist of: Designing logos and emblems Developing corporate identities from A to Z Launching and relaunching brands Consultancy services Marketing: Satisfying marketing needs in the product/service-consumer cycle Our activities under the heading of marketing consist of a providing all the advertising, promotional, and corporate communication products and services that our clients may need such as: Advertising campaigns Corporate information films Web-based solutions Brochures Information kits Electronic presentations Web and electronic products: Realistic expectations, feasible goals Tayburn Kurumsal is dedicated to the creation of web-based communication solutions that are highly functional, robust, and audience-specific. The knowledge and experience that Tayburn Kurumsal has built up over the years is put to work to develop whatever web-based products and services its clients might need. Regarding the ability to combine creativity with workable solutions as the bedrock of all web-based services, Tayburn Kurumsal comes up with solutions ranging from corporate portals to investor relations websites and from e-commerce applications to web-based annual reports and advertising / publicity campaigns. Well aware that internet design demands a thoroughly specialized understanding and approach, Tayburn Kurumsal makes sure that it is equipped with all of the resources and competencies that may be required to satisfy a client s every need. CONTACT INFORMATION Contact Name Mr. Ediz Usman info@tayburnkurumsal.com Website PAGE 21

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25 STOCK EXCHANGE PROFILES Abu Dhabi Securities Exchange 24 UAE Economy 26 Amman Stock Exchange 28 Jordan Economy 3 Bahrain Bourse 31 Bahrain Economy 33 Baku Interbank Currency Exchange 34 Baku Stock Exchange 36 Azerbaijan Economy 38 Banja Luka Stock Exchange 4 Bosnia and Herzegovina Economy 42 Belarusian Currency and Stock Exchange 43 Belarus Economy 45 Belgrade Stock Exchange 46 Serbian Economy 48 Bucharest Stock Exchange 5 Romanian Economy 52 Bulgarian Stock Exchange 54 Bulgarian Economy 56 Damascus Securities Exchange 57 Syria Economy 59 Egyptian Exchange 6 Egyptian Economy 62 Georgian Stock Exchange 64 Georgian Economy 66 Iraq Stock Exchange 67 Iraq Economy 69 Istanbul Gold Exchange 7 Istanbul Stock Exchange 72 Turkish Economy 74 Karachi Stock Exchange 75 Pakistan Economy 77 Kazakhstan Stock Exchange 78 Kazakhstan Economy 8 Kyrgyz Stock Exchange 81 Kyrgyz Economy 83 Lahore Stock Exchange 84 Macedonian Stock Exchange 86 Macedonian Economy 88 Moldova Stock Exchange 9 Moldovan Economy 92 Mongolian Stock Exchange 93 Mongolian Economy 95 Montenegro Stock Exchange 96 Montenegro Economy 98 Muscat Securities Market 99 Oman Economy 11 NASDAQ OMX Armenia 12 Armenian Economy 14 Palestine Exchange 16 Palestine Economy 18 Sarajevo Stock Exchange 11 State Commodity & Raw Materials Exchange of Turkmenistan 112 Turkmenistan Economy 113 Tehran Stock Exchange 115 Iran Economy 117 Tirana Stock Exchange 118 Albanian Economy 12 Toshkent Republican Stock Exchange 121 Uzbekistan Economy 123 Ukrainian Stock Exchange 125 Ukrainian Economy 127 Zagreb Stock Exchange 128 Croatian Economy 13 PAGE 23

26 ABU DHABI SECURITIES EXCHANGE The index increased from 2, in 29 to 2, in 21. Rashed Al Baloushi Deputy Chief Executive At the end of 21 the Abu Dhabi Securities Exchange (ADX) had 64 companies listed, whereas, the number of listed companies at the end of 29 was 67. The index increased from 2, in 29 to 2, in 21. The value of trading decreased from US$ (94 billion) (AED 345) compared to US$ 19 billion (AED 69.9 billion) in 29 to, an decrease of 5.6%. Moreover, the daily average value of trading in 21 US$ (37) million compare to 29 US$ 76.2 million (AED 28 million). In 21 there were 251 trading days compared to 25 days in the previous year. The number of shares traded in 21 ( 17.6) billion shares compared to ( 37.6 billion) shares ion shares traded over the previous year 29, a decrease of 53%. Moreover, the daily average of traded shares also decreased to 7 million shares compared with 15 million shares in 29. The number of executed trades declined to 364,327 trades compared to 744,697 trades in 29, a decrease of 51%. The market capitalization of companies listed at the ADX at the end of 21 was US$ (77.2) AED (283). In 29 was US$ 8.2 billion AED 295 billion with an decrease of 3.6%. HISTORY AND DEVELOPMENT ADX was established on November 15, 2, as the official stock exchange of Abu Dhabi, and throughout this relatively brief history, the exchange was able to achieve remarkable growth in tandem with the robust economic performance of the emirate of Abu Dhabi during the past decade. ADX serves the domestic cash equity market with 67 listed companies and a market capitalization of AED billion (US$ 8.26 billion) as on December 31, 29. On March 25, 21, ADX launched the first Exchange Traded Funds (ETFs) trading platform in the GCC region. The exchange was ranked as the second best government entity in Abu Dhabi in terms of e-services and solutions. ADX has custody agreements with major international financial institutions including HSBC, Standard Chartered Bank, Deutsche Bank and Citi. FUTURE OUTLOOK In 21 ADX will: Increase institutional participation Attract more foreign investors Enhance the quality of market intermediation Strengthen the equity and debt markets Develop some new indices including investor confidence and satisfaction Develop internal processes and technology Invest in the social infrastructure Develop human resources and; Promote the implementation of international best practices PAGE 24

27 ABU DHABI SECURITIES EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug , Sep , Oct-1 1, , Nov , Dec , TOTAL 4, , Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 74,92.5 2,545.8 Aug-1 73, , Sep-1 75, ,673. Oct-1 81, , Nov-1 77, , Dec-1 77,8.67 2, CONTACT INFORMATION 1,2 1, , 9, 2,5 8, 7, 2, 6, 1,5 5, 4, 1, 3, 5 2, 1, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Saeed Khaouri skhaouri@adx.ae Website PAGE 25

28 ABU DHABI SECURITIES EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Abu Dhabi: Year in Review 21 The year 21 will be remembered in Abu Dhabi for the local government forging ahead with a counter-cyclical spending regime aimed at boosting the economy and buttressing the Economic Vision 23. The Union Railway, a nationwide rail project, offers a good example of this. In early September, bidding began for the first round of lucrative packages related to the planned UAE-wide link. It was seen as a sign of the government s commitment to carrying on with plans hatched before the crisis. Over the medium to long term the project is expected to help create a thriving small- and medium-sized enterprise (SME) sector in Abu Dhabi and the wider UAE for businesses specialising in locomotive supplies, maintenance and manufacturing. In addition, the railway is also going to play an important role connecting business and industry with the country s sea and aviation infrastructure. It is all part of a strategy to boost the efficiency of manufacturing and heavy industrial exports in the future. As the different phases of the railway progress it will eventually link up with another important government-backed project, the Khalifa Port and Industrial Zone (KPIZ). The project, which is another integral plank in the government s longterm diversification goal, pressed ahead with tendering a $131m infrastructure package in early October to Greek contractor, Consolidated Contracting Engineering & Procurement. Shortly afterwards, Abu Dhabi Ports Company (ADPC), the government entity behind the project, also awarded a $285m infrastructure works contract to Al Habtoor Leighton Group. Construction began immediately and is scheduled to end in July 212. Based around the idea of industrial clusters, the strategy is to attract tenants from a wide range of industries. KPIZ will cater to base-metal specialists, heavy machinery, transport-vehicle assembly, chemicals, shipyards, building materials, processed foods and beverages, light manufacturing and assembly, SMEs, trade and logistics, information and communication technology and alternative energy, as well as others. Supplying the necessary power for Abu Dhabi s growing industrialisation was a focus for the emirate in 21, following the selection of Korea Electric Power Corporation (KEPCO) as the prime contractor for the UAE s first four nuclear power plants in December 29. In 21 Emirates Nuclear Energy Corporation (ENEC) identified a preferred site on government land in Barka, in the Western Region of Abu Dhabi for the reactors, which are scheduled for completion between 217 and 22. The $2.4bn master plan means the benefits to the economy should be felt far and wide. In total, KEPCO expects to subcontract around $15bn worth of the project, awarding up to 2 contracts to provide components such as steam generators, turbines and piping. Meanwhile, the nascent technology industry also flexed its financial muscles in 21. Governmentowned Advanced Technology Investment Company (ATIC) announced that it plans to invest between $6-$7bn building its semiconductor manufacturing facility in the capital. The 12-inch wafer fabrication facility, the industry s most sophisticated, is expected to begin production by 215. It will be the first microchip producer in the Middle East. Over the long term, the aim of building such a manufacturing plant is to turn the emirate into a hub for semiconductor production. As outlined in the Economic Vision 23 developing a sustainable technology sector is a key pillar to industrial diversification and set to be a significant GDP contributor to Abu Dhabi s economy in the future. For today, however, the government s policy of investing billions of dollars across the economy helps to bolster growth in the non-oil economy, owing to the multiplier effect of so much construction work being carried out within the local market. Most importantly, though, is the impact government s efforts will all have on 211. As countries in the West suffer anaemic growth and budget cuts, the UAE capital can expect a GDP growth rate of nearly 8% (3.8% in real terms) in 211, according to a local study by Abu Dhabi Chamber of Commerce and Industry. In addition to this the emirate thanks to the government-led recovery in 21 will benefit from a boost of investments of nearly 15%. Exports will increase 9.5%, while imports will jump, says the study, by a healthy 8%. Information obtained from the Exchange. Key Information Contacts Abu Dhabi Chamber of Commerce and Industry Central Bank of UAE Abu Dhabi Department of Planning and Economy REAL GDP (AED millions) CONSUMER PRICES (% CHANGE PA; AV) (%) PAGE 26

29 ABU DHABI SECURITIES EXCHANGE UAE ECONOMIC CHARTS AND TABLES Nominal GDP (US$ at PPP) bil US$ 134 (a) 16 (a) 174 (a) 191 (a) 187 (a) 196 (b) Real GDP mil AED 49,218 47, ,32 535, ,741 (a) 534,119 (b) Real private consumption mil AED n/a n/a n/a n/a n/a n/a Real government consumption mil AED n/a n/a n/a n/a n/a n/a Real gross fixed investment mil AED n/a n/a n/a n/a n/a n/a Real stockbuilding mil AED n/a n/a n/a n/a n/a n/a Real exports of G&S mil AED n/a n/a n/a n/a n/a n/a Real imports of G&S mil AED n/a n/a n/a n/a n/a n/a Real domestic demand mil AED n/a n/a n/a n/a n/a n/a Real GDP at factor cost mil AED 49,218 47, ,32 535, ,741 (a) 534,119 (b) Real agriculture mil AED 8,72 8,298 8,235 8,252 8,417 (a) 8,51 (b) Real industry mil AED 252,456 33, , , ,92 (a) 348,74 (b) Real manufacturing mil AED 57,263 61,926 63,718 66,582 69,911 (a) 71,379 (b) Real services mil AED 148,42 158, ,83 171, ,44 (a) 177,544 (b) Gross national savings rate (%) % (a) 33.2 (a) 36.9 (b) Gross national savings/investment % (a) 114. (b) Budget balance (% of GDP) % (a) 1.3 (a) 13.6 (a) -.4 (a) 3. (b) Consumer prices (% change pa; av) % 12.5 (a) 13.5 (a) 11.1 (a) 15.8 (a) 1.5 (a) 4.8 (b) Exchange rate LCU:US$ (av) AED/US$ (a) (b) Lending interest rate (%) % (a) 5.9 (a) 5.6 (b) Stock of domestic credit mil AED 283,2 399,456 57, ,927 92,81 (a) 1,3,491 (b) Domestic credit growth (%) % (a) 12. (b) Deposit interest rate (%) % (a) 3.7 (a) 2.6 (b) Population million 4.6 (a) 4.9 (a) 5.3 (a) (b) GDP per head ($ at PPP) US$ 29,17 (a) 32,41 (a) 32,99 (a) 33,89 (a) 34,2 (a) 35,16 (b) Current account balance/gdp % (a) 4.5 (b) International reserves bil US$ (a) 38 (b) Trade balance bil US$ (a) 41 (b) Foreign-exchange reserves bil US$ (a) 38 (b) Total foreign debt bil US$ 56 (a) 79 (a) 11 (a) 135 (a) 129 (a) 13 (b) Public medium & long-term bil US$ 33 (a) 53 (a) 75 (a) 9 (a) 1 (a) 1 (b) Private medium & long-term bil US$ (a) (a) (a) (b) IMF debt bil US$ (b) Short term bil US$ 23 (a) 25 (a) 36 (a) 45 (a) 29 (a) 3 (b) Net debt bil US$ 35 (a) 51 (a) 33 (a) 13 (a) 94 (a) 92 (b) Export credits bil US$ 2 3 (a) 4 (a) 5 4 (a) 4 (b) (a) Estimate (b) Forecast The Economist Intelligence Unit Limited, December 29 TRADE BALANCE (US$ billions) INTERNATIONAL RESERVES (US$ billions) PAGE 27

30 AMMAN STOCK EXCHANGE In 21, the ASE has continued with its efforts, aiming at developing the market, and increasing its efficiency. Jalil Tarif Chief Executive Officer The year 21 was a year of uncertainty; it witnessed many worries around the world regarding the sustainability of the recovery of the global economy, besides the worries about some European countries sovereign debt and fears of a currency war. These worries had their effect on many of the stock exchanges worldwide. However, the Amman Stock Exchange (ASE) has witnessed a stable performance, and ended the year with a slight decline in the general index, while retaining the confidence of local and foreign investors. In 21, the ASE has continued with its efforts, aiming at developing the market, and increasing its efficiency. One of the major developments that the ASE has accomplished in 21 was the introduction of Internet Trading. This service, which was launched in July 21, provides an opportunity for investors to trade in securities regardless of their geographic location. In addition, the service is expected to attract more investors to the market. The ASE has adopted its new website in 21, both in its Arabic and English versions. The new website reflects the recent developments that the ASE witnessed on many levels. It was developed with modern technology, contains a great amount of information and was designed to be user-friendly to enable investors and researchers to find the information they need more easily. The ASE went on with the construction works of its new project, the Jordan National Financial Center. The center will accommodate the ASE, the Securities Depository Center, brokers, banks, Investors Gallery and a financial training institute. As for the performance of the ASE, the Free Float Weighted Price Index went down during 21 by 6.3% to close at 2374 points, compared with its 29 closing of 2534 points. The trading value during 21 reached US$9.4 billion with a decrease of 31% compared with the year 29. The number of transactions also declined during 21 by 37% reaching 1.9 million transactions while the number of traded shares reached 7. million shares with an increase of 16% compared with the year 29. HISTORY AND DEVELOPMENT The Amman Stock Exchange (ASE) was established in March 1999 as a non-profit, private institution with administrative and financial autonomy. It is authorized to function as an exchange for the trading of securities. The Exchange is governed by a seven-member board of directors. A Chief Executive Officer oversees day-to-day responsibilities and reports to the board. The ASE membership is comprised of Jordan s 68 brokerage firms. The history of securities trading in Jordan traces its origins back to the 193s. In 1976, the Amman Financial Market was established to create a regulated trading market. More recently, as part of Jordan s move to upgrade its capital market, a Securities Law was enacted in 1997 separating the supervisory and legislative roles from those of exchange operations. As a result, the Jordan Securities Commission (JSC) was created in the year 1997, the ASE and the Securities Depository Center (SDC) were established in The JSC supervises the issuance of and trading in securities and monitors and regulates the market. The SDC oversees clearing and settlement and maintains ownership records. To provide a transparent and efficient market, the ASE implemented internationally recognized directives regarding market divisions and listing criteria. It also adopted procedures for improving regulatory effectiveness. The ASE is charged with: Providing companies with means of raising capital by listing on the ASE, Encouraging an active market in listed securities based on the effective determination of prices and fair and transparent trading, Providing modern and effective facilities and equipment for trading, recording the trades and dissemination of prices, Monitoring and regulating trading, in coordination with the JSC as necessary, to ensure compliance with the law, a fair market and investor protection, Setting out and enforcing a professional code of ethics among its member directors and staff, Ensuring the provision of timely and accurate information of issuers to the market and disseminating market information to the public. On March 26th 2, the ASE launched an automated order-driven Electronic Trading System. The system is in compliance with international standards and takes into account the G-3 recommendations. This system also offers brokers immediate access to stock prices and orders and enables members to trade remotely. On May 26, The ASE has activated a new version of the electronic trading system (NSC V2+), which comes as part of the efforts to meet the increasing needs of the Jordanian capital market and in order to raise the capacity of the current electronic trading system to accommodate the increase in the daily trading volume. On March 22nd 29, The ASE launched the new version of the electronic trading system NSC V9, this project is considered a quantum leap for the concerned institutions as the electronic trading system has now become linked with the SDC systems and the JSC new monitoring systems. The new version will help develop the trading process at the ASE and enhance the capacity of the electronic trading system. On July 14th 21, the ASE Launched the Internet Trading service. This service is seen as a major opportunity for a large number of investors to trade in securities regardless of their geographic location. In addition, the service will help increase the number of investors at the ASE and enhance their aptitude to engage in securities trading. FUTURE OUTLOOK The Amman Stock Exchange will embark on a number of key projects that will ensure maintaining the lead that the ASE has amongst Arab and regional stock exchanges. These projects can be summarized as follows: Continuing the construction works of the Jordan National Financial Center. Continuing upgrading the technical infrastructure. Launching new indexes. Launching new financial instruments. PAGE 28

31 AMMAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL 3, , Bonds Jul Aug Sep Oct Nov Dec TOTAL.2... Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 29,6.95 2, Aug-1 28, ,249. Sep-1 29, ,36.46 Oct-1 29, , Nov-1 29, ,354.6 Dec-1 3, , CONTACT INFORMATION ,5 35, 2, 3, 25, 1,5 2, 1, 15, 1, 5 5, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mrs. Sundos Jamayed sjamayed@ase.com.jo Website PAGE 29

32 AMMAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Enjoying a stable political and democratic environment, Jordan pioneers the countries of the region in terms of economic liberalization and private sector management. Indeed, it has an attractive investment climate, reflected in a package of investment incentives and exemptions and a free flow of capital. On the Economic level, the Jordanian Economy is expected to achieve a positive growth during 21. The International Monetary Fund estimates that the growth in Jordan s real GDP for the year 21 will reach 3.4%. Inflation during 21 has mounted to 5% due to higher international fuel and food prices. As for the monetary policy, the Central Bank of Jordan has cut the re-discount rate from 4.75% at the end of 29 to become 4.25% at the end of November 21. Interest rate on 6- month Treasury Bills fell from 2.8% at the end of 29 to 2.3% at the end of November 21, while the weighted average of interest rates for loans went down and reached 8.9% compared with 9.1% at the end of 29. Domestic liquidity measured by Money Supply (M2) grew by 9.5% at the end of November 21 when compared with its levels at the end of 29. On the other hand, foreign currency reserves at the Central Bank of Jordan increased by 1.5% at the end of November 21 compared with the end of 29 reaching USD1.9 billion. Regarding the fiscal policy, public revenues showed an increase of 3.2% in the first 1 months of 21 compared with the same period in 29, while public spending showed a decrease of 2.6% for the same period. This decrease in government spending came as a result of the austerity measures applied by the government in order to curb the budget deficit and maintain the financial stability of the Kingdom. With regard to the External Sector, Jordanian exports and re-exports have risen by 8.1% during the first 1 months of 21 compared with the same period of 29, while imports have risen by 9.5% during the same period. Information obtained from the Exchange. JORDAN ECONOMIC CHARTS AND TABLES Nominal GDP at Market Prices (US$ million) 12, , , , , ,193.2 (a) Inflation (%) Money Supply (M2) (US$ million) 17, ,9.8 22, , , ,97.6 (b) Population (million) Per Capita GDP at Current Market Prices (US$) 2,3.1 2, ,14.2 3, ,22. 4,45.6 (a) Exports, f.o.b. (US$ million) 4,31.4 5,24.4 5, ,945. 6, ,189.8 (c) Imports, f.o.b. (US$ million) 9, , , , , ,98.8 (c) Direct Foreign Investment in Jordan (US$ million) 1, ,544. 2, , ,43. 1,364.5 (c) (a) Estimate (b) November 21 (c) Jan. - Sept. 21 Key Information Contacts Jordan Securities Commission Securities Depository Center Jordan Investment Board Arab Monetary Fund Ministry of Finance Central Bank of Jordan (CBJ) National Information Center Department of Statistics Nominal GDP (USD billions) Inflation (%) PAGE 3

33 BAHRAIN BOURSE Yusif Humood Chairman Bahrain Bourse continued the development of its trading mechanisms in a way that will attract different segments of investors and clients, and increase their profitability. Despite the signs of relative recovery from the global financial crisis that had an impact on different countries worldwide in 28 along with the increase in oil prices during the second half of 29, the response of the market indices in the region to this recovery varied among markets. The reasons for such variation are partly psychological reasons, and the other part goes back to the distinctive characteristics of each market that differentiates one market from another. The performance of Bahrain All Share Index this year and the volume and value of shares traded reflects the psychological state that prevailed among investors at Bahrain Bourse resulting from the consequences of the crisis in spite of the good financial results reported by the majority of companies listed at the Exchange. This has led to a 19.17% drop in the index compared to its closing at the end of 28. In line with the development strategy approved by the Board of Directors of Bahrain Bourse five years ago, one of the major decisions in the history of the capital markets sector was made with the issuance of Resolution No. (57) of 29 in respect of corporatizing the Exchange and transforming it to a shareholding company, paving the way to major legal, administrative, and technical modifications that would change how the Exchange operates. Bahrain Bourse has completed the major part of its relocation project to Bahrain Financial Harbour in 29. The new premises have been equipped with advanced technology and systems in a way that will enhance Bahrain Bourse s competitiveness to provide more services. This will also enable Bahrain Bourse to provide the technical infrastructure that would encourage companies to benefit from these facilities. Bahrain Bourse continued the development of its trading mechanisms in a way that will attract different segments of investors and clients, and increase their profitability when trading in the shares of listed companies at the Exchange. In addition, the bourse widened its scope of cooperation with leading regional and international financial institutions to be able to provide its custodian services at the Exchange with the aim of enabling local and foreign institutional clients to invest at Bahrain Bourse and benefit from the opportunities available. Looking into Bahrain Bourse s financial performance in 29, the global crisis had an effect on the financial status of the Exchange where the operating surplus activate revenue reported a deficit of BD 127,18 thousand compared to the surplus in 28. The accumulated surplus also decreased slightly from BD 3,95,112 to BD 3,822,932, recording a drop of 3.21%. On behalf of the members of Bahrain Bourse s Board of Directors and staff, I would like to express my thanks and gratitude to His Majesty King Hamad bin Isa bin Salman Al Khalifa, King of the Kingdom of Bahrain and His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister, and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Deputy Supreme Commander for their guidance and continuous support of Bahrain Bourse. I would also like to extend my thanks to the Central Bank of Bahrain s Chairman and members of the Board of Directors for their support of Bahrain Bourse. I would also like to thank the members of the Board of Directors of Bahrain Bourse for their opinions and contributions to the development of the bourse in the previous years. I would also like to thank Bahrain Bourse s management and staff for their hard work during the year, hoping that such efforts will continue to further develop the Exchange. HISTORY AND DEVELOPMENT Bahrain Bourse (BHB) was established as a shareholding company according to Law No. 6 for the year 21 to replace Bahrain Stock Exchange (BSE) that was established in The emergence of the capital markets sector in the Kingdom of Bahrain dates back to 1921 following the establishment of the first branch of a commercial bank (Standard Chartered Bank). In 1957, the first Bahraini Public Shareholding Company was established. Since then, more local public shareholding companies began to operate, reaching their peak in the beginning of the 198 s. During this period, shares of public shareholding companies were being actively traded in a non-official market called Al Jowhara Market. As a result of a feasibility study prepared by the Government and the International Finance Corporation (IFC) highlighting the importance of establishing an official stock market in Bahrain, Amiri Decree No. 4 was issued to establish the Bahrain Stock Exchange (BSE) in The Exchange officially commenced operations in June 1989 with 29 Bahraini shareholding companies listed. In 1999, BHB implemented the automated trading system (ATS) to carry out all the exchange s transactions electronically instead of the manual trading. In 22, the regulatory authority and supervision of BHB was transferred from the Ministry of Commerce to the Central Bank of Bahrain (CBB) in which CBB regulates and supervises all the Exchange s activities. FUTURE OUTLOOK In the year 21, Bahrain Bourse will continue its efforts to attract more local, regional, and international mutual funds. The bourse will continue to attract more listed companies, both local and international and will also seek more cooperation with stock exchanges worldwide, with the aim of exchanging information and expertise. In addition, Bahrain Bourse will pursue strategic partnerships in many different areas that we hope to add value to all parties involved. PAGE 31

34 BAHRAIN BOURSE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL.... Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 16, , Aug-1 16, , Sep-1 16, , Oct-1 17,.5 1, Nov-1 2, , Dec-1 2, , CONTACT INFORMATION ,6 25, 1,4 1,2 2, 1, 15, 8 6 1, 4 5, 2 Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Ali Mansoor info@bahrainstock.com Website PAGE 32

35 BAHRAIN BOURSE ECONOMIC AND POLITICAL DEVELOPMENTS Political Outlook A general election for the Chamber of Deputies (the lower house of parliament) was held in October. After two rounds of voting, the al-wefaq National Islamic Society, a largely Shia-supported political society, emerged as the largest group in parliament, although it fell short of a majority, winning 18 of 4 seats. Pro-government independents won 17 seats. Two Sunni-based Islamist parties, the al-menbar National Islamic Society (which is associated with the Muslim Brotherhood) and the al-asalah Islamic Society (a salafi, or puritanical Islamist, group), won five seats between them, less than half the number they had in the previous parliament. The Waad society, a liberal and cross-sectarian group, failed to win any seats. Source: Bahrain: Country outlook Information obtained from the Exchange. BAHRAIN ECONOMIC CHARTS AND TABLES Key Indicators Real GDP Growth (%) Consumer Price Inflation (av;%) Budget Balance (% of GDP) Current-Account Balance (% of GDP) Exchange Rate US$:Euro (av) Exchange Rate US$:Euro(year-end) Source: Country Forecast Bahrain August 21 Year GDP in Billions of USD PPP % GDP Growth Source: EIU Country Data Risk December 21 Sovereign risk BBB Currency risk BBB Banking sector risk BB Political risk BB Economic structure risk BB Source: Bahrain: Country risk summary Key Information Contacts Central Bank of Bahrain Ministry of Finance Bahrain Government Economic Development Board PAGE 33

36 BAKU INTERBANK CURRENCY EXCHANGE Farkhad Amirbekov General Manager I am sure that dynamical growth of the Azerbaijan economy and development of an exchange infrastructure will promote the further growth of appeal of the financial market of the country. The dynamic growth of the Azerbaijan economy increases in the credit ratings and the subsequent arrival of large investors promote the further development of the financial infrastructure of the country. Today the BBVB takes a central role in the infrastructure of the Azerbaijan capital market, integrating on a uniform technological platform trading and settlement systems. I am sure that the dynamic growth of the Azerbaijan economy and development of the exchange infrastructure will promote further growth and the appeal of the financial market of the country. In the near future BBVB plans to introduce new technological ideas, new financial tools and services for clients. We will continue to work on perfection of a technological infrastructure for the exchange and a control system of risks. The main objective of exchange innovations is not only the service of currency transactions of banks but for us it is very important, that the exchange market began to play more significant role in the banking system. Therefore I especially would like to allocate such projects, as the start of the market for currency swaps. The main objective of development of the exchange currency market consists in the increase of its appeal in the expansion of a number of the interconnected tools. We make plans, proceeding from necessity to correspond to the world standards both on technologies and on a spectrum of offered tools and services. For this purpose all of our perspective projects are subjected to these same standards. It is obvious, that creation of a uniform exchange centre in the region will provide not only close integration of Azerbaijan into the world market, but also will give the stability to the country s financial system. And here the importance of the exchange market as infrastructural element of a financial system consists in performance of a variety of unique functions, of which realization by other institutes either is impossible, or is inconvenient. I sincerely hope that realization of these plans will allow us to strengthen our positions, rendering best practices level service to our trade participants. This will lead the BBVB to become a basis for the creation of a world class regional financial centre. HISTORY AND DEVELOPMENT Central Bank of Azerbaijan and the four biggest state banks of Azerbaijan Republic founded the Baku Interbank Currency Exchange (Baki Banklarasi Valyuta Birjasi- BBVB) on 26 July 1993 and this year it marks decade from the moment of the beginning of activity in the financial market. Becoming from the beginning of the activity one of the central financial institutions of the country, BBVB is today for the business public of Azerbaijan an original symbol of economic reforms. Using the advanced information technologies and being based on successful experience in the creation of the universal trading platforms, BBVB by volumes of trades and number of financial tools became the largest exchange institute in the Caucasian region. The purposes of the BBVB are as follows: to set up regular exchange trading to carry out currency operations; to determine the market exchange rate of the Azerbaijan currency (manat) to foreign currencies; to create a mechanism for inter-state settlements; to maintain management and information services for currency operations; to settle transactions made at the BBVB both in national and foreign currencies; to organize and carry out exchange trading and auctions with interbank credits; to conduct exchange trading with futures. Main historical dates 18 October 1991, Declaration of Independence of the Azerbaijan Republic 15 August 1992, Putting in circulation national currency - Manat 21 June 1993, Establishment of the BBVB 26 August 1994, Beginning of regular exchange trading in the currency market 31 March 1995, First credit auction of the National Bank at the BBVB 2 September 1996, First T-bill auction 22 January 1997, First exchange trading in the BBVB Stock Department 5 May 1997, The beginning of preparation of the first rating estimations of banks 1 July 1997, Creation of the first exchange site 3 August 1997, Beginning of trading in the Organized Interbank Currency Market (OICM) 25 September 1997, First trading in the OICM by means of universal trading e-network of the BBVB 17 December 1997, Corresponding emerging market membership status in WFE 6 March 1998, Signing in Baku Protocol on cooperation of BBVB with Istanbul Stock Exchange 2 October 1998, Full member of FEAS (Istanbul) 24 February 1999, Membership in the Azerbaijan Commercial Chamber (Baku) 14 December 1999, Membership in the Azerbaijan Commercial Banks Association (Baku) 2 April 2, Co-founder and membership in the International Association of CIS Exchanges (Moscow) 3 July 21, Signing in Moscow Arrangement on strategic cooperation of BBVB with MICEX (Moscow Interbank Currency Exchange) 27 March 22, Start of e system of trades on Interbank credits the Organized Interbank Credit Market 8 July 22, Creation of the commission on trading limits 9 July 22, Start of Bourse E System of Trades (BEST) 24 November 23, Signing in Almati agreement on mutual cooperation of BBVB with KASE (Kazakhstan Stock Exchange) 16 June 24, Signing in Baku agreement on mutual cooperation of BBVB with BSE (Bulgarian Stock Exchange) 31 August 24, Registration of index AzeriREI developed by experts BBVB 16 June 25, Start of the tool - currency swap in Bourse E system of trade (BEST) 1 January 26, Technical transition of BEST system for using denominated manat 14 August 27, Signing in Baku agreement on mutual cooperation of BBVB with TICEX (Tbilisi Interbank Currency Exchange) 1 May 28, Start of the settlement - trading system of BEST 28 February 28, Signing in Moldova agreement on mutual cooperation of BBVB with MOLDSE (Moldova Stock Exchange) 21 October 29, Introduction of the new tool in the Organized Interbank Money Market FUTURE OUTLOOK Development of settlement and clearing services, in particularly software for management of banks trading limits on money and the currency markets; Improvement of the risk management system in realization of clearing operations; Further increasing professional skills of Exchange s personnel; Development of modern corporate governance principles; Development of Internet technologies and e commerce; Intensification of activity in organized interbank money market. 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37 BAKU INTERBANK CURRENCY EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL.... Bonds Jul Aug Sep Oct Nov Dec TOTAL.... Other Jul Aug Sep Oct Nov Dec TOTAL Market Capitalization Index MONTHLY OTHER VOLUME 5-YEAR OTHER VOLUME Jul-1 N/A N/A Aug-1 N/A N/A Sep-1 N/A N/A Oct-1 N/A N/A Nov-1 N/A N/A Dec-1 N/A N/A , 2,5 2, 1,5 1, Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Contact Name Ms. Aynur Bayramli aba@bbvb.org Website * Please refer to page 38 for the Azerbaijan country report. PAGE 35

38 BAKU STOCK EXCHANGE In 21 the Baku Stock Exchange celebrated its 1th anniversary. Khayal Abdinov Chairman 21 was the iconic year for the Azeri capital markets and its major driving forces Baku Stock Exchange and State Committee for Securities. Baku Stock Exchange was established in 2 and past year it celebrated its 1th anniversary. We managed to introduce the new law governing collective investments schemes which was ratified during the same year. The ratification of the law effectively started a new era in the development of the capital markets of the country. Thus it is not surprising that the conference the BSE held to celebrate its 1th anniversary was titled Collective investments: global experience and opportunities. The global financial crisis which started in 28 and continued its development through 9 and 1 gave to many of us time to reconsider its priorities and strategies. Baku Stock Exchange dedicated big portion of 21 on improving the capital markets knowledge base among the population and professional community. For the professional market participant - brokers, banks, regulators etc. the stock exchange deployed the CFA I type trainings. As in the previous years, the management of the BSE continued to focus on reducing operational and activity-related risks as well as optimizing the internal structure of the company. We continue to modernize and improve our IT capabilities and expand our listing and product bases. I would like to take this opportunity to first of all congratulate the FEAS with the 15th anniversary and congratulate Mr. Mustafa Baltaci with his appointment as the new Secretary General of our federation. HISTORY AND DEVELOPMENT As far back as we could track the history of the ancient people living between the mountain ranges of Lesser and Greater Caucasus, on the current territory of modern Azerbaijan, they have always enjoyed the presence of international trading and the culture of deal making was very well accepted and praised in the area. But anyone visiting Azerbaijan wouldn t need to study history to find the proof of that. It is enough just to visit one of many bazaars to be a part of the constant deal making. Once experienced this you will understand that the favorable geographical situation of Azerbaijan was not the only reason why the ancient Silk Way was passing through the territory of the country. Given the above, it is not surprising that in the early days of Azerbaijan s independence the pragmatic leader of the country Heydar Aliyev envisioned the creation of capital markets infrastructure modern day s marketplace. The vital part of this infrastructure was Baku Stock Exchange which was established in October 1st 2 with the help of local and international financial organization most of which became the shareholders of the company. Currently Closed Joint Stock Company Baku Stock Exchange has 19 shareholders. Milestones in BSE s history The Initiative Group for the establishment of the stock exchange gathered December 25th 1999 The first BSE s Shareholders Assembly February 15th 2 State Committee for Securities granted an exchange license to the BSE July 21st 2 The first placement of the short-term government bonds on the BSE September 1st 2 The official opening ceremony of the exchange October 1st 2 Election of the BSE to the Federation of Eurasian Stock Exchanges November 2nd 21 Introduction of first repo to the market November 22nd 21 The first transaction in corporate bonds on the exchange January 26th 24 The first placement of corporate bonds denominated in foreign currency March 5th 24 The first equity trade conducted via the exchange April 15th 24 The placement of the Central Bank s Notes for the first time on the BSE September 14th 24 Introduction of the interbank repo instrument to the market May 24th 26 The first placement of the mid-term government bonds on the exchange March 16th 29 The placement of the bonds of Azerbaijan Mortgage Fund on the BSE June 16th 29 Introduction of the new trading system with remote access capabilities for the members July 2nd 29 Effective date for the new listing rules August 1st 29 International conference dedicated to the newly adopted listing rules September 29th 29 Starting of the Capital markets training project with the help of EBRD January 21st 21 Celebration of 1th anniversary of Baku Stock Exchange and conducting of an international conference on Collective investments: global experience and opportunities September 29th 21 FUTURE OUTLOOK As a part of the overall strategy for the development of BSE and capital markets of Azerbaijan, in 211 the exchange will continue focusing on some of the previous issues as well as trying to tackle new ones: to continue promotion of listing as well as create new market tools; to create internal risk management group; influenced by market trends to further optimize the organizational structure of the exchange; to continue working on creation of fully automated DVP PAGE 36

39 BAKU STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL Market Capitalization Index MONTHLY STOCK VOLUME VOLUME BY TYPE (%) Stocks Bonds Other Jul-1 N/A N/A Aug-1 N/A N/A Sep-1 N/A N/A Oct-1 N/A N/A Nov-1 N/A N/A Dec-1 N/A N/A Jul Aug Sep Oct Nov Dec 39 CONTACT INFORMATION Contact Name Mr. Kamran Aliyev k.aliyev@bse.az Website PAGE 37

40 BAKU STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Economic Performance Despite the global financial crisis and fall in international oil prices from their 28 highs, growth slipped only a little to 9.3% in 29, from 1.8% in 28. Helped by higher oil prices in the second half of 29 and by increased production of hydrocarbons from the Caspian Sea, the oil and gas sector (constituting 55% of GDP and 95% of total export revenue) remained the major driver of growth. Overall, non-oil GDP growth at 3.2% of GDP in 29 was much lower than its 15.7% growth in 28, as activity was depressed by an uncertain economic outlook that restrained domestic demand and curtailed exports. On the demand side, higher public investment, which rose to 21% of GDP in 29, supported growth, reflecting government moves to counter the impact of the global crisis. That impact was, however, seen in falling private sector investment, which came down to only 6% of GDP in 29. Lower prices constrained investment in the oil sector, which consequently accounted for a smaller proportion of total investment in 29 than it did in 28. Higher public investment was partly financed by the State Oil Fund (SOFAZ), to which a large part of the government s oil receipts are channeled. SOFAZ has become an important source of financing for important socioeconomic and investment projects. With falling international commodity prices, the consumer price index rose by only 1.5% in 29, versus 2.8% in 28. The Central Bank of Azerbaijan s heavy market intervention maintained a stable exchange rate to the dollar in 29 (at AZN.8/$1), preventing a depreciation that would have caused inflation pressure and raised debtservicing costs for businesses that have sizable foreign-currency loans. Stable civil service salaries and economic uncertainty helped bring down inflation pressure from the demand side. Falling inflation allowed the central bank to relax monetary policy through phased but steep reductions in the refinancing rate, which ultimately fell to only 2% in 29 from a high of 15% in 28. In addition, the central bank markedly lowered banking sector reserve requirements to.5% in March 29 from 12%. Banking sector resilience grew as a result of monetary policy measures of the central bank. Despite slow growth, banks maintained strong loan portfolios, and the proportion of overdue loans was kept in check, at 4.5% of the total. As oil export income fell due to sliding international prices, the trade account is estimated to have posted a surplus of only $14.6 billion, down from $23. billion in 28. This drop was mitigated by an estimated $1.1 billion fall in imports, largely because of lower food prices and a decline in oil companies demand for investment machinery. Gross international reserves contracted by $1.1 billion to $5.4 billion at end-december 29. This decline, in a context of a current account surplus, reflected a buildup in SOFAZ investment assets abroad. External debt rose slightly to $3.4 billion (8.8% of GDP) in 29 from $3. billion a year earlier. Azerbaijan s debt at these levels remains low and there are no major risks to debt servicing in view of the $14.9 billion SOFAZ sovereign fund and the $5.4 billion in foreign reserves. Economic Prospects The focus of monetary policy in 21 remains on keeping inflation low. The central bank currently projects inflation at 3%. However, rising commodity and food prices and higher public investment and demand fueled by oil revenue, along with the current relatively liberal monetary policy environment, suggest that estimates of 5.8% (and about 6.% in 211) mark a more likely outcome. However, the likely appreciation of the local currency on higher oil revenues this year could complicate monetary policy if the central bank needs to intervene in the market to keep a lid on appreciation. The external account is expected to remain strong on higher oil export receipts with the current account surplus projected at 23.% of GDP before easing to 21.7% next year (as stronger GDP growth sucks in imports). The recovery of the global economy will boost nonoil exports, too, while the upturn in the Russian economy will support higher workers remittances. The larger current account surplus, along with larger transfers from SOFAZ, will preclude the need for net foreign borrowing. External debt is projected to fall over the forecast period. Information obtained from the Exchange. Key Information Contacts National Bank State Committee for Securities Ministry of Finance National Depository Center Ministry of Economic Development PAGE 38

41 BAKU STOCK EXCHANGE MAIN MACROECONOMIC INDICATORS Capital Nominal income Nominal avarage Consumer GDP Non-oil GDP investments population monthly wage Price Index Year, Total Growth Total Growth Total Growth Total Growth Total Growth monthly YTD month mn MNT rate, % mn MNT rate, % mn MNT rate, % mn MNT rate, % mn MNT rate, % % % , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , PAGE 39

42 BANJA LUKA STOCK EXCHANGE Milan Bozic CEO An increase in the demand in the last quarter has been encouraging, and this has been reflected in the growth of the stock exchange index by 11.4% Introduction by Director During 21, the trading on the Banja Luka Stock Exchange was conducted in the conditions of economic crisis. However, it can be said that negative trends were stopped in mid-year, and that the second half of 21 pointed to the gradual stabilization of the market. After a significant drop during the first half of the year, the Stock Exchange Index of Republic of Srpska (BIRS) recorded strong increase of 19.33% thus erasing most of the losses ending the year with loss of 3.6%. The total turnover of BAM 176 million was lower by 2% compared to the previous year. However, the structure of the total turnover improved. If the takeovers reported to the stock exchange are excluded, the regular turnover in 21 increased by 32% compared to the previous year. The stock market was characterized by low liquidity during 21. Interest in investing in stocks has been largely determined by the investors expectations regarding the long-term impact of the crisis on the companies business results. An increase in the demand in the last quarter has been encouraging, and this has been reflected in the growth of the stock exchange index by 11.4%. Still present uncertainty as to the speed of removing the consequences that the economic crisis had on the companies performances has focused the attention of investors on the bonds, which participated with 31.7% in the total turnover. At the BLSE, we have understood the crisis as an opportunity to look at the real possibilities for the development of the capital market in the Republic of Srpska. Priority goals have been identified in the newly adopted five-year Stock Exchange development strategy whose implementation should create an environment where the BLSE will become a modern service to investors and issuers which is integrated into the regional capital market New Technologies During 21 we have continued with the development of an integrated trading system for the brokerage houses based on the FIX protocol. Integrated System (Broker Office), which combines trading, back office and accounting for brokerage house and e-trading with DMA for clients, was first implemented in four brokerage houses in 21. New technologies will be used for future connection with other equity markets in the region and for data distribution to international vendors. International Cooperation The joint road-show organized by the stock exchanges from the former Yugoslavia in Vienna was the most important international project in which the BLSE was participated in 21. Nova Banka a.d. Banja Luka along with 3 companies from eight other countries from the region was presented to international investors at the road-show. Together with other stock exchanges the first steps were made towards linking markets through brokerage houses cooperation within the region. The regional cooperation will be based on the use of advanced technological solutions. Corporate Governance Development of corporate governance will permanently remain one of the most important priorities of the BLSE. Therefore, the BLSE together with the International Finance Corporation (IFC), organized seminar Risk Management and Board of Directors, designed for mangers of joint stock companies. In cooperation with the Faculty of Economics in Banja Luka we preformed a research on the current level of the corporate governance in the RS. However, we believe that the greatest contribution to the development of corporate governance in the Republic of Srpska is our ongoing commitment to the transparency and disclosure of detailed information on companies and investment funds at our web pages. With this approach we managed to keep the leading position among the stock exchanges in the region as a stock exchange that pays the most attention in providing the investors with sufficient information. Education Understanding trends in capital markets implies a series of theoretical knowledge and practical disciplines. Therefore, we always point out that the formal education needs to pay greater attention in educating young people in the area of finance. We have not stopped on that, but in cooperation with the Republic of Srpska Pedagogical Institute we have begun a series of educational projects such as; organization of seminars for teachers, publishing a manual for teachers in financial markets, organizing competitions for high school and university students through a virtual stock exchange. Virtual stock exchange game has sparked great interest among high school and university students who opened about thirty leagues of secondary schools and universities in which compete about 17 participants. The BLSE its understanding of socially responsible behavior showed by creating a specific web application for the practical teaching of accounting that is available to all students of high schools of economics in the Republic of Srpska. Last year we again awarded the top three graduate works in the field of financial markets and best ranked competitors at virtual stock exchange game. At the same time, in cooperation with the Chamber of Commerce we have organized several basic seminars for investors which were interested in getting basic knowledge before they decide to invest in the market for the first time. In 21 we have developed, and with the assistance from the IFC, printed publication on issuing securities with the main idea of spreading knowledge about raising funds through primary and secondary offerings of stocks and bonds. Profit achieved in a challenging business environment is an indicator of stability of operations, and a clear sign that the BLSE will continue to pursue its strategic development objectives. HISTORY AND DEVELOPMENT , The adoption of the Law on Securities provided the necessary legal framework to establish the capital market of the Republic of Srpska , Eight banks and one company trading in securities signed the Contract that established the Banja Luka Stock Exchange , The first trading session took place , The first auction for state owned capital took a place on the BLSE , BIRS The Stock Exchange Index of Republic of Srpska established , FIRS - The Investment Fund Index of Republic of Srpska established , Full membership to FEAS , Introduction of continuous trading in shares which fulfill the liquidity criteria , First International Conference of the BLSE , Correspondent membership to WFE , Correspondent membership to FESE The BLSE real-time data started to be distributed by the Bloomberg , First IPO in the history of BIH New trading system (BST 2.4) that supports FIX protocol was implemented , The BLSE real-time data available via Thomson Reuters. FUTURE OUTLOOK In 211 the BLSE plans to: Attract new companies to list on the highest market segment - List A Increase market liquidity by introduction of market makers Provide trading infrastructure for primary and secondary treasury bills market Implement E-Broker trading application at the BLSE members which allows direct access trading Continuously promote the importance of good corporate governance Promote internationally domestic capital market by organizing regional road-shows Implement systemic approach to education and provide teaching materials for high schools Increase international visibility of the BLSE by broadening the number of the international data vendors PAGE 4

43 BANJA LUKA STOCK EXCHANGE official 6 month StatIStICS US$ millions # Shares millions total Volume average Daily Volume total Volume average Daily Volume Stocks Jul Aug Sep Oct Nov Dec total Bonds Jul Aug Sep Oct Nov Dec total other Jul Aug Sep Oct Nov Dec total.... market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 2, Aug-1 2, Sep-1 2, Oct-1 2, Nov-1 2, Dec-1 2, CoNtaCt INformatIoN , 6 2,5 5 2, 4 1, , 1 5 Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Nebojsa Vukovic blberza@blic.net Website PAGE 41

44 BANJA LUKA STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Political Outlook The political temperature in Bosnia & Herzegovina (B&H) has been extremely hot due to the general elections at the beginning of October. For the three-member Presidency of B&H, the highest number of votes for the Croatian member got the candidate of the Social Democratic Party, Zeljko Komsiæ, followed by the Serbian member candidate of the Alliance of the Independent Social Democrats, Nebojsa Radmanoviæ, while for the next four years Bosniaks will be represented by Bakir Izetbegoviæ, the candidate of the Party of the Democratic Action. Regarding the composition of the state Parliamentary seats, the majority number of the seats from the Republic of Srpska will again be represented by the Alliance of the Independent Social Democrats, while the majority of the seats from the Federation of B&H will be split between the Social Democratic Party, the Party of the Democratic Action and the Croatian Democratic Union of B&H. In September 21, the Parliamentary Assembly of B&H extended the mandate to the Director of the State Agency for Prevention of Corruption, needed for completion of the final condition for the visa regime liberalization by the Schengen group of countries which should be applied for B&H citizens starting from January 211, at the latest. However, a new government would need to speed up the process related to Constitutional reform or progress in privatization and the labour market reform agenda, required as a prerequisite for the application of the candidate status for EU membership, which was planned already for 21. As a result of the deadlock on the political scene and in terms of reform progress, Western powers extended the deadline for the replacement of the Office of the High Representative with the EU Special Representative Office until the end of 211, which would have much less sweeping powers in B&H politics. Economic Outlook Even though a deadlock in the pace of reforms set by the EU accession agenda was seen in the last period, B&H authorities showed quite satisfying competence in meeting the necessary conditions set by the IMF within the Stand-by Arrangement (SBA) signed in July 29. On September 21, the IMF gave its positive assessment after its second review under the SBA,after all conditions were fulfilled preceding the fourth tranche disbursement: cuts of the wage bill and adoption of the new Law on salaries in public institutions, amendment of the entity budgets, revision of the war veterans disability recipients and adoption of the strategy for the pension reform. Hence, in October 21, with the additional fourth tranche of EUR 38 mn, B&H will have received EUR mn as direct support to the troubled budgets and public finances, with the expected general budget deficit estimated to be 4% of GDP in 21. The strengthening of the authorities policies and the financial support under the SBA has helped in stabilization of the B&H economy, where after a quite depressing macroeconomic picture mirrored in an overall GDP drop by -2.9% yoy in 29, signs of macroeconomic stabilization could be seen in the first three quarters of 21. A positive impulse to the economy came through an improving external sector environment and a recovery of the main trading partners demand, which resulted in vigorous growth of B&H exports (29.9% on average) driven by the expansion of industrial metals exports (aluminium and steel). Meanwhile, overall industrial production dynamics also started to recover and registered 7% yoy growth in August 21. However, the combination of rising unemployment and wage cuts, along with restrained credit growth in the banking sector, will hamper a more prominent revival of the domestic consumption which is a major driver of the economic growth in B&H (8% of GDP). Thus, we expect subdued overall real GDP growth by.5% yoy in 21. Equity Market Outlook After slipping to their all-time lows at the end of July 21, both blue chip indices of the Sarajevo and Banja Luka Stock Exchanges recovered some of their ytd losses and reported a moderately positive quarter-onquarter performance. Moreover, the blue chip index of the Sarajevo SE (SASX-1) dove in red territory by 15.1% ytd by end of September, with some fundamental upside potential for some of the blue chips in the midterm. On the other hand, the blue chip index of Banja Luka SE (BIRS) lost -14.1% ytd in the same period, but saw a rebound and fairly good 4Q performance of +11.4%. The bearish market performance was accompanied by poor liquidity and participation of foreign investors in the market. Hence, total turnover of both markets until the end of 21 amounted to EUR mn and foreign investors participation of 15% on average in total trading. Information obtained from the Exchange. Key Information Contacts Ministers Council of Bosnia and Herzegovina Ministry of Foreign Affairs of Bosnia and Herzegovina Republic of Srpska Government Central Bank of Bosnia and Herzegovina Republic of Srpska Securities Commission Central Registry of Securities of Republic of Srpska Foreign Investment Promotion Agency of Bosnia and Herzegovina Directorate of European Integration PAGE 42

45 BELARUSIAN CURRENCY AND STOCK EXCHANGE Pavel Tsekhanovich Chairman of the Board Established in 1993, the Belarusian Currency and Stock Exchange (BCSE) is a unique trading platform in the country that serves the financial market of Belarus. Today, the BCSE is a stable working organization with constantly growing trade turnovers. The mission of the BCSE is to become the main power on the way of reforming the Belarusian organized financial market and to make it the basic source of investments for Belarusian enterprises. The mission of the BCSE is to become the main power on the way of reforming the Belarusian organized financial market and to make it the basic source of investments for Belarusian enterprises. Functions of the BCSE Organization of exchange trading in foreign currencies, futures and securities Clearing Center in Belarusian settlement clearing system Depository functions for corporate securities Registration of OTC transactions with corporate securities HISTORY AND DEVELOPMENT The Interbank Currency Exchange was established 4 March 1993 by 18 leading business banks as a closed-type joint-stock company. Its main task was organizing trading in foreign currencies. On 24 March 1993, first trades in the Russian ruble were held in the electronic trading system. In 1995, the National Bank of Belarus granted the Interbank Currency Exchange the right to organize the purchase and sale of futures on foreign currency and other financial assets. On 24 September 1996, the Interbank Currency Exchange was made a subdivision of the National Bank, in which capacity it organized trading in foreign currencies for 2 years. In 1997, the Interbank Currency Exchange was granted the right to organize the secondary market of government securities (except for registered privatization vouchers) and the securities of the National Bank. The BCSE was established on the basis of the state-run Interbank Currency Exchange in December 29, 1998 as a non-profit, public company with administrative and financial autonomy. Having obtained the license to pursue exchange activities and the depository license, the exchange began to organize trading in the main segments of the financial market of Belarus (the currency market, the government securities market, the market of the National Bank's bonds, the corporate securities market, the market of bonds of local loans and the market of bills of exchange). First electronic government securities trades were carried out at the Interbank Currency Exchange on 16 January Since 1999, BSCE has been carrying out depositary functions in the non-government market and clearing upon all concluded transactions. In 27, the futures market sector was launched. Futures on USD and EUR rate were the first instruments in this market. The BCSE aims to: minimize risks and transaction charges from capital formation in the organized market; provide transparency of transactions; protect investors legal rights and their interests; implement programs on financial resources formation necessary for their development; develop state monetary and credit policy market mechanisms; create necessary conditions for effective controlling functioning of the State FUTURE OUTLOOK Expansion of technological capacity - upgrading the corporate network infrastructure Expansion of SED functionality; Works on information resources and databases integration based on Oracle WebLogic software; Development and upgrade of the Internetbased exchange systems; Introduction of new sectors and instruments in different segments of the exchange market; PAGE 43

46 BELARUSIAN CURRENCY AND STOCK EXCHANGE official 6 month StatIStICS US$ millions # Shares millions total Volume average Daily Volume total Volume average Daily Volume Stocks Jul Aug Sep Oct Nov Dec total , Bonds Jul Aug Sep Oct Nov Dec total 3, other Jul Aug Sep Oct Nov Dec total.... market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY BOND VOLUME Jul Aug Sep Oct Nov Dec CoNtaCt INformatIoN Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Ms. Olga Blusson blusson@bcse.by Website PAGE 44

47 BELARUSIAN CURRENCY AND STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Belarus Gross Domestic Product Belarus Gross Domestic Product grew by 7.6% in 21 to a total of Br163 trillion. In 21 Belarus industrial output went up 11.3% (the targeted increase was set at 1-12%) to reach Br161.9 trillion. Belarus consumer goods output amounted to Br35.7 trillion, 13.1% up on 29. The consumer goods output was supposed to go up by 14-15% in 21. In 21 investments grew by 16.6% to reach Br54.2 trillion. Refinancing Rate of the National Bank is 1.5%. Belarus foreign debt As of 1 January 211 Belarus foreign debt was $9.7 billion. The domestic debt was about Br 32 trillion. Foreign public debt indicators show that Belarus belongs to a group of countries with a low debt level (according to standards recommended by IBRD) On the Development of Entrepreneurial Initiative and Encouraging Business Activity in the Republic of Belarus Directive On 31 December 21 Belarusian President Alexander Lukashenko signed Directive No. 4 On the Development of Entrepreneurial Initiative and Encouraging Business Activity in the Republic of Belarus. In essence, that is a program of measures aimed to liberalize entrepreneurial initiative, create conditions for a robust and vibrant growth of the Belarusian state. The profound and systemic steps provided by the Directive make it the most important legal act streamlining economic liberalization among those adopted in the country in the past years. The Directive includes nine sections, each of them comprising a set of concrete measures to boost economic competitiveness, lift groundless barriers still rife in the business environment. The sections are entitled as conceptual systemic requirements for all bodies of state governance, public associations and citizens of Belarus: 1. Ensure the continued development of fair competition between businesses, regardless of ownership. 2. Create conditions for unimpeded entrepreneurship. 3. Eliminate excessive administrative barriers as the governmental bodies and legal entities and citizens interact. 4. Complete the harmonization of the Belarus taxation system with those operating in the European countries. Make the tax legislation encourage the bona fide exercise of tax obligations and entrepreneurial initiative. 5. Make the controls (supervisory activities) precautionary dominated by preventive measures employed to prevent crimes in the business activities. 6. Improve infrastructure and funding of small businesses to enhance entrepreneurship and ensure efficient support of business (legal, logistical and financial). 7. Eliminate excessive regulations in the labor market. 8. Create a legal base encouraging the development of public-private partnerships in the Republic of Belarus. 9. Ensure unambiguous legal regulations and stable legislation regulating entrepreneurship. The state policy of the Republic of Belarus The main principles our state policy is guided by are plan-based approach, consistency, gradualness, and continuity. The plan-based state policy results in a stageby-stage improvement of the people s living standards. The Belarusian model of socio-economic development aims to improve the existing economic basis and combines the advantages of market economy and efficient social protection. Belarus is not only a highly developed industrial country but it also has a considerable agrarian component. Strong and efficient state power, political stability in our country are the essential conditions for a policy line geared towards evolutionary and progressive development of the national economy, towards further integration into the world s economy. The consistent state policy aims at developing integration processes between Belarus and CIS countries and other states of world community. In the sphere of culture and public life the state supports historically developed bilingual policy, revival of spirituality and preservation of traditional religious confessions, arts in all forms. The state follows the consistent policy on preservation of cultural heritage of Belarusians, the best Belarusian character features such as respect for people of other nationalities and faiths, patience, tolerance, humanism, peacefulness. Presidential elections 21 Alexander Lukashenko won the presidential election in Belarus that took place on December 19, 21 with 79.67% votes out of were submitted for Alexander Lukashenko's nominee that made 9.65%. The inauguration ceremony of newly elected President of the Republic of Belarus was held on January 21, 211 where Alexander Lukashenko declared that Belarus will continue realisation of the multivector foreign policy based on a priority of national interests, and also Union State building, strengthening of integration communications within the limits of Uniform economic space, EvrAzES, the CIS, and other transnational formations. He underlined that we will achieve as much as possible cooperation good results as with Russia, Ukraine, China, Venezuela, other our strategic partners, and the European Union, the USA and all states of the world community. Information obtained from the Exchange. Key Information Contacts Official Website of Belarus President of Belarus Ministry of Economy Ministry of Foreign Affaires / National Investment Agency Belarusian Telegraph Agency (National Source of News) PAGE 45

48 BELGRADE STOCK EXCHANGE Gordana Dostanic Managing Director The biggest change compared to previous year has been recorded in the foreign investors participation in trading at the Belgrade SE. Although just a couple of days before the end of year 21, it wasn t sure whether the indices will record a positive or a negative change, BELEX15 ended the year at the level of 651,78 points, that is by 1,8% lower compared to previous year, while index BELEXline recorded a 2,2% decrease, and ended the year at the level of 1.282,66 points. During first four months of year 21 both Belgrade SE indices recorded a strong increase, and its maximum year values in mid April index BELEX15 at the level of 765,58 on April 15th, and index BELEXline at the level of 1.432,68 points on April 16th. Till the end of July this increase has been annulled, when index BELEXline recorded it's year minimum, at the level of 1.189,82 points. During third quarter of 21 Belgrade SE indices showed stable trends, with the exception of end of September, when index BELEX15 recorded a slight negative trend and reached it's year minimum on October 8th, at the level of 599,86 points. Since half October till the end of December both indices recorded a slight increase in values, and ended the year at the same levels as they were at the end of 29. The turnover value in 21 was 23, billions RSD (222,5 millions EUR), that represents about 55% of the turnover traded during year 29. There has been a decrease both in shares and Republic of Serbia bonds trading. During august 21 a trading in corporate bonds has been recorded, at the level of 51,7 millions RSD (49,9 thousands EUR). The Belgrade Stock Exchange has been in the middle of public attention at the end of August and beginning of September, when shares of NIS (Serbian oil company) have been listed on the Exchange. This company is the first among several public companies whose shares have been distributed to Serbian citizens for free. Although, according to publicly available data, trading at the Belgrade SE might bring a bigger earnings to citizens than bank savings, we still do not see intensive investing of Serbian citizens into listed securities. The biggest change compared to previous year has been recorded in the foreign investors participation in trading at the Belgrade SE. They increased their participation in buying of shares from 25% in year 29 to 49% in year 21, and decreased the participation in selling shares from 68,6% in previous year to 27,5%. Foreign investors have realized about 1/3 of total annual turnover at the Belgrade SE. Apart from trading results, 21 also brought increased activities in promotion and developing of the local capital market, through education of new share holders, improved reporting and information distribution, promotion of investor relations and good corporate governance of Serbian shareholding companies, etc. At the end of year, on the traditional International Conference of the Belgrade SE a first award for best investor relations has been given to a Tigar Corporation. HISTORY AND DEVELOPMENT The Belgrade SE was originally founded in 1894, on November 21, but the first transactions were made in January The last trading session was held on April 4, The Stock Exchange was closed in 1953, and again refounded in 1989, as a Yugoslav Capital Market. In 1992, Belgrade SE officially got its name back. The key events in the history are: In April 26 MoU signed with the IFC; In November 26 the Fifth International Conference was held; In March 27, SRX index (Serbian Traded Index) launched by the Vienna SE; In April 27, the Belgrade SE launched its new general equity index BELEXline, successor of the BELEXfm; In April 27, first company listed on the premium Listing A Tigar Corporation from Pirot; In June 27, BELEX 15 Open End - Index Certificate issued and listed at the Frankfurt SE and Stuttgart SE; In November 27, Serbian stocks included in first Balkan Blue-Chip index - DJ STOXX Balkan 5; In November 27, VI International Conference was held; In December 27, Discobolos was rewarded to the Belgrade SE for applying new technologies; In December 27 the Memorandum of Partnership was signed with exchanges from the region; In January 28, ABN AMRO bought a licence for BELEX15 In April 28, the new trading system BELEXFIX was launched; in September 28, first closed-end fund shares admitted to trading; In November 28, VII Annual Conference was held; In December 28, first market maker in TIGR shares; In May 29, Third International Roadshow was held in Belgrade; In September 29, Luxembourg Foreign Minister Jean Asselborn visited the Belgrade SE; In November 29, SEE Regional Capital Markets Conference was held in Vienna; In November 29, VIII Annual Conference was held; In November 21, SEE Regional Capital Markets Conference was held in Vienna; In November 21, Letter of Cooperation on the data exchange was signed between the Stock Exchanges in Sofia, Skopje and Belgrade In November 21, IX Annual Conference was held; FUTURE OUTLOOK In 211 the BSE will focus on following activities: Perform necessary reorganisation, in order to align with announced changes of the law Upgrading of all operations, rules and procedures to provide state-of-art service Implementation of BELEXFIX trading system at the Montenegro Stock Exchange Engaging in the regional educational center through existing and new training programs Introducing of several technical innovations in trading market segmentation, development of sector classification, concept of the fluctuation zone, special orders Continuous motivation of the best Serbian companies to apply for Official Listing Boosting of the market-making function; Organization roadshow for domestic and international investors; Further development of the existing indexes and indicators; Exploring the possibilities of introducing new instruments into the market; Promotion of news on listed companies through direct cooperation with media and news agencies; A reduction in the transaction costs and taxes in cooperation with other capital market institutions and state bodies; Broadening the network of international data vendors; Work on promotion of importance of corporate governance and investor relations among issuers; Improvement of media coverage of stock exchange activities; Editing and publishing of new editions and publications; Work on developing human resources; Organization of the 1th International Conference in November Improving and widening the base of companies and institutions that will be involved in granting the award for the best IR practice in Serbia PAGE 46

49 BELGRADE STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 8, Aug-1 9, Sep-1 9, Oct-1 9, Nov-1 9, Dec-1 9, CONTACT INFORMATION , 6 9, 8, 5 7, 4 6, 5, 3 4, 2 3, 1 2, 1, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Ms. Svetlana Cerovic svetlana.cerovic@belex.co.yu Website PAGE 47

50 BELGRADE STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Political Developments Previous year brought some degree of political stability although the on-going international economic crisis is bringing many challenges. The broad coalition that forms the current Government over the past year handled a number of serious political issues. Advancing European integration is a stated priority of the Serbian Government, and major progress has been made after the signing of a Stabilization and Association Agreement (SAA) in May 28. Serbia signed and ratified the SAA with the EU, and in December 29 officially submitted application for full membership. In November 21 a questionnaire with the comprehensive list of questions aimed at explaining the country s capacity to apply and enforce EU legislation was handed-over to Sebia. Ahead of ratification of the SAA by EU member states, Serbia decided to implement the part of the agreement related to liberalization of trade. Nevertheless, the political situation and the EU accession process in Serbia remain influenced by recent history related to full cooperation with the International Criminal Tribunal for the former Yugoslavia and Kosovo s independence. Serbia s strong administrative capacity may allow quick progress towards candidacy status once political issues are resolved. Serbia is also pursuing membership in the World Trade Organization. Negotiation on accession to WTO are in the final phase. Accelerating structural reform shall remain critical to rebalancing the Serbian economy. In particular, efforts in deregulation and the restructuring of public utilities should be stepped up. The multiparty coalition government, led by the Democratic Party (DS), could face mounting protests against its austerity measures. Economic Developments Macroeconomic stability has been broadly maintained although the economy has been hit by global downturn. The export-led economic recovery has gained momentum, but external risks remain significant. GDP growth is picking up on the back of a competitive exchange rate and rebounding industrial output and exports. Growth in 21 wasl projected at 1½ and 3 percent in 211. However, foreign financing risks remain elevated in the context of a still large trade deficit and subdued capital inflows. There are also still significant risks from fresh adverse spillovers from the region and from euro-area periphery developments. The continued depreciation of the dinar is putting pressure on corporate balance sheets, but banks remain well buffered. The dinar has further depreciated since the Greek crisis, diverging from other flexible currencies in the region, negatively affecting unhedged corporate balance sheets. Serbia s banking system is liquid and well-provisioned against credit risks but continued vigilance is needed. Inflation has surprised on the upside, reemerging as a key policy concern. Inflation was consistently below the NBS tolerance band during the first half of 21. However, since August 21, inflation has accelerated sharply, reaching 8.9 percent in October, above the NBS tolerance band of 6.3±2 percent. This occurred despite the continued dampening effect of slow nominal wage costs growth, owing to a depressed labor market and the public wage freeze. The NBS has hiked the policy rate by 25 basis points since August, and has signaled a continued tightening bias, with the objective of bringing inflation within its tolerance band by end In November, the government adopted a 21 supplementary budget aiming at a fiscal deficit consistent with the program target. The 211 budget will target a deficit of about 4 percent of GDP, in line with the new fiscal responsibility framework. Achieving this target will require tight control of current spending, including moderating the indexation of public wages and pensions, as well as constraining capital spending. With government financing becoming more difficult, as evidenced by undersubscribed dinar T-bill auctions in spite of higher yields, Telekom privatization proceeds will likely be needed to cover a major part of the financing needs. Maintaining an economic policy consensus will be one of the most difficult challenges facing policymakers. The government amended the pension reform law. It introduced two changes aimed at strengthening protection for the most vulnerable and women. The Serbian pension system will remain one of the most expensive systems in the region, and further reforms are likely unavoidable. FDI and other inflows to enterprises have come in significantly lower than expected, reflecting Serbia s relatively high country-risk premium and banks concerns about unhedged corporate balance sheets, particularly in the nontradable sectors, which absorbed most of the pre-crisis capital inflows. (source: IMF, WB) Information obtained from the Exchange. Key Information Contacts National Bank of Serbia: Securities and Exchange Commission: Central Securities Depository and Clearing House: Ministry of Economy and Regional Development: PAGE 48

51 BELGRADE STOCK EXCHANGE SERBIA KEY MACROECONOMIC INDICATORS 29 Q1 21 Q2 21 Q3 21 Oct 21 Nov 21 Real GDP growth (in %) ,8 1) Consumer prices (in %, relative to the same month a year earlier) 2) Core inflation (in %, relative to the same month a year earlier) 2) NBS foreign exchange reserves (in EUR million) 1,62 1,445 1,493 9,876 9,721 9,661 Exports (in EUR million) 3) 8,478 2,9 2,55 2, growth rate in % compared to a year earlier Imports (in EUR million) 3)7) -13,577-3,214-3,665-3,918-1,2 - growth rate in % compared to a year earlier Current account balance 4)7) (in EUR million) -2, as % of GDP Unemployment according to the Survey (in %) 5) 16.1 / 19.2 / Wages (average for the period, in EUR) RS budget deficit/surplus (in % of GDP) 6) / / Consolidated fiscal result (in % of GDP) / / RS public debt (external + internal, in % of GDP) 6) RSD/USD exchange rate (average, in the period) RSD/USD exchange rate (end of period) RSD/EUR exchange rate (average, in the period) RSD/EUR exchange rate (end of period) Memorandum GDP (in EUR million) 29,967 6,75 7,427 7,77 1) 1) NBS estimate. 2) Retail prices until 26 3) Trade with Montenegro is registered within relevant transactions as of 23. 4) In accordance with BPM 5, a portion of estimated remittances was transferred from the financial account to the current account. 5) Source: Labour Force Survey, Statistical Office. 6) Source: RS Ministry of Finance Bulletin. 7) As of 1 January 21, the Statistical Office, according to UN recommendations, applies the general trade system which is a broader concept and includes all goods entering/exiting the country's economic territory, apart from goods in transit. The Statistical Office published comparable data for 27, 28 and 29. Previous years are disseminated under a special trade system. Note: Data are subject to corrections in line with the official data sources. Source: National Bank of Serbia PAGE 49

52 BUCHAREST STOCK EXCHANGE 21 was the year of change for the Bucharest Stock Exchange. Valentin Ionescu General Manager 21 was the year of change for the Bucharest Stock Exchange. With a new Board of Directors elected in February, listing of BVB in June and a new CEO named in September, BVB began a process of change. BVB struggled last year, along with other trading venues, for liquidity, as the economic financial crisis left deep traces in the confidence of investors all over the world. In spite of this, the liquidity on all markets, operated by the Bucharest Stock Exchange, increased by 29%, compared to 29. The 15th anniversary of the BVB, in 21, found our company a listed one, along with other more than 7 companies traded on the main market. BVB floated its shares in June 21 and the evolution of price and liquidity afterwards surprised the entire market. For diversifying the range of financial instruments available for trading, BVB launched the structured products market and an Alternative Trading System for SMEs to facilitate the financing of their projects; it also has an international dedicated section. I am confident that in 211 the two market segments will attract lot of companies and new investors. In order to succeed, in a more competitive world, we want to be more dynamic and flexible. HISTORY AND DEVELOPMENT There are more than 125 years since the first trading floor opened its doors in the centre of Bucharest, very close to the National Bank, on the 1st of December This event followed the first Law on bourses, mercantile traders and intermediaries enacted in 1881, following the French model. This bill was the legal framework for the functioning of the stock and mercantile exchanges in Romania. It developed into a very dynamic exchange due to the companies listed, mainly from sectors like banking, mining, oil, insurance and transport. During the wars, as the entire Romanian economy flourished, the Stock Exchange also recorded its booming period. In 1935 there were 56 shares listed and 77 fixed income securities. After a peak in 1938, the Stock Exchange was closed in 1948, when the new communist regime nationalized all companies. A new beginning for the Romanian capital market was in 1994 when Romanian Parliament passed the first capital market law, setting up the legal framework for creation of all new capital market institutions. The Bucharest Stock Exchange was reestablished in April 1995, and the first trading day took place on 2 November, same year. From the beginning, the entire trading process took place in a dematerialised environment. The most recent regulations are harmonized with the latest EU legislation regarding the capital market. Institutional changes took place also during its 15 years of operation. Set up in the beginning as a public interest institution, Bucharest Stock Exchange went through a demutualisation process in 25. The BVB externalised the registry/ clearing functions and the new Central Depository was set up at the beginning of 27, having the Exchange its main shareholder. BVB, along with the Central Depository, the Corporate Governance Institute, the newly set up Bucharest Clearing House for the derivatives market and Investors Compensation Fund, is currently part of the BVB Financial Group. FUTURE OUTLOOK BVB projects for 211: Improve the market infrastructure with mix account system (global and individual) and short selling on companies included in BET, BET-FI and ROTX indices Increase the role of corporate governance in the capital market Develop new products and services in cooperation with other institutions (energy derivatives, ETFs, CO2 certificates, treasury certificates, REITs) Include BVB in the international flow of the financial products and services, by trading foreign shares Attract new issuers for the regulated market in partnership with brokerage houses Develop the market infrastructure in order to align trading and post-trading activities to the international standards Support the projects initiated by the Government regarding the sale through BVB of different share packages in state owned companies. Romanian Government projects 211 Listing of Fondul Proprietatea (Romanian Property Fund) expected on 25th of January 211 FP is a closed end fund, created with the purpose of indemnification of the persons whose properties were abusively confiscated by the communists during the last regime, properties which, at present, can t be physically reimbursed. Fund hold shares in more than 8 companies, mainly in the Romanian energy sector NAV of EUR3,15 bn. as for the end of October 21 SPO for Petrom expected in Q2 21 Petrom is the largest producer of oil and gas in SEE, is part of OMV Group and listed on BVB since 24. The company registered continued growth in the last years and has a market cap of EUR4.4 bn. Current free float is 8.24 % and will be extended by 9.84%. SPO for Transgaz expected in H2 21 Transgaz is the national operator for gas transport and is listed on BVB since 28, after a successful IPO. Transgaz has a market cap of EUR71m. Current free float is11.5% and will be extended by 15%. SPO for Transelectrica expected in H2 21 Transelectrica is the national operator for energy transport and is listed on BVB since 26, after an successful IPO. Transelectrica has a market cap of EUR33m. Current free float is 12.8 % and will be extended by 15%. PAGE 5

53 BUCHAREST STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL 1, , Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 28, ,74.7 Aug-1 26, ,72.95 Sep-1 29, , Oct-1 31, , Nov-1 27, ,93.95 Dec-1 31, , , 5, 4, 3, 2, 1, 35, 3, 25, 2, 15, 1, 5, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Contact Name Ms. Ilena Botez Ilena.Botez@bvb.ro Website PAGE 51

54 BUCHAREST STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Economic and Political Environment The government will continue to face legal challenges from the opposition as it tries to pass laws through parliament by "taking responsibility" for legislation, which prevents laws from being debated, or amended, in parliament. This in effect forces the opposition to call a vote of no confidence, which requires a majority of both chambers of parliament (236 out of 471 potential votes, regardless of the number actually voting) to be successful and overturn the legislation. The government "assumed responsibility" for the draft unitary wage law and the draft law on the publicsector wage bill for 211 on December 14th. The opposition filed votes of no confidence in the government to oppose the bills, but both attempts to defeat the bills failed. The unitary wage bill, which establishes a single wage "spine" for all public-sector workers, with jobs graded according to predetermined rules and a maximum differential between the highest and lowest wage, will enable the government to determine the total size of the public-sector wage bill and prevent the payment of arbitrary wages as a form of political patronage. The public-sector wage law for 211 establishes that publicsector wages will rise by 15% in 211 compared with their October 21 level, following the 25% cut in public-sector wages in July, which opposition parties, together with the junior coalition partner, the Hungarian Union of Democrats in Romania (HUDR), had viewed as a temporary measure. Both bills were required under the IMF stand-by agreement. Economic Environment The continued build-up of stocks in the third quarter prevented a more substantial fall in GDP than the recorded year-on-year fall of 2.5% (2.2% when adjusted for seasonality and the number of working days). The Economist Intelligence Unit estimates on the basis of data provided by the National Statistical Institute (INSSE) that increases in stocks were equivalent to 5.2% of GDP (unadjusted for seasonality and the number of working days) in the third quarter of 21, compared with.9% in the year-earlier period. Additions to stocks, after adjusting for seasonality and the number of working days, were equivalent to 3.7% of GDP. There was also a modest improvement in net exports, which rose from minus 7.2% of GDP in the second quarter to minus 4.3% in the third quarter on a gross basis, while the trade deficit (including services) improved as a percentage of GDP in each quarter of 21 (adjusted for seasonality and the number of working days). Data from the INSSE indicate that gross fixed capital formation (GFCF) grew from the equivalent of 17.1% of GDP in the first quarter to 26.8% of GDP in the third quarter on a gross basis, while consumption fell from 9% of GDP to 72.2% over the same period. However, after adjusting for seasonality and the number of working days, GFCF fell from 25% of GDP in the first quarter to 21.3% in the third quarter, while consumption rose slightly from 79.6% to 8.7%. GFCF (on a gross basis) fell by 13.7% year on year in the third quarter and by 16.1% in the first three quarters. Sovereign risk Stable: Domestic public debt is rising fast, but foreign-exchange reserve coverage is good. The Economist Intelligence Unit expects the authorities to sign a new IMF agreement in early 211, and Romania should not experience financing difficulties in Currency risk Stable: Estimates of equilibrium exchange rates suggest that the leu is still overvalued, posing problems for competitiveness. Although the leu steadied in the third quarter of 21, it remains vulnerable to negative market sentiment. Banking sector risk Stable: The risk of contagion from the Greek crisis has receded. However, the wider euro zone crisis remains a cause for concern. Banks face deteriorating asset quality and rising provisioning costs that are squeezing profits. * The Economist Intelligence Unit, January 1, 211 Information obtained from the Exchange. Key Information Contacts National Securities Commission National Bank of Romania National Institute of Statistics Ministry of Public Finance Romanian capital market Romanian Asset Management Association Private Pension System Supervisory Commission PAGE 52

55 BUCHAREST STOCK EXCHANGE ROMANIA ECONOMIC CHARTS AND TABLES Economic Indicator/Year Unit GDP EUR bn GDP % Exports EUR bn % Import (FOB) EUR bn % Trade Deficit (FOB-FOB) Current Account EUR bn % of GDP Average Gross Salary RON 1,682 1,767 1,836 1,92 2,2 2,13 2,282 Growth Rate vs. Year Before % Average Real Wage Growth % % Exchange Rate RON/EUR RON/USD Inflation % Unemployment % Source: CNP (Comisia Nationala de Prognoza) Source: Romania: Economy 21 - Forecast and economic outlook for the Romanian Economy Romania Central PAGE 53

56 BULGARIAN STOCK EXCHANGE It is important to note that we achieved one of our major goals and that is to list the BSE on the exchange. Ivan Takev CEO For Bulgaria year 21 was a third crisis year in a row thus influencing negatively the general performance of all market participants. The main BSE index SOFIX lost another 15% of its value in comparison to the end- 29 levels. Total market capitalization of all traded issues decreased by 9%. There were only 36 newly registered issues on the exchange compared to the 5 in the previous year. Despite the general negative trend that marked the whole of 21, toward the end of the year there were clear signs that the capital market was regaining the investors trust. In just a month and a half since the beginning of 211 the SOFIX index rose by 25%, the turnover and traded volumes sharply increased. There are serious indications that this positive trend will be sustained throughout the year due to the improved local and international economic environment. In 211 we will continue to implement our Development Strategy (21-212) and more specifically will concentrate our efforts on introducing new financial instruments, improving the market infrastructure and trading facilities, attracting new companies to the BSE and promoting regional co-operation. We are also actively supporting amendments to the legal framework, especially concerning the post-trade processing, which will facilitate dual listings and derivatives trading. It is important to note that we achieved one of our major goals and that is to list the BSE on the exchange. In fact, since January 6th 211 BSE shares are publicly traded and are in the focus of local and foreign investors. This new status that we acquired as a company brings with it many additional obligations, but the BSE staff is well qualified to respond to these new challenges. HISTORY AND DEVELOPMENT The first Stock Exchange Act was adopted in 197 and regulated the structure and operations of stock and commodities exchanges. The Securities, Stock Exchanges & Investment Intermediaries Act was adopted in July 1995, which led to a process of stock exchange consolidation. In July 1997, the present Bulgarian Stock Exchange-Sofia was established. In accordance with the requirements of the new law, a Securities & Stock Exchange Commission was set up. On 9 October 1997 the Commission officially licensed the BSE-Sofia. The first trading session on the regulated market took place on 21 October By the end of 1999 there were 32 companies listed on the Official Market and about 1, companies admitted for trading on the Free (OTC) Market as a result of the mass privatization program. On 6 December 21 the Commission officially licensed the BSE-Sofia to organize an Unofficial Market, which replaced the Free Market and set clear rules for regulation of all companies traded on the Exchange. In December 1999 a new Public Offering of Securities Act was adopted by the Parliament. The law is aimed at providing protection for investors and creating prerequisites for the development of a transparent capital market in Bulgaria with criteria similar to those of the European Union. The Securities & Stock Exchange Commission was first renamed the National Securities Commission, but in March 23 it was replaced by a new supervisory body - the Financial Supervision Commission (FSC). More than just a name change, the move pulled together the regulation of a number of financial (non-banking) sectors under one body. The regulatory changes during the year directly improved conditions for investors and issuers, as well as underlined the government s commitment to encourage wider overall development of the capital markets. FUTURE OUTLOOK The Bulgarian capital market remained stagnant in 21 despite the widely expressed hopes that the consequences of the global financial and economic crisis would be overcome in shorter delays. As it turned out, the overall stock market performance remained weak throughout the year and far under the levels of the pre-crisis period. The expectations of the local analysts and the market participants are that 211 will be characterized by a continuous upward trend and growth of all the indices. This is linked among other things to the positive developments in the Bulgarian economy and financial sector registered in the last couple of months. For the Bulgarian Stock Exchange 211 will be crucial in many ways, due to a series of important events that will take place. First, since January 6th, 211 the exchange has officially become a publicly traded company and will have many obligations to fulfill as an issuer. Second, significant privatization deals are planned to take place throughout the year, which should give a serious boost to the stock market. And third - negotiations are expected to start with potential strategic partners, who are interested in acquiring the 5% government controlled stake of the BSE. Further efforts will also be put into attracting new listings, boosting the liquidity and introducing new financial instruments. All these are ongoing commitments by the BSE management and staff that are laid out in the 2-year BSE strategy for the development of the market till 212. Regional co-operation being among the important factors for attracting institutional investors to Southeast Europe, the BSE will continue in 211 to promote new forms of interaction and common initiatives with the neighboring exchanges that will make the regional market more visible on the global investment map. PAGE 54

57 BULGARIAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 6, Aug-1 6, Sep-1 7, Oct-1 7, Nov-1 7, Dec-1 7, Jul Aug Sep Oct Nov Dec , 7, 6, 5, 4, 3, 2, 1, Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Contact Name Mr. Panteley Karassimeonov bse@bse-sofia.bg Website PAGE 55

58 BULGARIAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS As the IMF point out, the current recession was preceded by an investment boom in construction, real estate and the associated financial sectors. Now that the boom (which was always unsustainable, Bulgaria's current account deficit in 27 hit almost 27% of GDP) is well and truly over in these sectors, the strong associated decline in investment could have large negative effects on output. Moreover, it will take considerable time before the excess labor and resources that are no longer needed in these sectors can be absorbed by other sectors, which suggests that the rate of unemployment may rise yet further and remain higher for some considerable time. Following several years of strong increases (around 6% a year) Bulgarian growth declined sharply in 29 when the economy was hit hard by credit squeeze which formed part of the global economic and financial crisis. Capital inflows, which had been keeping the current account deficit afloat, dropped from a peak of 44 percent of GDP in 27 to less than 1 percent of GDP in 29. As a result, investment, which had risen by over 2 percent annually during the previous two years, fell by nearly 3%. And as the investment flows dried up, the Current Account deficit closed rapidly, as imports (and domestic consumption) dropped back sharply. Employment also started to fall, while the unemployment rate rose rapidly, hitting a seasonally adjusted 9% in March and April this year, according to Eurostat seasonally adjusted data. Recent changes in pension system parameters and contribution rates have also put significant pressure on Bulgaria's pension finances. During the years 23 to 27 total revenue surged by about 51 percent and Bulgaria experienced the strongest rise in its revenue-to-gdp ratio among the new EU member states (about 4.5 percent of GDP). This sudden increase in income encouraged the Bulgarian authorities to offset part of the additional revenue by lowering social security contributions. Rates were cut by 6 percentage points from 22 to 27 (for the pension and unemployment funds) and there was a further 2.4 percentage points reduction in 29. As a result budget financing of the pension system has risen sharply during the recession. Before 28 budget transfers to close the financing gap of the pension fund had averaged about 3 percent of GDP. This increased to about 5 percent of GDP in 29 and for 21 the budget anticipates a transfer of more than 6 percent of GDP. And if there is not a sharp rebound in domestic consumption (which in all probability there won't be) these shortfalls become structural, not cyclical, and solutions will need to be found. Bulgaria does not publish seasonally adjusted quarter-on-quarter growth numbers, but given that the economy only shrank by 1.5% yearon-year (according to the flash estimate published by the statistics office on August 13), which was the lowest figure recorded since the country entered a recession in the first quarter of 29 (and down from an annual drop of 5.9% in Q4 29), the economy does at least seem to have stabilised. As for the details agriculture contributed to the improvement, with an increase of 1.6 per cent year-on-year, while the services and industrial sectors only declined by 1.7 per cent and.3 per cent, respectively. Private consumption, which was one of the main drivers of economic growth in earlier years, was down an annual 7.6 per cent for the quarter, while investment was 1.4 per cent lower. So there has been no real improvement in private consumption, nor should we expect to see any in the near term Despite an increase in exports (up 11.4% on the year) and continued decline of imports (down 1.2%), the trade gap for the second quarter was expected to be 4.2 per cent of GDP. As a result, the EU Convergence Programme is forecasting a steady decline in potential growth to an annual.3 percent in 25, and this meagre growth is only obtained by assuming a - totally unrealistic (in what will then be such an old population) - labour participation rate of 7 percent. Personally, I think these numbers are way, way to optimistic, and all of this is badly in need of a current calibration based on what is already happening in ageing societies like Germany and Japan. Bulgaria's sustainable growth rate doesn't start to get affected in 25, it is already on its way down now. Information obtained from the Exchange. BULGARIA EXTERNAL SECTOR INDICATORS Gross external debt, Euro million 1,768,9 1,64,6 12,561,9 15,56,9 2,69,9 29,16,8 37,112,4 37,88,1 36,918,3 Gross External Debt (% GDP) Current Account (% of GDP) FDI (% of GDP) BULGARIA MACROECONOMIC INDICATORS Gross domestic product (million BGN) 51,783 6,185 69,295 68,322 7,474 Gross domestic product (annual real growth rate, %) Consumer price index (average annual change, %) Industrial production index (annual change, %) Key Information Contacts Financial Supervision Commission Central Depository Bulgarian National Bank Invest Bulgaria Agency National Statistical Institute PAGE 56

59 DAMASCUS SECURITIES EXCHANGE Rateb Shallah Chairman The market capitalization of the listed companies in the DWX at the end of 21 was US$ 3.21 billion with an increase of 142% from 29. At the end of 21 the Damascus Securities Exchange (DSE) had 19 listed companies, whereas, the number of listed companies at the end of 29 was 12. The index increased by 71.9% in 21 since 29 reaching 1,719.4 points. The traded value increased from US$36 million (S.P 1,663 million) in 29 compared to US$ 197 million (S.P 9,64 million) in 21, an increase of 445%. Moreover, the daily average value of trading in 21 increased to US$ 1.15 million (S.P 53 million) compared to US$.39 million (S.P million) in 29. In 21 there were 171 trading days compared to 93 days in the previous year. The number of traded shares in 21 increased to 6.89 million shares compared to 1.7 million shares traded over the previous year 29, an increase of 34%. Moreover, the daily average of traded shares also increased to 4.26 thousand shares compared with18.32 thousand shares in 29. The number of executed trades icreased to 36,682 trades compared to 6,798 trades in 29, an increase of 44%. The market capitalization of the listed companies in the DWX at the end of 21 was US$ 3.21 billion (S.P billion) with an increase of 142% from 29. HISTORY AND DEVELOPMENT Damascus Securities Exchange (DSE) was established based upon Decree number /55/ for the year 26, issued by the Syrian President Dr. Bashar Al Assad, the Exchange activities are based upon the provisions of this law and based upon the law of the Syrian Commission on Financial Market and Securities number /22/ for the year 25. DSE is managed by a Board of Directors consisting of 9 members and a Chief Executive Officer who manages the daily activities of the Exchange and raises his reports to the Board. DSE was launched on the 1th of March 29 with 6 listed companies they were divided into 4 companies in the main market and 2 in the growth market, with 4 brokerage firms that are licensed to trade in the Exchange. DSE aims to provide a suitable environment to facilitate investment, and to provide sufficient capital expand the economic activity through creating, fair, clear and stable trade of securities. The launching of the Exchange consisted on setting rules, regulations, and instructions regarding the work process of the Exchange. Finding a suitable building and preparing it with the suitable equipments, considering the Exchange environment. Verifying "BTS" as a trading system, verifying "CSD" as a Clearing and Depository System. These systems were bought according to a contract with Market Evolution Company. Setting the Exchange website and the information data center of the Exchange. Enhancing Investors Awareness through flyers that were made by the Exchange. The Exchange also participated in conferences, giving introducing lectures indoors and outdoors In addition the Exchange took part in awareness activities through televisions, radios and training students from different universities and institutions. In the field of foreign relationships and foreign cooperation, the exchange Signed a number of " Memorandum of Understanding" with the Egyptian Stock Exchange, Tehran Stock Exchange, Istanbul Stock Exchange, Syprus Stock Exchange and Abu Dhabi Stock Exchange, Being a member at the Federation of Arab Stock Exchanges, Association of National Numbering Agency (ANNA), and Federation Of Euro Asian Stock Exchanges (FEAS). FUTURE OUTLOOK The Exchange is improving its strategies in the awareness through diversifying and publishing information and by taking part in conferences, lectures, exhibitions that aims to give an introduction regarding the Exchange. modifying in the rules and regulations issued by the Exchange according to the local and regional economic changes, suggesting the necessary rules and regulations where suitable and give opinions to the concerned legislative bodies to improve the work process in the exchange, to reach integrated legislative system indoors and outdoors of the exchange and to ensure high efficiency in the work process of the exchange. The exchange continuously improves the necessary electronic system which is required for the work process at the Exchange, which there by provides qualitative services regarding the publication of all the information and simplify the work process in the Exchange for all the investors, brokerage firms, and listed companies in the Exchange. The Exchange is working on setting up an alternative information database so that it would preserve its information and a link would be established between the current temporary building and the permanent building. Increasing the number of sessions to 5 sessions per week, 5 days a week. Co-operating with reginal and national Exchanges and Organizations that relate to securities Exchanges. PAGE 57

60 DAMASCUS SECURITIES EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL.... Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 2, , Aug-1 2, , Sep-1 2, , Oct-1 2, , Nov-1 2, , Dec-1 3, ,719.4 CONTACT INFORMATION ,8 3,5 1,6 3, 1,4 1,2 2,5 1, 2, 8 1, , 2 5 Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Lubano Abdo labdo@dse.sy Website PAGE 58

61 DAMASCUS SECURITIES EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Political Outlook A reflection to Syria s economic development in 21 will show a determination economy, willing to plan and execute sustainable progress, in its multiple dimensions. Touching on the various aspects revolving in and around the economy, the Syrian internal and external mechanisms are drawing clear plans to encourage public, private, and co-operations, in enhancing the economic performance for the coming years. The public and private sectors are working on multiple fronts to set a productive base across Syria s key economic drivers. Through various mechanisms as fiscal, monetary, social, and technological policies, decision makers at different levels are tackling the progress of investment frameworks, business environments, trade agreements and political relations. Economic performance On a country-wide level, Syria s economy in 21 indicated an expected 5% real GDP growth, with an additional.5% increase through 211, as per the International Monetary Fund (IMF). Projected indicators had shown nominal GDP standing at 59.6 billion USD at end of 21, with an expected increase of 6.6 billion USD throughout 211, to reach a total 66 billion USD. Meanwhile, the consumer price level remained at a moderate 5% and is expected to remain as is through 211. Unemployment continued to show concern as it stood at almost 11%. Furthermore, the overall fiscal deficit is expected at 2.6 billion USD for 21, accounting for a smaller share of GDP compared to 29, namely 4.3% versus 5.4%, respectively. The higher revenue in oil revenues and reduction in fuel subsidies were the main drivers to fiscal adjustments. Moreover, the government budget is expecting a spending of 17.8 billion USD, representing a 12% rise that is mostly represented by investment expenditures. The Oil & Gas sector, and despite an average decline of 4.1% per annum in oil GDP s real growth, the oil sector was estimated to grow.2% in real terms during 21. This growth remains small despite government efforts to attract foreign investments for new exploration and production. Nevertheless, crude oil production has risen 3.1% yearly on average, reaching 387,357 barrels per day in the third quarter of 21. The production at new and smaller fields outweighs the dwindling productions of mature sites; however, this is only a temporary situation. Meanwhile, gas production is on a priority list as multiple co operations are in the pipeline to increase production and export lines with strategic trade partners. The Construction & Real Estate sector has attracted huge attention on the economic map. The lack of supply, low real interest rates, lack of proper investment opportunities, and rising cash flows from Gulf investors and Iraqi immigrants have all contributed to a sharp increase in the price of real estate properties. Consequently, major developers have taken initiative to build large commercial and residential spaces in both urban and rural areas. Accordingly, the trend has reversed with light price adjustments in the last eighteen months. The Trade & Services sector marked strong activity through 21. The number of visitors reached 6.6 million through September, noting an increase of 46% year-on-year. Tourist expenditures reached 6.5 billion USD within the abovementioned period, and the industry as a whole contributed to 5.2% of GDP. In addition, the telecom sub-sector has been run by two large operators that have contributed to a 42% in mobile subscribers, while the landline network increased subscribers by 6.6% as of end 29. Currently, six companies are bidding to take a pie of the sector s success that is about to accommodate a third operator. The Financial sector has witnessed various incentives in attracting funds and increasing lending volumes. In spite of the effects of the crisis on remittances and FDI, the Syrian financial sector has been supported by lower reserve requirements, lower interest rates, and increased credit exposure limits. The money supply expanded 12% year-on-year in July 21, and has moved in line with GDP growth. The last quarter of 21 saw the first sale of government bonds. While the financial sector has made an outstanding growth in terms of assets, deposits, and credit, the financial community awaits the introduction of more financial instruments and better allocation mechanisms to the sector s excess liquidity. The Syrian capital market currently stands at an average daily trading value of 43 million SP and an average daily trading volume of 34 thousand shares. The market index posted an approximate 71.9% gain in 21. It is currently composed of 2 companies listed within 5 sectors, namely, Banking, Insurance, Service, Industrial, and Agricultural. The Banking sector holds the highest market capitalization at 131 billion SP, out of a total 144 billion SP. The market is currently receiving coverage by 12 financial brokerage companies. In retrospect, the Syrian economy in 21 continued to show strength through multiple key sectors. Despite multiple drawbacks resulting from a world crisis recovery, regional slowdown in investments, and difficulties of moving into an open market economy, the Syrian economy and its key decision- makers are showing resilience in creating stability and progress in increasing the performance of internal & external economic indicators. Looking forward onto the development 7 execution of Syria s 5-year plan, the targets set for infrastructure and investment planning are providing solid confidence for local, regional, and international participants. Information obtained from the Exchange. Key Information Contacts Damascus Securities Exchange PAGE 59

62 EGYPTIAN EXCHANGE The Egyptian Exchange has marked the year 21 as the year for rebuilding investor s trust. Mohamed S. Abdel Salam Chairman We would like to inform all market participants including issuers, member brokers, asset managers, local and foreign investors, media, the public at large etc. that the Egyptian Exchange (EGX) will resume trading tomorrow Wednesday 23 March 211. There were delays several times in our opening due to unprecedented events that followed Youth Revolution on 25 January 211. Since our last communiqué, several changes took place. First and most importantly there was a newly appointed Prime Minister, Dr. Essam Sharaf, on 3 March 211 with high public approval ratings. EGX could not open before the approval from the Prime Minister due to a change in the executive regulations of the Capital Market Law on 17 February 211, whereby all non-banking financial services, including EGX, follow the Prime Minister directly. Dr. Sharaf appointed a new Minister of Interior and since then security and safety are being restored in most areas of Egypt and there is negligible presence of the Armed Forces in the streets of Cairo. Also, there is a noted reduction in the number of employees demonstrations regarding salary raises. The banking sector is operating normally. During this period, the Chairman of the Egyptian Financial Services Authority, Dr. Ziad Bahaa El Din resigned and also the Chairman of EGX, Dr. Khaled Serry, resigned but his resignation was only accepted yesterday. Mr. Mohamed Abdel Salam, the current Chairman of Misr for Central Clearing Depository and Registry (MCDR), was appointed as Chairman of EGX for the coming six months. There is cautious optimism due to the recent unprecedented voting on some Articles of the Constitution. The process went very well in terms of the people turnout 41% (18 million) given that in previous elections the turnout never exceeded 3%, in addition to the transparency, independence and fairness of the voting process itself. This is a very important milestone in Egypt s road towards democracy that was not witnessed since the last 6 years. Another important reason for our cautious optimism is the various campaigns on Facebook that were initiated by the Youth to support the stock market when it opens. A very recent TV campaign started yesterday and included very prominent and famous figures including the current Prime Minister. Moreover, various Egyptians Associations abroad have contacted EGX in order to learn the logistics of investing in the market as several of their members are enthusiastic to invest now in Egypt. Egypt's General Prosecutor continued to issue several travel bans against prominent state and businessmen figures, including some former Ministers, and has frozen their cash, equity and bonds holdings accounts. A list of these names is always updated on EGX web site. We acknowledge that the closure of EGX is unprecedented but it was a very critical period due to the various events impacting Egypt, its security, economy, and industry and capital markets. In our earlier communiqué, we mentioned that EGX in consultation with the market regulator and the clearing company will undertake some temporary measures, with the aim of reducing panic when we resume trading and help restore stability in the capital market. We will also be more diligent in our market surveillance efforts to ensure that the trades done by offshore funds that are incorporated in less regulated markets do not involve any banned names by the General Prosecutor since their cash, equity and bonds holdings are already frozen on the domestic market. We are confident that despite the expected volatility on the resumption of trading, calmness will be restored as we proceed. We apologize to our clients for the delay in resuming trading but hope that they understand the justifiable reasons behind the closure. We indeed have learnt a lot from the recent events, which will make us much more determined in pursuing our future plans and strategies for EGX. In conclusion, EGX management is confident that when the Parliamentary and Presidential Elections take place within six months, Egypt will move forward towards democracy, which will enhance its stability and our market will of course reflect these positive steps. We thank you all for your understanding and continued support for the Egyptian capital market. HISTORY AND DEVELOPMENT The Egyptian Exchange (EGX), formerly Cairo & Alexandria Stock Exchanges (CASE), dates back to more than 125 years. Operating through two locations, the Alexandria Stock Exchange was officially established in 1883, followed by Cairo Stock Exchange in 193. Despite the repercussions of the global financial crisis, the Egyptian market has shown a good performance during 29 with its main index EGX 3 concluding the year with an annual increase of 35%. On the other hand, EGX has been able to achieve good trading records in 29, with a total trading value of LE 448 billion compared to LE 53 billion in the previous year. However, the volume traded soared to 37 billion securities in 29 compared to 26 billion securities in 28, surging by 43% compared to last year. Likewise, the number of transactions recorded 15 million transactions this year versus 13.5 million in 28. In its efforts to continue the enhancement of the market activity and transparency, EGX launched 2 new price indices; EGX 7 Price Index, that measures the performance of the 7 active companies, after excluding the 3 most active constituent-companies of EGX 3 Index, as well as EGX 1 Price Index, that tracks the performance of the 1 active companies, including both the 3 constituent-companies of EGX 3 Index and the 7 constituent-companies of EGX 7 Index. Both indices, EGX 7 index and EGX 1, soared during 29 to conclude the year with an increase of 33% and 36%, respectively. From another perspective, the Listing and De-listing Rules were amended to ensure further enforcement of corporate governance and to retain and attract quality issuers as well as regulating the trading of EDRs and ETFs. In its endeavor to keep abreast with technological advancements in order to be the Premier market in the Middle East North African (MENA) Region that best serves its stakeholders, EGX signed an agreement with London SE to connect the 2 markets via FIX connectivity system. This will facilitate capital flow from London to Egypt and vice versa and set EGX as the hub in the Middle East and African region. Additionally, EGX launched a new version of its website; that includes a wealth of information about EGX indices, issuer information, market data, education corner, international relations and information services, with a better navigation, more user-friendly interface and easier access to information. On the international front, EGX has signed during 29 memoranda of Understanding with several Exchanges, namely; Casablanca SE, Shenzhen SE, Amman SE, Libyan Stock Market and the Iraqi SE. The MoUs tackled the areas of mutual cooperation on capital markets' developments including exchange of information, experts, staff and experiences for the respective benefit of the securities markets. These developments are expected to promote the activity of the Egyptian market, which has been perceived as one of the most developed emerging markets during the past years. FUTURE OUTLOOK EGX will continue exerting efforts to enhance the efficiency of the market, raise investors' awareness, promote the financial literacy, and improve the communication between EGX and its stakeholders to further strengthening their trust in the market. Moreover, EGX will continue its aggressive marketing plan to attract the big companies to be listed in the market. On the other hand, EGX strives to build on its success by accelerating the introduction of a bundle of new investment products and mechanisms into the Egyptian market such ETFs, sukus, the Market Maker system which is expected to be launched in the first half of 211. PAGE 6

63 EGYPTIAN EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-1 2, , Aug-1 2, , Sep-1 2, , Oct-1 2, , Nov-1 2, , Dec-1 2, , TOTAL 15, , Bonds Jul-1 1, Aug Sep-1 1, Oct-1 1, Nov-1 1, Dec TOTAL 6, Other Jul Aug Sep Oct Nov Dec TOTAL 1, , Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 74, , Aug-1 75, ,49.93 Sep-1 78, , Oct-1 79, ,67.34 Nov-1 82, ,74.83 Dec-1 84, , CONTACT INFORMATION 3, 2,5 2, 1,5 1, 5 8, 9, 7, 8, 6, 7, 5, 6, 4, 5, 4, 3, 3, 2, 2, 1, 1, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Ms. Heba Serafi Heba.Serafi@egx.com.eg Website PAGE 61

64 EGYPTIAN EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS With the global economy on the mend, prospects for the emerging markets have improved. Almost every country is projected to grow faster in 21 and 211 than in 29. Given this pickup in growth, the global activity in 21 has witnessed sustainable progress compared to that of 29 & 28 and expanded at rates of 5% derived from the growth of emerging economies, which reported a decline of.6% in 29 and a growth rate of 2.8% in 28. The Egyptian economy continued to grow in 21 exceeding the expectations with a growth rate of 5.1% compared with 4.7% in 29, with a noticeable increase in the growth rate of the 3rd quarter of 21 in particular (July-Sep) reaching to 5.5% which is the highest growth rate within one quarter since the post- Lehman slowdown in 28. The positive trend is expected to continue thanks to the increasing domestic demand and the accelerating infrastructure expenditure through the Public- Private Partnership (PPP), which will help mobilize the private sector financing and the know-how. On another hand, the significant progress made in the wide-ranging structural reforms which was accelerated after 24 resulted in mobilizing the foreign direct investments (FDI) towards the Egyptian economy, which recorded around US$ 6.8 Billion in FY 29/1, regardless the crisis effect compared with US$ 8.1 Billion in FY 28/9. The last quarter of 29/1 alone witnessed an increase of 42% in the foreign investments compared with the third one. Moreover, the Egyptian external sector also witnessed a significant improvement, with the balance of payments realizing a surplus of US$ 3.4 billion during the FY 29/1 vs. a deficit of US$ 3.4 billion during the same comparable period of the previous year. Meanwhile, the inflation rate depreciated from 13.5% in Dec 29 to reach 1.2 in Nov 21 which is the lowest level in 11 months. On the other hand, the core inflation in November has reached 8.9% compared to 6.9% in 29. However, the core inflation remains within the central bank s comfort zone. From another perspective, the stability of the financial sector in Egypt during and since the crisis is a testament to reforms since 24. Consequently, The Economist located Egypt as one of the best emerging markets with extensive potential growth throughout the next decade among countries named "CIVETS" which include Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa. The year 21 should be called the Year of Rebuilding Trust of Egyptian investors in the Egyptian Capital Market. The Egyptian market has witnessed a positive performance, ranking third among the MENA markets, with gains exceeding 15%, together with a number of regulatory reforms targeting the market s efficiency and integrity. In 21, an array of rules and regulation of the capital market were revised. There has been amendments on the listing and disclosure rules, the Egyptian Financial Supervisory Authority (EFSA) also reviewed the intraday trading rules and amended the trading system of the OTC market and restricted the trading in this market to 2 days only per week and a (T+3) settlement. Rules regulating the branches of the brokerage firms have been also issued. EFSA has also approved the regulations set for the work of the independent financial advisor to tighten supervision on markets. Comparing the Egyptian Exchange with the Emerging Markets, the Egyptian Exchange was higher than the average of the emerging markets where it performed better than China, Brazil, Czech, and Hungary which recorded a negative growth in 21., the Egyptian market recorded a growth rate of 9% according to Morgan Stanley Index (USD) and a 15% according to the Morgan Stanley Index in EGP, compared with an average of 16% of that of the emerging markets in USD. Nevertheless, the Egyptian Exchange received the highest foreign influx in its history with the Non-Arab foreign investors generating net inflows of EGP 8.4 Billion (after excluding deals). During 21, EGX was able to maintain relatively high trading records, registering a trading value of around EGP 264 Billion (after excluding deals), which is almost the same recorded figure of the same comparable period of last year. Additionally, the market recorded a trading volume of around 27 billion shares, which approaches the figure recorded during the 29. On the other hand, with stricter regulation on the OTC market, where trading was restricted to two days per week and a settlement of a T+3, the OTC market has witnessed a decrease in the trading volumes with a value of around EGP 48 billion, which is less than the previous year with almost 58%. And due to the improvement in the current economic environment, the market witnessed 3 IPOs with a total value exceeding EGP 2 billion; the first was initiated by Juhayna Food Industries which was successfully covered by 7 times and awarded as Best African IPO by Africa Investor; the leading international investment research and communications group. The other two offerings were for companies in the Pharmaceutical and Real Estate sectors. The bond market has also recorded a remarkable increase in trading value, locking in more than EGP 63 Billion, accounting for almost 2% of the trading value on EGX, as a result of the continuous efforts to activate the debt market in Egypt. The Bond market has also witnessed the listing of the first public juristic entity bond for the New Urban Communities Authority with a value of EGP 1 Billion, following the issuance of the Ministerial Decree Number 1 of 21, allowing and introducing the necessary procedures for noncorporations to issue bonds in the Egyptian market. NILEX is moving forward, since commencement of trading on 3 June 21, boasting 16 listed companies with a market capitalization of more than EGP 1 Billion. The market recorded a trading value of EGP 199 million. Additionally, EFSA approval to raise the maximum capital of the companies listed on NILEX to LE 5 million from LE 25 million, which is expected to attract a large number of promising medium & small cap companies to get listed on NILEX. Furthermore, committed to market integrity, EGX partnered with MilleniumIT, to provide EGX with a proactive, international best practice surveillance system and fulfill the Exchange s vision of providing an equitable, transparent and high quality market place. Believing in the importance of having global exchange's cooperation and in order to enhance the cross border trading, EGX is in the final stage to get connected to international markets via EGX FIX Hub. This will enable large institutions to access the Egyptian market directly and will facilitate capital flow from other markets to Egypt and vice versa besides setting EGX as the hub in the Middle East and Africa region. Reflecting the confidence of foreign investors in the Egyptian market, Global Van Eck one of the giant financial institutions in the world - launched the first ETF to track the Egyptian market movement and is traded in NYSE in February 21. Moreover, the "Royal Bank of Scotland" issued certificates on EGX 3 Index. These certificates were listed and traded on Milan Stock Exchanges effective 14 June 21. Information obtained from the Exchange. Key Information Contacts Ministry of Finance Ministry of Investment Central Bank of Egypt Egyptian Financial Supervisory Authority Misr for Clearing, Depository and Central Registry SMEs Market (NILEX) PAGE 62

65 EGYPTIAN EXCHANGE EGYPT ECONOMIC CHARTS AND TABLES 27/28 (b) 28/29 (b) GDP at market prices (LE bn) ,38.6 GDP at market prices (US$ bn) Real GDP growth (%) Consumer price inflation(a,%) Population (a, mn) Exports of goods fob (US$ m) 29,356 25,169 Imports of goods fob (US$ m) -52,771-5,342 Current-account balance (US$ m) ,424.3 Foreign-exchange reserves excl gold (a, US$ m) 34,572 31,31 Total external debt (US$ bn) Debt-service ratio (% Current Receipts) Exchange rate (a) E :US$ Actual. (b) Fiscal year data ending June 3th. Source: Central Bank of Egypt, CBE) 28/9-PRINCIPAL EXPORTS Petroleum products (inc. natural gas) 7,9 Crude oil 4,4 Iron ore, steel & products thereof 1,154 Ready-made clothes 68 Aluminum ore /9-PRINCIPAL IMPORTS Petroleum products (inc. natural gas) 4,419 Crude oil 2,613 Iron ore, steel & products thereof 4,538 Ready-made clothes 68 Aluminum ore 42 PAGE 63

66 GEORGIAN STOCK EXCHANGE 21 was devoted to development and implementation of important new features at GSE and GCSD. George Loladze Chairman of the Supervisory Board 21 turned out to be somewhat difficult year for us, at one hand because we had to deal with number of problems, however, at the same time, it was quite interesting because practically the whole year was devoted to development and implementation of important new features at GSE and GCSD. Introduction of the GSE index (GSX) could be considered as the most important accomplishment of the year. The preparatory work on the index was ongoing for years but its introduction have been postponed several times due to concerns it would not be representative enough because of small capitalization and low liquidity of the market. However, in 21 we made such decision and don t regret about it since introduction of the index made it possible for the investors and general public to grasp more easily and explicitly the growth (still moderate but stable) of the Georgian securities market. Several months ago one of the largest global custodians expressed its interest towards the Georgian securities market which is quite encouraging. After series of active consultations with representatives of the global custodian and of the largest participants of the Georgian securities market, important development of systems and procedures took place at the Georgian Central Securities Depositary to create more favorable conditions for improvement and further extension of the custodian services spectrum. All the aforementioned, together with social - political processes developing in Georgia, encourages us that 211 year will be busy as well however more efficacious and successful. HISTORY AND DEVELOPMENT Equity securities first appeared in Georgia in 1991 after the declaration of independence that signaled the beginning of market-oriented reforms. A vast majority of the newly established joint-stock companies were owned by a rather small number of private shareholders and trading in these shares was relatively inactive. With the launching of the Mass Privatization Program in 1994, approximately 1,3 state-owned enterprises were organized as joint-stock companies, creating about half a million individual private shareholders. However, during a five-year period ( ), the lack of an appropriate legal framework and organized market infrastructure seriously impeded the secondary trading of these shares and any over-the-counter market activity was nearly nonexistent. The Georgian Stock Exchange (GSE) was founded in 1999 by a group of Georgian securities market professionals, leading banks, investment and insurance companies. Today it is the only organized securities market in Georgia. Designed and established with the assistance of the United States Agency for International Development (USAID) and operating within the legal framework of corporate and securities laws drafted with the assistance of American and German experts, the GSE can assert that it is designed and operated to comply with global best practices and offers an attractive investment environment to foreign investors. Official trading at the GSE began in March 2. The number of companies admitted for trading at the GSE trading system increased gradually and by the end of 24 reached 277. Practically all of these companies are former state owned and operated companies transformed into joint-stock companies and then privatized. The growing but still low trade volumes reflect the nascent stage of the Georgian capital market and the level of development of the Georgian economy. In 22, as a result of active cooperation with the National Securities Commission and the Ministry of State Property Management, the Special Privatization Auctions commenced at the GSE. In 23 the GSE started trading government securities. 24, was a landmark year for the GSE, due to the unprecedented increase in basic trading figures compared with previous years, reflecting the overall revitalization of the economy in the wake of the Rose Revolution of 23. In the end of November, 26 Bank of Georgia (GSE:BOG), the company listed at the GSE since 21, concluded successful IPO at the London Stock Exchange Main Market and through issuance of GDRs raised circa $16 ml. The bank is the first Georgian company ever and the second bank from the CIS since 1999 listed on the London Stock Exchange. In 27 the remote trading system was practically implemented at the GSE and number of brokerage companies started remote trading operations from their offices via internet and VPN technology. Number of trading days increased from two to three days a week. In 28 significant amendments were made in Georgian legislation, GSE Charter and Rules ensuring GSE demutualization, stock-exchange membership for various licensed financial institutions, including remote membership for respective foreign entities. In August 29 the decision on GSE capital increase was taken by GSE General Meeting of Shareholders with purpose of attraction of NASDAQ-OMX as a strategic partner. In May, 21 the GSE Supervisory Board took decision on introduction of the GSE index (GSX). GSX is published on a daily basis at the GSE website. It is the official indicator of GSE and represents share price level of the leading companies admitted for trading at GSE. In November, 21 the Georgian Central Securities Depository (GCSD) the 99% subsidiary of GSE completed fundamental amendments to it selfregulation rules inspirited by intention of one of the largest global custodians to start operations in Georgia. In the end of 21 the National Bank of Georgia adopted new regulation according to which the procedure of public offering in Georgia of the securities admitted for trading at the eligible foreign exchanges is dramatically simplified. FUTURE OUTLOOK In 211 the Georgian Stock Exchange plans to: 1. Make important changes in its trading system and trading rules so as to increase the efficiency of trading and increase the liquidity of the market: Intensify the trading process. In particular, the trading sessions will be conducted on daily basis and/or time period of the trading sessions will be extended; Further improve remote trading system for brokerage companies; Establish electronic links between securities market participants (stock exchange, central depository, brokerage companies, banks, securities registrars) Increase the efficiency of the government securities trading on the stock exchange; Introduce partially guaranteed trading of securities; Introducing of price quotation both in local and foreign currencies. 2. Launch a new web-site for the GSE, which along with traditional statistics will provide corporate reports database for the companies who are admitted to the trading system. In addition, the creation and publication of a company database will allow companies to publish their annual, semiannual and current reports which are required by law and thus improve disclosure standards and corporate transparency; 3. Sign the data distribution agreement with one of the largest global data vendors. 4. Finalize upgrade of the Georgian Central Securities Depository (GCSD the 99% subsidiary of GSE) clearing and settlement system, thus increasing efficiency of operations for large institutional investors and global custodians. PAGE 64

67 GEORGIAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL.... Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul Aug Sep Oct Nov-1 1, Dec-1 1, CONTACT INFORMATION ,2 12 1, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mrs. Ekaterine Katamadze info@gse.ge Website PAGE 65

68 GEORGIAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Despite existing concerns that political process in Georgia may develop in unpredictable manner, fortunately, clear signs of increased stability and inevitability of elections process are in place. Today, after quite peaceful and constructive atmosphere local government elections in 21, practically there is no doubt that for political parties the next three years will be period of preparation to elections (parliamentary and presidential - 213), election campaigns and the related processes. This will definitely put grounds for stable political and economic development of the country. No doubt, there still remain many political and social problems, first of all related with occupation of 2% of the country (Abkhazia and Tskhinvali region) by Russian military forces and the heaviest burden of about half million refugees from the mentioned regions. However, the likeliness of worsening of the situation is very low, though chances for restoring territorial integrity of the country in 211 are also very low. As for the economic situation, Georgia s economy is showing tentative signs of turning around, but a full-fledged recovery will depend on a more upbeat global environment and the easing of credit conditions in the country. Until mid-28, the Georgian economy was growing rapidly, fueled by high levels of foreign direct investment and strong credit growth. But in August of that year, the armed conflict with Russia over the disputed Tskhinvali region proved a devastating setback for Georgia s economy, prompting the authorities to request a $75 million Stand-By Arrangement (SBA) from the IMF and to secure emergency financing from donors totaling $4.5 billion for next three years. In the months that followed, Georgia s difficulties were compounded by the impact of the global economic crisis. However, the country authorities economic program has been successful in putting a floor on the contraction of economic activity in 29 and in restoring confidence. On the back of these achievements, the economic recovery that started in the second half of 29 continued in 21. Real GDP is projected to grow by 4.5 percent in 211, based on the expectation that private sector demand will strengthen as the fiscal stimulus is withdrawn. Inflation is projected to decline (to around 6 percent) by end-211, with risks mostly on the upside. According to Mr. Murilo Portugal, Deputy Managing Director and Acting Chair of the IMF Executive Board's,: Georgia s economic recovery has strengthened, as evidenced by better-thanexpected growth and the stabilization of the exchange rate. The authorities economic policies, focused on tighter monetary and fiscal policies and exchange rate flexibility, will lay the groundwork for achieving macroeconomic stability and growth based on private sector financing and investment. While short-term risks to growth appear balanced, significant downside medium-term external risks remain, related in particular to the uncertainty surrounding the recovery in private capital inflows, including FDI. The budget for 211, which provides for a further reduction of the deficit of about 2½ percent of GDP, is consistent with the authorities objective of reestablishing fiscal sustainability. The authorities commitment to cap expenditure in 211 is commendable, While the recent increase in the policy rate and the decision to tighten reserve requirements will help to bring down inflation in 211, the authorities should stand ready to tighten monetary policy further should inflationary pressures persist. Consistent with the need to rebuild net international reserves, exchange rate flexibility should remain an anchor of the authorities economic strategy. The banking sector s high levels of capital and provisioning continue to provide adequate buffers against adverse shocks, but continued close supervision of banks remains critical. In this regard, capacity building toward riskbased supervision is welcome. As announced by the authorities, it is also important to continue tightening the regulatory framework as financial sector stability solidifies. As for the business climate in the country it was hurt by the political uncertainty that followed the conflict with Russia and the domestic unrest that followed. That unrest has now subsided, and the fact that foreign direct investment has been growing in the course of 21 attests to that improvement. When it comes to the legal and institutional business environment, Georgia is very well placed. The country has made remarkable strides over the last few years the World Bank s Doing Business Index ranks Georgia first in Eastern Europe and Central Asia and first among lower middle-income countries. Georgia has also moved up quickly through the ranks of Transparency International s Corruption Perception Index, and there s a general perception that interactions between the public and the government are now free of corruption. The authorities structural reform program is now focusing on improving government efficiency and transparency, while continuing the privatization of public sector assets. Information obtained from the Exchange. Key Information Contacts National Bank of Georgia Ministry of Finance of Georgia Georgian Central Securities Depository Georgian Corporate Directors Association PAGE 66

69 IRAQ STOCK EXCHANGE ISX introduced a new index in June 21 after the Automation go life. Taha Ahmed Abdul Salam CEO Iraq Stock Exchange (ISX) had established under the Law (74), April 18th,24 and start operations in June 24. The ISX operates under the oversight of the Iraq Securities Commission (ISC). The exchange is a self-regulated organization. Independent financially and administratively from the Iraqi government, It is organized as a non-profit entity that is owned by its members, namely licensed brokerage firms. It is regulated by the Iraq Securities Commission and follows the operational procedures outlined in its By-laws that are fully compliant with the Iraqi Securities Law. ISX Start Operations in 24 with manual trading till April 29. Since April 18th, 29 till now ISX Using Automation trading, holding five sessions weekly from Sunday to Thursday. ISX introduced a new index in June 21 after the Automation go life. ISX has organized a number of training courses for Brokerage firms and training courses for the IT staff and other ISX employees. These training courses include Automation Trading in ISX and run TWS for the brokers, (Equator & Horizon SYSTEMS). The ISX publishes a monthly newsletter called the Capital Market. Published in Arabic, the Capital Market covers all financial events which happen within the ISX and the listed companies. ISX also update its information throw the website: The ISX has successfully joined FEAS (Federation of Euro- Asia Stock Exchanges) on September 21st, 25. And the Federation of Arab Stock Exchange in June 26. HISTORY AND DEVELOPMENT 1. For the period of the Baghdad Stock Exchange was operating and was well known. The previous Baghdad Stock Exchange was established by the law No. 24 in The market was related to the government and it listed (113) different companies, some private and others from the mixed sector. During that period, especially in 23, the market had gained an annual trading volume exceeding, US$17.5 million. However, this market was closed by a decision of its Governing Council in March 19, Establishment of Iraq Stock Exchange On 18 of April 24, the temporary law No. 74 was issued. It gave the authority to establish two important capital development bodies concerning financial sectors, they are: A. Iraq Stock Exchange (ISX). B. Iraq Security Commission (ISC). 3. Meaning of Iraq Stock Exchange The ISX is an entity capital market not related or powered by the government. It is directed by a Board of Governors (BOG) and consists of nine members, representing different economic sectors of investment. The market is where the investments, exchange stocks, purchasing and selling takes place. It is considered one of the channels in which funds can flow between persons and commissions through different sectors that may help to mobilize and develop financing and financial channels in order to give readiness for different investments. FUTURE OUTLOOK Iraq Stock Exchange has the following goals for 211: 1- Continue the ISX trading operations. 2- Signing a cooperation agreement with Erbil Stock Exchange. Which it allow that market trading through using the electronic trading system and the Depository. 3- working with the ISC to issued the Custodian Banks agreement. 4- Authorize five new brokerage firms accordance ISC instructions. 5- Organizing the first conference of the ISX in April 16-17, 211 in Baghdad. 6- Continue to Accept New companies to be list in ISX regarding the listing requirements. 7- Participate in conferences under FEAS and Arabic Federations. 8- Assist in the eventual privatization after issued the privatization low. 9- Hold meetings with investors. 1- Publish trading data and information about the ISX to encourage investment in ISX. 11- issued Companies Guide which will present information and financials data. PAGE 67

70 IRAQ STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul , Aug , Sep , Oct , Nov , ,26.48 Dec , ,12.64 TOTAL , Bonds Jul Aug Sep Oct Nov Dec TOTAL.... Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 2, Aug-1 2, Sep-1 2, Oct-1 2, Nov-1 2, Dec-1 2, , 2,5 2, 1,5 1, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Contact Name Mr. Jimmy Afham Toma jimmy-afham@yahoo.com Website PAGE 68

71 IRAQ STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Settled Iraqi dinar exchange rate for the year 21 equivalent to 1118 dinars per US dollar, boosted by the central bank's announcement. Government approved in November 3th 211 budget of $ trillion Iraqi dinars (about 79.6 billion dollars) deficit of 14 trillion dinars (11.99 billion dollars) and assumes an oil price of 73 dollars per barrel. The size of the operational expenditure in the budget bill for 211, which was approved by the Council of Ministers recently, pending parliament's approval 64 trillion dinars, and the volume of investment spending 29 trillion dinars. The premier event of 21 is the democratic elections held in March 7, 21 with the participation of 6281 candidates competed for 325 seats in the Iraqi parliament, which shall elect the President and the Prime Minister, which will last session for a period of four years. The new government was formed on Tuesday, December 21, 21. And received by Mr. Nouri al-maliki to a second term as prime minister and joined the new ministry (41) and ministers. End of the International Department of the Iraqi resources through the Development Fund for Iraq in the thirtieth of June 211. Information obtained from the Exchange. Key Information Contacts Iraq Association of Securities Dealers: Iraq Central Bank: PAGE 69

72 ISTANBUL GOLD EXCHANGE Our target is to establish a secure and organized market condition in Turkey for diamond and precious stones trading. Osman Sarac Chairman Istanbul Gold Exchange targets to stimulate local business and international attention with all other globally competitive enterprises which will provide Turkey to be a central hub for the gold business, due to its strategic position, as it lies in the heart of a major gold trade area, exposed to Middle East, Europe and Gulf States. In 21 we have managed technical infrastructural studies as well as market structures and gold backed financial instruments studies. Since 27 we have been making important steps to integrate international communities. For the integration of the Exchange to the international markets, there have been important steps since 27. In March 28 we have been an associate member to London Bullion Market Association, by May 28 we have joined World Federation of Diamond Bourses, by February 21, we are honored to be part of a large family with distinguished members, FEAS as an affiliate member. The Exchange became a member of the Kimberley Process Certification Scheme (KPCS), in August 27, which aims to curb the flow of conflict diamonds, with 49 participants worldwide. By 28 and 29 IGE organized International Gold Summit in corporation with Active Academy to share the experiences of the Turkish and foreign participants in the Jewelry Sector which has been gaining important goals in the recent years. The Turkish gold Jewelry market has undergone a major revival since the early 199s with the traditional and long-standing historical affinity for gold jewellery adjusted for modern tastes. Turkey is now the world s fourth largest market for gold jewellery, third largest manufacturing centre and second biggest exporter. The annual export is estimated at US$ billion, part of which is from exports to wholesalers and retailers abroad while the bulk comes from sales to tourists sold in the local market. By 21, by the increase of gold prices since 28 huge amount of gold gold came to the market as scrap and Turkey turned to be an exporter of gold in the market.. The supply of scrap gold to the market continued in 21 and an annual amount of tonnes of gold was supplied to the market. The annual amount of gold and silver imported to Turkey through IGE were 42 and 2 tonne. The transactions amounts of gold and silver were about 115 and 388 tonnes. As a first spot trading gold exchange in the world, IGE was founded with the principle semielectronic system trading floor. By 29, a new screen-based fully electronic trading system has been launched with remote access in order to provide investors 24 hours trading. Istanbul Gold Exchange is having a role of safeguard for gold funds and gold ETF which is listed in ISE. Over 6. kgs of Gold kept in the Exchange on the name of the 24 funds. For the upcoming years, our target is to establish a secure and organized market condition in Turkey for diamond and precious stones trading. Turkey is launching its first diamond market and aiming to become a regional trading hub for the precious stones. Istanbul Gold Exchange is also working on a project to launch a foreign exchange market, base metals market and Carbon Licenses Market. We aim to see tangible progress on these objectives in 211. General Information Istanbul Gold Exchange is a state institution which has an autonomous system, for precious metals trading in organized market conditions with time and price priority. Gold prices on the Istanbul Gold Exchange are determined by the market, generally reflecting trends in international prices. Members of Istanbul Gold Exchange are authorized to import gold to Turkey. Services Provided Spot gold, silver and platinum trading, Precious Metals Lending Market transactions, Physical settlement of the transactions, Depository for the precious metals belonging to mutual funds and gold ETF in Turkey. Depository for individual investors. Authority for Kimberley Process Certification Scheme for rough diamonds in Turkey. Determination of local and international Precious Metals Refineries, whose products can be imported to Turkey and be transacted in the Exchange, Brief History Istanbul Gold Exchange began its operations on July 26, The Exchange has two types of markets: Precious Metals Market, Precious Metal Lending Market. In markets, standard and nonstandard gold, silver and platinum are traded. Spot gold trading started at the opening of the Exchange. Silver and non standard precious metals started to trade in Precious Metals Lending Market started its operations in Istanbul Gold Exchange on March 24, 2 for the purpose of bringing supply and demand into an organized market, lowering the production costs of the jewellery sector and securitization of gold. Domestic or foreign banks, precious metals companies, currency offices, precious metals producing and marketing companies and precious metals refineries that obtained the membership certificate from the Under-Secretariat of Turkish Treasury and complied with the requirements set forth by the IGE Board of Directors can trade on the exchange. There are 84 members consisting of 22 banks, 33 Exchange Offices, 21 Precious Metals Brokerage Houses and 8 Precious Metals producing and marketing companies. Form of Settlement and Transfers Through member accounts by Clearing Center and Clearing Bank Legal Status State Institution Settlement Period From T+ up to T+9 Regulated by State Ministry Under Secretariat of Treasury Board of Directors: 5 Members President of the Exchange Vakifbank T.A.O (bank) Atasay Kiymetli Madenler A.S. (Precious Metals Brokerage House) Istanbul Altin Rafinerisi A.S. (Precious Metals Refinery) Yildiz Doviz ve Kiymetli Maden Tic. A.S. (Foreign Exchange Office) Memberships to International Organizations London Bullion Market Association (LBMA) World Federation of Diamond Bourses (WFDB) Federation of Euro-Asian Stock Exchanges (FEAS) Future Outlook In 211, IGE intends to: To complete the new infrastructure for internet based 24 hours trading, Establish the customer based ordering, trading system and mobile trading system To open Diamond and Precious Stones Market, Establishment and implementation of Base Metals Market in IGE, Establishment and implementation of Currency Market in the Exchange, Establishment and implementation of Carbon, Rights and Licenses Market in the Exchange, PAGE 7

73 ISTANBUL GOLD EXCHANGE Gold Transactions - Istanbul Gold Exchange Volume (USD) Daily Volume (USD) Volume (kg) Daily Volume (kg) Jan-1 132,85,77 6,642,54 3, Feb-1 168,85,548 8,44,277 4, Mar-1 244,132,421 1,614,453 6, Apr-1 18,422,911 8,591,567 4, May-1 384,651,544 19,232,577 9, Jun-1 255,396,231 11,68,92 6, Jul-1 1,66,21,792 48,455,536 27,817 1,264 Aug-1 376,548,962 17,93,93 9, Sep-1 332,997,979 16,649,899 8, Oct-1 527,956,5 26,397,8 12, Nov-1 318,892,23 17,716,234 7, Dec-1 477,189,233 2,747,358 1, Silver Transactions - Istanbul Gold Exchange Volume (USD) Daily Volume (USD) Volume (kg) Daily Volume (kg) Jan-1 14,581, ,86 25,663 1,283 Feb-1 2,784,364 1,39,218 4,795 2,4 Mar-1 18,89,81 786,513 33,174 1,442 Apr-1 19,717, ,952 34,15 1,626 May-1 18,53,25 926,513 31,45 1,573 Jun-1 15,566,752 77,58 26,47 1,2 Jul-1 2,486, ,192 35,471 1,612 Aug-1 19,422, ,875 33,245 1,583 Sep-1 21,251,141 1,62,557 32,46 1,62 Oct-1 2,655,581 1,32,779 27,35 1,368 Nov-1 28,472,87 1,581,823 33,34 1,852 Dec-1 3,494,12 1,325,831 32,51 1, GOLD TRADING VOLUMES 21 SILVER TRADING VOLUMES Volume (thousand kg) Volume (USD million) Volume (thousand kg) Volume (USD million) J F M A M J J A S O N D 1,2 1, J F M A M J J A S O N D CONTACT INFORMATION Contact Name Y. Oguzhan Aloglu oguzhan.aloglu@iab.gov.tr Website * Please refer to page 74 for the Turkey country report. PAGE 71

74 ISTANBUL STOCK EXCHANGE In 21, the ISE has taken up a number of steps to strengthen the awareness in the Turkish capital market. Huseyin Erkan Chairman & CEO Established on December 25, 1985, the Istanbul Stock Exchange (ISE) celebrated its 25th Anniversary in December 21. We are proud to have fulfilled the mission of contributing to the development of the Turkish economy during the last quarter of a century. As one of the key components of the Turkish financial system with its market capitalization of US$ 38 billion and high growth potential, the ISE aims to become a regional financial centre in the near future. In 21, the ISE has taken up a number of steps to strengthen the awareness in the Turkish capital market. In cooperation with the Capital Markets Board of Turkey (CMB), the Union of Chambers and Commodity Exchanges of Turkey (TOBB), and the Association of Capital Market Intermediary Institutions of Turkey (TSPAKB), we initiated the Initial Public Offering Campaign in order to increase the number of initial public offerings to ensure that more companies are able to access the opportunities offered by capital markets. Through this initiative, we aim to attract the largest 1, Turkish companies to the ISE while also increasing the awareness of small and medium sized enterprises about capital markets. The first extensive occasion for this purpose was the IPO Istanbul Summit held in Istanbul in May 21. Similar events were organized in other cities of the country as well. Thanks to these efforts, 22 IPOs were made in 21, raising a total amount of USD 2.1 billion funds for companies. In addition to IPOs, 15 corporate bonds were issued in 21, generating funds totaling USD 1.3 billion. Besides stimulating the supply-side, we also plan to initiate an Investor Campaign to attract new investors to capital markets in 211. Our aim is to achieve 7,5, investors, which is equal to 1 percent of Turkey s population, in 223 when we will be celebrating the centennial anniversary of the Republic of Turkey. During the past year, we introduced two new indices, namely Energy and Participation Indices. The Participation Index is created to appeal to especially religious and ethically conscious investors. In 211, we plan to launch the ISE Sustainability Index to encourage companies to adopt socially and environmentally responsible policies. In 21, the ISE also introduced a variety of new financial instruments, including non-voting shares and warrants, and new markets including Repo Market for Specified Securities, Interbank Repo/Reverse Repo Market, and Offerings Market for Qualified Investors. ISE also established the Emerging Companies Market to allow small and medium sized companies with growth potential to raise funds through a flexible organized platform. As to the performance figures, the ISE-1 Index increased by 21 percent in US$ terms in 21, compared to year-end value of 29. The Stock Market maintained its exuberance, with a 35 percent increase in the total traded value, to reach US$ 426 billion. As of year-end 21, the market capitalization of 338 companies traded on the ISE increased by 3 percent, reaching US$ 38 billion and the share of foreign portfolio investors in the free-floating shares of the ISE stood at 66 percent. During the year, the total traded value of the Outright Purchases and Sales Market increased by 1.3 percent to US$ 298 billion, while the total traded value of the Repo/Reverse Repo Market increased by 4.2 percent to US$ 2 trillion as of end-21. HISTORY AND DEVELOPMENT In 1981, the Capital Market Law was enacted and one year later, the Capital Markets Board was established. In October 1984, the Parliament approved the Regulations for the Establishment and Operations of Securities Exchanges, which paved the way for the establishment of the ISE, formally inaugurated in The ISE provides a fair and transparent environment for trading of a wide variety of securities namely, stocks, exchange traded funds, warrants, government bonds, Treasury bills, corporate bonds, money market instruments (repo/reverse repo), foreign securities etc. Currently, there are four markets operating at the ISE; the Stock Market, the Bonds and Bills Market and the Foreign Securities Market and Emerging Companies Market. In 1989, the foreign exchange regime was amended to allow non-residents to invest in Turkish securities, making the Turkish securities markets open to foreign investors without any restrictions on the repatriation of capital and profits. The ISE was recognized as a Designated Offshore Securities Market by the U.S. Securities and Exchange Commission in 1993 and was designated as an appropriate foreign investment market for private and institutional Japanese investors by the Japan Securities Dealers Association in Likewise, the ISE has been approved by the Austrian Ministry of Finance as a regulated market in accordance with the regulations of the Austrian Investment Fund Act in 2. As a result of all these developments, foreign investors now account for a substantial volume of daily trading and hold around 66% of the publicly-held stocks in their portfolios amounting to US$ 71.4 billion, as of end-21. The ISE currently owns 32.62% of the ISE Settlement and Custody Bank, 3% of the Central Registry Agency and 18% of the Turkish Derivatives Exchange. On the international level, the ISE has participations in the Kyrgyz Stock Exchange and Baku Stock Exchange with stakes of 24.51% and 5.26%, respectively. FUTURE OUTLOOK The ISE established the Emerging Companies Market (ECM) with an aim to offer a different application procedure to small and medium sized companies (SMEs) for trading on the Istanbul Stock Exchange. In this respect, the ECM will start operating in 211. In order to contribute to price formation and liquidity, trading on the Emerging Companies Market, different from the continuous auction system on the Stock Market, will be through a combination of single price method and continuous auction with market maker system. The companies traded on the Market, demonstrating progressive performance in time, will have the opportunity to be transferred to any of the submarkets of the ISE Stock Market. As part of its efforts towards increasing the number of public offerings, the ISE started an IPO Campaign in 21. The first event of the Campaign was the IPO Istanbul Summit held in Istanbul in May 21. Similar events were organized in other cities of the country in 21 and will be organized in 211, as well. Continuing to strive to attract the supply side, this year the ISE will also initiate an Investor Campaign, aimed at attracting savings to capital markets. In 29, the ISE launched the Greece & Turkey 3 Index (GT-3) jointly with the Athens Exchange and in 21, the TSKB Energy Index jointly with Industrial Development Bank of Turkey (TSKB). The ISE has plans to introduce new indices jointly with other institutions and other exchanges from around the world. The ISE is working on launching a Repo Market for Spesific Securities, where the pre-stated government and private sector borrowing instruments will be used in repo/reverse repo trades. Unlike the existing Repo-Reverse Repo Market, in this new market matching will take place according to the ISIN code and the price of the security, in addition to the beginning and ending value dates, repo/reverse repo rate and volume. Securities will be marked to the market by the ISE during the repo term and margin calls will be made when necessary. PAGE 72

75 ISTANBUL STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-1 26, , , Aug-1 23, ,12.9 1, Sep-1 32, , , Oct-1 41, , , Nov-1 35, , , Dec-1 48, , , ,23.18 TOTAL 28, , , Bonds Jul-1 23, , Aug-1 2, Sep-1 2, , Oct-1 25, , Nov-1 2,175. 1, Dec-1 29, , TOTAL 139, , Other Jul-1 184, , Aug-1 172, , Sep-1 147, , Oct-1 153, , Nov-1 139, , Dec-1 155, , TOTAL 952, , Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 277, , Aug-1 276, , Sep-1 32, , Oct-1 35, , Nov-1 36, , Dec-1 37, , CONTACT INFORMATION 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, 3, 4, 2,5 35, 3, 2, 25, 1,5 2, 1, 15, 1, 5 5, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Eralp Polat international@imkb.gov.tr Website PAGE 73

76 ISTANBUL STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Prior to the recent global recession which hit all economies throughout the world, the Turkish economy sustained strong economic growth for 27 quarters consecutively, making it one of the fastest growing economies in Europe. However, the global financial crisis has considerably challenged the macroeconomic and financial stability of many economies by adversely affecting financing facilities and external demand, thus causing a significant slowdown in all global economic activities. While the financial markets in Turkey proved resilient to the global financial crisis, the decrease in external demand and slowing international capital flows have had a negative impact on the economy, thus causing a 4.7 percent economic contraction in 29. However, the perceived positive developments in the economy showed signs of a fast recovery beginning as early as the last quarter of 29, with an impressive 6 percent economic growth rate, hence making Turkey one of the fastest recovering economies in the world. Its robust economic growth has continued in 21 as well, having reached 11.8 percent, 1.2 percent and 5.5 percent in the first, second and third quarters of 21, respectively. Turkey s very recent economic performance has created an optimistic environment, enabling international organizations to regard it as the fastest growing economy in Europe and among the OECD countries. A rise in general index was realized in the 23 based Consumer Price Index on December of the previous year by 6,4% and on the twelve months moving averages basis by 8,57% in December 21. In 21, imports increased by 31.6% compared to the value in 29, from US$ 141 billion to US$ 186 billion, whereas exports increased by 11.5% from US$ 12 billion to US$ 114 billion. The difference between the growth rates of import and export signals the improvement in domestic demand. In addition, the rate of imports covered by exports stood at 61.4% as of December 21. As another sign of the recovery from the global financial crisis, the non-seasonally adjusted unemployment rate decreased from 13% in October 29 to 11.2% in October 21. Number of unemployed persons decreased by 398 thousand compared to October 29, and has reached to 2 million 91 thousand persons in Turkey as of October 21. In 21, the ISE National-1 Index increased by 21% in US$ terms to and by 25% in TL terms to 66,4.48. Besides, it recorded its all-time-high value of 2, on November 5, 21. The stock market yearly total traded value increased to US$ billion by 35% in US$ terms in 21 compared to 29. The average daily traded value of equities stood at US$ 1.7 billion in 21. Exceeding its value before the financial crisis, the market capitalization of 338 ISE traded companies rose to a level of US$ 38 billion at the end of 21 from US$ 236 billion at the end of 29. As of end-21, 12 ETFs (Exchange Traded Fund) are traded on the ISE Collective Products Market. The net equity investments within the free float of the ISE traded companies by foreign portfolio investors has been registered at around US$ 71.4 billion at the end of 21 representing 66.18% of the free float. The turnover in fixed income securities transacted on the Outright Purchases and Sales Market increased by 1.3% to US$ billion in 21. The Repo/Reverse Repo Market turnover increased by 4.2% to US$ 2 trillion in the same period. The average daily traded value in the overall Bonds and Bills Market stood at US$ 9.2 billion at the end of 21. In 21, 22 companies offered their stocks for the first time to public on the ISE. Also, two Exchange Traded Funds (ETFs) started to be traded on the ISE Collective Products Market, one of the sub-markets of the Stock Market. The amount of funds raised through 22 IPOs was US$ 2.14 billion*. Information obtained from the Exchange. Key Information Contacts Capital Markets Board of Turkey ISE Settlement and Custody Bank Inc.(Takasbank) Central Registry Agency Inc. The Association of Capital Market Intermediary Institutions of Turkey The Turkish Derivatives Exchange (TurkDEX) PAGE 74

77 KARACHI STOCK EXCHANGE The KSE 1 index registered a growth of 6% in 29. Adnan Afridi Managing Director The year 29 was a year of consolidation and recovery. Pakistan s economic growth rate declined to just over 2% compared to an average growth rate of almost 7% over the 5 year period A weak global economy, high levels of political uncertainty and a poor law and order situation all played a role in the decline in the country s economic activity. Despite being a slow year, the reduction in inflation, relative macro-stability, strong remittances and gradual monetary easing by the State Bank of Pakistan led to encouraging corporate performance. The capital markets have rebounded albeit with low volumes and their performance remains highly correlated with the political and security situation in the country. The KSE 1 index registered a growth of 6% in 29 which is especially impressive against the backdrop of militant activity in the country. It is also encouraging to note that companies are once again beginning to show a keen interest in raising capital and towards the end of 29 a significant increase in IPOs has been witnessed which signals a path to recovery in market activity for the next year. During 29, the Karachi Stock Exchange reintroduced Deliverable Futures Contracts and adopted the global FIX protocol allowing Direct Market access for global traders. The Karachi Stock Exchange, also introduced the Debt Market; now trading in corporate bonds is being conducted through the Bonds Automated Trading System (BATs). We are hopeful that with continued support from the State Bank of Pakistan and active participation from asset management organizations, and banks, this market will be extended to include public debt as well. In line with our commitment to investors we continued to upgrade our risk management capabilities the KSE introduced Client Level Margining on October 1, 29. The objective of this mechanism was to bring about a shift from broker level margining to the Client/UIN level margining. All related trading/exposure capital is now available on the basis of UIN wise collateral positions in terms of respective sub-accounts. Moving forward, we remain committed to enhancing our risk management and surveillance measures to further increase transparency and to ensure a level playing field for all investors. HISTORY AND DEVELOPMENT The KSE is the biggest and most liquid exchange amongst the three exchanges of Pakistan. It came into existence on 18 September It was later converted and registered as a company limited by guarantee on 1 March Initially, only five companies were listed with a paid-up capital of Rs. 37 million (US$.62 million). The year 29 was year of consolidation and recovery. The KSE 1 Index registered a growth of 6% and close at points. As of Dec 31, 29, ordinary shares of 651 companies were listed having listed capital of Rs billion (US$ 9.66 billion) with the market capitalization of Rs.2,75.88 billion (US$ 32.1 billion). In 1991 the secondary market was opened to foreign investors on an equal basis with local participants. This measure, along with a policy of privatization, has resulted in rapid growth of the market since Management The KSE has an independent Board of Directors (1 directors) with representation from the Members of the Exchange & from the Corporate Community. Five directors are elected from amongst the 2 members of the Exchange and four non member directors are nominated by Regulator i.e., SECP the Chairman is elected by Board from amongst non member Directors whereas, Managing Director is ex-officio member of the board KSE is in process of demutualization, it is presently a company limited by guarantee, will be converted into a company limited by shares. Automation of the Exchange KSE has a fully automated trading system with T+2 settlement system whereby all trades settle on the second day after the trade. Internet based trading system was also launched in December, 24 to provide an additional facility for investors to enter their orders. KSE has also launched a single exchange-traded market for trading corporate bonds in Pakistan using BATS. KSE s BATS provide live system based, on screen electronic Trading Platform which offer, market participants a transparent and efficient trading system features and facilities crucial for the Debt market Securities Trading. KSE also launched Stock Index Futures Contract. This marks a momentous achievement for the KSE. Unique Identification Number was introduced to provide a traceable link between every order entered at the trading system of the Exchange. VaR based margining system was also introduced in place of a slab based Risk management system. The new RMS included, amongst others, a new netting regime; a margining system based on Value at Risk (VaR) and Capital Adequacy. KSE has also adopted the FIX protocol (Financial Information Exchange) for both trading and market data. Due to this technology, KSE will be able to attract local, regional and global liquidity by providing KSE members to seamlessly interact with their automated trading platform and offer access to their international trading partners. ACCOMPLISHMENTS 29 Introduction of Corporate Bonds Automated Trading System Data Vending and Launch of Mobile KSE Automated Trading System (mkats) Implementation of internationally accepted industry classification Benchmark a jointly developed classification system launched by FTSE Group and Dow Jones Index. RISK MANAGEMENT Introduction of Client Level Margining Regime Restructuring of Net Capital Balance requirement Pre-settlement mechanism in Ready & Deliverable Future Contract Market Introduction of Exposure Dropout Facility during Trading Hours Introduction of Client wise cash deposits allocation against exposure margin and losses Change in Penalty requirements on Net Capital Balance Certificate. The National Clearing & Settlement Company has already been established. The company handles clearing and settlement of three exchanges of the country under one roof. Physical settlement to online real-time book-entry settlement of the securities through Central Depository System has also been introduced to eliminate the opportunities for forgery, fraud and delay in transfer. Transparency of the listed companies has been enhanced with the introduction of quality audits, quarterly financial reports and timely dividend payouts. Corporate governance is also now the part of the KSE s listing regulation. FUTURE OUTLOOK KSE is determined to remain one of the growing investment institutions not only within the country but globally as well. Corporatization and Demutualization of stock Exchange: National Assembly has passed the Stock Exchange (Corporatization, Demutualization and Integration) Bill and this will now be tabled in the Senate for its approval and afterward, will be notified in the official Gazette for its promulgation as Stock Exchanges (Corporatization, Demutualization and Integration) Act. Introduction of New Products and New Measures: KSE plans to introduce new products into the market, to further cater to the growing needs of its investors and help develop Pakistan s capital markets. KSE will be introducing: Exchange Traded Funds, Sector Based Index, new derivative products. PAGE 75

78 KARACHI STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul , Aug , Sep , Oct , Nov-1 1, , Dec-1 1, , TOTAL 5, , Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 34, ,519.2 Aug-1 31, ,813.5 Sep-1 32, ,13.31 Oct-1 33, ,598.4 Nov-1 35, , Dec-1 38, ,22.46 CONTACT INFORMATION 1,6 1,4 1,2 1, , 4, 12, 35, 1, 3, 8, 25, 2, 6, 15, 4, 1, 2, 5, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Haroon Askari ha@kse.com.pk Website PAGE 76

79 KARACHI STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Economic Overview of the Country Pakistan s precarious economic outlook was dealt a further blow in August 21 by the worst flooding in the country s history. The disaster saw at least 2mn people displaced (with at least 6mn in need of emergency assistance), causing massive damage to infrastructure and agricultural output. With the economy already having shown signs of deceleration before the crisis, we believe that stagflation (i.e. rising consumer prices, subdued growth) is a major concern as we head into 211, and have revised our macroeconomic assumptions accordingly. Meanwhile, the government s slow response to emergency relief has added to its unpopularity. With security still a major headache and the Prime Minister Syed Yusuf Raza Gilani also facing a stand-off with the country s judiciary, Pakistan s overall country risk profile is weaker than ever. Rising inflation and unemployment following the flood disaster in August will add to the woes of a poor security environment and popular distrust in the government. Meanwhile, tense relations with India remain a potential flashpoint. Pakistan s business environment remains weak and, therefore, ranks a lowly 114 out of 167 emerging markets in our business environment ratings. Going forward, we believe that Pakistan s business environment will remain highly challenging, with the shaky security situation and a dire energy shortage continuing to weigh on economic activity, particularly much-needed investment. Given the recent damage to infrastructure in the recent flooding and the massive clean-up costs necessary to get the economy back on its feet we believe that the country s investment appeal will remain unattractive for the foreseeable future. Hyper inflation and high unemployment rate potentially brining serious civil instability. The economic report has showed stability in today s economic indicators compared to last few years. Some of those indicators presented in the Economic Survey (29-21) are as listed below. The economy grew by 4.1% during 29-1 after a modest growth of 1.2% in The industrial output expanded by 4.9%, with Large Scale Manufacturing posting a 4.4% rate of growth. The services sector grew by 4.6% as compared to 1.6% in For 29-1, the fiscal deficit is aimed to be kept in check at 5.1% of GDP, despite the absorption of larger-than-budgeted securityrelated spending. The external current account deficit was contained to 5.6% of GDP (US$9.3 billion) in 28-9 from a high of 8.3% of GDP in 27-8 (US$13.9 billion). The current deficit is expected to decline to under 3% of GDP in the current year. Foreign exchange reserves have been rebuilt to nearly US$15 billion, from their low of under US$6 billion in October 28. Inflation declined from 25% in October 28 to a recent low of 8.9% in October 29, though it has accelerated sharply of recent and is showing persistence. The total installed electricity generation capacity has increased to 2,19 MW during July-March 29-1 from 19,78 MW during the same period of last year The number of villages electrified increased to 147,38 by March 21 from 133,463 by March 29, showing an increase of 1%. Overall exports recorded a positive growth of 8% during the first ten months (July-April) of the current year against a decline of 3% in the same period last year. Trade deficit improved by 13.9% from $14,218 million in July-April 28-9 to $12,238 million during July-April Social safety nets have been strengthened. Benazir Income Support Program is being streamlined. Pro-poor spending is significantly rising over recent years 29-1 started with a recovery in the Capital Markets following the global financial crisis. Net inflow of foreign investment in Pakistan from July 29 to March 21 was US$431.9 million which was a large increase considering the negative foreign portfolio investment in the last financial year. (Economic Survey 9-1) Political Outlook During the period 21, the government of President Mr. Asif Ali Zardari faces mounting security, economic, religious and political pressures. Zardari s government remained under stress on account of recent intensification of US drowns attacks into Pakistani territory continues under President Barak Obama regime. The present USimposed emphasis on military operations in the Federally Administered Tribal Areas (FATA) is proving costly in terms of Pakistani military personnel and morale, not least with regard to the important Inter-Services Intelligence (ISI) agency. This intensification of US activity is putting Zardari under severe strain. It has started to bring allegations in the Pakistan media that he is complicit with it, which could prove fatal to his political reputation. Zardari may struggle to survive the year without losing his parliamentary majority or falling victim to one of Pakistan s recurrent military coups. Attempts to raise power tariffs and petroleum prices had to be partially abandoned in the face of widespread rioting. However, the policy framework agreed between Pakistan s government and the IMF calls for a rise in revenue mobilization from 9% to 15% of GDP. This will be difficult to achieve without imposing an agricultural tax on the landlord classes, which dominate the political system (including the National Assembly) and are unlikely to comply without a fight. The conditional IMF lending packages also meet fierce political resistance contributing rising political opposition. Information obtained from the Exchange. Key Information Contacts Government of Pakistan Ministry of Finance Privatization Commission State Bank of Pakistan Security and Exchange Commission of Pakistan PAGE 77

80 KAZAKHSTAN STOCK EXCHANGE Kadyrzhan Damitov President 21 was a positive year for Kazakhstan it brought noticeable improvements in economic situation in the country and positive dynamics in the domestic capital market. 21 was a positive year for Kazakhstan it brought noticeable improvements in economic situation in the country and positive dynamics in the domestic capital market. Combined trade volume on KASE increased by 33.9% over the course of the last year and reached USD 26.5 bn. Funds raised through KASE corporate bonds primary market equaled USD438.8 m and became the record large in KASE history. We see it mainly as a result of coordinated actions of government and professional financial market participants. Hopefully this positive process will strengthen and continue producing positive results. KASE has also accomplished a lot last year. The Exchange s Development Strategy for was completed and the time has come to set up new goals that would allow KASE, as major infrastructure institution of Kazakhstani financial market, to continue its development in a post-crisis period. For the upcoming three years KASE has already defined top priorities including introduction of international standards in trading and settlement operations, as well as improving liquidity and attractiveness of Kazakhstani stock market. Some of the major results of our efforts include, but not limited to: strengthening international cooperation and adoption of best international standards and practices of the exchange operation. We appreciate that our colleagues, including FEAS members have highly evaluated our efforts. One of the most valuable achievements for KASE is a membership at FEAS Executive Committee. KASE highly appreciates the status of the first exchange from Central Asia in FEAS Executive Committee and the honor of becoming a host of the 17th FEAS General Assembly that will take place in Almaty Kazakhstan s financial Center in fall 211. HISTORY AND DEVELOPMENT Founded on November 17, 1993 Kazakhstan Stock Exchange (KASE) is the only Stock Exchange in Kazakhstan. It represents a universal financial market with the following major sectors: foreign currency, government securities, corporate securities, repo and derivatives. KASE is a member of the International Association of Exchanges of the Commonwealth of Independent States, the Federation of Euro-Asian Stock Exchanges, and in 28 obtained an affiliate status at the World Federation of Exchanges. It continues working actively on establishment of bilateral and multilateral relations with the foreign companies, exchanges and international financial institutions. With 28 global financial turmoil, KASE revised some of its previous plans and postponed the demutualization of its shares. The stock exchange focused on other issues described in the company s Development Strategy. It completely revised the structure of its web-site making it more convenient for the users; introduced changes into the trading system; revised the listing rules and categories to reflect changes evolved from the merger of the Main Trading Floor with the RFCA Special Trading Floor. KASE introduced new financial instruments and seriously considers further diversification of the existing range of the financial instruments and services offered by the exchange to its clients. The stock market in 29 also reflected global trends. While the first half of the year was rich with events resulting from the global financial crisis depreciation of local currency, increasing number of corporate defaults on the corporate debt market; relative stabilization of the economy in general and the financial market in particular showed the first positive signs of recovery in the second half of 29. To respond to increased uncertainly of the market environment, KASE introduced a number of regulatory changes to improve market stability and increase transparency. In 21, KASE has launched Capacity Building Project aimed at the improvement of market liquidity and quality of services provided by KASE to its issuers and investors. This project was funded by the European Bank for Reconstruction and Development (EBRD) and implemented in partnership with Wiener Boerse AG and its counterparty consulting company CAPMEX (The Capital Market Experts). KASE is about to adopt a new development strategy for the next three years, which would reflect recommendations made by the consultants within the framework of this project. Also, in fall 21 KASE launched derivatives market, introducing currency and Index futures. As announced by the President of the Republic of Kazakhstan KASE is expecting a number of new IPO events of Kazakhstani blue chip companies in 211 and 212. The government decided to partially privatize several companies currently owned by the Sovereign Wealth Fund Samruk-Kazyna. This would create a great opportunity for Kazakh citizens to invest into national blue chips. FUTURE OUTLOOK 21 marked the year of productive cooperation of Kazakhstan stock exchange (KASE) with colleagues from Wiener Boerse AG and its consulting partner CAPMEX (The Capital Market Experts) that allowed KASE to gain a new perspective on its development path and a new vision for the future years to come. Entering 211 KASE is determined to pursue a goal of becoming an attractive stock exchange for domestic and international investors and issuers, professional market participants, by continuously expanding the range and quality of available services and ensuring compliance with international standards. We are aimed at improving market liquidity by upgrading our trading system and simultaneously enhancing the level of services. KASE is aimed at merging its extensive expertise with the world's best practices to increase its productivity benchmarks, upgrade its settlement system to T+n (n>) and introduce a central counterparty (CCP) function (with liabilities limited to the reserve fund). Moreover, KASE is determined to further develop its derivatives market with currency and index futures launched in early December 21 by organizing marketing campaigns, education programs aimed at attracting a larger number of participants. Upon entering the new decade of the 21st century KASE is facing a highly competitive world where high-frequency traders and alternative trading platforms change the landscape of the financial system. KASE is valuing the change as a call for a proactive decision making with prompt actions and strong expertise. We are therefore will continue to work with regulators, market participants and international organizations to establish a transparent, secure and reliable market. PAGE 78

81 KAZAKHSTAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep , Oct-1 1, Nov Dec TOTAL 1, , Bonds Jul , Aug , Sep-1 1, , Oct-1 1, , Nov , ,454.9 Dec , , TOTAL 5, , Other Jul-1 17, Aug-1 18, Sep-1 17, Oct-1 17, Nov-1 24, , Dec-1 18, TOTAL 114, , Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 52, , Aug-1 49, ,48.43 Sep-1 54, , Oct-1 53, ,521.6 Nov-1 55, ,6.5 Dec-1 6, ,718.9 CONTACT INFORMATION 1,4 1,2 1, ,8 7, 1,6 6, 1,4 1,2 5, 1, 4, 8 3, 6 4 2, 2 1, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Bolat Babenov bolat@kase.kz Website PAGE 79

82 KAZAKHSTAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Economic and Political Environment Political climate in Kazakhstan remains stable. Kazakhstan has completed its chairmanship in the Organization for Security and Cooperation in Europe (OSCE). This put more emphasis on the importance of internal political stability to ensure successful implementation of the country's foreign policy and Kazakhstan's OSCE agenda for 21. Although a secular state, Kazakhstan has historically considered itself a part of the global Muslim community and in 211 will chair the Organization of the Islamic Conference (OIC). Astana desires to further expand mutually advantageous cooperation with Islamic countries and is committed to more active engagement in the activities of the OIC during its upcoming presidency. Kazakhstan s presidency of the OIC ministerial council, coming in the wake of Astana s recent chairmanship of the OSCE, is expected to open a new page of interrelations with the other 56 member states and be a unique chance to foster greater understanding and cooperation between the Islamic world and other confessions. The government of Kazakhstan intends to contribute to the adoption of a long-term program of OIC financial and economic assistance with the aim of showing support for less affluent countries of the Islamic world in resolving long-standing problems of poverty, illnesses, illiteracy, hunger and debt burden. Global political experts believe that Kazakhstan s chairmanship in OIC will bring fresh air to the organization and hope for positive changes in the international political climate. Priority areas outlined by Kazakhstan include issues of freedom of faith, cooperation with Afghanistan, protection of religious. In April 211 Kazakhstan will have early presidential elections. The current president is supported by the majority of the population and people credit him with ensuring stability and prosperity. The existing domestic political and economic stability shows positive investment climate in Kazakhstan which creates pre-requisites for secure and profitable business for foreign and domestic investors. Economic Performance 21 was marked by an improving economic situation in Kazakhstan. GDP increased by 7% and reached KZT21, bn (USD145.9 bn). The substantial increase in GDP mostly attributed to several fundamental transformations in the economy as well as improving environment in international commodity markets. Prices of Kazakhstan s main export articles appeared to be higher than forecasted, which led to an increase in export-generated revenues and improved foreign trade statistics. The positive trade balance based on results of the first 9 months of 21 was as high as KZT3,314 bn (USD 22.4 bn) with the positive current account of the balance of payments reaching KZT624.2 bn (USD 4.2 bn). At the same time, the state budget deficit made up 2.9% of GDP with the gap covered through an issue of government securities by the Ministry of Finance. Reduction in the state budget deficit became possible due to measures taken to drag Kazakhstan s economy out of crisis. The inflation rate equaled 7.8% in 21 - just as it was assumed by the financial regulators at the beginning of the year. A significant positive impact on Kazakhstan s economy was made by successful completion of debt restructuring of three large banks in Kazakhstan, which defaulted on their liabilities in spring 29. According to various estimates, Alliance Bank, BTA Bank and Temirbank wrote off bad debts in the amount of USD11 bn to USD12 bn; the remaining debt was converted into shares and new bonds of those banks. Information obtained from the Exchange. KAZAKHSTAN ECONOMIC CHARTS AND TABLES Indicator GDP, USD bn GDP Change, %* Unemployment, % ** Budget Balance, % of GDP * CPI, % USD/KZT Net International Reserves, USD bn*** Gross International Reserves, USD bn*** National fund, USD bn*** Gold and foreign currency reserves, USD bn*** Gross Foreign Debt, USD bn ** Trade Balance, USD bn * Current Account Balance, USD bn * * - data for the first six months of 21 ** - data for the first nine months of 21 *** - assets of National Fund are not included in International reserves; gold and foreign currency reserves include gross international reserves and national fund assets. Key Information Contacts Financial Institutions Association of Kazakhstan National Bank of Kazakhstan Ministry of Finance of the Republic of Kazakhstan Central Securities Depository Kazakhstan Agency for Financial Market and Financial Organizations Regulation and Supervision PAGE 8

83 KYRGYZ STOCK EXCHANGE In 29 trading volume of the Kyrgyz Stock Exchange has decreased 29.4% in comparison with 28. Aibek Tolubaev President In 29 trading volume of the Kyrgyz Stock Exchange (KSE) has decreased by 29.4% in comparison with 28 and the volume totaled 2,95 billion KG Som (about US$ 66 million). The total quantity of the transactions has decreased by 72.8% represented by 926 transactions. In listing sector trading volume has increased on 41.3% in comparison with 28 and totaled million KG Som (about US$ 19,1 million). In non listing sector trading volume has decreased by 41,2% in comparison with 28 and totaled 2,1 billion KG Som (about US$ 46.9 million). Trading volume of primary market totaled 1,52 billion KG Som (about US$ 34,7 million), in comparison with volume of 28 it has increased by 69,%. Trading volume of secondary market totaled 1.43 billion KG Som (about US$ 31,3 million), in comparison with volume of 28 it has decreased by 56,6%. HISTORY AND DEVELOPMENT The KSE was founded in The official opening and the first trade in stocks took place in May 1995, while the privatization process was in full swing in our country. At the initial stage of its existence and up until 2, the KSE had functioned as a non-profit organization with a total membership of 16. In May 2 the KSE was transformed into a joint-stock company; simultaneously we acquired one of the largest shareholders and a reliable partner the Istanbul Stock Exchange, which has actively assisted us in improving our activities. In 21 the Kazakhstan Stock Exchange became a shareholder allowing the KSE to significantly increase its technical software potential. At present the KSE is a closed-type non-profit joint-stock company with 17 shareholders. FUTURE OUTLOOK Priorities for the KSE in 21 are: Transfer of government treasury bills circulation of the trade area of KSE Circulation of securities of «blue chips» Development of corporate equity market and capital formation by domestic companies Development of listing and market making Development of municipal equity market Integration with the cross markets and international exchanges. A significant contribution has been made by the US Agency on International Development (USAID) for the sake of our continued development. Thanks to the USAID, the KSE has obtained powerful financial support that has allowed our Exchange become independent. PAGE 81

84 KYRGYZ STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Aibek Tolubev Aibek@kse.kg Website PAGE 82

85 KYRGYZ STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Economic performance Economic downturns in Kazakhstan and the Russian Federation (the major economic partners) and the country s power shortfalls took economic performance in 29 down to 2.3% from 8.4% in 28. Their difficulties hit the economy through reductions in three channels: remittances from migrant workers (which constituted around 2% of GDP in 28); inflows of foreign direct investment; and demand for exports. GDP growth was driven mainly by a robust performance of agriculture (due to favorable weather conditions), which grew by 7.3%. Construction increased by 6.3%, after a 1.8% contraction the prior year, a rebound primarily due to activity in the hydropower generation and mining subsectors, rehabilitation and construction of roads, and residential building. However, industry overall declined by 3.4% because of reduced output in the textile and sewing industry, transport equipment, electric energy, and gas and water distribution. Gold production also declined. The government forecasts its budget deficit at 5.1% of GDP in 21. The widening deficit is a result of the increased budgetary allocations for the development budget (mainly infrastructure projects), monetization of benefits, higher pensions, and increased compensation to vulnerable groups (to offset an increase in electricity and heating tariffs). The National Bank of the Kyrgyz Republic (NBKR) followed an expansionary monetary policy. It reduced banks reserve requirement from 1% at the start of the year to 9.5% from June; and lowered the discount rate from 14.4% in January to a record low.9% at yearend. Although the commercial banks lending rate remained almost unchanged (at about 2%), credit to the private sector surged by 46.5%. For the year, money supply rose by 2.4%, carried by increased net foreign assets (reflecting the budget assistance) and the expanded credit to the private sector. Among financial reforms, a deposit insurance scheme was launched in April 29, covering deposits up to Som1, ($2,29). All banks are required to participate. A new law under which agricultural land can be used as collateral for loan receipts was adopted on 29 June 29. In the energy sector, the government believes that the new tariff will bring the sector to cost-recovery levels and attract private investment. It has no plans for any further tariff increases this year. The PRC made a preliminary agreement to grant a $342 million loan for a power transmission line, which would help the country ensure energy security. Construction is expected to start in 211 and finish 2 years later. In October 29, the country embarked on a government sector reform under which the number of ministries and agencies has been reduced. The reform also envisages cutting the number of government employees by 3% and aims to streamline the work of government and cut other costs. Economic prospects GDP is projected to grow at 5.5% and 6.% in 21 and 211, respectively. The expansion is mainly due to the expected recovery of Kazakhstan and the Russian Federation, boosting demand for exports, foreign direct investment inflows, and migrants remittances the last of which will directly bolster private consumption. Foreign-financed hydropower projects should carry on underpinning strong construction growth, but until all those projects are brought into commission (the first is scheduled for May), power shortfalls will continue to hamper manufacturing. The government will also provide impetus to growth as it is planning to raise spending on wages and pensions and on infrastructure, the latter with financing assistance from development partners. The expected increase in global food and oil prices will exert upward pressure on prices, though the contracted import price for natural gas will fall by about 1%, as will stronger workers remittances. These forces will push up inflation in 21 and 211, to 8.5% and 9.%, respectively. Given the large import share in the consumer basket, the NBKR will use the exchange rate to mitigate inflation. Credit growth will remain subject to the bottlenecks that face Kazakh banks (which account for half the banking sector) in supplying capital to their subsidiaries in this country. However, increased foreign exchange inflows may allow the NBKR to adopt an accommodative credit policy. Information obtained from the Exchange. Key Information Contacts National Bank of the Kyrgyz Republic Ministry of Finance The Service of Supervision and Regulations of Financial Market of Kyrgyz Republic Ministry of Foreign Trade and Industry of the Kyrgyz Republic PAGE 83

86 LAHORE STOCK EXCHANGE Aftab Ahmad CEO/Managing Director Total Market Capitalization increased by 28.29% and stood at $3 Billion against total Market Capitalization of $24 billion in 29. After a dismal growth performance last year, Pakistan s real GDP was able to post a moderate growth rate of 4.1% in the FY 29-1 against previous year s 1.2%. This year the growth was fueled by impressive growths in the industry sector which grew by 4.9% against a negative growth rate of 1.9% last year. Services sector, which over the years has become the largest sector of the economy (53% of the total GDP), also contributed with a growth rate of 4.6% (FY9: 1.6%). The Agriculture sector grew by 2.%. The year started with the government resorting to IMF s Aid Program to help it control its economic crisis. Currency depreciation took the total debt to around Rs. 8 trillion (around 95 billion US Dollars), equivalent to 56% of GDP, and 379% of total budgeted revenue for the year. While the power crisis continued to plague all sectors of the economy the government s effort to introduce Rental Power Plants as a temporary relief measure also faced a backlash. No privatization of State Owned Entities was undertaken nor any mega infrastructure project completed. Although the environment was tough, still the government took steps to revive the slowing down economy. The State Bank of Pakistan, which in the previous year kept a tight monetary policy stance to check inflation started to loosen up its monetary policy and brought down the discount rate to 12.5% (reduction of 15 bps). The SBP also made efforts to inject liquidity into the starved banking system to encourage lending. The Federal Board of Revenue faced hardships in collection of taxes during the year and managed to collect Rs. 1,472 billion marginally short of its target but depicting a growth of 18.75% over the previous year. Consumer Price Index (CPI) averaged at 11.7% showing a substantial fall from the FY9 CPI s average of 2.8% however, missing the 9. target set for the year. Current account deficit narrowed to 5-year low owing to improvement in the trade balance (Exports increased by 8.9% and Imports fell by a 12.%) and steadily growing remittances. Due to above factors the Country saw an improvement in its ratings from international agencies such as S&P and Moody s International. The resolution of the National Finance Commission (NFC) Award is a major step forward on the path to provincial autonomy but, allocating more resources to the provinces will put more strain on Federal Government s budgetary requirements set for the FY With international donors and aid agencies forcing the Government to end the subsidies, bringing more sectors under the tax net and introduction of LGST, the next year also appears to be a rough ride especially the legacy issues such as the political uncertainty and difficult security and law & order situation still lurking making the government unstable. Performance of the Market During the period under review, the market witnessed a general trend of growth in almost all relative benchmarks such as the index, the market capitalization, traded volumes and the increase in the new issues to the market, as opposed to the last year. During the financial year 21, twenty four (24) new securities were listed at LSE of which five (5) were new companies, fourteen (14) were Open- Ended Funds, one Term Finance Certificate, one Non-Voting Ordinary share and three were bonds issue. It is pertinent to note here that the listing of three National Savings Bonds of different maturities reflect the government s intention to tap diverse funding sources and it is expected that we will see more Government securities being listed on the Exchange. The total issue size of companies listings was Rs.34.1 billion, bonds size was Rs. 3.6 billion and non-voting shares was Rs. 79 million this year. During the year, six (6) securities were delisted out of which four (4) companies were merged with other companies listed at Exchange and two (2) open ended funds were matured and fully redeemed. Total issues listed on the LSE were 51 as compared to 511 issues in the previous year. LSE-25 index, the benchmark index for the Exchange registered an increase of 45% to close at 3,91.1 against last year s decline of 45% closing at 2, Total Market Capitalization increased by 28.29% and stood at Rs trillion ($3 Billion) against total Market Capitalization of Rs. 2.4 trillion ($24 billion) in 29. During the 251 trading days in the FY 21, securities worth Rs. 113 billion ($1.3 billion) (FY9: Rs. 11 billion ($1.19 billion) were traded in million (FY9: million) trades executed through the Exchange. A total of billion (FY9: billion) shares were traded during these transactions. Although the average daily turnover of the ready board shares for the year was at million shares per day as against 11.1 million shares during 29 however, in percentage terms the share of LSE in the overall trading activity in Pakistan has been declining. HISTORY AND DEVELOPMENT Lahore Stock Exchange, established in October 197, is a fast emerging market in the country. Currently, it is considered as second largest stock exchange with a market share of around 12-15% in terms of daily traded volumes, however, the way it is catching up on the back of enormous economic growth in the provincial capital the outlook of Lahore Stock Exchange giving a signal of gaining position of tilting balance in its favor. Currently, LSE has 56 companies, spanning 37 sectors of the economy, that are listed on the Exchange with total listed capital of Rs. 845 billion having market capitalization of Rs. 2.7 trillion as of date. We have 152 members of whom 113 are corporate and 39 are individual members. An overview of the measures that have taken place at LSE over the past few years as part of its ongoing development plans and reforms portrays a number of significant initiatives taken to improve the regulatory regime and the trading environment for the benefit of Institutional Investors as well as listed companies. FUTURE OUTLOOK Plans in 211: Setting up a Disaster Recovery site at an internationally certified data center Building an in-house primary tier 2-3 data center Web based Trading Portal Advanced Trading Terminal with integrated market intelligence Introduction of Market Makers to improve liquidity and increase market depth Launching of continuous trading session After- Hours Trading Introduction of Multi Trades Access System for order routing through gateway connectivity To enhance participation of Financial Institution, Mutual Funds and Foreign Investors Launching new products like Options, Stock Index Futures, Dividend Futures, and Call Warrants To achieve target to improve & develop internal software and technology at the international standard Launching of Mobile Trading Listing of global stock markets Indices at the Exchange To establish & Implement trading platform for the Exchange Companies, Agri-Commodities To establish a comprehensive Research Department to provide the reports at national and international levels To expand Investors Education Program across the country To promote Social Responsibilities PAGE 84

87 LAHORE STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL.... Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 33, , Aug-1 3, ,17.18 Sep-1 3,3.45 3,114.9 Oct-1 31, ,3.73 Nov-1 33, ,52.97 Dec-1 36, ,733.1 CONTACT INFORMATION , 4, 3,5 35, 3, 3, 2,5 25, 2, 2, 1,5 15, 1, 1, 5 5, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Amir Razakhan amir@lahorestock.com Website * Please refer to page 77 for the Pakistan country report. PAGE 85

88 MACEDONIAN STOCK EXCHANGE In 21, MSE was very active in international promotion of the Macedonian capital market and listed companies. Ivan Steriev CEO The 21 was year in which the investors on the Macedonian Stock Exchange accepted the fact that the period of stock market boom will not be easily repeated. In other words, it was a year characterized by slow dynamics of the market movements and low intensity of significant events. Through the angle of numbers in 21 the total turnover reached 95 million Euros (385. Euros average daily turnover) and compared with 29 it was reduced by 13% and the main MSE index MBI1 was decreased by 17%. The MSE average daily turnover in 21 was about through the electronic trading system (BEST) in 21 was around 215,21 euros and the market capitalization of the listed companies was declined for more than 21% compared to 29. In 21 the participation of foreign investors on the buying side of the turnover was about 26% and 28% on the selling side. In general, considering these numbers 21 is statistically slightly behind the 29 and in terms of executed turnover in 21 the market probably touched the bottom. The Macedonian Stock Exchange used this period of slow market dynamics for further improvement of the market infrastructure introduction of new software technology which facilitates access to the Macedonian securities market for the investors and global data vendors; innovations in the Listing and Trading Rules; several new products designed for investors and media were launched; MSE signed several new agreements for real time data distribution; cooperation with regional stock exchanges were additionally enhanced and MSE was very active in international promotion of the Macedonian capital market and listed companies. HISTORY AND DEVELOPMENT The Macedonian Stock Exchange was founded on September 13, 1995 and commenced trading on March 28, 1996, as a central marketplace for trading in securities and the first organized stock exchange in the history of the Republic of Macedonia. Its mission is to provide attractive, efficient, transparent and secure functioning of the organized secondary securities market in the Republic of Macedonia. For its 13 year history, the Macedonian Stock Exchange has managed to establish a sound market and information infrastructure and a cohesive legal and regulatory framework, as well as solid expertise upon which the functioning of the Macedonian securities market is based. The MSE was founded as a not-for-profit joint stock company with founding capital of 5, Euros. According to the legislation that was in force in 1996 the only eligible founders of the MSE were banks and other financial institutions (saving houses and insurance companies). MSE initially had 19 members: 13 banks, 3 saving houses and 3 insurance companies. Starting from June 2, 21 (with the amendments of the Securities Law), MSE started to operate on a for-profit basis, with a founding capital of 5, EUROs. MSE shareholders may be any legal and private domestic and foreign entity. Shareholdings per entity are limited up to 1% of the MSE outstanding shares. All MSE members must be licensed for trading in securities by the Macedonian SEC. Only brokers, authorized by the MSE members may trade in securities at MSE. MSE currently has 25 members - 18 brokerage houses and 7 banks. Currently MSE has 35 shareholders (brokerage houses, banks, legal entities and private investors). FUTURE OUTLOOK In crisis and post-crisis period, the primary strength that could pool any stock exchange forwards could not be expected to take effect straight off, same as the economy which is unable to return on the same path as before the crisis period overnight. Therefore, it is reasonable to consider that 211 won t bring any strong deviation in respect to the conditions in 21. Certainly, there are numberless factors that could influence the faster or slower animation of the capital market developments and, fundamentally, we could devise them into two main groups, on the one hand, those that are specifically linked to the Republic of Macedonia (such as the intensity and duration of the positive effect related to the NATO and EU integrations process, as well as eventual fiscal or other regulatory stimulations for the new listed securities and securities investments, privatization through the securities market etc.) and on the other hand, those referring to the global or regional economic conditions. Furthermore, the events in 211 will be determined by combination of several factors that will defer in the level of importance and impact, but nevertheless, the final effect of the securities trading at the MSE in 211, will be influenced by the macroeconomic situation in the country and the performances of the companies listed and traded on the MSE, i.e. investor s preparedness to direct their investments in securities of the Macedonian companies. PAGE 86

89 MACEDONIAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 2, , Aug-1 2,4.15 2, Sep-1 2, ,84.4 Oct-1 2, ,136.7 Nov-1 2, , Dec-1 2, , Jul Aug Sep Oct Nov Dec 2,5 2, 1,5 1, 5 3, 2,5 2, 1,5 1, 5 Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Contact Name Ms. Elena Jakimovska mse@mse.com.mk Website PAGE 87

90 MACEDONIAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Economic and Political Environment The Internal Macedonian Revolutionary Organisation-Democratic Party of Macedonian National Unity (VMRO-DPMNE) of the Prime Minister, Nikola Gruevski, is in a strong position following its sweeping victories in the presidential and local authority elections, held in March and April 29. With its latest triumphs, the party has built on its success in the parliamentary election of June 28, when it was returned to power with an increased majority. Relations with Greece are likely to remain in a state of flux following the change of government in Greece, after the local authority elections, held in late autumn 21. The two countries are in dispute over Macedonia's constitutional name, with Greece arguing that it implies a territorial claim to its own northern province, which bears the same name. Macedonia has been seeking legal redress from the International Court of Justice (ICJ) in The Hague for Greece's decision in 28 to block Macedonia s NATO accession. The International Court of Justice (ICJ) is expected to announce its decision until the end of 211. The name dispute also hindered Macedonia's EU integration, despite the European Commission's recommendation, made in October 29 and December 21, that the EU should open accession talks with Macedonia, which has been a candidate country since 25. Macedonia is hoping to get a date from the EU for starting its membership negotiations under its provisional name the Former Yugoslav Republic of Macedonia with which was accepted in the UN, but Greece decided to block the opening of the talks, until a deal is agreed over Macedonia's name. The Executive Board of the International Monetary Fund (IMF) in January 211 approved a two-year arrangement for Macedonia under the Precautionary Credit Line (PCL) in the amount equivalent to SDR million (about EUR475.6 million, 6 percent of quota). The access under the arrangement in the first year will be equivalent to SDR million (about EUR396.4 million, 5 percent of quota), rising in the second year to cumulatively SDR million). The arrangement for Macedonia is the first commitment under the PCL. The PCL was established in 21 in the context of expanding and enhancing the IMF s lending tools to help provide effective crisis prevention. Following the Executive Board s discussion on Macedonia, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair, made the following statement: Macedonia s track record of sound economic policies has contributed to a solid macroeconomic performance that includes low public debt and inflation, and a resilient banking system. Such strong fundamentals have cushioned the impact of the global crisis on the Macedonian economy. Despite the broadly favourable outlook for growth and macroeconomic stability, vulnerabilities to spillovers from economic and financial volatility in the region remain. The PCL will mitigate the risk of contagion, including by signalling sound policies. In light of Macedonia s strong fundamentals, the absence of balance of payments pressures at present, and the generally positive economic prospects, Macedonia is not expected to draw upon the resources available under the PCL. Nevertheless, the availability of these resources, if needed, will provide important insurance against the possibility of adverse external developments. Economic Performance 1. Economic prospects in Macedonia have improved over the past year. Although the recovery of growth has been slower than expected, the improvement in external conditions and sound balance sheets in the banking system provide a solid platform for a more robust upturn in 211. External risks remain high, in light of the unusual levels of uncertainty regarding the economic and financial outlook in Europe. Against this background, the authorities macroeconomic policies should strike an appropriate balance between supporting economic recovery and guarding against risks. Macroeconomic and financial outlook 2. The IMF mission expects output to grow somewhat more than 1 percent in 21, as activity is picking up in the second half of the year. The consumption expected to strengthen in the second half, adding to the rebound in exports that has been taking place. This outlook is consistent with the upturn that is visible in indicators such as retail sales and consumer credit. Inflation is expected to be around 1.5 percent. The momentum in the second half of the year should carry over into next year, leading to growth in the 3-3½ percent range in 211. Factors supporting this outlook include the recovery in the economies of Macedonia s trading partners, lower interest rates, growing bank deposits, and ample liquidity in the banking system. Inflation in 211 is expected to rise to around 2.5 percent, due in part to higher food and fuel prices. 3. The IMF mission expects the current account deficit to narrow to 3½-4 percent of GDP in 21, due both to a smaller trade deficit and to strong private transfers. This is a rapid adjustment from the large deficit of two year ago and has supported a stabilization of foreign exchange reserves. For 211 and over the medium term, the mission expects continued growth in exports, which should be supported by strong metals prices and higher capacity resulting from past foreign direct investment. Import growth is also expected pick up as the economy recovers. The mission expects the current account deficit to widen modestly next year to 4½-5 percent of GDP and to stabilize over the medium term at levels that can be financed largely by foreign direct investment. 4. The banking sector appears to be in sound shape. Capital ratios have remained above 16 percent, well over the regulatory minimum, with tier 1 capital at over 13 percent. Nonperforming loans have risen during the past two years but have been largely provisioned. Loans are funded through domestic deposits, which are a relatively stable source of financing, and reliance on foreign financing is low. Finally, bank liquidity is strong, which together with ample capital and growing deposits, puts the banking system in a good position to increase lending to the economy. Key Information Contacts Central Securities Depository Securities & Exchange Commission National Bank of the Republic of Macedonia Ministry of Finance PAGE 88

91 MACEDONIAN STOCK EXCHANGE Risks 5. The main risks come from continued uncertainties in the economies of Macedonia s trading partners and in international financial markets. Financial conditions remain unsettled in several Eurozone countries, where negative events could spill over to Macedonia in the form of lower demand for Macedonian exports and reduced access to external financing. Such a downside scenario could undermine the expected resumption of healthy growth and result in new pressures on external and fiscal financing. On the upside, faster recovery in Eurozone and in other neighboring countries could give a stronger boost to exports and support a more vigorous rebound in growth. Progress towards EU accession would improve prospects for foreign investment and growth. Fiscal policy 6. The IMF mission views the government s deficit targets of 2.5 percent of GDP in 21 and 211 as appropriate in light of current conditions. This fiscal stance will help to support output and employment and minimize the need for spending cuts, while maintaining debt ratios at moderate levels. Macedonia has benefited from a legacy of sound public finances in recent years, which has provided room for larger deficits during periods of economic weakness. It will be important to reduce deficits over the medium term to preserve debt sustainability and keep space to respond to future economic cycles. Moreover, as public debt transitions from official lending to more expensive private financing over the medium term, lower deficits will be needed to keep debt ratios stable at moderate levels. 7. The government faces two challenges in the fiscal area in 211 and over the medium term. First, the 211 budget relies on private external borrowing to cover the fiscal deficit. It would be prudent to access external markets early in the year, provided market conditions are favorable, to prevent the emergence of domestic financing pressures and to avoid the risk that external market conditions worsen later in the year. Over the medium term, as healthy growth resumes and risks abate, the government should work to develop local public debt markets, including at longer maturities, to reduce exposure to volatility of external financing conditions. Second, the planned reductions in social contributions in 212 and 213 are beneficial from the viewpoint of fostering formal sector employment and attracting investment, but they will place pressures on the budget. It will be important to continue to contain government consumption and transfers to prevent higher deficits, while protecting investment spending that is needed to raise growth potential. Monetary Policy and Financial Stability 8. The National Bank of the Republic of Macedonia (NBRM) has reduced its policy rates substantially over the past year, to 4.5 percent at present. The mission views this as an appropriate response to the easing of external financing pressures in a context of weak growth and subdued inflation. As lower interest rates gradually filter through to lower bank lending rates, this should support the economic recovery. Looking forward, monetary policy should be guided foremost by the need for consistency with the exchange rate peg to the euro, and in particular by the need to maintain an adequate level of official international reserves. The scope for further easing is limited. In this regard, one factor is that the spread between the NBRM and European Central Bank policy rates has narrowed. If this spread were reduced too much, this could lead to a shift towards foreign assets by Macedonian residents and create pressures on international reserves of the NBRM. 9. The quality of banking regulation and supervision, conducted by the independent NBRM, has contributed to the stability of the banking sector. Careful attention to capital ratios, conservative practices in setting reserve and liquidity requirements, and close monitoring of bank balance sheets and lending practices have been important in this regard. The mission welcomes the submission to parliament of the new NBRM law, which would bring legislation fully in line with EU and Eurozone standards. The mission also supports the authorities actions to strengthen crisis response mechanisms by making the Financial Stability Committee operational. NBRM initiatives in other areas such as mechanisms for providing emergency lending assistance in the event of liquidity shortfalls, and measures to bolster the NBRM s authority to take necessary actions in the event of financial stress, are also welcome. Information obtained from the Exchange. PAGE 89

92 MOLDOVA STOCK EXCHANGE For 21 the stock exchange volume amounted to 22.4 million USD, twice exceeding the volume in 29. Dr. Corneliu Dodu President Last year was significant for the Moldova Stock Exchange, because this year we celebrated 15 years since were held first transactions. In the past 21 on the stock market observed an increase of exchange parameters in comparison with the crisis year 29, but the average of the pre-crisis period was not achieved. For 21 the stock exchange volume amounted to 22.4 million USD, twice exceeding the volume in 29. A characteristic of 21 is that renewed the public property auction. This year, the Public Property Agency held three auctions on the stock exchange with total sales of 4.42 million USD. Thus, were sold the packages of the 28 stock companies. From the brief review of the performance of exchange transactions can be noted that during the year was 28 trading sessions. The most resulting period for the Moldova Stock Exchange by number of deals was June (381 transaction) and by volume was February (3.35 million USD). At the end of the year in the Listing were 12 companies and in the Non-listing 18 companies. The total number of accredited members of the exchange is 22. HISTORY AND DEVELOPMENT In 1993 the Law on securities circulation and stock exchanges was enacted and from this point in time the institutional infrastructure of stock market in Moldova began to develop. In December 1994 the non-profit institution, Moldova Stock Exchange was established as joint-stock close company. 34 promoters the securities market professional participants took part in its establishment. The first transactions were made on June 26, 1995, and this date is accepted as the birthday of the Moldova Stock Exchange. In June 1998 the Moldova Stock Exchange established the National Securities Depositary and a new trading system were integrated with the depositary system which allows transactions to be carried out. According to the changes made in the law «On Securities market» which came into effect on January 1, 28, Moldova Stock Exchange has the right to own up to 75% shares of National Securities Depositary. At the moment Moldova Stock Exchange has 37 shareholders, of which 22 are the exchange s members. The members are legal entities that own at least one share of the exchange (one vote) and have the license for broker and / or dealer activity. In April 2 Moldova Stock Exchange received the status of a self-regulating noncommercial organization. In July 2 new Moldova Stock Exchange s Regulations were introduced which qualitatively changed the mechanism of transactions. In July 27 the Mega regulator National Commission of Financial Market was created. According to the legislation the Mega regulator regulates and determines state policy of the nonbank financial market. According to the new requirement of the law «On Securities market» from January 1, 29, Moldova Stock Exchange is a public company, a for profit organization. At the present Moldova Stock Exchange is a developing stock market, which continues to cooperate with other stock exchanges and financial organizations. MSE is a member of FEAS from 1995 and in 28 became the member of International Association of the CIS Exchanges, which has the aim to coordinate the effort on development of organized financial markets in accordance with international standards. FUTURE OUTLOOK The priority directions of the Moldova Stock Exchange for 211 are: The increase of trading volumes. Introducing new trading instruments. Attraction of more companies in listing. Development of the IT infrastructure and modernizing the PAGE 9

93 MOLDOVA STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL.... Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization* Index MONTHLY STOCK VOLUME 5-YEAR STOCK VOLUME Jul-1.. Aug-1.. Sep-1.. Oct-1.. Nov-1.. Dec-1.. * MSE recalculated its market cap. data is not available CONTACT INFORMATION Jul Aug Sep Oct Nov Dec Contact Name Ms. Valeria Gaina valeria@moldse.md Website PAGE 91

94 MOLDOVA STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS In 21 political scene in the Republic of Moldova was characterized by 2 important events: the referendum of constitutional change and legislative early elections. Constitutional referendum was not validated. As a result of parliamentary elections, four political parties formed the new parliament: Liberal Democratic Party, Liberal Party, Democratic Party and Communist Party. In 21 by the IMF Executive Board has been approved the Economy Program with the Republic of Moldova. Resources have been given both to ensure external stability and budget direct support. On March 21 the World Bank and the European Commission were co-hosting a Consultative Group Meeting Moldova Partnership Forum. At the meeting was presented the document Rethinking Moldova which includes the strategic priorities for the country s reform. In 21 the average increase of the prices was about 7.3%. The annual inflation in December 21 was 8.1%. The annual inflation rate in December 29, measured by consumer price index, was.4%. GDP, measured in current prices for 29, was US$ 544 million and GDP per capita was about US$ GDP deflator, which characterized the dynamics of the general level of prices in the economy, was 2.%. For 29 exports equaled US$ million and imports - US$ million. Total trade balance turned a deficit of US$ million. Information obtained from the Exchange. MOLDOVA ECONOMIC CHARTS AND TABLES 29-DESTINATION OF EXPORTS (%) 29 - ORIGINS OF IMPORTS (%) CIS EU Other CIS EU Other Key Information Contacts Government of the Republic of Moldova Ministry of Economy Public Property Agency National Bank of Moldova National Commission of Financial Market Chamber of Commerce and Industry National Bureau of Statistics PAGE 92

95 MONGOLIAN STOCK EXCHANGE We are focusing on creating a favorable legal environment and better regulation in the capital markets. Altai Khangai Acting Chief Executive Office We would like to express our warm greetings and best wishes to all of you on the occasion of the 2th anniversary of Mongolian Stock Exchange. During the last 2 years MSE has encountered several challenging years, as well as, even more years of accomplishments. In total, 474 Joint stock companies have been listed on MSE with the stock trading value reaching bln MNT, while values of Government and Corporate bond trading reached bln MNT respectively. The number of Broker- Dealer companies with special licenses to operate in the Securities market reached 45, and they are currently servicing about 45, individual investors and clients. Total dividend distribution has reached 19.6 bln MNT. Mongolian Government is increasingly recognizing the importance of the capital markets in development of the national economy and focusing on its expansion. We would like to emphasize on the initiative to distribute shares of Erdenes Tavan Tolgoi JSC, the holder of massive coking coal deposit, to all citizens of Mongolia and to local private entities, and believe that conducting open-market trading of its shares will accelerate the growth of the capital markets in Mongolia and will be a crucial point of its development. In the recent years, the Parliament and Government of Mongolia has issued number of important policy documents on development and improvement of current legal environment in the capital market. In order to modernize in compliance with international standards and to enhance the development of the capital markets, the Securities Law is being re-drafted and will soon be submitted to the Parliament. In 29, the Financial Regulatory Committee of Mongolia has issued Prime Objectives of the Stock Market Development Program in We are focusing on engaging internationally recognized consultants and institutions in processing the draft of applicable rules and regulations as well as drafting of laws. Consequently, this will create a favorable legal environment and better regulation in the capital markets. In December of 21, the State Property Committee of Mongolia has signed a longterm Strategic Partnership Agreement with London Stock Exchange Group (LSEG) to restructure and develop the Mongolian Stock Exchange. Based on the agreement, LSEG will cooperate with MSE at the administrative and managerial levels and address the issues that require immediate attention. There is an absolute necessity to create a favorable legal framework for capital markets, improve the market infrastructure and introduce a worldclass trading platform to upgrade MSE and the clearing, settlement depositary system in line with international standards. It has also become essential to increase domestic capital investment and the competiveness of the capital market, to enhance liquidity in the market, to protect the interests of investors, to mitigate the non-market risks, as well as, to improve the human resource productivity. We would like to thank and wish happiness, health and prosperity to all individual and institutional investors, professional organizations and issuers for your input in the development of capital markets in Mongolia. HISTORY AND DEVELOPMENT Mongolian Stock Exchange was established on January 18th of 1991, as the official and only stock exchange of Mongolia, and throughout this relatively brief history, the exchange was able to achieve remarkable growth in tandem with the robust economic performance of Mongolia. MSE serves the domestic cash equity market with 366 listed companies and a market capitalization of trillion tugriks (US$ 1.7 billion) as on December 31, 21. On September 17, 21, Mongolian Stock Exchange has conducted Government Bond trading worth 3. billion tugriks consisting of 3, pieces of ordinary Government Bond. In December 21, Mongolian Stock Exchange has concluded Strategic Partnership Agreement with London Stock Exchange. MSE has concluded MoU on Cooperation with 8 Stock Exchanges in the world, such as Tokyo Stock Exchange, Korea Exchange etc. Also, Mongolian Stock Exchange is a member of two stock exchange associations, namely, it is a member of Federation of Euroasian Stock Exchanges and Asia and Oceania Stock Exchange Federation FUTURE OUTLOOK In 211 MSE will: Increase institutional participation Attract more foreign investors Enhance the quality of market intermediation Strengthen the equity and debt markets Conduct privatization of state assets Invest in the social infrastructure Develop human resources and; Promote the implementation of international best practices Seek to introduce new financial product on the Stock Exchange PAGE 93

96 MONGOLIAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul , Aug , Sep ,313.6 Oct ,11.71 Nov-1 1, ,576.5 Dec-1 1, ,331.3 CONTACT INFORMATION , 1,2 14, 1, 12, 1, 8 8, 6 6, 4 4, 2, 2 Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Temuulel Lkhagva temuulel@mse.mn Website PAGE 94

97 MONGOLIAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Political Outlook The outlook for the domestic political scene is stable, and the president, Elbegdorj Tsakhia and, prime minister, Batbold Sukhbaatar will maintain the Mongolia s relatively liberal social and economic policies, as well as its multilateral foreign policy stance. Mongolia s foreign policy will continue to be based on its close relationship with its two neighbors, Russia and China, as well and developing close relationship with its Third Neighboors, the US, Japan and Western Countries. These ties have been strengthened by a series of bilateral visits with the Russia, China and Japan and other countries. Mongolia has also signed agreement on setting up state owned JV of Mongolia and Russia, Dornod Uran to extract and mine uranium resources. Mongolia also has significant presence of Western capital in the form of investment by Ivanhoe Mines and Rio Tinto in its masive Oyu Tolgoi copper and gold project in South Gobi region. There are no immediate threats in North East Asian region, which Mongolia is located, except an issue of North Korea. Mongolian peacekeepers also participate actively in international peacekeeping efforts in such countries as Chad and Sudan, as well as participating in military operations of US-led coalition in Iraq and Afghanistan. As well as seeking close relationship with its two neighbors, Russia and China, Mongolia will seek to have balance by developing close strategic relationships with US, Japan and EU. Taking notice of its overreliance from China on exports of commodities, Mongolian Government will seek to build a new railroad route to reach markets of Japan and South Korea via Russa. Economic performance Mongolian economy expected to have grown at a rate of 8% in 21 and as of September 21 Industrial production grew at annual rate of 15%. According to Bank of Mongolia, Mongolian Official Foreign Currency Reserve hit $2 billion USD at the end of 21. In 21 Mongolia made a foreign trade with 132 countries of the world and total foreign trade turnover reached million USD, from which export stood at million USD and imports at million USD. The total foreign trade turnover increased by 53.5% and exports increased by 53.8% and imports increased by 53.3% respectively. Total number of unemployed people who registered with relevant authorities as of end of December 21 stood at 38.3 thousand people. Consumer price index has increased by 13.% compared to the same period last year in December 21. The average yearly inflation rate was at 1.1%. In 21 Government of Mongolian began to hand out 1, tugriks to each citizen every month and beginning from January 1, 211 it will hand out 21, tugriks to each citizen, which will boost domestic consumption. Mongolian National Tugrik (MNT) was the best performing currency of the world in 21 and it appreciated by 16% and stood at 1, against a USD. The authorities also agreed to allow greater exchange rate flexibility, to strengthen the fragile banking system, and to improve the targeting of social spending. Investment in mining has increased a lot. The outlook of economy in 211 looks very bright and Mongolian economy is expected to grow by 12% in 211 according to a forecast by Economic Intelligence Unit. Cash handouts to citizens will increase domestic consumption, but will also push inflation higher. As for copper, the price is projected to remain at high levels (more than 9, USD per ton) during the forecast period, which will stimulate production. İn 21 coal became the largest export commodity in terms of value and it is expected to remain same in 211. Prospects for development of new mines brightened considerably in October 29, when the government signed an agreement with an international mining company to exploit the Oyu Tolgoi copper and gold deposit. Investment in this project is expected to total $6 billion production is projected to start in 213. The long-awaited Oyu Tolgoi agreement and subsequent construction will raise investor confidence and have knock-on effects on other parts of the economy. Moreover, the government is considering proposals to mine the large Tavan Tolgoi coal deposit with international partners and distribute share vouchers after organizing it as Joint Stock Company. The valuation of Tavan Tolgoi deposit by international experts range from 3-4 billion USD and it has 6.5 billion tonnes of coal reserve. FDI inflows into mining are expected to rise significantly over the forecast period. Investment is expected to increase further, driven by Oyu Tolgoi. Also, Mongolian Government is planning to build a railroad from Tavan tolgoi deposit to Russia via Gobi Desert and Eastern Mongolia with a plan to transport it to Russian Pacific ocean ports to Japan and South Korea. Moreover, after abolishment of 68% Windfall Profits Tax on gold and copper takes its effect beginning from January 1, 211, the gold sold to Central Bank and related tax revenue is likely to increase, because gold industry will come out of shadow. Also, uranium mining and extraction is likely start in 211. Information obtained from the Exchange. Key Information Contacts National Statistics Office Bank of Mongolia National Development and Innovation Committee PAGE 95

98 MONTENEGRO STOCK EXCHANGE Continuous development of our market is the basis of the future of the MSE, a future in which the MSE strongly believes. Dejana Suskavcevic, MA CEO Actual events that marked the previous year such as the global financial crisis, showed that the strongest economy, at first developed and stable market can be unpredictable and directly affected by unforeseeable repercussions that are progressive, breakneck speed reflect on all branches of the economy including the securities market. The key to success of any activity, in our case, recovery of financial markets lies in the synergy of all stakeholders who participate in it, and synchronized activities restore confidence of domestic and foreign investors. Continued implementation and further development of legislation pursuant EU and developed markets through further tax relief and benefits for participants in the financial markets, particularly in the area of fund groups (pension and investment funds), the constant promotion of the domestic market as the individual performances, and within region will choose back investors. The period of stagnation stock activity should certainly be used in the further implementation and construction of corporate culture within the company and market introduction of new materials, derivatives and short-term securities, which will be the first and crucial step in the return of foreign investors in our market. The period of recovery is not, and will not be easy and fast, but according to earlier experience, a proven, that after each rain, the sun again in sight. From this crisis should draw lessons not to repeat mistakes, and take as long as possible with a positive balance. The market will always exist, traders also, long-term or short-term securities, futures options, swaps, market and other material. Montenegro Stock Exchange will continue to be a locomotive for further development of the Montenegrian securities market, its promoter, and active participant of international integration. HISTORY AND DEVELOPMENT The MSE was set up in June 1993 pursuant to the Act on Money and Capital Markets (1989). The first founding members were the four Montenegrin banks: Montenegrobanka a.d. Podgorica, Pljevaljska banka a.d. Pljevlja, Beranska banka a.d. Berane, Hipotekarna banka a.d. Podgorica, and the Republic of Montenegro, i.e. Montenegrin Agency for Economic Restructuring and Foreign Investments. During the constitutional meeting held on 7 July 1997, the MSE harmonized its operations with the Exchange through the exchange operations and exchange intermediaries Act. Another three banks and two insurance companies joined the founding members of the Exchange: Podgoriaka banka a.d. Podgorica, Jugobanka a.d. Podgorica, Niksicka banka a.d. Niksic, Lovcen osiguranje a.d. Podgorica and Swiss osiguranje a.d. Podgorica. In order to increase its capital share, the MSE issued additional shares, upon the approval of the Federal Commission for Securities and Financial Markets. The shares were subscribed and paid for by several Yugoslav banks, as well as the Federal Government. In order to comply with The Law on Securities of the Republic of Montenegro, the MSE issued a third issue of shares. The importance of this issue which was sold successfully with 1% subscription was instrumental in the further development of the capital market of Montenegro because with the sale of this issue 1 new shareholders emerged as owners of the MSE from banking sector, insurance companies and private companies from all spheres of economy. As of today, the MSE has 23 shareholders. The MSE moved to its new premises in the new business district of the city. FUTURE OUTLOOK Montenegro Stock Exchange Has Big Plans for the Year Ahead... It aims to raise the level of market liquidity and to implement a new information system project, funded by the government of Luxemburg. This is expected to start soon. The project management has been entrusted to the Luxemburg stock exchange, while the technical implementation will be carried out in cooperation with the Belgrade Stock Exchange. The system has been designed in accordance with world standards and functions in all areas in accordance with MIFID, which is of crucial importance to Montenegro as future member of the European Union. Apart from the implementation of the new system, it is of vital importance for Montenegro to have the Luxemburg stock exchange as its partner. This is just one in a series of projects that have been planned to take place through this cooperation. This year s plan also envisages the development of a new index in cooperation with the Vienna stock exchange, with which Montenegroberza has already worked successfully over a long period of time. This index will be calculated and published at the Vienna stock exchange and will consequently directly expose companies in the index to monitoring by world investors. In addition to this, it has been planned that at least one Montenegrin company should appear in the index that includes FEAS countries, and which will be calculated and published by the world known index provider Dow Jones. It is also intended to enrich the market with new material, i.e. derivative securities, which will expand the range of products on offer and will refresh the market. Implementation of the project is planned to take place with cooperation from European agencies that are specialized in this segment of the market.the first foreign listing in the market will also be worked on through the IPO process. The Montenegroberza web site will be enriched by increasing the quality of its reporting in terms of data necessary for performing the analyses of investments, particularly in risk management. Some educational activities are also planned in order to enrich knowledge regarding the importance of corporate governance, and to increase the number of companies that accept the Corporate Governance Codex in Montenegro. The corporate governance sector is of vital importance in joint stock companies and it is directly related to the stock exchange market as it directly contributes to the protection of shareholders' interests. Code of Corporate Governance for Montenegro was formed in May 29, as a result of cooperation between the Montenegrin Stock Exchange and International Finance Corporation (IFC). Testing of a Scorecard methodology in Montenegro In cooperation of Montenegroberza and International Financial Corporation (IFC) within the project "Promotion of Corporate the testing of a Scorecard methodology was carried out in six companies. Montenegroberza supported Governance in Montenegro and recommended this kind of testing to the listed compaies in Montenegro. The code was accepted by five listed companies, and not all of them tested the actual level of application of standards. Six listed companies agreed to test the actual level of corporate governance: Plantaze JSC, Zeljeznicka infrastruktura JSC, Zeljeznicki prevoz JSC, Montecargo JSC, Pobjeda JSC and Zetatrans JSC. IFC provided consultations for those companies free of charge through in-house workshops. Testing of scorecard methodology gave some results and highlighted some problems regarding the actual situation of Corporate Governance in Montenegrin companies. Scorecard show that the most problematic areas were: supervision and control, transparency, and Board of Directors (election of members). PAGE 96

99 MONTENEGRO STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 3, Aug-1 3, Sep-1 3, Oct-1 3, Nov-1 3, Dec-1 3, CONTACT INFORMATION , 5 3,5 3, 4 2,5 3 2, 2 1,5 1, 1 5 Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Nedeljko Suskavcevic mberza@cg.yu Website PAGE 97

100 MONTENEGRO STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Political Information Montenegro has continued to make progress in addressing the political criteria. It has improved its legal framework and has strengthened its administrative and institutional capacity. Regarding human rigts and the respect for and protection of minority groups, the legal and policy framework is lergely in place and broadly corresponds to European and international standards. The institunional framework is largely adequate. However, there are gaps in implementation in all fields. The main concerns relate to the following areas: effectivenes of anti-discrimantion policies, freedom of expression and government relations with the civil society as well as the situation regarding displaced persons from Croatia, Bosnia and Herzegovina and Kosovo. Furhermore, Montenegro needs to intensify its efforts to consolidate its rule of law, in particular in the fight against corruption and organised crime, which still remain a serious problem. Montenegro plays a constructive role in Maintaining regional stability and in fostering good neighbourly relations with other Western Balkan and EU countries. The Prime Minister of Montengro Mr Milo Djukanovic has steped down, and new Prime Minister of Montenegro is Mr Igor Luksic, ex Minister of finance in the Government of Montenegro. Business Environment: The business environment in 21 was characterized by problems related to a lack of liquidity, a lack of inancial resources, and a slowdown in the Montenegrin economy. The major laws that inluenced business, which were adopted during the fourth quarter, were Law on Excise, the Law on Financing for Local Governments, the Labor Law and changes in the level of the minimum wage. Macroeconomic Outlook: The fourth quarter of 21, at a macroeconomic level, was the one in which recovery from the inancial crisis was seen. Inlation is still at a very low level, and in the labour market only slightly positive trends can be seen so far regarding any increases in wages. Although a decrease was recorded in comparison with the same period last year, the FDI volume is at quite a high level considering the absence of any major privatization takeovers in 21 (unlike those seen in 29). Banking Sector: Total bank assets amounted to EUR3,7.5 million at end-august 21, EUR2,97.6 million at end-september and EUR2,917.6 million at end-october 21. In comparison with last year, total bank assets during these three months were lower. Total bank deposits amounted to EUR1,786.2 million at end- October 21, thus showing a month-toprevious-month growth of.2%. At end- September 21, when compared with August, the total amount of deposits had decreased by 4.5%. Privatization and Investments: Montenegro still has not used all of its potential for attracting new investment. There are three big projects that lie ahead: the construction of a highway, the construction of hydropower plants on the River Moraca and the construction of a new tourist resort on the Lustica peninsula. Additionally, the World Bank s new strategy envisages a large amount of credit support to Montenegro in the areas of agriculture, health, higher education and science, and in the remediation of environmentally problematic issues. EBRD and IFC also plan to inance some large projects in Montenegro: a power network upgrade, the construction of a highway bypass in Podgorica and to make improvements to the water supply system in the municipality of Danilovgrad. Economic Freedom: According to the report Economic Freedom of the World published by the Heritage Foundation and the Wall Street Journal, Montenegro s economic freedom score is 62.5, making its economy the 76th freest in the 211 index. Its score has decreased by 1.1 points since last year, primarily because of an explosion of growth in government spending. Montenegro ranks as 34 out of 43 countries in the European region, and its overall score is above average in the world. Capital Market: The Montenegro Stock Exchange in Montenegro began to operate as one in January 211 after a technical merger of the Nex and the Montenegro Stock Exchange at the end of December 21. Following this event, the NEX Stock Exchange ceased to exist as a legal entity. Montenegro Officially Becomes an EU Candidate Country On Friday, December 17th, 21, at a twoday summit in Brussels, the European Council backed a recommendation made by the European Commission to grant candidate status to Montenegro. However, this decision does not guarantee an easy journey towards joining the Union, since no date for the opening of membership talks has been set yet. This is a signal that the country, which has a population of just 63,, needs to speed up reforms. Montenegro is the ifth candidate country in line for membership, together with Croatia, Iceland, Macedonia and Turkey. Information obtained from the Exchange. Key Information Contacts Securities Commission of Montenegro Central Depository Agency Central Bank of Montenegro Ministry of Finance Montenegro Statistical Office PAGE 98

101 MUSCAT SECURITIES MARKET Ahmed Saleh Al-Marhoon Director General The Muscat Securities Market passed the year 21 with an increase of 6.6%, in the general index and a market capitalization of 19.9% The Muscat Securities Market (MSM) passed the year 21 with an increase of 6.6%, in the general index and a market capitalization of 19.9%. The trading activities were less by 42% as an impact of the global crisis compared to the year 29. However, the foreign investment remained at the same level of 24% as per the market capitalization which reflects the investors` confidence in the Omani economy. Our focus is to develop and upgrade the various activities of the Exchange to be in line with our vision and the strategic plan. We always continue to adopt methods that make MSM able to employ the latest in the field of the securities industry be technological or otherwise. You all know the importance of adopting proper rules and regulations which enhance credibility and investors confidence. With this in mind MSM was the first in the region to instigate public listed companies accept and adhere to the principles of corporate governance. In its endeavors to enhance capability MSM signed with NYSE Technologies an agreement to upgrade the trading system to the latest version NSC V9. This version caters for introducing comprehensive changes to all the components of the electronic infrastructure of the Stock Exchange as well as the other capital market institutions. Under the new version, new phases as well as new features will be added to the trading system to increase efficiency. The MSM conducts penetration testing yearly to assess the overall health of the network. This helps greatly in fixing security vulnerabilities and in coping with the traffic that grows exponentially every year. We implemented MPLS technology to link brokerage companies with MSM to eliminate dependence on a particular Data Link Layer technology. On awareness and investors education the MSM collaborates with universities, colleges and high schools providing them with the relevant literatures. We also conduct workshops and seminars to educate the new generation about the importance of the capital market and the role it plays in the national economy. To support this educational campaign, we have a dedicated website equipped with informative data to encourage young people and interested parties navigate to this learning website. HISTORY AND DEVELOPMENT The Muscat Securities Market passed through two stages; the first started when the exchange first established as independent governmental entity in 1988 up to In the beginning of this first stage there were 48 public shareholding companies listed and six brokers; the market cap was around $1,77.14 million USD. However, the government encouraged the establishment of new public companies through various incentives especially in the industrial sector. This resulted in rapid growth in the exchange in terms of the number of stocks listed reaching the peak at the end of 1996 with 97 listed companies. Thus the market cap scored $4.21 billion USD during this period. The second stage from 1998 till today during which the MSM has been re-restructured upon the establishment of three independent organs the Capital Market Authority (Regulatory) the MSM for listing and trading and the Muscat Depository Company as a central depository. Many reformatory measures have been made, administratively, technically and legislatively. In effect the market continued moving progressively. During the last few years the MSM crossed the regional boarders to enhance more professionalism in securities industry when it signed an agreement for the issuance of composite indices with Dow Jones international. The agreement stipulates for the issuance of two indices the first, DJ MSM Composite Index, relates to measuring the performance of listed companies, while the other, DJ MSM Chip Index, relates to the most active companies. At the regional level the Muscat Securities Market is a member of the Arab Union of Exchanges and participated in several meetings of the Arab, regional conferences, and forums. At the international level the MSM is an effective member at the Federation of Euro - Asian Stock Exchanges. Our Exchange is now chairing the Task Force Committee for Information and Awareness at FEAS and it hosted the FEAS general Assembly on the year 26. The MSM is an affiliate member at both the IOSCO and the WFE and there is an ongoing process for obtaining full membership in this latter international organization. FUTURE OUTLOOK We are in the process of amending the Commercial Companies` Law to encourage closed and family owned business to go public allowing public offering of 25% instead of 4%. We think this change will attract more family owned companies to go public hoping that 211 will witness good number of IPOs which will add more depth to our market. The first quarter of 211 may witness the first ETFs` Fund. The MSM shall, during the year 211, fulfill its quality assurance for acquiring ISO in the Networks & Security after obtaining ISO 91:28 for quality management. PAGE 99

102 MUSCAT SECURITIES MARKET OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL 1, Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 24, , Aug-1 25,9.23 6, Sep-1 25, , Oct-1 26, , Nov-1 27, ,592. Dec-1 28, , CONTACT INFORMATION , 3, 6, 25, 5, 2, 4, 15, 3, 2, 1, 1, 5, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Al Taib Shaigoog altyeb@msm.gov.om Website PAGE 1

103 MUSCAT SECURITIES MARKET ECONOMIC AND POLITICAL DEVELOPMENTS The Omani economy continued to drive growth and development to add new block to the blocks of economic development, thanks to prudent financial and economic policies implemented by the Sultanate under its fiveyear plans, which have proven their ability to cause distinctive shift in Oman's economy. This growth was enhanced by the production volume of oil and its prices in 21, as the production of Oman rose by 6.6% during the year with an average daily production of thousand barrels per day compared with 89.6 thousand barrels per day during 29. Likewise, the average oil price per barrel in 21 increased by 31.6% to $72.28 compared with $55.15 during 29. At the end of 21 the eighth five-year plan was adopted, Episode IV of the long-term development strategy (Oman vision 22), which aims to continue the investment balance, sustainable growth, human development and economic diversification. This plan aims to enhance growth opportunities through achieving growth rates not less than annual 3% at fixed prices during the plan period and pursue low inflation rates not exceeding 4% annually. During the plan period Oman's economy is expected to record a growth rate in GDP estimated at annual rate of 6% at current prices and 5% at fixed prices. The plan also includes investments worth (77.2) billion Dollars, an increase of 113% from planned in the seventh five-year plan indicating a promising Oman's economy in the coming period. The Omani economy Outlook in 211, with the expectation of stable and upward tendency of oil prices, as well as with the economic and financial policies supporting national economic stability and growth, the Sultanate has raised expenditure over 211 to( 21.12)billion Dollars versus (18.65) billion Dollars in 29, an increase of 13.2%. Revenues expected from budget 211 are estimated at (18.65) billion Dollars compared with (16.57) billion Dollars in 29, an increase of 2.1 billion Dollars or 14%. Revenues from both oil and gas account for 81% of total income while current and capital revenues account for 19%. The expected revenues in 211are based on an average price per barrel of $58. This means the expected deficit in the budget of the year will amount to $(2.2) billion. Although the deficit is relatively high in absolute value, but as a percentage of GDP is safe and within economically acceptable boundaries, and it is believed that this will be covered during the year from actual revenue of projected oil prices because current oil prices are higher than the prices on which the expected revenues were based. In case the revenues are less than expected the deficit would be covered from the general state reserves. As for Muscat Securities Market, it is worth mentioning that trading volume reached US$ million in 21 compared with US$ million in 29, thus decrease of 42.3%. Meanwhile, the MSM price index increase from points at the end of 29 to the level of points at the end of 21, registering an increase of 6.6%. The MSM witnessed traded volume of million shares during the year 21 recording a decrease of 5.34% compared with 691 million traded shares as on 29. During the year 21 the value of the traded shares was US$ million with a decrease of 43.27% compared with US$ 538 million during the year 29. The Market capitalization increased in 21 recording US$ 28.3 billion compared with US$23.6 billion during 29. The MSM index rose from 6368 points, during 29, recording points in 21 with an increase of 6.6%. During 21, the Muscat Securities Market scored the third grade from among the GCC exchanges.* Information obtained from the Exchange. OMAN ECONOMIC CHARTS AND TABLES Market Value No of Shares No of Bonds Trading Value No. of (Capitalization) Period MSM index Traded (millions) Traded (millions) $ (millions) Transactions $ (millions) , ,23 1, , ) ,94 1, , ,313 1, , ,246 1, , ,848 3, , ,23 3, , ,7 4, , , ,597 8, , , ,4 5, , ,69 5, , ,654 5, , ,882 4, , ,655 5, , , ,423 7, , , ,975 9, , , ,649 15, , , , ,13 16, , , , ,768 26, , , , ,535 2, , , , ,49,899 23, , , , ,56 28,312.6 Key Information Contacts Ministry of National Economy Capital Market Authority Oman Chamber of Commerce and Industry Financial Corporation National Bank of Oman PAGE 11

104 NASDAQ OMX ARMENIA Armen Melikyan Chief Executive Officer In 211, as the recovery gets underway both globally and locally, NASDAQ OMX Armenia will continue to be proactive in its relations with the capital market stakeholders. Among major achievements of 21 was introduction of credit resources market in April, with launch of which the Exchange started servicing interbank credits - another important part of financial market. At present this market is the most active at the Exchange with value traded of US$ 1.5 billion and contributes to fair pricing of overnight interbank loans. Corporate securities trading was quite low this year, though stock market saw a 3% increase of value traded, which is quite notable taking into account the fact that starting from 26 this market didn t show any positive growth trend. Government bonds trading was also active with almost doubled value traded of US$ 15.5 mln, and the repurchase agreements (repo) market showed an activity exceeding US$ 1.4 mln. Currency trading slightly decreased at nearly US$.7 billion in 21. At the year-end exchange market capitalization stood at the equivalent of around US$ 144 million declining by only.9% since the end of 21 a relatively good performance considering the lingering effects of the global financial crisis. In 21, NASDAQ OMX Armenia was also active in organizing many different kinds of events. These were targeted to various stakeholder groups investment companies and banks, listed companies, journalists and aimed at sharing international expertise and implementing state-of-the-art standards of respective activities in Armenia. General public and especially younger audiences were also in focus, with initiatives promoting awareness about capital markets and their importance in building a strong national economy. Becoming the full owner of the Central Depository of Armenia in 29, NASDAQ OMX Armenia kept concentrating on improving the depository and clearing services primarily through continued automation and optimization of business processes. The Depository also worked closely with the Government of Armenia to design and prepare the implementation in 214 of the fully funded mandatory pension system, with volunteer part starting in 211. The launch of this new second pillar pension system is expected to boost the activity in the capital market promoting the issue of new financial instruments and bringing in institutional investors. In 211, as the recovery gets underway both globally and locally, NASDAQ OMX Armenia will continue to be proactive in its relations with the capital market stakeholders. One area of focus will be to introduce new technology for both the exchange and the central depository business, to put in place the foundation for continued growth. There will also be continuous efforts to increase awareness of the capital market in Armenia and support market participants in meeting the awakening demand for quality financial intermediation and capital market services. Through such processes NASDAQ OMX Armenia realizes its primary objective to maintain a fair and effective marketplace where good companies can raise capital and where investors can make well-informed decisions while being properly protected. Our commitment for 211 is to continuously and consistently strive to achieve this objective. HISTORY AND DEVELOPMENT NASDAQ OMX Armenia (formerly Armenian Stock Exchange, Armex, renamed on 27 January 29) is the only stock exchange currently operating in Armenia. Armex was the successor of the Association of Securities Market Participants, which was established in Armenia in 1997, and was initially registered the Securities Commission of the RA on 13 February 21, as a self-regulatory organization. In November 27, according to the newly adopted Law on Securities Market, Armex was reorganized into an open joint stock company. Until 1 January 26, Securities Commission of RA was the competent state authority to regulate the activities of capital market including the stock exchange in Armenia. However, with the enactment of a new law introducing unified regulatory authority for the financial market, the regulatory and supervisory powers of the Commission were transferred to the CBA. Since 15 November 25, foreign currency trading was introduced on Armex, which proved to be in demand: volumes of FX trading to date greatly exceed those of other instruments. On 14 December 25, the first publicly traded corporate bonds were listed at Armex, and as of December 28, 13 bond issues were traded on the stock exchange most of them having market makers. In early 28 government bonds trading was launched, as well as status of market-maker for government bonds was introduced. By the end of 28, Armex introduced new market for REPO (repurchase agreements), as well as a mechanism for manual trades. In April, 21 NASDAQ OMX introduced new market for credit resources trading, providing exchange platform for interbank credits, a large segment of the Armenian financial market, thus contributing to the transparent and fair pricing of credit resources, as well as equities, debt instruments, and currency. NASDAQ OMX Armenia is currently part of the NASDAQ OMX Group. In November 27 members of CDA and Armex transferred their shares to the CBA, and OMX Group acquired 1% thereof. After in late February 28, NASDAQ completed its combination with OMX, NASDAQ OMX Armenia became an entity fully owned by NASDAQ OMX. On 5 June 29, NASDAQ OMX Armenia became the owner of the 1% of the shares of the Central Depository of Armenia. FUTURE OUTLOOK In 211, NASDAQ OMX Armenia plans to: continue improving the technical infrastructure of the stock exchange and the central depository; continue expanding the range of services provided to listed companies and trading members; carry on with efforts to promote initial public offerings of equities in the Armenian market; launch T+3 settlement mechanism, which will enable exchange trading without predeposition of securities and cash; establish a Guarantee Fund to increase investor protection; continue efforts towards increasing public awareness of the Armenian securities market. PAGE 12

105 NASDAQ OMX ARMENIA OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL 1, Market Capitalization Index MONTHLY STOCK VOLUME MONTHLY MARKET CAPITALIZATION Jul n/a Aug n/a Sep n/a Oct n/a Nov n/a Dec n/a CONTACT INFORMATION Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Armen Melikyan info@nasdaqomx.am Website PAGE 13

106 NASDAQ OMX ARMENIA ECONOMIC AND POLITICAL DEVELOPMENTS Political and Economic Performance The global recession, as well as enduring tension between Georgia and the Russian Federation, stopped the economy dead in its tracks in late 28 and in 29 after several years of strong performance. Fortunately, due to previous significant reforms and prudent macroeconomic policies, the country left 29 with strong economic fundamentals a small fiscal deficit, moderate inflation, and low external debt allowing the authorities to respond with a comprehensive anticrisis plan. But GDP still contracted by 14.4%, its worst outturn in 16 years. Then, in 21, GDP growth slightly rose by 2.4% and according to the World Bank forecasts will continue its growth up to 4-5% in 211, since the economy has overcome the crisis and enters a new development stage. Additionally, Armenia got 69.7 points in the Economic Freedom Index Ranking published by The Heritage Foundation and ranked the 36th in the world rating, moving up from the last year s 38th place. The impact of recession was felt from the beginning of the year, with GDP on a monthly basis hitting double-digit declines by May and bottoming in July. This trend eased throughout the rest of the year. The economic downturn was experienced in all sectors of the economy. Construction, which had been the main driver of the economy, hemorrhaged with a 42.3% loss of output. The energy sector ebbed by 14.3%. Private consumption also withered due to the reduced remittance inflows and the economic downturn. Public consumption and investment, however, were bolstered by the anticrisis program. In support of its anticrisis program, the government received budgetary support from international financial institutions of nearly $3 million. In addition, it has been using a $5 million loan from the Russian Federation for earthquake zone reconstruction, as well as for support to the banking sector, large commercial firms, and small and mediumsized enterprises. These anticrisis measures stimulated the real sector, and output will further strengthen this year. To stimulate mortgage lending, a National Mortgage Company was established by the Central Bank of Armenia in July 29. The new body began shoring up the construction sector by providing resources that are more affordable to participating banks and lending organizations. Monetary policy is underpinned by an inflation targeting framework. The devaluation and the subsequent program with the International Monetary Fund (IMF) served the economy well by restoring business confidence, reducing concerns about financial stability, and increasing competitiveness of exports. In 21 a Mortage Loans for Young Families (MLYF) program was established, which helps a married young couple whose ages sum is maximum 6 years to aquire a residental property in Armenia. Loan term is 1 years and the MLYF program launch is a great contribution in creating a long-term lending market in the country. By February 29, gross official reserves fell to $1.1 billion or 3.9 months of imports, the lowest level since May 27. Given the rapidly worsening economic situation, the government formulated an economic recovery program that was supported by an IMF standby arrangement that took effect in early March. From June, reserves started to accumulate as economic activity bottomed, climbing to $2. billion (6.6 months of imports) at year-end. Real and nominal effective exchange rates depreciated throughout 29. Due to the fear of further dram depreciation, dollarization accelerated: the share of deposits held in foreign currency doubled and that of loans climbed by half, relative to 28. In such conditions, total lending volumes increased by 17.5% in 29. The share of nonperforming loans edged down to 4.2% from 4.4% in 28. Since banks are generally well capitalized, this increase presents no serious concerns. To stimulate economic activity, the central bank implemented an expansionary monetary policy through quantitative easing and reduction of the refinancing interest rate, which it gradually cut from 7.75% in March to 5.% at year-end. Money supply grew by 15.1%, reflecting increases in net foreign assets and credit to the economy. In a deteriorating economic situation, fiscal policy was relaxed to boost aggregate demand. Public spending on pensions and public servants salaries was increased by 16.3%, and other social outlays were largely maintained. Tax receipts fell with lower economic activity, helping push out the fiscal deficit to 4.7% of GDP from.7% in 28. External resources more than financed the deficit, and even permitted a buildup of government deposits in the banking system. With budgetary and balance-of-payments financial support from development partners, external debt nearly doubled during 29 to $3 billion by end-december 29. The public sector debtto- GDP ratio hit 4.1%, with foreign currency denominated debt at 34.%. IMF debt projections indicate that the debt ratio may peak at 46.6% in 211 before falling to under 4% by 213. While both the government and the IMF regard the debt dynamics as sustainable, these are subject to risks, such as the projected improvement in the fiscal position or in economic growth failing to materialize. Due to lower remittance inflows and transfers, the current account deficit narrowed slightly to $1.3 billion from $1.4 billion, though it widened in relation to the shrunken GDP, to 15.4% from 11.6% in 28.Budget deficit in 29 was at the level of 7.8% of GDP, caused by the global financial crisis, but in 21 it shortened to 1.7%, while some specialists expected 4%. The World Bank forecasts budget deficit in Armenia at the level 3% of GDP in 212 and reaching pre-recession value of below 3% in future. Information obtained from the Exchange. Key Information Contacts NASDAQ OMX The Central Bank of Armenia The Central Depository of Armenia PAGE 14

107 NASDAQ OMX ARMENIA MONTHLY GDP GROWTH (%) CONTRIBUTIONS TO GROWTH (%) J F M A M J J A S O N "Services (including indirect taxes and other items)" Construction "Industry (excluding construction)" Agriculture GDP growth INFLATION (%) CONTRIBUTIONS TO MONEY SUPPLY GROWTH (%) Nov 7 Nov 8 Nov 9 Nov Credit to the economy Net claims on central government Net foreign assets Net other items Broad money (M2x) FISCAL BALANCE INDICATORS (% OF GDP) CURRENT ACCOUNT BALANCE (% OF GDP) Revenue Expenditure Balance Current account balance 5-year moving average PAGE 15

108 PALESTINE EXCHANGE Ahmad Aweidah CEO A major achievement in 21 is the transformation of the Palestine Securities Exchange into a public shareholding company. For nearly 14 years, the Palestine Exchange (PEX) has maintained its presence under challenging political and economic conditions. The PEX was able to position itself among emerging markets as a robust exchange on the international investment agenda. A major achievement in 21 is the transformation of the Palestine Securities Exchange into a public shareholding company responding to the principles of transparency and good governance. As a result, PEX launched its new corporate identity; Palestine Exchange is the new brand name and Palestine of Opportunities is the slogan which reflect the rewarding investment opportunities in Palestine. Three new companies were listed in 21 and a fourth one in early 211, a total of 41 companies are now listed on the exchange with a total market cap of 2.8 USD billon. In spite of the local and global economic challenges and the current political situation in Palestine, most listed companies on the PEX improved their performance and achieved good profits in 21 with 1% disclosure compliance. This positive performance of most listed companies contributed to the stability of our Al-Quds index which closed at the end of 21 with a slight decline of.69%, PEX therefore maintained its middle position amongst regional stock exchanges. HISTORY AND DEVELOPMENT 1995: Established as a private shareholding company to promote investment in Palestine. 1997: First trading session (18 February). 25: The Al-Quds Index had increased by 36% compared to 24, recording the highest amongst the world Stock Exchanges. 26: Launch of the Investor Education Program. 27: Launch of E-Trade Service. 29: Ranked 33rd amongst International Stock Exchanges and 2nd in the region in terms of investor protection. 21: Became a public shareholding company. New corporate identity. Only equities are traded on the PEX. Accomplishments Four New Listings: - The National Towers Company (ABRAJ), April Palestine Insurance (PICO), May Ramallah Resorts (RSR), May Wataniya Mobile (Wataniya), January 211. Events - Road Show to London, March Road Show to Abu Dhabi, May Fourth Annual Palestinian Capital Market Forum entitled: Investor Relations... An Effective Practice to Mitigate Crisis, November 21. Publications - Listed Companies Guide. - The bimonthly Souq El-Mal Magazine (a specialized magazine in capital markets). - Monthly Investor Newsletter. - Book on the proceedings of the Fourth Annual Palestinian Capital Market Forum. - PEX Annual Report. Investor Education - Convened the third round of the Stock Simulation competition in five national universities with the participation of 14 students. - Several training courses and seminars were held to increase investor awareness about issues relevant to capital markets. - Schools and universities visits to PEX premises to learn about PEX, its functions and mandate. Other - The PEX and the Palestine Capital Market Authority (PCMA) adopted SMARTS surveillance solutions. - PEX applied annual and semi-annual disclosures of Member Brokerage Companies. - CDS Issued the investor number for investors. - CDS Issued (ISIN) for listed companies on PEX. - Launched new version of PEX website and Market Watch. FUTURE OUTLOOK Quality listing of new companies and targeting private shareholding companies including family owned companies businesses to turn public and list on the PEX. List PEX on frontier indices for MENA region. Attract foreign investors & Palestinian Diaspora. Continue to promote public awareness on investment in securities. Seeking WFE full membership. Continue to improve the legal environment, disclosure, transparency and listing and trading regulations. PAGE 16

109 PALESTINE EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL.... Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization US$ millions Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 2, Aug-1 2, Sep-1 2, Oct-1 2, Nov-1 2, Dec-1 2, CONTACT INFORMATION , 5 2,5 4 2, 3 1,5 2 1, 1 5 Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mr. Ahmad Aweidah Ahmad.aweidah@pex.px Website PAGE 17

110 PALESTINE EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Political Developments The Palestinian economy faces several challenges due to the Israeli occupation, yet, and in spite of these difficulties, it possesses great growth potential. Palestine owns an advanced and sophisticated banking system and a modern capital market which has the confidence of the public. The Palestinian economy continued to grow in 21, but this growth remains driven by the PA s spending financed by donor assistance. The Palestinian Government Reform and Development Plan (PRDP) The Palestinian National Authority (PNA) has worked hard to spread security, strengthen the private sector, enhance investor confidence and provide the proper investment environment so as to confront Israeli policies and prepare for state building on the 1967 borders. Tangible results were witnessed in the first three quarters of 21 including: Increase in government local revenues (tax and non-tax) by 17.3% thus reduced dependence on foreign support. Decline in Government expenditures by 2.7%. Decline in the deficit of the government general budget by 22.5%. Increase in the Gross Domestic Product (GDP) by 9%. Increase in the GDP Per Capita by 5%. Decline in the Unemployment Rate by 24%. *source of information: Palestinian Central Bureau of Statistics ( Information obtained from the Exchange. Key Information Contacts Palestine Capital Market Authority: Ministry of Finance: Ministry of National Economy: Palestinian Investment Promotion Agency: Palestine Monetary Authority: Palestinian Central Bureau of Statistics: Palestinian Economic Council for Development and Reconstruction: Palestine Institute for Financial & Banking Studies: Palestine Media Center: Custodian Bank - HSBC Bank Middle East: Settlement Bank - Arab Bank Palestine: PAGE 18

111 PALESTINE EXCHANGE PALESTINE ECONOMIC CHARTS AND TABLES Year Total Value of Imports Total Value of Exports Net Balance Trade 2 2,382,87 4,857-1,981, ,33,647 29,349-1,743, ,515,68 24,867-1,274, ,8, ,68-1,52, ,373, ,688-2,6, ,667, ,443-2,332, ,758, ,79-2,392, ,284,35 512,979-2,771, ,466, ,446-2,97,722 *: Data doesn t include those parts of Jerusalem Governorate which were annexed by Israel in Total Value of Imports, Exports in Goods, in the Palestinian Territory*, 2-28 (Millions USD) Imports Exports Percentage Contribution to GDP by Economic Activity in the Palestinian Territory* for the Year 29** at Constant Prices: 24 is the Base Year (%) 3,5 3, 2,5 2, 1,5 1, Agriculture and fishing 4.8 Mining, manufacturing, electr. and water 14.6 Construction 7.4 Wholesale and retail trade 1.7 Transport, Storage and Communications 8.7 Financial intermediation 5.5 Services 23.7 Public administration and defense 14.5 Households with employed persons.1 FISIM -5.3 Customs duties 5.8 VAT on imports, net 9.5 *: Data doesn t include those parts of Jerusalem Governorate which were annexed by Israel in Note: (*) Palestinian Territory: Execluding that part of Jerusalem which was annexed after the 1967 occupation by Israel. (**) The data is preliminary and based on quarterly estimates. Source: Palestinian Central Bureau of Statistics, 211. National Accounts Statistics, 29. Ramallah- Palestine. Unemployment Rate in Palestinian Territory* (%) (*) Palestinian Territory: Excluding that part of Jerusalem which was annexed after the 1967 occupation by Israel. PAGE 19

112 SARAJEVO STOCK EXCHANGE In the last year, much attention was given to increase the level of corporate governance of companies listed on SASE. Zlatan Dedic General Manager The year 21 for the Sarajevo Stock Exchange was characterized by the effects of the global financial and economic crises, which were heavely felt in the financial and real sector of BiH. An unfavorable political ambiente, low levels of Foreign Direct Investments coupled with an nonstimulative surrounding for doing business as well as an inadequate commitment to economic reforms could not have positive impacts on the development of the capital market. The privatization of State Owned Enterprises (SEO), including privatizations through the Exchange, was on a minimum level, while private companies and local communities did not have the courage to finance their growth through the capital market. All of this lead to an abstention of investors from the capital market, not only in BiH, but also in the region. An overall lethargy and minimum daily turnovers, which couldn't be alleviated by the newly issued bonds of the Federation of Bosnia Hercegovina, are the main characteristics of the previous period. This unfavourable trends in the Exchange-trading motivated the staff of the Exchange to higher engagement. Activities were taken aimed at increasing the sell-side, ie the offering of new instruments. In line with that, the project "Going public and public offerings" was launched, which targeted the best-known limited liability companies in the Federation of BiH. As a great number of these companies have reached a limit in their development in their current way of organization, they were seen as the prime candidates for going public. Furthermore, the announcements of major investments in the electro-energetic and infrastructure sector in the Federation of BiH led us to regular contacts with the managment of the SEO's from these branches, in an effort to show the possibility to finance some of the projects through the local capital market, ie. through the issuance of corporate bonds. Another project of SASE, called "Municipal bonds" was continued in 21. Although in 21 no municipality has actually issued bonds in order to finance their development, we are confident that the public discussion about this issue, which was launched by SASE, is getting more and more public awareness, and will eventually lead to the first issue of these securities. In the last year, much attention was given to increase the level of corporate governance of companies listed on SASE by means of the "Corporate Governance Scorecard", which was a joint project of SASE and the International Finance Corporation (IFC). Another focus was on the surveillance part and the preparation of measures in order to prevent manipulative behaviour on the market, as well as the increase of visibility and presence of our market on the international investment radar-screens. SASE presented itself on the 25th Aniversary of the Istanbul Stock Exchange; we presented one issuer from our market, JP "Elektroprivreda BiH" d.d. Sarajevo on an international Roadswow held in Vienna. At the same time, SASE and the Wiener Boerse are offering real trading data to the major data-vendors in the world. On the 5th Annual International Conference of the Sarajevo Stock Exchange, titled "Major projects and the capital market", we presented the major projects of the coming investment cycle in FBiH, as well as the possibilities to finance some of the major projects through the issuance of securities. Behind us is the year with the minimum turnover in SASE's history. Nevertheless the fact that in front of us is another difficult year, we hope da the crisis has reached its bottom, and that the year 211. will bring positive trends to the major determinants of the Exchange business. HISTORY AND DEVELOPMENT The Sarajevo Stock Exchange (SASE) was founded in September of 21 by eight brokerage houses and commenced trading on April 12 of 22. SASE is a joint-stock company and a central marketplace for securities trading in the Federation of Bosnia and Herzegovina. Currently it has 13 trading-members, whose headquarters are spread around the Federation of Bosnia and Herzegovina, the majority being in the capital, Sarajevo. SASE calculates and publishes 3 indices. SASX-1 is the main index on the Sarajevo Stock Exchange. In 29, the Free Market, where most of the issuers are listed, was divided into 3 subsegments, with different trading algorithms and different price limits The Prime Free Market is reserved for the 3 most liquid and transparent issuers, and is a step behind the Official market. FUTURE OUTLOOK After a rather sluggish year in 21, there is reason for a more optimistic outlook for 211. Reasons for optimistic expectations in 211 include the announced privatization of State Owned Enterprises (minority and majority stakes) through the Stock Exchange, which would give the market much needed new trading material. Another promising aspect would be the financing of infrastructure and energy projects through public offerings of bonds on the Exchange, as well as the issuance of additional series of state bonds for "frozen foreign savings accounts". The issuance of the first municipal bonds is also only a step away, after the legal boundaries for this step have been removed. Introduction of volatility interruptions: As a result of decreased liquidity on the market, there is a trend that small trades bring volatility to the share prices. A volatility interruption will be triggered in the event of a potential price being outside either of the two pre-defined price ranges around the reference price. The volatility interruption will contribute significantly to the prevention of price jumps and will help to increase price continuity. Delisting of non-traded shares from the market: As a result of the mass-voucher privatization in BiH, many joint-stock companies are listed on the Sarajevo Stock Exchange. Many of them are traded very seldom or even never. The goal is to get companies from the market which are not interested in outside investors, and not interesting to the investment community. Educational / promotional campaign aimed at the following stakeholders on the capital Going public: The financial system in BiH is rather banko-centric, as most of the finance needs of the companies are taken to the commercial banks. Our goal is to show to thecompanies that the capital market is an alternative/supplement for their financing needs. Education of the members of Parliament, the government and the administration: The capital market is still not "discovered" by the main actors of the political life in BiH. Our goal is to educate them, form lines of communication and make them more sensitive to the needs of the capital market as well as the function of a capital market in an market-economy. PAGE 11

113 SARAJEVO STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 4, Aug-1 4, Sep-1 4, Oct-1 5, Nov-1 4, Dec-1 4, Jul Aug Sep Oct Nov Dec 1, , 5, 4, 3, 2, 1, Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Contact Name Mr. Dino Bojic dino.bojic@sase.ba Website * Please refer to page 42 for the Bosnia and Herzegovina country report. PAGE 111

114 STATE COMMODITY & RAW MATERIALS EXCHANGE OF TURKMENISTAN The exchange is one of the most important domestic economic institutions to date and acts as the main body for import and export operations in the country as well as a government regulator. Shaberdi Meredov CEO HISTORY AND DEVELOPMENT The State Commodity and Raw Materials Exchange of Turkmenistan (SC&RME) was created by decree of the President of Turkmenistan, Saparmurat Turkmenbashi, in 29 July The Exchange is one of the most important domestic economic institutions to date and acts as the main body for import and export operations in the country as well as a governmental regulator. There are many indicators of activity regarding the Exchange. During 24, 1,71 export contracts for the sum of US$ 677,577.3 thousand were registered. These figures are indicative of the favorable political and economic situation in Turkmenistan, its rich natural resources, and of utmost importance, the reliability and stability of state organizational structures to attract business from all over the world. SC&RME has relationships with more than 45 countries. Business people from Turkey, Russia, the USA, the UAE, Germany, Great Britain, buy oil products, liquefied gas, cotton fiber, cotton yarn, handmade Turkmen carpets, hides and knitwear from Turkmenistan. An information and analytical system was created for the SC&RME to enable direct operational control of contract execution as well as for information retrieval. The InfoBase database will be developed to allow the retrieval of world quotations on significant commodities in real time and to facilitate potential marketing outlets for domestic commodity production. FUTURE OUTLOOK The following plans are currently underway: further development of external economic links with foreign trade companies; streamlining the uses of PR companies and the services they provide in terms of mass media disclosure; expansion of external contacts with international and regional organizations; simplification of the contract registration procedure; and increasing the level of skill and experience of Exchange staff through interactions between organizations. CONTACT INFORMATION Contact Name Mr. Shaberdi Meredov info@exchange.gov.tm Website PAGE 112

115 STATE COMMODITY & RAW MATERIALS EXCHANGE OF TURKMENISTAN ECONOMIC AND POLITICAL DEVELOPMENTS Politic and Economic Environment Mr Berdymukhamedov has presided over some modest reforms, taking steps to redress some of the more damaging policies implemented by his predecessor, Saparmurad Niyazov. However, prospects for a fundamental shift towards a more liberal political system seem remote. Reforms are not expected to result in a more transparent or democratic political process. The number of deputies in the Mejles (parliament) was increased, ostensibly to ensure better representation of the population, but it enjoys no greater authority than its predecessor. Crucial to Mr Berdymukhamedov's survival in office will be rewarding officials and balancing competing interests ensuring the flow of gas exports, and hence inflows of foreign exchange which underpin the patronage network. This will require a resolution to the dispute with Russia stemming from the shutdown (due to an explosion in early April) of the main gas export pipeline to Russia, halting most Turkmen gas exports for at least three months, and evolving into a dispute over the price of Turkmen gas exports to Russia. The administration is considering taking Turkmenistan some way along the path followed by Kazakhstan: making the country more welcoming to foreign investment, but keeping political liberalisation to a minimum. Although Russia will remain Turkmenistan's largest gas export market in 29-1, it will face growing competition from China, the EU and, potentially, the Middle East. However, with global energy prices set to remain depressed for some time, doubts over the commercial viability of such projects will persist, and will make it more difficult to find the necessary financing, particularly given that many of the EU's larger economies are expected to post negative growth in 29. For this reason, Russia is expected to remain Turkmenistan's largest gas export market for the foreseeable future. China and Turkmenistan are constructing a gas pipeline that will connect the two countries. Turkmenistan says that it will be ready to start pumping gas at end-29, with China eventually expected to import up to 3bn cu metres annually from Turkmenistan along this route. Turkmenistan will also promote closer links with countries in the Middle East, such as Jordan, which will give it further leverage. Economic Performance The IMF has praised the authorities' "prudent" macroeconomic policies, but the loss of a sizeable part of gas export revenue is likely to be placing serious strains on the budget. Despite Mr Berdymukhamedov's stated willingness to contemplate economic reforms, he has in practice presided over few reformist measures in his two years in office. The state retains a dominant role in all sectors of the economy, and relies on subsidies, price controls, and the free provision of utilities, to keep the economy afloat. State control over the leading economic sectors remains tight, the public finances remain opaque, and monetary policy remains rudimentary. Some policy changes are possible in the hydrocarbons sector; recognising the country's technological and financial limitations in development of the sector, the president has been more receptive to foreign oil and gas companies wishing to invest in the industry. Companies from countries such as Russia and China, having greater experience of operating in Turkmenistan, will be well prepared to work within existing constraints. Serious restrictions on liquidity, especially in 29, are likely to limit Russian investment. Owing to likely losses to budget revenue from the disruption to gas exports from early April, it is forecast a deficit equivalent to 1% of GDP in 29, up from our previous forecast of.1%. The deficit is expected to decline moderately in 21, to.5% of GDP. Despite evidence that the global economy is stabilising, the outlook remains extremely subdued. After posting estimated growth of 3% in 28, the economy is expected to contract by 5% in 29. Russian investment will be lower than in recent years. Chinese investment into the Turkmen hydrocarbons sector will provide some support for the economy, but investment from other sources will remain minimal. Agricultural output should improve from 29 owing to the weak base established in 27-8, but the sector will continue to experience serious difficulties because of the lack of reform. Estimated inflation in 28 accelerated to 13% due to large increases in prices of fuel and public transport, as well as higher prices for imported foodstuffs. The rate is expected to accelerate further in 29, to 15%; although global non-oil commodity prices are forecast to fall, the price of imported goods will be pushed upwards by the devaluation and redenomination of the manat. Base effects should allow consumer price inflation to decelerate to around 12% in 21. A current-account surplus was estimated at US$4.7bn in 28, equivalent to more than 5% of GDP, and is expected to continue to post substantial, although smaller, surpluses throughout the forecast period. Price trends for imports of capital goods are favourable, and the devaluation of the official exchange rate and restrictions on access to foreign exchange, in conjunction with tariff and nontariff barriers, will keep import growth muted. Export revenue will be lower. Reliance on imported services in sectors such as construction and hydrocarbons will result in moderate growth in services debits. Transit trade will provide only limited services credits, ensuring that the services deficit remains relatively large. Gas exports will keep the overall current account in strong surplus albeit substantially lower than previously forecast.* * The Economist Intelligence Unit Limited, July 29 REAL GDP (TMM millions) CONSUMER PRICES (% CHANGE PA; AV) (%) PAGE 113

116 STATE COMMODITY & RAW MATERIALS EXCHANGE OF TURKMENISTAN TURKMENISTAN ECONOMIC CHARTS AND TABLES Nominal GDP (US$ at PPP) bil US$ 5 6 (a) 7 (a) 7 7 (a) 7 (b) Real GDP bil TMM 2 (a) 21 (a) 23 (a) 23 (a) 22 (a) 23 (b) Real private consumption bil TMM n/a n/a n/a n/a n/a n/a Real government consumption bil TMM n/a n/a n/a n/a n/a n/a Real gross fixed investment bil TMM n/a n/a n/a n/a n/a n/a Real stockbuilding bil TMM n/a n/a n/a n/a n/a n/a Real exports of G&S bil TMM 14 (a) 14 (a) 16 (a) 15 (a) 11 (a) 13 (b) Real imports of G&S bil TMM 15 (a) 16 (a) 21 (a) 2 (a) 14 (a) 16 (b) Real domestic demand bil TMM 11 (a) 13 (a) 17 (a) 18 (a) 14 (a) 16 (b) Real GDP at factor cost bil TMM (a) (a) (a) (b) Real agriculture bil TMM (a) (a) (a) (b) Real industry bil TMM (a) (a) (a) (b) Real manufacturing bil TMM n/a n/a n/a n/a n/a n/a Real services bil TMM (a) (a) (a) (b) Gross national savings rate (%) % 48.2 (a) 6.6 (a) 47.5 (a) 58.8 (a) 22.8 (a) 36.1 (b) Gross national savings/investment % (a) 83.7 (a) (a) -1,39.9 (a) (a) (b) Budget balance (% of GDP) %.8 (a) 5.3 (a) 3.9 (a) 3.2 (a) -2. (a) 1. (b) Consumer prices (% change pa; av) % 1.7 (a) 8.2 (a) 6.3 (a) 13. (a) 1. (a) 12. (b) Exchange rate LCU:US$ (av) TMM/US$ 2.23 (a) (a) (a) (a) 2.85 (a) 2.85 (b) Lending interest rate (%) % (a) 17. (a) 17. (a) 15. (a) 17.5 (b) Stock of domestic credit bil TMM (a) 6 (b) Domestic credit growth (%) % (a) 38.9 (a) -5.2 (a) 15.4 (b) Deposit interest rate (%) % (a) 11. (a) 1. (a) 8. (a) 9.5 (b) Population million (a) 4.9 (a) 4.9 (b) GDP per head ($ at PPP) US$ 1 1 (a) 1 (a) 1 (a) 1 (a) 1 (b) Current account balance/gdp % 19.2 (a) 53. (a) 4.4 (a) 63.3 (a) 13.4 (a) 23.9 (b) International reserves bil US$ (a) 14 (a) 9 (a) 11 (b) Trade balance bil US$ (a) 4 (b) Foreign-exchange reserves bil US$ (a) 14 (a) 9 (a) 11c Total foreign debt bil US$ n/a n/a n/a n/a n/a n/a Public medium & long-term bil US$ n/a n/a n/a n/a n/a n/a Private medium & long-term bil US$ n/a n/a n/a n/a n/a n/a IMF debt bil US$ n/a n/a n/a n/a n/a n/a Short term bil US$ n/a n/a n/a n/a n/a n/a Net debt bil US$ n/a n/a n/a n/a n/a n/a Export credits bil US$ n/a n/a n/a n/a n/a n/a (a) Estimate (b) Forecast The Economist Intelligence Unit Limited, December 29 PAGE 114

117 TEHRAN STOCK EXCHANGE Hassan Ghalibaf CEO Tehran Stock Exchange (TSE) is one of the largest growing markets in the Middle East with 341 listed companies and 87 securities firms (as of December 21). Tehran Stock Exchange (TSE) is one of the largest growing markets in the Middle East with 341 listed companies and 87 securities firms (as of December 21). TSE has recently finalized its five-year Strategic Plan under the vision of An Excellent Exchange in the Region and a Driver for Economic Growth in the Country. This plan also determines Mission, Values, Objectives, and Strategies. The Strategic Plan exemplifies our dedication to quality and demonstrates our commitment to keep our markets in line with the evolving world standards. Under the three concepts of transparency, efficiency and integrity, our efforts are directed to activating the market by discovering local companies through TSE comprehensive marketing plan and developing new projects such as educational programs for promoting public investment culture in the country and plan for obtaining ISO 271 certification for TSE's IT Security Management System. Our response to the challenges is to pay special attention to sustaining and improving the attractiveness and competitiveness of our market, with liquidity and efficiency. While addressing them, we also take the opportunity to secure some notable advances for TSE and increase our attractiveness for both issuers and investors. We embarked on significant market and regulatory reforms to facilitate raising capital by issuers. TSE continues to strive for the establishment of a strong presence as a major global exchange. In promoting international relationship and creating opportunities, we are discussing with index providers to enhance our benchmark index. Online trading as a new service will be supported in Tehran Stock Exchange with a highly efficient, modern, and user-friendly system, which will allow customers to place their orders directly to the Exchange's trading system and set their own bid/ask prices from all over the world. This facility offers brokers the opportunity to concentrate more on the added value services, such as professional advisory and market analysis and lower their operating costs. We are committed to safeguarding and expanding the investments of our clients by utilizing all our resources and maximizing the stakeholder's benefits. That is designed to evolve alongside the emerging trends in the international markets. At TSE, sustainable improvement is an unending process. We strive to adopt the highest standards of the operations and quality control, according to the international standards and are constantly upgrading the expertise of our team. HISTORY AND DEVELOPMENT Tehran Stock Exchange (TSE) was founded in 1967, by starting with only six listed companies. Since then, the Exchange has experienced considerable changes in the path of development. Today, three years after its demutualization, which took place on 6 December 26, TSE has gradually demonstrated its potentiality as a leading Exchange in the region and developed into an ever-growing marketplace, including more than three hundred listed companies with a market capitalization of above US$ 6 billion. The mission is setting the agenda for the change in the Iranian securities markets. TSE must be more than a mere market facilitator and ought to be able to guide industries towards new horizons and greater opportunities, as it is actually doing through the strict regulations and listing standards. TSE is aiming at promoting the Iranian Capital Market to respond to the socio-economic development needs of the nation. The Exchange helps and stimulates industrial, as well as economic growth and development of the country's financial sector. TSE is preparing to maintain a strong and transparent market in order to give opportunity to the investors to convert their cash into securities at a fair and honest price and vice versa, and is developing to become a highly liquid secondary market for securities to raise funds and win confidence from all stakeholders. TSE is planning to operate as a world-class marketplace for Iranian securities and derivatives products. It strives to offer issuers access to a wide national marketplace. It must make a contribution to Iran's status as an economy, which intends to open-up to international financial centers. By servicing Iran's substantial long-term demand for capital and exchange services in accordance with international standards and practices, it is believed that TSE has the potential to become one of the pre-eminent Exchanges in the Persian Gulf area. Privatization, as a priority is both followed by the State and managed by TSE on the one hand, to facilitate the economic reforms, and on the other one, to improve and support the Iranian securities market. In this fashion, among the floated companies since January 29, shares of some state-owned banks and insurance companies were traded for the first time in the Exchange. For the coming year, introducing derivatives is in the agenda. FUTURE OUTLOOK In the year 211, Tehran Stock Exchange will make efforts to implement its Strategic Plan which exemplifies our dedication to quality and demonstrates our commitment to keep our markets in line with evolving world standards. The Strategic Plan determines our vision; "To become an excellent Exchange in the region and a driver for economic growth in the country" by increasing the share of the capital market in the local economy, effective execution of regulations for market integrity and protecting the investors, employing new technologies and practices for broadening the market, developing the finance literacy and public investment culture in the country, facilitating access to the market through employing the latest IT techniques, and considering the principles of accountability and transparency and improve the communication between TSE and its stakeholders to further strengthening their trust in the market. Under the three concepts of "transparency", "efficiency" and "integrity", our efforts are directed to attract the big companies to be listed in the market through TSE's comprehensive marketing plan and developing new projects such as educational programs for promoting public investment culture in the country and plan for obtaining ISO271 certification for its IT Security Management System. In addition, TSE will also provide the potentials for designing more investment products such as exchange traded funds (ETFs) and index-based derivatives instruments that Tehran Stock Exchange has planned to introduce this year. We are working on the expansion of risk-hedge functions, as the trading products in response to investors' needs are extended. PAGE 115

118 TEHRAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL.... Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Jul Aug Sep Oct Nov Dec Contact Name Mr. M. E. Jahandoost int@ts .com Website PAGE 116

119 TEHRAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Economic and Political Environment In many ways, Iran is considered as a good venue for investment and business. Geographically, it is located in a unique strategic point in the Middle East, connecting Asia to Europe. Iran, with a population of over 72 million has a broad domestic market is a quick access to neighboring markets. The country utilizes huge diversified resources of trained and efficient manpower. Also there is a welldeveloped network of infrastructure across the country in areas of telecommunications, energy, and road and rail transportration. Another benefit for investing in Iran is its huge and diversified reserves of raw materials and natural resources such as oil, gas and basic metals. Having four seasons weather is an advantage for agricultural activities in all seasons throughout the country. Currently Iran's economy is the sixteenth largest economy in the world in term of purchasing power parity (PPP). Iran's economy is an emerging economy with a large public sector, including about 5% of the economy. Iran's exports is based on oil and gas (8%), and in 21 nearly 6% of government revenue resulted from these resources. Iran's economy is one of the major economies, which is not severely affected from the financial crises. Reaching the economic independence, full employment and creating a comfortable and standard living for citizens are the main longterm goals of Iran. Of course, the country faced with many obstacles for meeting these goals, especially in 21. In the late 21, and in line with the transition from a developing economy, the fifth development plan is in the final stage of finalization as a road map for developing country in the next five years. Many issues have been examined in this plan, including weaknesses in the business space, requirements for economic stability, transparency and the motivation of entrepreneurs. In addition, the strategic plan includes a set of monetary, financial, budgetary, commercial, employment, industrial, agricultural policies and also issues focus on legal and judicial protection of investors. It seems, with getting experience of past policies and programs, Iranian authorities are providing an appropriate framework for the presence of entrepreneurs and investors in the different areas. Also, for encouraging foreign investors, the new foreign investment bylaw has been passed based on international standards. This bylaw provides full security and support for foreign investment in Iran. With growing oil prices in recent years, Iran has this possibility to earn USD 97 billion per year from oil export. This revenue growth result in the self-esteem and increased domestic investment. Based on Iran central bank's statistics, inflation in 21 has decreased to 11.5% and economy has experienced 1.5% growth. In 21, GDP reached to USD based on official exchange rate and USD 827 based on purchase power parity rate (PPP). According to PPP rate, in that year, Iranians earned USD 12,9 per capita. In 28, these figures were 6.4%, USD billion, USD billion and USD 13, respectively. The general economic policies, ratified during recent years, to some extent were facing with oppositions in implementation; however, establishing the standard infrastructure will help for further transparency and economic savings in Iran. Based on World Bank report in 28, Iran's GDP grew 7.8% in that year, which rose the figure regarding purchasing power parity to about USD billion, spotting the country's economic at the 16th level, after Australia, and above the Netherlands, Sweden and Belgium. Share of agriculture, industry and service sectors in Iranian economy in 29 were respectively, 1.9, 45.2 and 43.9%. The two former sectors rose.1 and.9%, respectively, comparing 28, but service sector dropped about 1%. Iran's workforce population was reckoned as 25.2 million in 29, and the unemployment rate with some increase than 28, reached 11.8%. The figure was reported 1.3% in 28. The country's workforce population has ranked 23 among 22 countries and free zone regions, and its unemployment rate is 128th in the world. The inflation rate was reported 13.5 in 29 with a sharp decline than 25% in 28. Iran was ranked 81 in absorbing FDI and 7 for investment on other countries. Total investment in the country in 29 had 27.7% growth and its GDP stood as the global 31st biggest one in this regard. Regarding the current account balance, a sharp decrease occurred in 29 from USD 2 billion to USD 2.2 billion. Iran's total gold and foreign exchange reserve was USD billion at the end of 29, which was the global 14th largest reserve. The foreign debts accounted for USD 18.7 billion in 29, a decline from USD 21 billion, a year precedent. Iran's total foreign debt is the global 69th. Iran's capital market had an amazing 21 year. New records were set, more liquidity were injected, and better business environment in the listed companies made the investment atmosphere more transparent, and TSE experienced considerable growth in most of its indicators. During the last year, Tehran Stock Exchange's main index rose about 5% and its market capitalization reached an unprecedented USD 87 billion. Newly ratified regulations at the capital market, as well as foreign investment bylaw's revision have provided economic practitioners with suitable conditions for investment in Iran. Information obtained from the Exchange. Key Information Contacts Tehran Stock Exchange Corporation; Securities and Exchange Organization; Iranian Privatization Organization; TSE s Technology Management Company; Central Bank of the Islamic Republic of Iran; Iranian Chamber of Commerce, Industries and Mines (ICCIM); Organization for Investment, Economic & technical Assistance (OIETAI) a division of the Ministry of Finance; PAGE 117

120 TIRANA STOCK EXCHANGE Anila Fureraj General Manager The development of transparent capital market, based on international standards and activation of capital market as a trading platform for different financial instruments, is the main objective of TSE. Tirana Stock Exchange is the only securities market in Albania. The development of transparent capital market, based on international standards and activation of capital market as a trading platform for different financial instruments, is the main objective of TSE. The presence of an active domestic capital market and efficient, would give companies the option to increase capital by understanding that brings real benefits for the capital market. An active and efficient capital market will expand the capital market in Albania by providing various investment opportunities and mechanisms to ensure efficient and transparent pricing will increase access to finance for Albanian companies. As requirement of new law On Securities were draw the Rules of Tirana Stock Exchange that was approved by Financial Supervisory Authority Board. In these rules are include in a systematic manner rules of membership, listing, trading, clearing and settlement of transaction on securities that will be trading in Tirana Stock Exchange. Rules of Tirana Stock Exchange were prepared and adapted with contemporary general principals for functioning of capital market of European countries and have like purpose protections of investors and ensure a full transparency of companies that will be listing in Exchange, protection of minor stakeholders interests and ensure the equal treatment for all shareholders, application of International Standard of Accounting for all companies that be listing in Exchange and prevention of illegal practice in trading securities on Exchange. The capital market needs for particularly attention from business. Till offer and demand for the market product will be in continuously in development, than time is coming that activity of this market will grow and will be useful for participant of this market. HISTORY AND DEVELOPMENT TSE is the first and the only stock exchange in Albania, established in 1996 originally as a department of Bank of Albania (BoA). The activity at hand, at that time, was the trading of the T-Bills with 12 months-to-maturity, five series of government bonds and privatization vouchers. It also held out the primary auctions for Treasury Bills until August 1st, 1998, than this market moved to Monetary Operations Department, at BoA. In March 22, TSE was structured as a joint venture company and a state owned one, with the only shareholder Minister of Finance (1% of the shares). It s authorized and subscribed Capital is equal to 2,, lek (~EUR163,) with a no. of shares of 2,. On , after several periodical - limited licenses since 22, the Albanian Financial Authority, granted Tirana Stock Exchange with an infinite validity license. The license empowers TSE To operate as a securities market for the trading of Government / Corporate Debt Securities and Capital securities with no time restriction. Market Structure -Trading TSE is an order-driven open outcry call market which uses a manual trading system with physical presence of licensed commissioners (members) on the trading floor. There is no electronic trading system so far. Securities prices on the trading sessions are set according to single price method, while trading is held: - Every Monday and Wednesday, from , for the official market. - Every Friday for trading in the parallel market. The eligible tradable instruments are: shares, government papers and corporate bonds. In order to trade, TSE commissioners should be physically presented in the trading sessions. Each trading session is conducted in two rounds. Organized as an auction market, TSE calculates a single price for each tradable instrument, at the end of each trading day. Clearing and settlement for every type of securities traded at TSE, is done on a net basis within T+3, in full accordance with Delivery versus Payment DVP principle. Clearing and settlement for transactions executed at TSE is done in cooperation with second tier commercial banks and Albanian Share Registrar for joint-stock company shares. Membership TSE records 4 licensed members, two commercial banks and two private companies, which offer brokerage services for investors. FUTURE OUTLOOK Activating the securities market as a common trading platform for several financial instruments, will be the strategic objective of the TSE. Achievement of such an important goal shall be carried out through: Working closely with and assisting in the continuance of domestic top level businesses, TSE members, etc. to make them aware of advantages the securities market may offer them as well as providing these stockholders with necessary information, in order to be listed at TSE, Bilateral negotiations with Albanian Government towards the inclusion of TSE in the privatization process of the state-owned enterprises (SOEs). These negotiations will cover identification of potential strategic and non-strategic state owned companies, which can be privatized through IPO, Negotiation and cooperation with both, MoF and AFSA towards the compilation of legal and fiscal incentives, which are deemed necessary to encourage private companies to raise their capital through IPO s and TSE listing, Performance of a marketing campaign, in full compliance with the marketing program compiled by TSE with a final objective to attract domestic business at exchange listing; In cooperation with AFSA, carrying out of a continued public education & information Campaign regarding the securities market and advantages that provides its use; Improvement of information technology at TSE in order to make it possible to provide the market with an appropriate Electronic Trading System for securities; Keeping fruitful cooperation with institutions in the region, regarding the exchange of experiences and staff training, targeting further improvement of human resources capacity within the filed of securities market PAGE 118

121 TIRANA STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-1 n/a n/a n/a n/a Aug-1 n/a n/a n/a n/a Sep-1 n/a n/a n/a n/a Oct-1 n/a n/a n/a n/a Nov-1 n/a n/a n/a n/a Dec-1 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Bonds Jul-1 n/a n/a n/a n/a Aug-1 n/a n/a n/a n/a Sep-1 n/a n/a n/a n/a Oct-1 n/a n/a n/a n/a Nov-1 n/a n/a n/a n/a Dec-1 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other Jul-1 n/a n/a n/a n/a Aug-1 n/a n/a n/a n/a Sep-1 n/a n/a n/a n/a Oct-1 n/a n/a n/a n/a Nov-1 n/a n/a n/a n/a Dec-1 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a * The TSE is trading debt instruments only at this time, but there is no volume to-date. Market Capitalization Index 5-YEAR CURRENCY EXCHANGE 21-MONTHLY CURRENCY EXCHANGE Jul-1 n/a n/a Aug-1 n/a n/a Sep-1 n/a n/a Oct-1 n/a n/a Nov-1 n/a n/a Dec-1 n/a n/a J F M A M J J A S O N D CONTACT INFORMATION Contact Name Ms. Anila Fureraj afureraj@tse.com.al Website PAGE 119

122 TIRANA STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Political Environment Real Sector Nominal GDP 21 (in billion lek) (MoF estimations) 1,228.1 Real growth of GDP 21 (%) (MoF estimations) Consumer Price Index (monthly change %), December 1/November Consumer Price Index (annual change %), December 1/Decembere Unemployment rate Q3 21 (%) Foreign Trade Export of goods (in million lek) 161,55 Import of goods (in million lek) 478,78 Trade balance - 317,23 Public Finance (preliminary) Total revenues (in million lek) 324,891 Total expenditures (in million lek) 361,535 Fiscal Balance (in million lek) -36,644 Financial Markets Average exchange rates EURO USD Yield of 3-month t-bills (%) 5.28 Yield of 6-month t-bills (%) 6.41 Yield of 12-month t-bills (%) 7.8 Consumer Price Index In December 21 the Consumer Price Index was 19.5% against December 27. The CPI in this month has increased 2.2% compared to the previous month. The annual change of CPI for December was 3.4%. In December price of diesel signed an increase of 4.2% and the price of petrol increased by 4.%. The index of Food and non alcoholic beverage group signed the biggest increase of 4.6%; while the monthly changes price index in the other groups varies from +.1 per cent to percent. Total Revenues Total revenues, during December 21 reached billion Lek, or 2.6% less than the forecast; or 8.7% more than the same month last year. Tax revenues in the end of this period were billion Lek, or 3.4% less than the forecast; or 6.6% more than the same month last year. Total Expenditures Total expenditures were billion Lek at the end of December 21, or 2.8% less than the forecast (4.8% less than last year). Current expenditures were 1.6% less than the forecast and 5.6% more than the same month last year, while capital expenditures were 6.1% less than the forecast (29.8% less than the same month of 29). Exchange Rate During December 21 the exchange rate of our national currency with Euro has decreased by.1 percent compared with the previous month, and has increased with the American currency by 3.6 percent compared with the previous month. At the beginning of December we could exchange 1 Euro with Lek and at the end 1 Euro was exchange with Lek, while 1 USD was exchanged with 16.1 Lek. At the end of this month 1 USD was exchanged with 14. Lek. During December 1 the average exchange rates were: EURO Lek USD Lek Information obtained from the Exchange. Key Information Contacts Bank of Albania Ministry of Finance Albanian Institute of Statistics Albanian Financial Supervisory Authority Ministry of Economy PAGE 12

123 TOSHKENT REPUBLICAN STOCK EXCHANGE In 26 the TRSE plans to increase the volume of trade with securities. Most importantly, we will carry out technical modernization of the system of electronic exchange trades. Maximilian Khvan Chairman As a result of all of the hard work of the staff of the Toshkent Republican Stock Exchange (TRSE) in 25, the TRSE has achieved certain positive results. In year 25, 5814 transactions with the shares of 643 joint-stock companies and 9 transactions with corporate bonds have been carried out on the trading platforms of the TRSE. Trade with corporate bonds accounted for 1%; Shares of the privatized state enterprises accounted for 3.5%; Shares of the privatized state enterprises obtained by foreign investors for the hard currency accounted for 1.2%; IPOs and other additional issued shares of the joint-stock companies for national currency as well as for the hard currency accounted for 4.1%; Shares in the secondary market accounted for 38.7%; and Shares in the secondary market obtained by foreign investors for hard currency accounted for 24.5% of the total volume. Although in comparison with the corresponding period of 24, the trading volume of shares has increased slightly, the trading volume of shares for hard currency has increased 7.4%. Our efforts about the increase of the secondary market have been proving themselves. In the year 25 trade volume with shares in the secondary market increased 15%. We expect that the further development of the secondary market will keep this pace. Currently, there are securities of 7 companies in circulation in the secondary market, which should considerably increase the share of securities in the secondary market. In 26 the TRSE plans to increase the volume of trade with securities. Most importantly, we will carry out technical modernization of the system of electronic exchange trades: 1. Perfection of the technology of exchange trades: First, the TRSE will create of a platform for the secondary circulation of shares in the secondary market, working on technology based on simple auction. Second, the TRSE will create a special platform on fulfillment of transactions. 2. Modernization by updating the equipment. The TRSE will complete modernization of equipment in all branches and in the exchange itself. 3. Modernization of trading system of the TRSE. The TRSE will translate into a new technological platform the whole trading system of the Stock Exchange and create a uniform database. Further the TRSE will endeavor to open facilities for regional broker offices to access the trading system from distance and implement maintenance of a closed network of data transmission for all regional branches. HISTORY AND DEVELOPMENT A stock department was established in 1991, which became a pioneer of Uzbekistan s securities market, and was eventually transformed in 1994 into the Toshkent Republican Stock Exchange (TRSE), a closed joint-stock company. The TRSE became an open joint-stock company in Establishment of the TRSE was closely connected to its market performance and a policy of establishing public joint-stock companies on the basis of privatized government enterprises. Currently, the TRSE has 39 shareholders. Throughout its development, the TRSE completed a complex infrastructure, a central office in Tashkent, and branches and brokerage offices in all regions nationwide. In 1994, 12 brokerage offices were members of the Exchange and as of the 1 July 25, this number had increased to 61. On 1 February 1998, a listing procedure was introduced. On 1 September 1998, shares of the first listed company began trading on the TRSE. A specialized trading platform, for the purpose of selling shares of privatized enterprises to foreign investors for hard currency, was launched on 1 January In 21, work on Exchange information and electronic trading systems continued. The website started operations in 21, and today the TRSE continues work on a transition to modern web-technology trading. In addition, the website reflects daily information on IPOs and other JSCs. Investors may follow all the current changes and information on listed companies, share price and amounts standing out. In 23 new listing procedures were adopted at the TRSE where the requirements for the official as well as unofficial listing were stated. Currently the four largest companies of Uzbekistan are listed in Class A of the official listing. Founded 12 years ago as Uzbekistan s first stock exchange, the TRSE is actively taking part, always keeping in mind its major role, in the development of the Uzbek capital market. FUTURE OUTLOOK The priority directions of the development of the TRSE in 26 will become the opening of an additional trade sections on transactions for shares of unlisted companies. Additionally, the TRSE is planning to change the software system and bring it to standards in accordance with Rules of the Stock Exchange, as well as prepare new, more complex software, in particular: development of the module on conclusion of turnip-deals, based on technology of continual double auction; modernization of software system, based on technologies of the simple auction; and full modernization of software system of the TRSE, with transition on new technical platform. PAGE 121

124 TOSHKENT REPUBLICAN STOCK EXCHANGE 21 TRADING VOLUME (UZS millions) 21 TRADING VOLUME J F M A M J J A S O N D J F M A M J J A S O N D TASIX INDEX J F M A M J J A S O N D CONTACT INFORMATION Contact Name Mr. Maximilian Khvan info@uzse.uz Website PAGE 122

125 TOSHKENT REPUBLICAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Economic and Political Environment Despite the global recession and economic contraction among its major trading partners, Uzbekistan continued its strong economic performance in 29 with GDP growth of 8.1%. The economy was affected by the recession through weaker external demand and lower remittance inflows. The government responded to the recession early with a large-scale anticrisis program for , which was adopted at end-28. Measures included substantial public infrastructure investment, tax preferences to exporting industries and small and mediumsized enterprises, increases in public sector wages, and recapitalization of commercial banks. The program was financed through the government budget, state-owned enterprises (SOEs), and the Fund for Reconstruction and Development (FRD), a sovereign wealth management fund established in 26. Healthy budget revenues and good export performance of gold and natural gas supported the program s implementation. As a result, GDP growth was sustained by output gains in industry, including construction (11.2%) and services (14.%). Nonconstruction industrial growth is attributable to increased production of hydrocarbons, machinery, and chemicals, which together accounted for 42% of total industrial production. These three subsectors combined posted growth of 13.1%. The performance of other industrial subsectors was more modest, with the output of nonferrous metallurgy (mainly gold, silver, and copper) growing by 2.6%. Within industry, construction shot up by 33.1%. This gain was driven primarily by an increase in fixed capital investment. According to official data, such investment rose by 24.8% in 29. Construction output was lifted by public infrastructure development projects in rural areas. Notable sources of construction demand were large SOEs under governmentled sector modernization and renovation programs (primarily manufacturing and mining). The share of fixed capital investment in GDP increased from 23.% in 28 to an estimated 26.1% in 29. Rapidly growing telecommunications and financial markets were one of the major contributors to growth in services: mobile subscriber numbers have increased 1-fold in less than 4 years. The financial services market is growing fast in areas of microfinancing and bank debit card processing. In response to rising demand for credit from microenterprises, especially in rural areas, the volume of microfinance lending reached $2 million in 29. The government reported that foreign direct investment in 29 increased by 8% from 28. The bulk of the increase came from expansion of activities in the hydrocarbons and communications sectors. In December 28, the government established the first free industrialeconomic zone in the Navoi region (FIEZ Navoi), which provides tax and customs preferential facilities for foreign investors. By end-29, the government had signed 37 investment agreements with various foreign investors for FIEZ Navoi amounting to more than $5 million. The first investment outlays are expected this year. The latest estimate of the year-average consumer price index by the International Monetary Fund is 12.5%. Broad money growth is estimated at 34.% in 29. The depreciation of the local currency supported exports. Sharp falls in the Kazakhstan tenge and Russian ruble against their respective major trade partners added downward pressure on the nominal exchange rate. The main elements of the anticrisis program implemented through fiscal policy were recapitalization of commercial banks to support lending; increased public infrastructure development to support job creation; and tax exemptions to support exporting industries and small and mediumsized enterprises. The government also increased public sector wages by 4% on average in 29. These expenditures were offset by strong revenue receipts stemming from high export prices (especially for gold and gas) and tax reforms. The general government budget is estimated to have posted a surplus of.2% of GDP in 29. Including the FRD, the consolidated budget surplus is estimated at 4.4% of GDP The crisis had impacts on exports and remittances. Exports to Uzbekistan s main markets, namely Kazakhstan, the Russian Federation, and Ukraine, and remittances from Kazakhstan and the Russian Federation, were heavily affected. Nonhydrocarbon exports contracted by 11% in 29. Machinery (with a 61% decrease to $341 million) and cotton (a 6% drop to $1. billion) were among the worst hit, but their lower export revenues were offset by strong global demand for gold and income from natural gas sales to the Russian Federation (the largest customer). Hydrocarbon exports increased by 41% to $4. billion. With the gold and gas prices hitting records, export revenue increased by about 2.% relative to 28. The growth of imports is estimated at 25.8% in 29. As in past years, machinery and equipment were the largest import items, reflecting infrastructure development. The sharp fall in export growth, increased imports, and lower remittances cut the current account surplus to an estimated 12.% of GDP at end-29, down from 16.7% in 28 In the framework of its anticrisis program for , the government will continue its infrastructure development initiatives as well as sector modernization programs. This implies significant investment commitments, most of which will be financed by domestic banks, the FRD, and SOEs. Domestic investments by SOEs will be geared toward the hydrocarbon, energy, chemical, and transport sectors. Foreign direct investment will also provide important financing for investment. The government s investment program envisages a $2.4 billion inflow of foreign direct investment in 21, out of which $2. billion will be directed to hydrocarbons. In April 29, the national oil and gas company, Uzbekneftegaz, established a $2.5 billion international joint venture to produce gas-to-liquid synthetic fuel. Due to the active industrial policy, foreign investments are expected to increase steadily in the near future. At FIEZ Navoi, 16 investment projects for a total amount of $2 million are forecast to start in 21. A major part of the foreign investment is expected to be from Asia and the Middle East. The government plans to attract about $1. billion of investment into FIEZ Navoi in the medium term. It has supported the private sector through reductions in rates of unified and fixed taxes, as well as value-added tax refunds and soft loans through commercial banks for exporters. Key Information Contacts State Property Committee Ministry of Finance National Bank of Uzbekistan State Central Securities Depository Portal of the State Authority PAGE 123

126 TOSHKENT REPUBLICAN STOCK EXCHANGE Economic prospects Due to the economic recovery of the major trading partners as well as the government s active industrial policies, improved export performance and higher investment inflows are expected to be major drivers of growth in the forecast period (at 8.5% and 9.%). International prices for Uzbekistan s major export commodities look favorable in 21 and 211 The downside risks to these forecasts lie in external factors related to the situations in the main trading partners, as well as persistent fundamental imbalances in industrial countries. On the domestic side, timely implementation of the investment program and continued efforts on sector modernization would ensure intended outcomes of the government s anticrisis program. Well-designed public and private investment, including commercial bank lending, will benefit a broader population through improved access to credit and increased employment opportunities. The government will continue increasing its social and infrastructure expenditures while broadening the tax base and reducing tax rates. The 21 budget, approved by Parliament at end-december 29, envisages increasing these expenditures to 13.5% of GDP in 21, up from an estimated 11.5% in 29. The rates of both corporate and personal income taxes will be decreased to stimulate business investment and private consumption. The corporate and personal income tax rates will fall by 1 percentage point to bring rates to 9% for corporations, 8% for small businesses, and 11% for individuals. The revenue will be sustained by the recovery in international commodity prices for certain exports that weakened in 29, counterbalancing the increasing expenditures. The consolidated budget, including the FRD, is seen posting a surplus of 5.5% of GDP in 21 and 6.5% of GDP in 211. Investment will also be boosted by increased bank lending and FRD resources. The banking sector increased its lending to small businesses by 5% in 29, and this trend is expected to continue in 21 and 211 in light of significant demand for small and microlending. A new direction in the investment activities will be residential construction. The rural residential housing construction program for 21 plans to allocate up to SUM588.7 billion ($39 million) for this purpose. A large portion of funding will come from the new Rural Construction Bank, established in 29, in which the government is the majority shareholder. Strong external demand and rising exports will stimulate growth in net foreign assets and the money supply, creating inflation pressures that will be boosted by the large increases in public sector wages. It is expected that nominal depreciation of the sum will be gradual. Thus, fully sterilizing the excess liquidity from the large foreign exchange inflows may be a challenge. As a result of these factors, the government forecasts inflation at about 9% in The gradual recovery of the global economy and expected growth of world trade will underpin the current account surplus. The country will benefit from the international prices of its main export commodities, which will stay high on rebound. Export gains will be partly offset by rising imports. Import growth will be determined mainly by demand for inputs into modernization of manufacturing and public infrastructure development, and by higher global commodity prices. The current account surplus is forecast at 13.% in 21 and 14.% in 211. Information obtained from the Exchange. PAGE 124

127 UKRAINIAN STOCK EXCHANGE Valentin Oskolsky Chairman of the Board The USE activity throughout the year was focused on improvement of trading technology, widening the number of market instruments and supplementing the market information. Trading value of the Ukrainian Stock Exchange (USE) in 27 amounted to US$ 16.8 million. If we analyze trading structure by market instrument, we can see that trading value for derivatives increased to 15.5% from.5% in 26, but trading value for corporate bonds decreased to 17.3% in 27 from 53% in 26. The most traded instrument was state-owned shares. The USE activity throughout the year was focused on improvement of trading technology, widening the number of market instruments and supplementing the market information. The USE also provides educational activity. The USE is a co-founder of the Kiev Slavonic University continued its work with students, through the Securities Chair. Starting from 22 there has been a Student Stock Exchange at the USE. Every student has an opportunity to become an exchange specialist and then a broker. Through gaining theoretical and practical knowledge and accumulating experience, students realize the importance of capital markets and can better make their choice of future professions. It is our belief that the USE has chosen a strategy that will gradually result in transparent, liquid, investment and an attractive capital market. HISTORY AND DEVELOPMENT The USE is a pioneer in the capital market of Ukraine, created according to Law on Securities and the Stock Exchange, and registered by decision of the Cabinet of Ministers on 29 October The USE is a closed joint-stock company with an authorized capital divided into 288 ordinary nominal shares belonging to legal entities. In 1997, according to the Law On State Regulation of Securities Market in Ukraine, the Securities and Stock Market State Commission re-registered the USE. Since June 1998 the USE has been a selfregulated organization. There are 1 registered brokerage companies as USE members. The USE has 3 branches in the largest Ukrainian regions. The USE is a member of the Coordinating Council for the functioning of securities market charged by the President of Ukraine. It s also a member of the Consulting & Experts Council in the SSMSC, the Ukrainian Chamber of Commerce and Industry, the Academy of Economic Science and the Academy of Engineering Science of Ukraine, the Board of Ukrainian Council on Economic Education and the Ukrainian Community Intelligence of the Nation. Chairman of the Board of USE Mr. Valentin Oskolsky is also President of Union of Economists of Ukraine and President of Article Numbering Association GS1 Ukraine. The USE has created many educational programs in association with the Kiev Slavonic University. The official publication, Hermes, can be found in the daily newspaper Ukraine- Business. FUTURE OUTLOOK Plans for the USE in 28 include: expansion through the System of Electronic Trading (SELT USE) secondary securities turnover and trading the internal state loan bonds; creation of the conditions and basis for formation and development of a derivatives market; taking actions to attract new members to operate in SELT USE; participation in the privatization processes planned to be implemented by the State Privatization Program and the Law of Ukraine On State Budget of Ukraine for 28 ; improvement of technologies for trading State-owned shares of privatized companies; promotion for the attraction of direct national and foreign investments to develop strategically important industry companies during the process of its privatization; development of the electronic documentation turnover and electronic digital signature according to new Ukrainian legislation; development of Exchange information areas, expansion of publishing, scientific, methodical and educational activities in order to prepare specialists for national capital market; and strengthening the international cooperation with foreign stock exchanges and international financial organizations. PAGE 125

128 UKRAINIAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL.... Other Jul Aug Sep Oct Nov Dec TOTAL Market Capitalization Index MONTHLY STOCK VOLUME MONTHLY MARKET CAPITALIZATION Jul n/a Aug n/a Sep n/a Oct n/a Nov-1 1,95.92 n/a Dec-1 1,74.67 n/a CONTACT INFORMATION ,2 1, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec Contact Name Mrs. Hanna Yatsyuk hanna.yatsyuk@ukrse.kiev.ua Website PAGE 126

129 UKRAINIAN STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS After Russia, the Ukrainian republic was far and away the most important economic component of the former Soviet Union, producing about four times the output of the next-ranking republic. Its fertile black soil generated more than one-fourth of Soviet agricultural output, and its farms provided substantial quantities of meat, milk, grain, and vegetables to other republics. Likewise, its diversified heavy industry supplied the unique equipment (for example, large diameter pipes) and raw materials to industrial and mining sites (vertical drilling apparatus) in other regions of the former USSR. Shortly after independence in August 1991, the Ukrainian Government liberalized most prices and erected a legal framework for privatization, but widespread resistance to reform within the government and the legislature soon stalled reform efforts and led to some backtracking. Output by 1999 had fallen to less than 4% of the 1991 level. Ukraine's dependence on Russia for energy supplies and the lack of significant structural reform have made the Ukrainian economy vulnerable to external shocks. Ukraine depends on imports to meet about three-fourths of its annual oil and natural gas requirements and 1% of its nuclear fuel needs. After a two-week dispute that saw gas supplies cutoff to Europe, Ukraine agreed to ten-year gas supply and transit contracts with Russia in January 29 that brought gas prices to "world" levels. The strict terms of the contracts have further hobbled Ukraine's cashstrapped state gas company, Naftohaz. Outside institutions - particularly the IMF - have encouraged Ukraine to quicken the pace and scope of reforms. Ukrainian Government officials eliminated most tax and customs privileges in a March 25 budget law, bringing more economic activity out of Ukraine's large shadow economy, but more improvements are needed, including fighting corruption, developing capital markets, and improving the legislative framework. Ukraine's economy was buoyant despite political turmoil between the prime minister and president until mid-28. Real GDP growth exceeded 7% in 26-7, fueled by high global prices for steel - Ukraine's top export - and by strong domestic consumption, spurred by rising pensions and wages. Ukraine reached an agreement with the IMF for a $16.4 billion Stand-By Arrangement in November 28 to deal with the economic crisis, but the Ukrainian Government's lack of progress in implementing reforms has twice delayed the release of IMF assistance funds. The drop in steel prices and Ukraine's exposure to the global financial crisis due to aggressive foreign borrowing lowered growth in 28 and the economy contracted more than 15% in 29, among the worst economic performances in the world; growth resumed in 21, buoyed by exports. External conditions are likely to hamper efforts for economic recovery in 211. GDP - real growth rate: 4.3% (21 est.) country comparison to the world: % (29 est.) 2.1% (28 est.) [see also: GDP - real growth rate country ranks ] GDP - composition by sector: agriculture: 9.8% Unemployment rate: 8.4% (21 est.) country comparison to the world: % (29 est.) note: officially registered; large number of unregistered or underemployed workers [see also: Unemployment rate country ranks] Inflation rate (consumer prices): 9.8% (21 est.) country comparison to the world: % (29 est.) [see also: Inflation rate (consumer prices) country ranks] Oil - imports: 147,6 bbl/day (29 est.) country comparison to the world: 55 [see also: Oil - imports country ranks] Oil - proved reserves: 395 million bbl (1 January 21 est.) country comparison to the world: 53 [see also: Oil - proved reserves country ranks] Current account balance: $63 million (21 est.) country comparison to the world: 49 -$1.732 billion (29 est.) [see also: Current account balance country ranks] Exports: $49.71 billion (21 est.) country comparison to the world: 53 $4.39 billion (29 est.) [see also: Exports country ranks] Exports - commodities: ferrous and nonferrous metals, fuel and petroleum products, chemicals, machinery and transport equipment, food products Exports - partners: Russia 21.1%, Turkey 5.3%, China 3.8% (29) Imports: $53.54 billion (21 est.) country comparison to the world: 47 $45.5 billion (29 est.) [see also: Imports country ranks] Imports - commodities: energy, machinery and equipment, chemicals Imports - partners: Russia 28%, Germany 8.6%, China 6.1%, Kazakhstan 4.9%, Poland 4.9% (29) Information obtained from the Exchange. Key Information Contacts Securities and Stock Market State Commission Ministry of Finance State Property Fund of Ukraine State Committee of Financial Monitoring State Commission for Regulation of Financial Services Market in Ukraine PAGE 127

130 ZAGREB STOCK EXCHANGE The Zagreb Stock Exchange remains well positioned to face the future with confidence, and even exceed expectations. Ivana Gazic General Manager The year 211 is an occasion to celebrate 2 years since the revival of the stock exchange trading in Croatia and the Zagreb Stock Exchange remains well positioned to face the future with confidence, and even exceed expectations. Zagreb Stock Exchange has strong fundamentals to continue to act as an efficient and rule-based market harmonized with the European standards and will maintain its work on implementation of new products and services as well on raising the quality of Croatian capital market and meeting the ever increasing investors demands on transparency and quality. HISTORY AND DEVELOPMENT The stock exchange trading in Croatia was active since 197 till 1911 and again since 1919 till After the World War II The Zagreb Stock Exchange was revived in 1991 as a joint-stock company with 25 commercial banks and insurance companies. From the initial 25 members (brokerage companies), thanks to the trade growth and development the number of members has climbed to some forty-odd active traders today: banks and private brokerage companies, and 43 shareholders. At the very beginning, trading took place at big auctions held at the Exchange head office with all brokers actually physically present and in 1994, an electronic trading system was introduced. In 27, the Croatian financial market consolidated as the Varazdin Stock Exchange merged with the Zagreb Stock Exchange. These new circumstances, resulting in a larger number of listed securities and greater trading volume, along with a natural development of the financial market that saw the investment climate improve and gave rise to a stronger interest of all market participants in new financial products, highlighted the need for the implementation of a new system that would be able to meet the needs of the small, but extremely fast-growing Croatian market. The new trading platform, launched in autumn 27 after several months of preparations, represents an unprecedented technological enhancement. Zagreb Stock Exchange annual trading report 21: Until December 21 it seemed that one more difficult year for the Croatian capital market was about to end but mid-december has brought an unexpected twist for the Zagreb Stock Exchange trading statistics due to Hungary s largest refiner MOL Nyrt. offer to buy an outstanding shares of Croatian oil company, INA, Plc (ZSE: INA-R-A) where Mol is a single largest shareholder: some of the December s daily turnovers entered the top ten daily turnovers in the history of ZSE and the indices recorded double-digit percentage growth which ultimately resulted with the total turnover increase of +18.2%, an excellent growth in comparison with the previous year when total turnover suffered a decline of almost -65%. On a yearly basis 25-share benchmark CROBEX index recorded a noticeable growth of +5.3% and the blue-chip index CROBEX1 ended in the green by +9.5% which is an increase that no other comparable regional stock exchange noted for the 21. Insight into the 21 trading overview reveals that the correction of the -22% decline in regular stock turnover is actually an improvement compared to the 29 double decline of -56% and the trading witnessed a total volume increase of +94% as well as the market capitalization of almost +13%. Croatian Telecom Inc. (ZSE: HT-R-A) shares headed the list of the most liquid shares all throuh the year (except December) and achieved an annual price growth rate of +5.18% while INA, Plc shares recorded the highest growth rate among the most liquid shares with % increase. Some companies have recognized the value of higher market segment listing and since 21 shares of Uljanik Plovidba d.d. (ZSE: ULPL-R-A), AD Plastik d.d. (ZSE: ADPL-R-A) and Koncar Elektroindustrija (ZSE: KOEI-R-A) are traded within the Zagreb Stock Exchange Official Market. Zagreb Stock Exchange continues the intense work on the new Stock Exchange Rules which will open the possibility of new products and services in the Croatian capital market such as structured products, short selling or regional MTF. The Zagreb Stock Exchange has intensified it educational activities: the Zagreb Stock Exchange Academy has begun with its educational programs in May 21 and there was also a very extensive issuers training held in cooperation with Croatian Financial Services Supervisory Agency (CFSSA). There was also a successful 2th Zagreb Stock Exchange conference held in autumn and cooperation with the regional stock exchanges through the international Day of the Regional SEE Capital Markets continues. The Zagreb Stock Exchange has also intensified its cooperation with Official Market issuers, there was a new Code of Corporate Governance published (also in collaboration with CFSSA), the ZSE website was redesigned and calendar of dividend payments available, service for entering OTC transactions was introduced, and all of that is just a part of everyday efforts of the Zagreb Stock Exchange to contribute to the development and transparency of the Croatian capital market. FUTURE OUTLOOK The slow recovery is ahead the global economy but the concern still remains and global investors fear could affect domestic capital market, liquidity and stock prices. Further policy actions, especially in the financial sector in this election year (The next parliamentary election to the Croatian Parliament is scheduled to take place sometime in 211, presumably in the fourth quarter of the year), will be essential to induce the recovery. We anticipate further government action as well as the use of other tools to stimulate growth. Positive moments undoubtedly persist but certain risks remain, challenging sustainable market recovery. The Zagreb Stock Exchange will carefully observe global as well as regional economy and equity market trends and remain in line with market expectations. Year 211 will test the capabilities of market and stock exchange flexibility. Narrowing the targets and carefully selecting priorities to stabilize the system, and regain the investors confidence are the primary tasks. Trading conditions for the 211 will probably remain challenging and the economic outlook for 211 is uncertain but we believe that our leading regional position leaves us well placed for the eventual recovery. PAGE 128

131 ZAGREB STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul Aug Sep Oct Nov Dec TOTAL Bonds Jul Aug Sep Oct Nov Dec TOTAL , Other Jul Aug Sep Oct Nov Dec TOTAL.... Market Capitalization Index MONTHLY STOCK VOLUME VS INDEX Stocks Index MONTHLY MARKET CAPITALIZATION Jul-1 22,49.4 1, Aug-1 21, ,848.1 Sep-1 22, ,915.6 Oct-1 22, ,869.4 Nov-1 2, ,787.2 Dec-1 25, , ,5 2, 1,5 1, 3, 25, 2, 15, 1, 5 5 5, Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov Dec CONTACT INFORMATION Contact Name Mr. Zeljko Kardum zeljko.kardum@zse.hr Website PAGE 129

132 ZAGREB STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Politic and Economic Environment Gradual recovery, yet fiscal challenges remain After posting one of the worst performances in CEE/SEE in (GDP sank about 8%), Croatia stays a laggard in terms of sustained growth dynamics. That said the near term outlook involves what we regard to be the four key themes in Croatian economics: fiscal uncertainty, unemployment, foreign demand and risk appetite. Despite favourable base effects and electioneering in 211, we think fiscal tightening from 212 onwards (with or without the IMF) and persistent unemployment will weigh on local demand. Indeed, not only that public job cuts and entitlement reforms are looming, but in the current environment of weak confidence, credit conditions only loosened modestly and productivity/ profitability (too) low, demand for labour from the private sector is more sluggish than anticipated. With hence still poor consumer fundamentals, the best we can hope for is a capex-driven reversal from 2H11 on better sentiment ahead of the EU entry and the related structural reforms/improvements in the business climate. Slow industrial recovery. Notwithstanding the weather-bolstered energy output and bigticket shipbuilding-driven capital goods - industrial production is still bottoming out on a trendbasis and strong orders have yet to work their way through. Sanguine inflation outlook with risks. Despite increasingly fundamentally-driven agricultural price hikes on tighter supply picture, and the risk of administrative price adjustments, there should remain a moderate inflation environment, because consumer demand is low and the stable kuna will help to tame the price growth. Rising unemployment, uncertainty over citizen entitlement reforms and further households' de-leveraging will in particular restrain companies' pricing power at the micro level. If anything we would be concerned that there may be upside risks to our inflation projections emanating from long overdue and also EU-required regulated price adjustments. Stable FX, interest rates higher. Firms' deleveraging towards abroad, rising expectations of bank profit repatriations and bank risk provisioning after-effects are largely behind the recent bout of kuna weakness. While the likely slight reduction in total foreign debt service seems supportive, we are slightly more kuna bearish for 211 on negative net trade contribution, income-to-capital outflows, remaining bank risk provisioning and continued fiscal challenges. 211 budget maintains status quo. The electoral 211 general government budget can be seen as a carryover from 21, with the official fiscal gap target almost unchanged at 4.3% of GDP and public wages and pensions still frozen. Unless fiscal rules are better institutionalized and fiscal policy is re-tuned (as monetary sphere is already doing) as to address potential growth-enhancing structural changes, it will be almost impossible to lower the fiscal gap below 6% of GDP over the medium term.* *Hypo Alpe-Adria-Bank d.d., Zagreb, Croatia Economic Research Department Hrvoje Stojic, Economic Research Director hypo.economic-research@hypo-alpe-adria.com Information obtained from the Exchange. Key Information Contacts Croatian Agency for Supervision of Financial Services Ministry of Finance Croatian Government Croatian National Bank: PAGE 13

133 ZAGREB STOCK EXCHANGE CROATIA ECONOMIC CHARTS AND TABLES F 211F 212F Activity Nominal GDP (HRKbn, current prices) Nominal GDP (EUR bn) Nominal GDP (USD bn) GDP per capita (EUR) 9,656 1,683 1,245 1,262 1,624 11,341 GDP per capita (USD) 13,21 15,638 14,243 13,594 14,75 16,49 Real GDP (constant prices YoY, %) Private consumption (YoY, %) Fixed investment (YoY, %) Industrial production (YoY, %) Unemployment rate end-year (ILO, %) Prices CPI inflation (average % YoY) CPI inflation (end-year % YoY) PPI inflation (average % YoY) PPI inflation (end-year % YoY) Net wage rates (% YoY, nominal) Fiscal balance (% of GDP) State budget balance (ESA-95) Public debt External balance Export of goods and services (EUR bn) Import of goods and services (EUR bn) Merchandise trade balance (EUR bn) Merchandise trade balance (% of GDP) Tourism receipts (EUR bn) Current account balance (EUR bn) Current account balance (% of GDP) Net FDI (EUR bn) FDI (% of GDP) FDI cover (%) Gross international reserves (EUR bn) Import cover (months of imports) Debt indicators Gross external debt (EUR bn) Government (EUR bn) Private (EUR bn) Gross external debt (% of GDP) Gross external debt (% of exports) Exchange rates and money growth USD/HRK (end-year) USD/HRK (average) EUR/HRK (end-year) EUR/HRK (average) "*Source: Hypo Alpe-Adria-Bank d.d., Zagreb, Croatia Economic Research Department Hrvoje Stojic, Economic Research Director hypo.economic-research@hypo-alpe-adria.com" PAGE 131

134 AFFILIATE MEMBER PROFILES Central Registry Agency Inc. 133 Central Securities Depository of Iran 134 Macedonian Central Securities Depository 135 National Depository Center of Azerbaijan 136 Misr for Clearing, Settlement & Central Depository 137 Securities and Exchange Brokers Association of Iran (SEBA) 138 Securities Depository Center (SDC) of Jordan 139 Takasbank - ISE Settlement and Custody Bank, Inc. 14 Tehran Securities Exchange Technology Management Company (TSETMC) 141 The Association of Capital Market Intermediary Institutions of Turkey 142 PAGE 132

135 CENTRAL REGISTRY AGENCY INC. AFFILIATE MEMBER CRA firmly intends to continue making a difference by spearheading future projects that extend the range of our services for market participants. Dr. Yakup Ergincan CEO The Turkish capital markets have fully overcome the aftershocks of the global financial crisis in 21. Transaction volumes exceeding the pre-crisis levels, new securities issues and new IPOs were all good signs for our industry and our economy as a whole. CRA is at the crossroads to enter a new era as a central securities depository. In order to conform to the new global industry standards and move up the value chain we kick started new projects which will eventually transform our business model and increase the range and quality of our services. We have unveiled a new logo and redesigned a new corporate identity at the year-end to symbolize this transformation. One of the leading projects that reflect the new corporate image of CRA is the Corporate Governance and Investor Relations portal. The inhouse developed portal will change the landscape of corporate governance for the Turkish public companies by enabling continuous communication between investors and issuers through web and mobile applications. Pursuant to the expected amendments to the legislation shareholders will also be able to vote electronically by using their digital signatures during electronic general assembly meetings or assign proxies through the platforms provided. In parallel to designing new value added services, CRA has been working actively in other industry projects in the framework of the Istanbul International Financial Centre strategy plan. Among these projects, the planned integration between the Public Disclosure Platform (PDP) and the Central Dematerialised System (CDS) of CRA will establish the PDP as the main source of information for corporate actions operations. We are aiming to deliver the first fully-automated corporate actions processing service in the world with the finalization of other system integration projects with national databases, government bodies and market participant institutions. The growth of Turkish capital markets in 21 has paved the way for important international collaborations for us. CRA established its first direct link with a foreign CSD to carry out the double listing operations of a European company at the ISE. A foreign intermediary institution was accepted for CRA membership for the issuance of the first dematerialised warrants. CRA firmly intends to continue making a difference by spearheading future projects that extend the range of our services for market participants. History and Development CRA was established in accordance with the Article 1/A of the Turkish Capital Markets Law in 21 as the central depository for and registrar of dematerialized capital market instruments comprising equities, mutual funds, exchange traded funds, corporate bonds, commercial papers, warrants and rights affixed thereon with respect to issuers, intermediary institutions, and beneficial owners. In November of 25, all stock certificates traded at the Istanbul Stock Exchange, including the certificates formerly kept at Takasbank (ISE Settlement and Custody Bank), were dematerialized. Between April 25 and March 26, all mutual fund certificates were dematerialized on the CRA platform. In August 26, after approximately 5 years, first corporate bond in Turkish Capital Markets was issued through CRA. In October 29 first dematerialized bank bills, and in August 21 first warrants were issued. All depository operations regarding dematerialized capital market instruments (e.g. opening of investor accounts, corporate actions, securities issues) are conducted by CRA participants via the Central Dematerialization System software, CDS, a proprietary software developed in-house. CRA also acts as the securities agent for on-exchange settlements of equities traded at the ISE and real time DVP settlements of equities for Securities Lending and Borrowing facility of Takasbank through the integrated system with Takasbank. CRA also manages and represents the Investors Protection Fund, an investor protection scheme against obligations arising from equities transactions of intermediary institutions and banks for which a liquidation or bankruptcy decision is made by regulatory authorities. Form of Securities Dematerialized. Legal Status Joint stock company. Type of Commercial Entity For-profit, user-owned joint stock company. Regulated by CRA s overall functions are subject to the oversight and approval of the CMB. Size of the Investors Protection Fund Size of the Investors Protection Fund US$ 127 million (approx. as of year-end) Ownership 3% Istanbul Stock Exchange (ISE) 64.9% ISE Settlement and Custody Bank (Takasbank) 5% The Association of Capital Market Intermediary Institutions of Turkey (TSPAKB).1% Istanbul Gold Exchange (IGE) Board of Directors: 7 Members The Capital Markets Board of Turkey (CMB): 1 (Chairman) ISE: 2 Takasbank: 2 TSPAKB: 1 CRA: 1 (CEO of CRA) Memberships to International Organizations European Central Securities Depositories Association (ECSDA) International Securities Services Association (ISSA) Federation of Euro-Asian Stock Exchange (FEAS) Future Outlook The main projects that CRA will continue working on in 211 are: The development of the e-governance portal which will improve communication through different platforms between companies, their shareholders and other investors will increase its pace before the adoption of the expected amendments in the Turkish Commercial Code. As part of the IFC project, Takasbank and CRA have been working on a new fund distribution platform, which will enhance marketing of funds for fund managers. The platform is planned to go live by the beginning of 211. The Public Disclosure Platform (PDP)-Central Dematerialised System (CDS) Integration Project will end the double format problem and establish the Public Disclosure Platform as the primary source of information in corporate actions notifications. Also with the finalisation of the CRA-Takasbank SWIFT Integration Project the first step towards establishing STP in corporate actions operations will be taken. A data warehouse will be established for the use of academics, research analysts and key governmental institutions by making electronic data available to be analysed, modelled and presented more effectively. Dematerialised commodity certificates that will be traded on commodity exchanges are planned to be held at CRA. The legal framework and operational infrastructure of this project will be developed jointly with other private and governmental institutions. * Please refer to page 74 for the Turkey country report. CONTACT INFORMATION Address Askerocagi Cad. Suzer Plaza No: 15 Kat: Elmadag/Istanbul Tel +9 (212) Fax +9 (212) Contact Name Mr. Ozgur Uysal ozgur.uysal@mkk.com.tr Website PAGE 133

136 CSDI CENTRAL SECURITIES DEPOSITORY OF IRAN AFFILIATE MEMBER Alireza Hajinorouzi CEO Our objective is to guarantee the security and efficiency of Iran s stock market through developing and improving the settlement procedure of the securities trades via concentrating on increasing the efficiency and reducing the risk and costs. Objectives: The objectives for which the company is established are: 1 Opening and custody of funds/securities accounts related to stock exchange, over the counter market, commodity exchange belonging to brokers, shareholders and other financial institutions, real or legal persons. 2 Registration, encoding, custody, clearing and settlement of trade transactions on stock exchange, commodity exchange and other financial tools 3 Depositing different kind of securities in company s operating system 4 Depositing Pledged securities for real and legal entities and release of the pledge on the beneficiaries demands 5 Borrowing, lending and exchange of securities as a mediator 6 Providing and performing latest essential information for shareholders and brokers 7 Applying suitable electronic systems on clearing and settlements 8 Handling corporate actions for joint stock companies including: A Registration and custody of shareholders names and records and give necessary services to the issuers of securities B Prepare and present necessary information to the listed companies and their shareholders C Holding general meetings for member companies and over the counter (OTC) market companies D Receiving information about general meetings and informing their investors E Receiving information about dividend, bonus share, right issues and deliver these information to the shareholders 9 Settlement of funds, Clearing and Depositing of the foreign securities 1 Presenting professional necessary services to stock exchanges, over the counter market, commodity exchange, the issuer of securities, brokers and other market participants 11 Providing necessary authorized financial activities also services, consulting and commercial activities in relation with stock exchange, commodity exchange and over the counter market 12 Cooperating with regional exchanges and related institutions 13 Changing the method of settlement from the current semi mechanized system to a full mechanized, efficient system through using Real Time Gross Settlement (RTGS) 14 Establishing and managing settlement guarantee funds, also accepting the role of CCP 15 Providing warehouses and managing their activities for better performance of commodity exchange services 16 and regulation Performing other duties which have been or shall be assigned to the company by law Future Outlook 1. In order to elevate the Capital Market's position in Iran's economy and organize Securities Market, according to Act No. 9 of the fifth development plan, all post-trade services of Iran commodities exchange including cash market, advance purchase, credit also futures and option contracts (which will operate in the commodities exchange in near future), will all be centralized in Central Securities Depository of Iran (CSDI). 2. To increase the efficiency and Straight Through Processing of various post-trade services, Central Securities Depository of Iran is determined to perform the settlement registry and Corporate Actions on a fully electronic and dematerialized basis. 3. CSDI has a pervasive plan under construction on Data Dissemination to provide members and market activists with required information and reports; aiming at facilitating Mobile Trading, Online Trading, and Virtual Trading, the first phase of which has been delivered for online trades. 4. In order to increase functionality and eliminate risks of settlement and operations, CSDI has decided to establish "Professional Bank of Capital Market", in which Settlement of Trades, various Financial Tools and Corporate Actions Affairs will all be performed. 5. Due to the ever-increasing growth of financial markets followed by an increase in the activities of its fundamental institutions, CSDI intends to acquire a pervasive Software (entrusted to a contractor), to cover the posttrade services of markets in which CSDI is responsible for their Settlement. 6. CSDI which is responsible for clearing & settlement of Tehran Stock Exchange (TSE) and OTC trades, in order to cover settlement risks, has proposed the guarantee fund scheme which will be indispensable after approval of legal authorities. Also CSDI is ready to generalize the guarantee fund to the commodities stock exchange. 7. In addition to the settlement guarantee fund, CSDI will examine feasibility of using other risk management mechanisms and handling clearing members' default to optimize risk covering mechanisms as well as moving towards becoming a CCP. 8. CSDI is a major shareholder of "Central Asset Management of Capital Market Company" (private joint stock co.) which has been established in the current year. Executive actions of this company in delivering activities of intermediary institutions for financing through Islamic financial tools (Sukuk) will begin the next year. * Please refer to page 117 for the Iran country report. CONTACT INFORMATION Contact Name Mr. Alireza Hajinorouzi info@csdiran.com, intl.affairs@csdiran.com Website Address 14, Azhari St., Hafez Ave., Tehran Phone Fax PAGE 134

137 MACEDONIAN CENTRAL SECURITIES DEPOSITORY (MCSD) AFFILIATE MEMBER Stevan Sapceski Executive Director The main goal of MCSD is to help government to keep economic stability, and also to help investors, custodian banks and issuers by providing fast and reliable services. Macedonian Central Securities Depository is one of the central links in Capital Market structure, and as such plays a big role in development of Macedonian Capital Market. Macedonian economy is small and is under big influence of surrounding economies and world economic crisis. The main goal in such environment for Macedonian Central Securities Depository as one of the main financial institutions is to help government in its efforts to keep economic stability, and also to help investors, custodian banks and issuers by providing fast and reliable services. In year to come, Macedonian Central Securities Depository will focus on ongoing development of new services. In year 28, Macedonian Central Securities Depository was helping investors by reducing the cost of settlement of trade transactions by 27% and is hoping that this is good effort in providing a suitable ground to increase market trade volume. General Information The purpose of the Macedonian Central Securities Depository (MCSD) is to establish central securities register comprising all active shares, bonds and other financial instruments in Republic of Macedonia. This will lead to better access and distribution of information about the issuers and securities to: Investors Foreign investors Holders of restrictive rights Issuers Brokers Macedonian Stock Exchange (MSE) Pledge Register Other authorized institutions in accordance with the law. Regulatory Environment The MCSD is Self Regulatory Organization, under authority of Security Exchange Commission. Participants At present time, there are 22 participants, banks and brokerage houses. Services Provided The MCSD is providing the following services to the participants in the operations, issuers and holders securities: recording of the securities in the Depository; notification of the issuers and holders of securities about the condition on their accounts; clearing and settlement of the liabilities arising from the transactions with securities; rendering services connected with the corporate activities; other services that arise from the ownership and transactions with securities, arising from the scope of its operations. Form of Securities All securities are registered and dematerialized. Depository Procedures Records are kept in the Depository of the issued securities and ownership positions, rights of the securities holders, the unique identification of the securities and their holders, possible limitations in the exercise of such rights, rights of third parties connected with the securities and other data referring to such rights, transfer to the securities accounts shall be made and other services connected with keeping records of the securities shall be provided. All securities shall be recorded in the Depository in a procedure, on conditions and in a manner determined with these Rules and with the guidelines of the Depository. ISIN is allocated to all securities upon their registration in the Depository. ISIN shall contain data on the issuer, rights arising for the holders of those securities and other elements of the securities. The procedure, conditions and manner of allocating ISIN is determined by the guidelines of the Depository. The securities are recorded in special accounts with the Depository. With the purpose of recording the securities, the Depository is opening accounts for the issuers and holders of the securities. The opening and closing of the securities accounts, recording, changes and deletion of the ownership positions in the accounts of the securities holders, as well as other actions connected with the changes occurred in the accounts maintained in the Depository are performed by a sole account operator. The manner and procedure of opening and closing an account and the types of accounts with the Depository is prescribed within the guidelines of the Depository. Principles of Clearing & Settlement Main principle of clearing and settlement is delivery versus payment. Settlement Cycle Settlement cycle is usually T+3, but it is possible to settle transactions from T+1, to T+n Clearing & Settlement Procedures CSD performs the clearing and settlement of the transactions with securities that were concluded on the MSE. The clearing and the settlement of the transactions are performed in accordance with the principle delivery versus payment, i.e. the transfer of securities related to the transactions with securities is performed through a simultaneous exchange of securities and payment. The settlement is performed on gross basis. In MCSD frame the subject of clearing and settlement are all the transactions with securities concluded on the MSE. The MCSD performs the clearing and settlement of the transactions with securities based on the data received from the MSE on the trading day. The data received from the MSE contains elements necessary for clearing and settlement of the matched transactions. After the MCSD receives the matched trades from the MSE, the transaction is obligatory for both sides included in the stated transaction. The transactions received from the MSE are final and cannot be unilaterally canceled by the participant in the clearing (the broker). Only the MCSD is allowed, by request from the MSE and with a special purpose for correction of errors, to perform some changes or to cancel the transactions. Before the settlement, the participant in the clearing the seller, is obliged to provide securities on his/on his client the securities account, and the participant in the clearing the buyer, is obliged to provide cash on his account for cash settlement for each transaction. Macedonian CSD Future Outlook 29 These are the main issues on which Macedonian CSD will focus during 29: In Progress Start of Securities Lending System in practice Updating of Business Continuity Plan Developing value added services for Issuers of securities Maintenance of Government securities Developing electronic system for Custodian banks Planned Distributed system for account holders Change of trades processing and pre-clearing Change of by-laws and instructions according to change of trade processing * Please refer to page 88 for the Macedonian country report. CONTACT INFORMATION Contact Name Ms. Sofija Vidovic vidoviks@cdhv.org.mk Website PAGE 135

138 MISR FOR CLEARING, DEPOSITORY & REGISTRY AFFILIATE MEMBER Secure, stable and encouraging investment environment is the goal of MCDR. Mohamed S. Abdel Salam Chairman & Managing Director MCDR was established at the end of 1994 to complete the infra structure of the Egyptian capital market. In time, MCDR has become the biggest central registry firm among the major and emerging markets in the world. MCDR s staff never spare any efforts to maintain the highest standard of services provided to the Egyptian market. As a result of its qualified performance, MCDR was awarded International Star Award for Quality WQC in the Diamond for the Quality standards commitment applied through MCDR on November 26, 27 in the Concorde La Fayette in Paris with the ISO in Management (QC1), the International Gold Star for Quality in Geneva in 21 for significant contribution to the business world, for high standing and professionalism demonstrated by prestigious performance, B.I.D. (Business Initiative Directions) presented its special recognition award to MCDR. Also MCDR was granted the highest level of efficiency, following the results of an assessment panel of depository companies conducted by JPMorgan Chase, with a score of 1.25 points on a scale of 1 to 3 where depository that closely resemble the best practice is rated 1, meet some of the requirements but not fully meet the preferred practice rated 2 and finally depositories that are deficient are rated 3. The assessment revealed that MCDR has abided by all the rules and high standards set by the SEC in Rule 17f-5 which even have been developed to be more tough by amendments in Rule 17f-7 to secure American foreign investments. Secure, stable and encouraging investment environment is the goal of MCDR. This is never enough as MCDR will proceed its stable steps towards the top of elite depositories. Role of the Depository MCDR is the sole Egyptian CSD providing clearing and settlement services to the Cairo and Alexandria Stock Exchanges (CASE). MCDR operates as both the depository and the clearing house. It is a not for-profit private company owned by the stock exchanges, local banks and its participants. It was incorporated under the Capital Market Law No 95 of 1992, commenced operations in October 1996 and is currently governed by the Depository and Central Registry Law No 93 of 2. It is regulated by the Capital Markets Authority (CMA). Use of the central depository in the market for settlement and safekeeping is compulsory by law, where securities in the depository are held in certificated form. Equities are held via bookentry, with certificates immobilized in MCDR s vaults. All securities are treated as fungible and may be transferred or pledged by bookkeeping entry without actual physical delivery. MCDR s authorized capital is EGP 25 million issued and paid capital is EGP 14 million. MCDR Main Activities & Services 1. Clearing and settlement of operations executed at the Egyptian Exchange. 2. Central depository and registry of all listed and unlisted securities 3. Management of securities accounts for custodian banks and issuers. 4. Handling corporate actions (cash and stock dividends etc.) according to the issuers assemblies decisions. 5. Management of the Settlement Guarantee Fund to eliminate suspended movements due to brokers defaults (securities and/or cash). 6. Management of a pledge system for all securities lodged into the central depository. 7. Repatriation of international investors funds. 8. Customer servicing through the MCDR s front office, the call center, the Internet, the SMS and finally through direct phones or faxes Legal Status Private Joint-Stock Company Type of Commercial Entity Not for-profit company Regulated by Depository and Registry law number 93 of year 2 Form of Securities Immobilized in the book entry form Form of Settlement Net cash settlement, gross securities settlement Settlement Dates T+ Same Day Trading Settlement T+1 Treasury Bonds T+2 Dematerialized securities T+4 Physical securities Misr for Central Clearing, Depository & Registry - MCDR's achievements through year 29 MCDR was granted A+ in Thomas Murray Depository Risks assessments. MCDR signed a NDA with Linkup Markets to become a member. MCDR signed a MoU with JASDEC Japan for mutual co-operation. MCDR was granted ISO 271 which allows the company to operate an Information Security Management System MCDR issued its first Egyptian Depository Receipt MCDR was granted the license by Egyptian Financial Supervisory Authority - EFSA to act as a Depository Bank. MCDR opened accounts with Clearstream and Eurobank for securities and cash settlements. * Please refer to page 62 for the Egypt country report. CONTACT INFORMATION Contact Name Mohamed S. Abdel Salam m.abdsalam@mcsd.com.eg Website Address 7 El-Gomhoria St., P.O. Box 1536 Attaba, Cairo, Egypt Phone Fax PAGE 136

139 NATIONAL DEPOSITORY CENTER OF AZERBAIJAN AFFILIATE MEMBER National Depository Center has gone through significant functional, structural and operational reforms during the 29. Bakhtiyar Azizov Chief Executive Officer National Depository Center has gone through significant functional, structural and operational reforms during the 29. Despite the global economic and financial downturn, NDC not only finished the year with an operating profit, but also put a great emphasis on material and technical advancement of the organization. The value of the assets kept in custody by the National Depository Centre neared AZN 3.3 bln. At present, NDC serves approximately 13 issuers, circa 1 investors and 1 broker organizations. In order to ensure proper and transparent registration of the transactions in accordance with internationally accepted principles the NDC started implementing the International Financial Reporting Standards, including international financial reporting, accounting and auditing standards. Under the market s institutional strengthening strategy, the process of transforming the NDC into the centralized depository for the corporate and public securities is being closely consulted and guided by a number of international experts and institutions, and we constantly work on new projects with them. Joint projects with the Islamic Development Bank, Turkey s IMKB Takasbank central depository, EU s TACIS Project, World Bank etc are just another illustrative evidence of the above mentioned. Measures to advance our technology platform undertaken in 29, as a constituent element of our business processes optimization strategy in registry keeping, depository services or any other services rendered, were utterly efficacious for protecting investors rights as well as increasing the protection level of kept in custody assets. One of the ambitious tasks that the NDC sets for itself in 21 is to start implementing electronic settlement and clearing services of reciprocal obligations between market participants involved into securities trading. This will surely increase not only transactional responsiveness, but also transparency and security of operations. We believe we can expect an intensive and seminal 21 ahead and infrastructural advancements will be principal mission and the highest aim for us. Brief History The concept of National Depository System was first introduced in the State Program of privatization of the state ownership in Azerbaijan Republic In accordance with the State Program the Depository System was formed for regulated holding of de-/materialized securities, leading of shareholders registers, registration of owners of securities as well as transactions with them and also for rendering all other depository services. In order to advance the Depository System and its regulatory framework, the presidential degrees "On the National Depository System" and "On the Rules on leading of the shareholder's registry of the joint-stock companies created during the privatization of the state firms and specialized check investment funds" were adopted in The creation of the National Depository Center was stipulated by the provisions of "On the National Depository System" regulations. On the 18 September, 1997 The National Depository Center was created. The National Property Committee acted as a holder of 1% shares of the National Depository Center. The shares of NDC were then handed over to the State Committee for Securities after its creation in As a result NDC was newly founded by the State Committee for Securities on the 8 September 1999 and passed the national registration on 17 September The National Depository Center has a license on depository and registrational activities granted by the State Committee for Securities of the Republic of Azerbaijan. Since December 22, 24, the NDC joined the Association of Eurasian Central Securities Depositaries (AECSD) as a full member. On November 17, 26 the NDC came into global partnership agreement with the Association of National Numbering Agencies (ANNA) and was appointed as a National Numbering Agency. NDC is also member of International Securities Services Association (ISSA). According to the regulations On the National Depository System" the National Depository Center is the state organization, which plays the main role in the National Depository System, engaging the depository activity and carrying records of other depositories that are included in depository system of the country. Future Outlook On the early stages of the stock market development the National Depository Centre carried out the function of keeping registry of shareholders and depositing shares of joint-stock companies formed as a result of the state privatization program. However, nowadays the current condition of the stock market demands infrastructural and systematic advancement of the Depository. Having examined the challenges coming from the today s stock market and analyzed internal capabilities, the NDC has worked out a strategic vision and prepared the itemized action plan for the depository system conversion. The strategic vision of the NDC aims to achieve the following objectives: To stimulate institutional development of the NDC by implementing the globally accepted Corporate Governance standards; To launch large-scale clearing operations in order to ensure the synchronized securities and funds entitlements settlement; In order to reach its strategic objectives, the NDC plans to implement the following projects and arrangements: To improve the organizational structure of the Depository and to accommodate it to the strategic vision and action plan; To implement the highest corporate governance standards; To refine internal audit and controlling channels; To arrange systematic Risk Analysis and Management approach; To re-regulate internal document management procedures; To create feasible electronic transmission links with the Baku Stock Exchange; To join SWIFT network; To implement paperless documentation turnover with the professional participants of the Market; To create effective electronic Customers Inquiries Management network. * Please refer to page 38 for the Azerbaijani country report. CONTACT INFORMATION Contact Name Rasim Mammadov rasim.mammadov@mdm.az Website Address 19, Bul-Bul Avenue, Baku AZ1 Azerbaijan PAGE 137

140 SECURITIES AND EXCHANGE BROKERS ASSOCIATION OF IRAN (SEBA) AFFILIATE MEMBER Hossein Khezli Kharazi General Secretary The Securities and Exchange Brokers Association was registered in April 27, and subsequently received its operation license from the Securities and Exchange Organization. History and Development The Securities and Exchange Brokers Association was registered in April 27, and subsequently received its operation license from the Securities and Exchange Organization. SEBA's organizational chart includes general assembly, association's council, executive committee and auditor/inspector. The association is a non-governmental, not for profit entity, which represents Tehran Stock Exchange's members. Objectives 1. Assisting the development of a fair, competitive and effective marketplace for securities trading in Iran. 2. Raising SEBA members' credibility among investors. 3. Increasing members' technical knowledge. 4. Improving services and adjusting members' interrelations. Main Activities 1. Proposing regulations, and admitting, suspending, as well as annulling memberships. 2. Monitoring members' performances and assessing their activities. 3. Evaluating members' business announcements, in order to prevent any defective and fraudulent information dissemination. 4. Ratification of professional and disciplinary codes and standards for SEBA's members. 5. Helping brokers, dealers and market makers' reconcile their disputes. 6. Facilitating the development of the constant systematic and technical training for the members to increase knowledge and service quality. 7. Performing research studies and publishing magazines and books on the same topics. 8. Holding conferences and training courses for the members and public. Outlook Pursuing the bank credits taskforce meetings to fund the brokerage industry. 2. Ongoing monitoring of the brokerage firms' operational risks and designing risk-reduction strategies. 3. Holding at least two virtual courses and maintaining the common training courses. 4. Upholding the professional work groups' studies and activities for brokers rating, issuing certificates, trade and post-trade solutions, commodities Exchange and export ring development, absorbing foreign investment, and raising professional ethical codes. 5. Boosting SEBA's relations with international capital markets' entities, as well as news and information broadcasting agencies. 6. Providing a comprehensive insurance package for the Iranian brokerage industry. 7. Attaching with social responsibilities activities and commitments. * Please refer to page 117 for the Iran country report. CONTACT INFORMATION Contact Name Mr. Amir Yousefianpour yousefianpour@seba.ir Website Address Second floor, # 17, Sibouyeh intersection, Shahid Qandi street, Sohrevardi avenue, Tehran Phone Fax PAGE 138

141 SECURITIES DEPOSITORY CENTER (SDC) OF JORDAN AFFILIATE MEMBER The SDC plays a vital role in supporting transparency through an initiative known as Data For All, Not Just For Sale. Samir Jaradat Chief Executive Officer As part of Jordan s vision towards establishing a progressive economy and a dynamic investment environment, the Securities Depository Center (SDC) was established as a public utility institution and began operating in Ever since the SDC became the sole entity empowered the responsibilities of registering, depositing, transferring ownership, safekeeping, and clearing and settlement of securities. Accordingly, the SDC built Securities Central Operation Registry Processing and Information Online (SCORPIO) system in order to provide various services to investors, its members including public shareholding companies, brokers and custodians such services include investor identification and account set up, statement of ownership balance, statements of account, pledging, freezing, online account viewing. The SDC plays a vital role in supporting transparency through an initiative known as Data For All, Not Just For Sale, from this initiative the SDC provides various services through its website such as the online account viewing, statistical data, members area and an electronic initial public offering (e-ipo). In addition to the information that is provided in a timely, accurate and updated manner such as board members' names, holdings and trades, major shareholders, financial figures and statistical data. Recently, the SDC has provided new electronic services on its website that enable the investor to view corporate actions and all aspects related to it, in addition to, dynamic charts that provides analysis of trading. Role of the Depository The Securities Depository Center of Jordan is a public utility institution established in the Hashemite Kingdom of Jordan by virtue of the Securities Law. The SDC commenced operation in May 1999 and is the only entity in Jordan that is legally empowered to oversee the registration of securities, deposit of securities, transfer of ownership, safekeeping of securities and clearing and settlement of securities transactions. The SDC is one of the most important institutions in Jordan s capital market as it holds the ownership register of all public shareholding companies where ownership registration is in the beneficial owner name where nominee & street names does not apply. As a key component in the modernization of the capital market, the SDC implemented a delivery-versus-payment (DVP) settlement protocol. DVP, a globally recommended settlement methodology that ensures the simultaneous delivery of securities against final payment of funds. The ownership is transferred on T+2 and backdated to T, these transfers are final and irrevocable, and financial settlements are currently conducted via the Central Bank of Jordan s Real Time Gross Settlement System (RTGS- JO) which is a central real time, gross final & irrevocable electronic settlement system, using SWIFT instructions to effect transfers with immediate value. It is worth mentioning that the Tight coupling environment set in March 29 in the Jordanian Capital Market, introducing linkage between the SDC & the ASE that in turn, organize trading and reduce risks related to trade's transactions that in turn positively reflects on clearing and settlement process at the SDC and reduce risks in the Jordan Capital Market. Durning the year 21, the SDC continued to improve and enhance the electronic linkage with the institutions of capital market in the Kingdom. The SDC also developed the Securities Central Operation Registry Processing & Information Online (SCORPIO) system. SCORPIO, an SDC-designed and implemented system, is bilingual and it provides a complete solution for the registration, deposit and clearing and settlement. * Please refer to page 3 for the Jordan country report. The SDC offers different services to investors in securities including pledging services, providing investors with statements of their securities balances that show the securities owned by them and their distributions among members; in addition to providing investors with the ability to freeze their securities in the central registry. There are no restrictions on the remittance of investment funds into or out of Jordan, all income & capital gained from investment in Jordan are exempted from tax; this includes cash & stock dividends. However, (5%) applies to interest gained from credit balances. The SDC is in the final stages of completing many projects, including: new client identification system, enhancing risk management measure in the settlement cycle and improving electronic lien system. The most prominent achievement of the SDC is implementing the business continuity & disaster recovery plans according to the requirements of the international standards and its positive effects on the SDC s performance such as security, continuity of business operations, maintaining market readiness, reducing the cost of risk management and serving 24/7 of all members with high speed link. Participation Criteria The SDC's members are public shareholding companies, brokers, custodians and any other entity determine by the Board of Commission of JSC. Eligible Pledgee Pledgees are not considered members in that capacity yet. however, it is within the SDC's Plans as soon as the legal framework for it is approved. Issuers Membership is obligatory for public shareholding companies by virtue of the Securities Law. Size of Guarantee Fund JOD 21.2 million (US$ 29.9 million) as of 31 December, 21. Does the SDC act as a central counter party No Memberships in other International Organizations International Organization of Securities Commissions (IOSCO) Association of National Numbering Agencies (ANNA) Africa & Middle East Depositories Association (AMEDA) Federation of Euro-Stock Exchanges (FEAS) Union of Arab Stock Exchanges (UASE) Central Securities Depositories (CSD) Association of Global Custodian (AGC) Thomas Murray (TM) Legal Status Public utility institution Type of Commercial Entity Not for profit Regulated by Jordan Securities Commission Form of Securities Dematerialized no physical certificates being issued in Jordan Form of Settlement Book Entry Settlement Cycle T+2 Turnaround Trades Allowed provided the same broker in the same settlement cycle Numbering ISIN CODES complying with the International Standard ISO-6166 CFI Code complying with the International Standard ISO-1962 CONTACT INFORMATION Contact Name Mr. Samir Jaradat ceo@sdc.com.jo Website Address The Securities Depository Center (SDC) 2nd Floor - Capital Market Building, Al-Mansour Bin Abi Amer Street Al-Abdali Area, Al-Madina Al-Riyadiya District, Amman, The Hashemite Kingdom of Jordan P.O.B. (212465) Amman Jordan PAGE 139

142 TAKASBANK ISE SETTLEMENT AND CUSTODY BANK INC. AFFILIATE MEMBER Emin Catana President & CEO The main vision of Affiliates should be to develop joint projects in the FEAS region in constructing more harmonized, more efficient and more reliable settlement and custody system at the international level. Takasbank, as the convenor of FEAS Affiliate Task Force (TF), actively participated to the Annual General Assembly and Working Committee meetings of FEAS held in İstanbul on December 21 and opened a stand in the FEAS exhibition organized to mark the 15th anniversary of FEAS where publications about clearing and settlement services of Takasbank were distributed. In these meetings, Takasbank endeavored to increase the number of members of the FEAS Task Force, thereby to share views, information and provide more harmonization on a wider platform in the FEAS region. In this context, Takasbank completed FEAS Media Task Force Questionnaire and submitted the answers to FEAS Secretariat. In April 21, Takasbank and Abu Dhabi Securities Exchange signed a Memorandum of Understanding (MoU) and in October 21, Takasbank, CRA and Korea Securities Depository (KSD) signed a tripartite MoU in order to establish a mutually beneficial relationship between the signatory institutions. These agreements aim to serve the goal of improving performance and international competitiveness through mutual exchange of information, know-how and training activities. During the course of 21, Takasbank, in cooperation with the Central Registry agency (CRA), completed the infra-structure development of Turkey Electronic Fund Distribution Platform. This is a platform enabling fund issuers to execute creation and redemption transactions of mutual fund shares among other platform members and their customers in an electronic environment. With this platform, which will play a very important role in the development of Turkish fund market, fund issuers as well as distributers can have access to an electronic platform in which matching, settlement and custody transactions can be executed without counterparty risk in a reliable and transparent environment with low costs. Turkey Electronic Fund Distribution Platform was the first project to be realized within the framework of Istanbul International Finance Center action plan. I believe that the infancy stage of the capital markets in Turkey is coming to an end. When compared to emerging capital markets in close geographical proximity to Turkey, we can see that Turkey has come a long way toward establishing a well-functioning, transparent and safe market for domestic as well as for international investors. I am really very proud to witness that Turkey, which has been placed amongst emerging market countries category for a long time, is at last started to be accepted as a country that has been experiencing a serious transformation process on the way of EU membership and started working on the project of making Istanbul an international finance center. In addition to this, Takasbank also actively participated to another action plan of Istanbul International Finance Center project, Initial Public Offering Campaign. This campaign aimed to establish a platform where the representatives of participating companies can meet with capital market institutions and evaluate the advantages of initial public offering mechanism. Just as competition is becoming the keynote of every sector in today s business world, the ability to develop has become one of the most important factors that enables a capital market to survive. The economic upheavals of the recent past and the increasingly tougher competition in every sector have made it absolutely clear that development and upgrading is essential if a market is to endure, achieve stability, and grow strong in the international arena. In this respect, the main vision of Affiliates should be to develop joint projects with among peers in the FEAS region in constructing more harmonized, more efficient and more reliable settlement and custody system at the international level. General Information Takasbank is incorporated as a non-deposit taking investment bank and is authorized by the Capital Markets Board of Turkey to function as: the Clearing and Settlement Institution for the ISE markets, the Clearing House for the Turkish Derivatives Exchange, the National Numbering Agency of Turkey and the Custodian for the Mutual Funds and Pension Funds incorporated in Turkey. Services Provided Central clearing and settlement for the organized markets of ISE and Turkish Derivatives Exchange (TurkDEX), Cash settlement and transfer facilities (domestic and cross-border), Cross-border settlement and custody services, Real Time Gross DvP settlement (among brokers and custodians) for equities via integration with SWIFT system Takasbank Money Market, Securities Lending and Borrowing Market (SLB), Cash Credits, Allocation of ISIN for securities issued in Turkey Brief History Takasbank started as a department within the Istanbul Stock Exchange (ISE) in 1988, and originally dealt with the provision of settlement services for securities traded by the members of the ISE. In January 1992, the operations of that department were transferred to an independent company, the ISE Settlement and Custody Co. Inc., which was set up under the shareholdership of the ISE and its members. This company was then transformed into a sector-specific bank and renamed Takasbank (ISE Settlement and Custody Bank, Inc.) in * Please refer to page 74 for the Turkey country report. Form of Securities Dematerialized Form of Settlement and Transfers: Book-entry Legal Status Joint stock company Settlement Period Equities: T+2 Bonds and Bills: T+ Derivatives: T+1 Type of Commercial Entity Private sector for-profit company Does Takasbank Act as a Central Counter Party? Takasbank acts as a Central Counter Party for TurkDEX, but does not act as a Central Counter Party for ISE markets. Regulated by Capital Markets Board Banking Regulation and Supervision Agency Central Bank of Turkey. Size of Guarantee Fund (As of December 29) ISE Equities Market: US$ 35 million ISE Bonds and Bills Market: US$ 42 million Ownership Istanbul Stock Exchange (ISE): 32.63% Banks (19): 34.48% Brokerage Houses (66): 32.89% Board of Directors: 11 Members Istanbul Stock Exchange: 4 Banks: 3 Brokerage Houses: 2 Capital Markets Board: 1 and the President and CEO of Takasbank. Memberships to International Organizations Association of National Numbering Agency (ANNA) International Securities Services Association (ISSA) Society for Worldwide Interbank Telecommunications (SWIFT) Association of European Central Securities Depositories (ECSDA) Federation of Euro-Asian Stock Exchange (FEAS) Institute of International Finance (IIF) Organization of Islamic Conference (OIC) World Federation of Exchanges (WFE) Future Outlook In 21, Takasbank intends to: Continue its efforts to become a Central Counterparty for equities and establish a central collateralization system Contribute to the development of international standards for securities and implementing these standards in Turkey. Establishment and implementation of Electronic Trading Platform for Commodities Exchange; Development and integration of the collateral and risk management software for Turkdex Options market; Development of an Electronic Fund Platform to create a larger distribution channel for market participants; Development of an Options Market Clearing and Settlement infra-structure; Integration of SWIFT and DvP settlement system for Corporate Action transactions. CONTACT INFORMATION Contact Name Ms. Filiz Kaya international@takasbank.com.tr Website PAGE 14

143 TEHRAN SECURITIES EXCHANGE TECHNOLOGY MANAGEMENT COMPANY (TSETMC) AFFILIATE MEMBER The major project for TSETMC is to implement a new trading solution for the Tehran Stock Exchange (TSE) in the year 28. Morteza Khazanedari Managing Director TSETMC s activities for the year 28 are: The major project at TSETMC is to implement a new trading solution for the Tehran Stock Exchange (TSE) in the year 28. The trading solution was installed on the purchased hardware in early April 27. This Solution is due to come online in the winter of 28 after finalization of internal and external User Acceptance Testing (UAT). TSETMC is also assisting the newly established CSD Iran Company for the implementation of a new post-trade solution. TSETMC has a very close relationship with CSD Iran Company since all of the post-trade activities were the responsibility of TSETMC before the enactment of the Capital Market Act by the Iranian Parliament in 25. CSD Iran Company is also an Affiliated Member of FEAS. During the implementation of the new core trade and post-trade solutions, TSETMC is assisting major brokerage firms in Iran for the implementation of Brokerage Solutions. The plan is to introduce financial and commodity derivatives markets in TSE and the newly established Iranian Mercantile Exchange (IME) in the near future. TSETMC is supporting the introduction of these markets and also their trade and post-trade processing. TSETMC is an active member of a consortium with the responsibility to establish the Iranian Petroleum Exchange. TSETMC is the main contributor in the development and implementation of international standards in Iran. TSETMC is helping the implementation of a DVP Model2 for TSE s equity market. In addition, the new CSD Company would become a CCP of the equity market by 21. TSETMC is involved with CSD Iran for the provision of needed infrastructure and risk management mechanisms. Other Projects Financial Information Processing of Iran (FIPI) TSETMC started a new project titled "Financial Information Processing of Iran" (FIPI). The main objective of the project is to establish a Data Warehouse to gather and maintain all important information and data in Iranian financial markets. Stored data and information are processed and delivered via different mediums (such as a website, Decision Support Systems and Standard reports) to various users. Digital Signature Certificate TSETMC defined a new project with Iranian Commerce Ministry to become a Certified Authorization (CA) body for the Iranian Capital Market. Iranian Ministry of Commerce acts as a root CA in Iran and authorized TSETMC to provide Digital Signature Certificate to capital market s participants. Such certificate has a vital rule in electronic commerce as both parties could transact digitally with very high level integrity, privacy, authentication and none-repudiation. General Information Tehran Stock Exchange Services Company (TSETMC) is a subsidiary of the Securities and Exchange (SEO) of Iran. SEO regulates and overseas the Iranian capital market. TSETMC was established on June 1994 as an independent company owned by Tehran Stock Exchange (TSE) and its members. With the implementation of the new Capital Market Act by the Iranian Parliament, SEO was established and the ownership of TSETMC was transferred to SEO. The TSETMC s main function is to develop, maintain, operate, and promote systems for all stages of the trade-cycle services in Iran. Specifically, TSETMC is responsible to: maintain all hardware and software used for trade and post trade activities develop and enhance existing software applications provide consultancy and technical advice to main exchanges in Iran act as a financial information processor for the Iranian financial market. Services Provided Trading Maintain Automated Trading System (ATS) Disseminate trade and financial information to interested parties Information and Supporting Provide operational services Manage operational risks Others Provide consultancy Manage TSE data centers Implement specialized software Brief History TSETMC started its operation as a subsidiary of the National Informatics Corporation (NIC) of Iran in July Originally, TSETMC developed, maintained and operated the computerized system of TSE used for trade and post-trade activities. In June 1994, TSETMC was incorporated as an independent company under the ownership of the TSE, its members, and NIC. Currently, Securities and Exchange (SEO) of Iran is the sole owners of TSETMC. Form of Securities Dematerialized Form of Settlement and Transfers: Book-entry Legal Status Private Joint Stock Company Settlement Period For TSE Markets: Equities: T+3 Corporate Bonds: T+1 Type of Commercial Entity Private sector for-profit company Does TSETMC act as a central counter party? No. Regulated By Securities and Exchange Organization of Iran ( Ownership Owned by the Securities and Exchange Organization (SEO) of Iran Memberships to International Organizations Affiliate Member of the Federation of Euro-Asian Stock Exchanges (FEAS) Board of Directors: 3 Members Representatives of the Securities and Exchange (SEO) of Iran Future Outlook From March 28 to March 29, TSETMC intends to: Lead the implementation of a new trading solution Assist CSD Iran in the implementation of a post-trade solution Assist brokerage firms for implementing total brokerage solutions Lead efforts for implementation of Straight Through Processing (STP) Contribute in the introduction of new instruments Assist in the creation of the Iranian Petroleum Exchange Perform studies for creation of a Lending and Borrowing market Contribute to the development and implementation of international standards Initiate studies and efforts to introduce CCP at CSD Iran Release the first phase of Financial Information Processing project Continuing the Digital Signature Certificate project * Please refer to page 117 for the Iran country report. CONTACT INFORMATION Contact Name Mr. Houman Farajollahi houman.farajollahi@tsetmc.com Website PAGE 141

144 THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY (TSPAKB) AFFILIATE MEMBER TSPAKB, celebrating its 1th year anniversary in 211, will continue to support the growth of the Turkish capital markets. E. Nevzat Oztangut Chairman 21 was another outstanding year for the emerging markets as a whole. Turkey, in particular, has underlined its strong position in the global markets again. From our Association s point of view, we have undertaken several projects to raise awareness on the Turkish capital markets, both at home and abroad. Investing in the future of our capital markets is our main objective. First and above all, TSPAKB is committed to the Istanbul Financial Centre Project. We are fully engaged in the activities of all 8 working committees which were formed in 21. Major laws are being changed and there is a very serious reform process going on. The Association is also involved in the Initial Public Offerings Awareness Project, initiated in 28 by the Istanbul Stock Exchange. This project has been quite successful and 25 new companies were listed last year, second best year in ISE s history. Judging by the number of IPO applications in the beginning of 211, we are quite optimistic about this year as well. We believe that, widening the investor base is also crucial for the sound development of markets. In this regard, our Association has conducted a financial literacy survey in 21 to assess investors perceptions about the markets, institutions and investment products. Based on the results of the survey, we are designing a comprehensive investor education program in collaboration with other institutions. We think that foreign investor base should also be expanded along with domestic investors. Within this scope, for the first time in our market, Turkish Capital Markets Day was organized in Seoul, South Korea. Turkish delegation, including Capital Markets Board, Central Bank of Turkey, Istanbul Stock Exchange, Turkish Derivatives Exchange and other authorities discussed the opportunities of the Turkish capital markets with more than 2 Korean participants. We continued to represent the Turkish brokerage industry in several international platforms. International Council of Securities Associations Annual General Meeting was held in Istanbul, hosted by our Association. Besides, we became a founding member of Asia Forum for Investor Education in 21. Proving our strong international presence, I have been honoured to have been elected as the Advisory Board Member of the International Forum for Investor Education, Advisory Board Member of the Asia Forum for Investor Education, Chairman of the Emerging Markets Committee of the International Council of Securities Associations and Chairman of the Dealers Associations Task Force of FEAS last year. In 21, we expanded the range of our training programs. The number of people attending our courses increased to 6.7. Moreover, two licensing examinations were held jointly by the Association and the Capital Markets Board for the first time. The number of employees registered at our Association has reached to more than 4. by the end of the year. TSPAKB, serving as the information hub of the industry, published various statistics and reports about the Turkish capital markets and the brokerage industry. We continued to produce various research reports on issues concerning national and international agenda, in Turkish and in English. TSPAKB, celebrating its 1th year anniversary in 211, will continue to support the growth of the Turkish capital markets. History and Development The Association of Capital Market Intermediary Institutions of Turkey has been established in March 21 as the self-regulatory organization in the Turkish capital markets. 13 brokerage firms, 1 derivatives brokerage firm and 41 banks, authorized for capital market operations, constitute the members of the Association as of end-21. The Association aims to: Contribute to the development of capital markets and intermediation activities; Facilitate solidarity among its members; Safeguard prudent and disciplined conduct of b usiness by its members; Prevent unfair competition among members; Enhance professional know-how in the sector. The main functions of the Association are to: Establish professional rules and regulations; Set safety measures to prevent unfair competition; Monitor professional developments, changes in rules and regulations and inform members; Evaluate complaints against its members; Impose disciplinary action on members, when necessary; Assist in the resolution of disputes arising from off-exchange transactions among its members or between its members and investors; Appoint arbitrators upon the request of concerned parties; Conduct research on Turkish and international capital markets; Offer training programs; Issue licenses to capital market professionals who are required to pass exams organized by the Capital Markets Board; Keep records of all capital market professionals; Cooperate with related foreign institutions. Future Outlook The Association plans to organize a comprehensive investor education program in 211, in cooperation with relevant financial sector institutions. The program will be based on the results of the financial literacy survey conducted by TSPAKB in 21. TSPAKB will continue to contribute to the IPO Awareness Project, in cooperation with the Istanbul Stock Exchange and the Union of Chambers and Commodity Exchanges of Turkey. The program is expected to be extended to SMEs in 211 with the cooperation of the Small and Medium Sized Industry Development Organization. TSPAKB will continue to take part in the Istanbul Financial Centre Project. TSPAKB will celebrate its 1th anniversary in May 211. Legal Status Not-for-profit association Regulated by Capital Markets Board Board of Directors 7 persons chosen among members by the General Assembly, every two years. The General Assembly is the highest decision-making body, where each member firm has one voting right. Memberships to International Organizations AFIE (Asia Forum for Investor Education): ASF (Asia Securities Forum): FEAS (Federation of Euro-Asian Stock Exchanges): ICSA (International Council of Securities Associations): IFIE (International Forum for Investor Education): IOSCO (International Organization of Securities Commissions): * Please refer to page 74 for the Turkey country report. CONTACT INFORMATION Contact Name Alparslan Budak research@tspakb.org.tr Website Address Buyukdere Caddesi No Levent Plaza A Blok Kat: 4 1. Levent Istanbul TURKEY Phone +9 (212) Fax +9 (212) PAGE 142

145 MEMBER LIST PAGE 143

146 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Abu Dhabi Stock Exchange Address: P.O. Box 545 Abu Dhabi, U.A.E. Phone: (2) Fax: (2) Web Address: Country Code: 971 Company s Name City Code Telephone Fax Address Abu Dhabi Islamic Bank AABAR Petroleum Co Abu Dhabi Aviation Co Abu Dhabi Co For Building Materials (BILDCO) Abu Dhabi Commercial Bank Abu Dhabi Energy Company (TAQA) Abu Dhabi National Hotels Co Abu Dhabi National Insurance Co. (ADNIC) Abu Dhabi Ship Bldg (ADSB) Abu Dhabi Takaful Al Buhaira National Insurance Co Al Dhafra Insurance Co Al-Ain Ahlia Insurance Co ALDAR Properties Al-Khazna Insurance Co Al-Wathba National Insurance Co Arkan Building Materials ASMAK Bank of Sharjah Commercial Bank International Commercial International Bank / Egypt (CIB) / DANA GAS Emirates Driving Company Emirates Foodstuff & Mineral Water (Agthia) Emirates Insurance Co Emirates Telecommunications-ETISALAT Finance House First Gulf Bank FOODCO Holding Co Fujairah Building Industries Fujairah Cement Industries Co Fujairah National Insurance Co Fujairah Trade Center Gulf Cement Company Gulf Medical Projects Company Gulf Pharmaceutical Industries (Julphar) International Fish Farming Company Invest Bank National Bank Of Abu Dhabi National Bank of Fujairah National Bank of Ras Al Khaimah National Bank of Umm Al Qiwan National Corporation for Tourism & Hotels National Marine Dredging Co Oasis International Leasing Co Oman & Emirates Investment Holding Co Palestinian Telecommunication Co. (PALTEL) Qatar Telecommunication Co. (Q-tel) RAK Co. for White Cement & Construction Materials RAK National Insurance Co RAK Properties Ras Al Khaimah Poultry & Feeding Co Ras Al-Khaimah Cement Company Ras Al-Khaimah Ceramics Sharjah Cement & Industrial Dev. Co Sharjah Insurance Company Sharjah Islamic Bank Sorouh Real Estate Sudanese Telecommunication Co. ltd Umm Al Qiwain Cement Industries Union Cement Company Union Insurance Co Union National Bank United Arab Bank United Insurance Co PAGE 144

147 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Amman Stock Exchange Address: P.O. Box , Amman 11121, Jordan Phone: (6) Fax: (6) Web Address: Country Code: 962 Company s Name City Code Telephone Fax Address AHLI BROKERAGE COMPANY info@ahlibrokerage.com.jo AJIAD FOR SECURITIES ajiad56@hotmail.com AL ARABI INVESTMENT GROUP CO mail@ab-invest.net AL EMAN FINANCIAL INVESTMENT CO al-eman39@wanadoo.jo AL SHOROUQ FINANCIAL BROKERS alshoroouq@gmail.com AL-AMAL FINANCIAL INVESTMENTS CO alamal.investments@gmail.com AL-AULA FINANCIAL INVESTMENTS CO info@first.com.jo AL-AWAEL INTERNATIONAL SECURITIES admin@alawaelsec.com AL-BILAD FOR SECURITIES AND INVESTMENT info@biladcapital.com ALFARES FINANCIAL INVESTMENTS CO alfaris@wanadoo.com AL-HEKMA FINANCIAL SERVICES info@hekma-fs.com AL-MAWARED FOR BROKERAGE brokerage@investbank.jo AL-MULTAQAA BROKERAGE AND FINANCIAL SERVICES COMPANY info@al-multaqaa.com ALNADWA FOR FINANCIAL SERVICES AND INVESTMENT info@nadwa.com.jo ALNOUR FOR FINANCIAL INVESTMENTS AL-OMANA'A PORTFOLIO AND INVESTMENT CO alomana@hotmail.com ALSAFWA FOR FINANCIAL INVESTMENTS CO info@safweh-inv.com AL-SAHM INTERNATIONAL FOR INVESTMENT & BROKERAGE info@alsahem-broker.com AL-SALAM FOR FINANCIAL INVESTMENTS al_salam_investment@batelco.jo ALWAMEEDH FOR FINANCIAL SERVICES AND INVESTMENT alwameed1@yahoo.com AL-WATANIEH FOR FINANCIAL SERVICES CO compliance@awraq.com AL-YASMEEN FOR SECURITIES & INVESTMENTS yasmeen@alyasmeen.net AMAN FOR SECURITIES LTD www@amansecurities.jo AMMAN INVESTMENT & SECURITIES CO. LTD ammanis_21@yahoo.com AMWAL BROKERAGE info@indemaj.jo ARAB COOPERATION FINANCIAL INVESTMENTS CO info@abci.com.jo ARAB FALCON CO FOR SELLING & BUYING SECURITIES LTD info@arabfalconsec.com ARAB FINANCIAL AND CONSULTANCY SERVICES CO afcs@arabbank.com.jo ASIA STOCK BROKER info@asiabrokers.jo CAPITAL INVESTMENTS info@capitalinv.jo DELTA FINANCIAL INVESTMENTS clientrelations@deltafi.com EFG-HERMES JORDAN info@tadawol.jo ELITE FINANCIAL SERVICES info@elite-fs.com EMERGING MARKETS FOR FINANCIAL SEVICES & INVESTMENT CO selwan.f.b38@hotmail.com EXCEL FOR FINANCIAL INVESTMENT excel_ionvest@bankofjordan.com.jo EXPERTS FINANCIAL SERVICES info@efs.jo FRIENDS FINANCIAL INV & BROKERAGE CO friendsf@wanado.jo IBDA' FOR FINANCIAL INVESTMENT ibda@jiig.com IMCAN FOR FINANCIAL SERVICES brokerage@imcan.jo INTERNATIONAL BROKARAGE AND FINANCIAL MARKETS COMPANY info@ibfm.jo INTERNATIONAL FINANCIAL ADVISORS info@ifa-jo.com INTERNATIONAL FINANCIAL CENTER info@ifc.com.jo INVESTMENT HOUSE FOR FINANCIAL SERVICES inhojo@in-ho.com ISTITHMAR FOR FINANCIAL SERVICES info@istithmar.jo JORDAN GULF INVESTMENT CO jgfinance@wanadoo.jo JORDAN RIVER FINANCIAL INVESTMENT info@jrfic.com JORDANIAN EXPATRIATES FOR FINANCIAL BROKERAGE JORDANIAN SAUDI EMIRATES FINANCIAL INVESTMENT CO jesco_87@hotmail.com KUWAIT & MIDDLE EAST FINANCIAL INVESTMENT CO- JORDAN info@kmefic.com.jo MISC FINANCIAL BROKERAGE CORPORATION majdi.alteenah@jdib.jo MUBADALA FINANCIAL INVESTMENTS COMPANY W.L.L mufinv@gmail.com NATIONAL PORTFOLIO SECURITIES info@mahfaza.com.jo OSOOL INVESTMENT AND FINANCIAL SERVICES PHILADELPHIA INVESTMENT BANK SABAEK FOR FINANCIAL SECVICES info@tjfs-jo.com SAMIR & SAMEH BROS. FOR INVESTMENT info@aljabari.com SANABEL AL-KHAIR FOR FINANCIAL INVESTMENTS sanabelinvest@hotmail.com SHARECO BROKERAGE COMPANY /1 info@sharecojo.com SHUA'A FOR SECURITIES TRADING AND INVESTMENT rana@shuaa-brokerserv.com SOCIETE GENERALE JORDAN-BROKERAGE awni.salah@socgen.com SUKOOK INVESTMENT AND BROKERAGE COMPANY info@sukook-inv.com TANMIA SECURITIES INC info@tanmia.jo THE ARAB FINANCIAL INVESTMENT CO info@arabinvestco.com THE BANKERS FOR BROKERAGE AND FINANCIAL INVESTMENTS bankers.brokerage@gmail.com THE FINANCIAL INVESTMENT COMPANY FOR SHARES AND BONDS info@fic.com.jo UMNIAH FOR FINANCIAL INVESTMENTS umniahinvest@gmail.com UNION FINANCIAL BROKERAGE union.brokerage@orange.jo UNITED ARAB JORDAN COMPANY FOR INVESTMENT AND FINANCIAL BROK UNITED FINANCIAL INVESTMENTS PLC gm@ufico.com UNIVERSAL HOUSE BROKERAGE brokerageinfo@global.com.jo PAGE 145

148 Bahrain Bourse Address: Hedaya Building 2, Government Avenue, Manama, Block: 35 Kingdom of Bahrain, P.O. Box 323, Phone: (17) Fax: (17) Web Address: Country Code: 973 Company s Name City Code Telephone Fax Address ABC SECURITIES ABDULLA ZAIN AL-ABEDIN AHLI UNITED BANK info@ahliunited.com AL AHLIA SECURITIES BBK BROKERAGE SERVICES ecall_ebank@bbkonline.com GLOBAL INVESTMENT HOUSE GULF SECURITIES INDOGULF FINANCIAL SERVICES CO MUBASHER FINANCIAL SERVICES B.S.C NASSIR ABBAS KHOSROU SECURITIES & INVESTMENTS CO sico@batelco.com.bh TAIB SECURITIES CO taibdirect@taib.com U.G.B SECURITIES info@ugbbah.com YOUSIF AL-AJAJI ajaji1@yahoo.com Baku Interbank Currency Exchange Address: 57, Acad H. Aliyev Str., AZ111 Baku, Azerbaijan Phone: (12) Fax: (12) info@bbvb.org Web Address: Country Code: 994 Company s Name City Code Telephone Fax Address AFB BANK info@azfinansbank.com AccessBank bank@accessbank.az Amrahbank info@amrahbank.com Aqrarkredit Non Bank Credit Organization aqrarkredit@aqrarkredit.com Atabank atabank@atabank.com Atra office@atrabank.az Azerbaijan Credit Bank office@azkreditbank.com Azerigazbank info@agbbank.az Azerpost MMC office@.azerpost.az Azer-Turk Bank atb@azertyrkbank.biz Bank Avrasiya ASC info@bankavrasiya.az Bank Melli İran bmiaz@intrans.az Bank of Azerbaijan info@bank.az Bank of Baku root@bankofbaku.com Bank Respublika info@bankrespublika.az Bank Silk Way bsw@banksilkway.az Bank Standard bank@bankstandard.com Bank VTB Azerbaijan info@vtb.com.az Birlikbank info@birlikbank.baku.az BTB Bank ASC info@btb.az Capital Investment Bank info@asb.az CapitalBank afig.khudayev@kapitalbank.az Caucasian Development Bank office@tdb.az DekaBank office@dekabank.com Demirbank info@azerdemiryolbank.com Eurobank office@eurobank.az Expressbank ASC mail@anb.az GunayBank info@gunaybank.com Kredobank bank@kredobank.az MuganBank mail@muganbank.az NBC Bank info@nbcbank.az Nikoyl Bank bank@nikoil.az ParaBank office@parabank.az PAŞA Bank ASC office@pashabank.az Rabitabank rb@rabitabank.com Royal Bank of Baku info@royalbank.az Tekhnikabank info@texnikabank.com The Central Bank of the Azerbaijan Republic info@cbar.az The International Bank of the Azerbaijan Republic ıbar@ıbar.az TuranBank office@turanbank.az Unibank bank@unibank.az United Credit Bank ucb@ucb.az Xalq bank mail@xalqbank.az Yapi Credit Bank Azerbaijan Ltd office@yapikredi.com.az Zaminbank info@zaminbank.az PAGE 146

149 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Baku Stock Exchange Address: 19, Bul-Bul Avenue A31 Baku, Azerbaijan Phone: (12) Fax: (12) Web Address: Country Code: 994 Company s Name City Code Telephone Fax Address «ADB Broker» LLC broker@azerdemiryolbank.com "Azerbaijan Industrial Bank" OJSC license temporarily stopped «AzerTurkBank» OJSC license temporarily stopped «BoB Broker» LLC ehbabayev@banofbaku.com «Brokdil-AZ» LLC faig@atabank.com «Caspian Financial» LLC tkalayev@kazimir.com "Chelsea Capital" LLC s.intiqam@chelseacapital.az «International Transaction Systems» LLC murtuzayev.s@gcc.az «Kapital Partners» LLC license temporarily stopped «Mars Investment» LLC license temporarily stopped «Respublika Invest» LLC teymurt@bankrespublika.az «Standard Capital» LLC t.gadirli@standardcapital.az «Tekhnika Capital Management» LLC cafer.ibrahimli@texnikabank.az «UniCapital» OJSC heydar.ibrahimli@unibank.az «YapiKredi Invest Azerbaijan» LLC hikmat.cafarov@yapikredi.com.az Banja Luka Stock Exchange Address: Petra Kocica bb, 78 Banja Luka, Bosnia and Herzegovina, Phone: (51) Fax: (51) blberza@blic.net Web Address: Country Code: 387 Company s Name City Code Telephone Fax Address Advantis broker a.d. Banja Luka tatjana.tomanic@advantisbroker.com Balkan Investment Bank a.d. Banja Luka broker@bib.ba Bobar Banka a.d. Bijeljina ana.mirosavljevic@bobarbanka.com Eurobroker a.d. Banja Luka milana.popadic@eurobroker.ba Fima a.d. Banja Luka stopalovic@fima.ba Hypo-Alpe-Adria Bank a.d. Banja Luka bratoljub.radulovic@hypo-alpe-adria.com Monet broker a.d. Banja Luka draganab@monetbroker.com NLB Razvojna Banka a.d. Banja Luka vladimir.burazor@nlbrazvojnabanka.com UniCredit Bank a.d. Banja Luka unicreditbroker@unicreditgroup.ba Nova Banka a.d. Banja Luka boris.kacavenda@novabanka.com Pavlovic International Banka a.d. Bijeljina office@pavlovic-banka.com Raiffeisen a.d. Banja Luka info@raiffeisencapital.ba Zepter Broker a.d. Banja Luka zepterbroker@teol.net Belarusian Currency and Stock Exchange Address: 48a, Surganova Str., 2213 Minsk, Belarus Phone: (375) Fax: (375) blusson@bcse.by Web Address: Country Code: 375 Company s Name City Code Telephone Fax Address Absolutbank, CJSC ( ) Agrocapital, CJSC ( ) Aktsiya, LLC ( ) Aktsiya-Service, LLC ( ) Alfa-Bank, CJSC ( ) Atlant-Invest GRCSD, LLC ( ) Aygenis, CJSC ( ) Bank Moscow-Minsk, OJSC ( ) Bank VTB (Belarus), CJSC ( ) /3 Belagroprombank, JSC ( ) (3) Belarusbank, JSC ( ) Belgazprombank, OJSC ( ) (28) Belinvestbank, JSC ( ) BelMezhKomInvest, JSC ( ) Belrosbank, CJSC ( ) BelSwissBank, CJSC ( ) Belvnesheconombank, OJSC ( ) BG Capital, FLLC ( ) BNB-Bakn, JSC ( ) BPS-Bank, JSC ( ) Brokerage company Analytic, LLC ( ) BROSTOK, CJSC ( ) BTA-Bank, JSC ( ) PAGE 147

150 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Belarusian Currency and Stock Exchange (con t) Company s Name City Code Telephone Fax Address BMM-Trust, LLC ( ) Capital Active, CJSC ( ) Credexbank, CJSC ( ) Delta-Bank, CJSC ( ) Denim Trading, UE ( ) DERZHAVAINVEST, JSC ( ) Diamondinvest, PC ( ) Egal-Invest, LLC ( ) ESPAS, UE ( ) Finansovy Impuls, PC ( ) Fondekspert, LLC ( ) Fondovy aliance, LLC ( ) Fransabank, OJSC ( ) General Investment System, CJSC ( ) /65 Gomel Regional Depository Center, CJSC ( ) GRB Research & Trading, FLLC ( ) HCBank, JSC ( ) Interregional Depository and Clearing Center, SE ( ) Intertrust Group, JSC ( ) Investment Company BelASKO-Invest, CJSC ( ) Investorconsult, LLC ( ) Kaskad-93-Invest, LLC ( ) Leader-Invest, LLC ( ) Leovest, JSC ( ) MTBank, CJSC ( ) MTG, CJSC ( ) National Bank of the Republic of Belarus ( ) Paritetbank, JSC ( ) Priorbank, JSC ( ) /33 ProfRateInvest, LLC ( ) Promreestr, LLC ( ) Reestr IC, LLC ( ) RRB-Bank, CJSC ( ) Sombelbank, CJSC ( ) Sovmedia, UE ( ) State Property Fund ( ) Technobank, JSC ( ) Trustbank, CJSC ( ) Trust-Zapad, CJSC ( ) Western Stock Bureau, CJSC ( ) Zepter Bank, CLSC ( ) Belgrade Stock Exchange Address: 1, Omladinskih Brigada Street, 11, Belgrade, Serbia Phone: (11) Fax: (11) info@belex.co.yu Web Address: Country Code: 381 Company s Name City Code Telephone Fax Address A BROKER office@abroker.rs AB INVEST office@ab-invest.com ABC BROKER office@abcbroker.rs AC-BROKER info@ac-broker.rs AGROBANKA ivan.prvulovic@agrobanka.rs ALPHA BANK SRBIJA broker@alphabankserbia.com AS FINANCIAL CENTER office@asbroker.co.rs ATHENA CAPITAL office@athenacapital.rs BANCA INTESA broker@bancaintesabeograd.com BANKA POSTANSKA ŠTEDIONICA broker@posted.co.rs BELGRADE INDEPENDENT BROKER office@bibroker.rs BEO MONET beomonet@ikomline.net BROKER POINT office@brokerpoint.rs CACANSKA BANKA brokeri@cacanskabanka.co.rs CAPITAL BROKER capitalbroker@nadlanu.com CITADEL SECURITIES office@citadel-securities.com CONVEST office@convest.rs CREDY BANKA bdd@credybanka.com PAGE 148

151 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Belgrade Stock Exchange (con t) Company s Name City Code Telephone Fax Address DELTA BROKER broker@deltabroker.rs DIL BROKER office@dilbroker.co.rs DUNAV STOCKBROKER dunavstockbroker@dunavstockbroker.com EAST-WEST INVEST ewistan@drenik.net EMISSIO BROKER emissio@beotel.net ENERGOBROKER broker@energobroker.rs ERSTE BANK / brokeri@erstebank.rs EURO FINEKS BROKER fineks@eunet.rs EUROBANK EFG ivan.radovic@eurobankefg.rs FIDELITY BROKER fidelit@eunet.rs FIMA INTERNATIONAL office@fimaint.rs FIMAKS BROKER broker@fimaks.rs FIRST GLOBAL BROKERS info@fgb.co.rs GALENIKA BROKER company@galenikabroker.co.rs HYPO ALPE-ADRIA-SECURITIES securities@hypo-alpe-adria.co.yu I2R office@i2rbroker ILIRIKA INVESTMENTS info@ilirika.rs IMTEL TRADE office@imteltrade.com INTERCAPITAL SECURITIES intercapital@intercapital.rs INTERCITY BROKER firma@icbbg.rs INVEST BROKER office@investbroker.co.rs JORGIC BROKER jorgic.broker@gmail.com JUBMES BROKER broker@jubmes.rs KBC SECURITIES office@kbcsecurities.rs KBK BROKER kbkbrok@eunet.rs KOMERCIJALNA BANKA brokeri@kombank.com M&V INVESTMENTS bg@mvi.rs MAKLER INVEST office@maklerinvest.co.rs MEDIOLANUM INVEST velimir.mediolanum@sbb.rs MERIDIAN INVEST mebainv@meridian-invest.com RAZVOJNA BANKA VOJVODINE hov@rbv.rs MOMENTUM SECURITIES office@momentum.rs OLIMPIA INVEST olimpiainvest@yahoo.com PRIVREDNA BANKA office@pbb-banka.com PROBROKER office@probroker.co.rs RAIFFEISENBANK aleksandar.malisic@raiffeisenbank.co.yu SAB MONET sab.monet@yubc.net SBD BROKER office@sbdbroker.co.rs SINTEZA INVEST GROUP info@sinteza.net SOCIETE GENERALE YUGOSLAV BANK arif.hadzini@socgen.com SUMADIJA BROKER sumbrok@eunet.rs TANDEM FINANCIAL tfns@neobee.net TDK BROKER tdkbroker@sezampro.rs TEMA BROKER info@temabroker.rs TEZORO BROKER office@tezorobroker.co.rs TRADEVILLE office@tradeville.rs TRZISTE NOVCA info@tn.rs UNICREDIT BANK SRBIJA broker@unicreditbank.rs VOJVOĐANSKA BANKA broker@voban.co.yu VOLKSBANK nenad.jevremovic@volksbank.co.yu WESTERN BALKAN BROKER office@wbb.co.yu SYNERGY CAPITAL office@syn-cap.com TANDEM FINANCIAL office@tandemfin.com TDK BROKER tdkkbroker@yu1.net TEMA BROKER info@temabroker.co.yu TEZORO BROKER office@tezorobroker.co.yu TRUST BROKER info@trustbroker.co.yu TRZISTE NOVCA info@tn.co.yu UNICREDIT BANK SRBIJA broker@unicreditbank.co.yu VOJVODANSKA BANKA broker@voban.groupnbg.com VOLKSBANK nenad.jevremovic@volksbank.rs PAGE 149

152 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Bucharest Stock Exchange Address: Carol I Boulevard, 14th Floor, District 2, Bucharest, 2922, Romania Phone: (21) Fax: (21) bvb@bvb.ro Web Address: Country Code: 4 Company s Name City Code Telephone Fax Address ACTINVEST office@actinvest.ro ACTIVE INTERNATIONAL office@active.ro ALPHA FINANCE ROMANIA office@alphafinance.ro BALKAN ADVISORY COMPANY IP - EAD p.krastev@bac.bg BANCA COMERCIALA ROMANA 21/ valerian.ionescu@bcr.ro BANK LEUMI ROMANIA dpc@leumi.ro BRD Groupe Societe Generale comunicare@brd.ro BT SECURITIES office@btsecurities.ro CARPATICA INVEST carpaticainvest@carpaticainvest.ro CONFIDENT INVEST BUCURESTI contact@confidentinvest.ro CREDIT EUROPE BANK (ROMANIA) office@crediteurope.ro DELTA VALORI MOBILIARE ssif_delta@shares.ro DORINVEST dorinvest@dorinvest.ro EASTERN SECURITIES office@easternsecurities.ro EFG EUROBANK SECURITIES SA (CAPITAL SECURITIES) office@efgsec.ro EGNATIA SECURITIES (FOST NETINVEST) office@egnatia-securities.ro ELDAINVEST eldainvest@gmail.com EQUITY INVEST office@equity.ro ESTINVEST esin@estinvest.ro EUROSAVAM eurosavam@ploiesti.rdsnet.ro FAIRWIND SECURITIES office@fairwind.ro FINACO SECURITIES finaoffice@yahoo.com GM INVEST office@gminvest.ro GOLDRING goldring@goldring.ro H B INVEST hbinvest@easynet.ro HARINVEST office@harinvest.ro HTI VALORI MOBILIARE office@hti.ro IEBA TRUST office@iebatrust.ro IFB FINWEST office@ifbfinwest.ro ING BANK office@ingbank.ro INTERCAPITAL INVEST office@intercapital.ro INTERDEALER CAPITAL INVEST office@interdealer.ro INTERFINBROK CORPORATION office@interfinbrok.ro INTERVAM intervam@intervam.ro INVEST TRUST office@investtrust.ro KBC SECURITIES ROMANIA SSIF" SA (FOSTA SWISS) office@kbcsecurities.ro KD CAPITAL INVEST MANAGEMENT office@kd-group.ro MKB Romexterra info@romexterra.ro MUNTENIA GLOBAL INVEST office@rainvest.ro NHL SECURITIES S.S. (MAXWELL RAND SECURITIES INTERNATIONAL) office@mrsi.ro NOVA INVEST ssif@nova.ro OLTENIA GRUP INVEST office@olteniagrup.ro PRIME TRANSACTION office@primet.ro RAIFFEISEN CAPITAL & INVESTMENT office.rci@rzb.ro RAIFFEISEN CENTROBANK AG office@rcb.at RBS Bank (Romania) S.A office@rbs.com ROINVEST BUCOVINA roinvestbucovina@yahoo.com ROMBELL SECURITIES rombell@grivco.ro ROMCAPITAL office@romcapital.ro S.S.I.F. PIRAEUS SECURITIES ROMANIA S.A. (EUROPEAN SECURITIES) office@piraeus-sec.ro S.S.I.F. VIENNA INVESTMENT TRUST (FOST FINANSSECURITIES) office@viennainvestment.ro SC BANK LEUMI ROMANIA SA dpc@leumi.ro SC VALAHIA CAPITAL SA valahiaconfirmari@gmail.com SOCIETATEA DE SERVICII DE INVESTITII FINANCIARE "BROKER" staff@ssifbroker.ro SOCIETATEA DE SERVICII DE INVESTITII FINANCIARE ROMINTRADE gabriel.marica@onlinebroker.ro SSIF ESTEURO CAPITAL SA office@esteurocapital.ro PAGE 15

153 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Bucharest Stock Exchange (con t) Company s Name City Code Telephone Fax Address SSIF FORTIUS FINANACE SA (EURO INVEST VISION) office@fortius.ro SSIF STK TRADING SA office@stk.ro SUPER GOLD INVEST sold@geostar.ro TARGET CAPITAL targetcapital@targetcapital.ro TGH INVESTMENT info@tgh.ro TRADEVLLE S.A. (VANGUARD) office@tradeville.eu TRANSILVANIA CAPITAL transilvania.office@rdsbv.ro TREND ssiftrend@yahoo.com UNICAPITAL office@unicapital.eunet.ro UniCredit CAIB ROMANIA SECURITIES (fost CA IB SECURITIES) calenicm@ca-ib.com VALMOB INTERMEDIA valmob@gic.ro VENTRUST INVESTMENT)fost IFC INVESTITII) office@ventrust.ro VOLTINVEST voltinvest@sifolt.ro WBS ROMANIA office@wbs.ro WOOD & COMPANY FINANCIAL SERVICES PRAGA wood@wood.cz Bulgarian Stock Exchange Address: 1 Triushi Str. Floor 5, 133 Sofia, Bulgaria, 131, Sofia, Bulgaria Phone: (2) Fax: (2) bse@bse-sofia.bg Web Address: Country Code: 359 Company s Name City Code Telephone Fax Address ABS Finance EAD abcfinance29@gmail.com ABV Investment EOOD abvinvest@mnet.bg Adamant Capital Partners AD miroslav.velikov@adamantcapital.eu Allianz Bank Bulgaria AD admin@bank.allianz.bg Argo Invest AD argoinv@mail.bia-bg.com Astra Investment AD d.yordanova@astrainvestment.bg Aval IN AD aval.in@ibn.bg Balkan Advisory Company IP EAD vladimir@bac.bg Balkan Investment Company AD office@balinco.com Balkan Securities EOOD BBG Simex - Bulgaria OOD bbgsimex@mail.wtcsofia.bg BenchMark Finance AD office@benchmark.bg Beta Corp AD mail@beta-corp.com BG ProInvest AD bgproinvest@mail.bg BNP Paribas S.A. Sofia Branch minevam@bnpdreba.ttm.bg Bulbrokers EAD office@bulbrokers.bg Bulex Invest AD bulex@bulex.net Bulfin Invest AD office@bulfininvest.com Bulgarian American Credit Bank AD bacb@bacb.bg Bulgarian Development Bank office@bdbank.bg Bull Trend Brokerage OOD bull_trend@spnet.net Capital Engineer Project OOD capital_ip@mail.orbitel.bg Capital Finance OOD capfin@hotmail.com Capital Markets AD capital_markets@netissat.bg Capman AD mail@capmanbg.com CEE Securities AD info@cee-securities.com Central Cooperative Bank AD office@ccbank.bg CIBANK AD legal@hq.eibank.bg Corporate Commercial Bank AD corpbank@corpbank.bg D Commerce Bank AD office@dbank.bg D.I.S.L. Securities AD office@disl-securities.com Dealing Financial Company AD dfco@b-trust.org DeltaStock AD office@deltastock.bg DSK Bank EAD DZI Investment AD invest@dzi.bg EFG Securities Bulgaria EAD brokerage@efgsec.bg Elana Trading AD info@elana.net Emporiki Bank Bulgaria AD Euro Finance AD contact@euro-fin.com Eurobank EFG Bulgaria AD pkp@postbank.bg Eurodealing AD office@eurodiling.com PAGE 151

154 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Bulgarian Stock Exchange (con t) Company s Name City Code Telephone Fax Address Factory AD factory@abv.bg Fico Invest OOD front@ficoin.bg Financial House Ever AD ever@ever.bg Financial House FINA-S AD martin.apostolov@fina-s.com First Financial Brokerage House OOD ffbh@ffbh.bg First Investment Bank AD invest@fibank.bg Focal Point Investments AD office@focalpoint.bg ING Bank N.V. Sofia Branch asparouhov@ingbank.com Intercapital Markets AD office@intercapital.bg International Asset Bank AD iabank@iabank.bg Investbank AD office@ibank.bg IP Favorit AD favorit@ipfavorit.com Karoll AD office@karoll.bg KBC Securities N.V. - Bulgaria scarlatov@kbcsecurities.bg KD Securities EAD kds.office@kd-group.bg KM Invest EAD kminvest@abv.bg Mac Cap AD Makler 22 AD makler_plovdiv@abv.bg Metrik AD metrik_bg@yahoo.com MKB Unionbank AD unionbank@unionbank.bg Municipal Bank AD contacts@municipalbank.bg Naba Invest AD office@naba.bg Piraeus Bank Bulgaria AD customerservice@piraeusbank.bg Populiarna Kasa 95 AD office@popkasa.com Positiva AD office@positiva.biz Raiffeisen Bank (Bulgaria) EAD ibgasni@rbb-sofia.raiffeisen.at Real Finance AD real-finance@real-finance.net Rock Ridge Investment EAD r.mladenov.hq@comleague.com Sofia International Securities AD info@sis.bg Sofia Invest Brokerage /SIB/ AD sib@sib.orbitel.bg Somony Financial Brokerage OOD somonifb@somonifb.com Standard Investment AD info_office@standardinvestment.bg Status Invest AD contact@status-invest.bg TBI Invest EAD office@tbi-invest.bg TeximBank AD us@teximbank.bg Tokuda Bank AD headoffice@tcebank.com Tradeville EAD pasko.pasev@tradeville.eu UG Market AD office@ugmarket.com UniCredit Bulbank AD b.dimitrova@sof.bulbank.bg United Bulgarian Bank AD dimitrova_k@ubb.bg Varchev Finance EOOD info@varchev.bg VIP-7 AD vip7@mail.orbitel.bg WOOD & Company Financial Services, a.s jan.sykora@wood.cz Zagora Finacorp AD zagora98@hotmail.com Zlaten Lev Brokers OOD zlatenlev@online.bg Damascus Securities Exchange Address: P.O.Box: 6564, Damascus Syria Phone: (11) 519- Fax: (11) info@dse.sy Web Address: Country Code: 963 Company s Name City Code Telephone Fax Address Agricultural Engineering Co For Investments - Nama'a nama-co@scs-net.org Al-Aqeelah Takaful Insurance info@atisyria.com Arab Bank-Syria info@ arabbank-syria.com Alahliah Vegtable Oil Company Avoco@scs-net.org Alahliah.Co For Transport Alahliah.co@gmail.com Bank Alsharq info@bankalsharq.com Bank Audi Syria Bank Of Jordan Syria info@bankofjordansyria.com Bank of Syria and Overseas bsomail@bso.com.sy Banque Bemo Saudi Fransi bbsf@mail.sy Byblos Bank Syria Fransabank Syria info@fransabank.sy National Insurance Company info@natinsurance.com Qatar National Bank- Syria Syria Gulf Bank bank@sgbsy.sy Syria International Islamic Bank info@siib.sy Syria International Insurance- Arope info@aropesyria.com The International Bank For Trade & Finance info@ibtf.com.sy United Insurance Company Info@uic.com.sy United Group For Publishing Advertising and Marketing info@ug.com.sy PAGE 152

155 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Egyptian Exchange Address: 4A, El Sherefeen St., Down Town, Cairo, Egypt Phone: (2) Fax: (2) Web Address: Country Code: 2 Company s Name City Code Telephone Fax Address Alfa brokerage A.T. Brokerage Abo Dhabi Securities Brokerage Agyad Stock Brokers agyad@yahoo.com Al Ahram Stock Exchange Securities Brokers ahrambrk@hotmail.com Al Amalka for Stock Dealing alaliaa@mist-net.net Al Arabia Securities Brokerage alamalk@thewayout.net Al -Etehad Brokerage Al Madina Stock Brokers Company Al Manar for Stock Exchange Al Noran Securities & Brokerage Al Omanaa Al Mottaheden 3 3/ / Al Rowad for Securities Brokerage Al Shourouk Brokerage alshorouk@link.com.eg Alamal Stock Brokerage Company 2 3/ / Alexandria Securities Brokerage 2 3/ / Alhelal Alsaudi Securities & Brokerage Alhmd Stock Brokerage Aliaa Brokerage House Aljouhara Alsaudi for Securities & Brokerage Aman for Securities Co amanbrok@yahoo.com Arab African International Securities Arab Finance Arabeya Online Securities arabia_brokers@hotmail.com Bab El-Mlouk for Securities Brokerage 3 3/ / Bab_ El_ Molouq@mist-n Bankers Group Ramzytolba@hotmail.co Baraka secutities baraka@linknet.com Beltone Arabia Securities Beltone Securities Brokerage Blom Egypt Securities Brokers Securities 3 3/ / brokers_com@yahoo.com Cairo Capital Securities Cairo International for Securities Exchange cise@hotmail.com Cairo National Co. for Securities Negotiation cnrs@mist-net.com Cairo Stock Brokerage Co Capital Securities Brokerage csb@gega.net City Stars for Brokerage City Trade Securities & Brokerage Commercial International Brokerage company (CIBC) helguindy@cibcegypt.com Continental for Securities Trading continentalforsecuritiestrading@yahoo.com Correct Line Brokerage Securities & Stock Exchange correctline23@hotmail.com Counsel counselinc@consultant.com Delta Rasmala Securities info@delta-securities.com Direct Broker for Securities info@d-securities.com Dynamic Securities Trading Economic Group Egypt & Middle East Brokerage Company gfm.114@mcsd.com.eg Egypt Brokerage - inertia Egypt Stocks Securities and Brokerage eab191@hotmail.cim Egypt Trust Securities e_trust@hotmail.com Egyptian Arabian Company (Themar) EgSecurities@hotmail.com Egyptian British for securities brokerage egku181@hotmail.com Egyptian Emirates Brokerage Egyptian Group for Securities Egyptian Kuwaiti Securities El Alamia for Brokerage alamia-b@internetegypt.com El Dawlia for Securities Brokerage El Fath Stock Brokers El Giza for Securities Trading gizabk@link.net El Horreya Securities horreya15@hotmail.com El Khair Financial Securities Corporation / elkhair.comp@maileit El Khalegya 3 3/ / El Kinanah Brokerage Securities Company info_kinanah.com.eg El Lewaa Stock Brokerage El Marwa Brokerage PAGE 153

156 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Egyptian Exchange (con t) Company s Name City Code Telephone Fax Address El Orouba Securities Brokerage El Tadamoun El Arabi Brokerage Company Elkarma Securities Brokerage gfm.186@mcsd.com.eg El-Karnak Stocks Brokerage El-Mokattam Securities Brokerage El-Safa Securities Brokerage 2 3/ /48743 tadamonar@link.net Financial Brokerage Group First Stock Brokerage Fortune Securities fortune@link.com.eg Global Capital Securities Global Investment house 2 3/ / Golden Way Securities golden_hand98@hotmail.com Golden Hand for Securities Brokerage goldenway@golden-way.net Golden Share Securities Grand Investment Securities Guarantee Co. for Brokerage Exchange gurantee_1136@yahoo.com H.A. Brokerage HC Brokerage hcgroup@hc-si.com Helwan Brokerage Co helwan_co@hotmail.com Hermes Securities Brokerage Honest Brokerage & Book Keeping Horas Stock Brokers horas23_8@hotmail.com Horizon Securities Brokerage Company HSBC Securities Egypt S.A.E /94 Shereenghattass@hsbc.com Ifa Securities Brokerage International Brokerage Group lbggroup@egypto line.com International for Securities INT_FOR_SEC@hotmail.com Jazira Securities Brokerage Leaders Securities M_saleh23@yahoo.com Lepon Securities Brokers Maadi for Stock Dealing maadi@mist-net.net Mahrosa Securities and Trading gfm.151@mcsd.com.eg Mashreq trade Mediterranean for Brokerage Mega Investment Securities Metro Co. for Book Keeping & Stock Dealing info@metrobrokerage.com Mina Company Stock Exchange Brokers Miracle for Securities miracle_securities@hotmail.com Mirage Brokerage Naeem Brokerage Namaa Securities Brokerage National Securities nasecinfo@gmail.com New Brent Brokerage Okaz Stockbrokers & Investment Consultants okaz@okaz-stockbrokers.com Optima Securities Brokerage optimabrokrage.com Osool Esb for Securities Brokerage oroba@link.net Pharaonic Brokerage Company pharonic_b@hotmail.com Pharos Securities Pioneers Securities pioneers_brokers@usa.net Premiere Securities Prime Securities Brokerage prime@primeegypt.com Prizma Securities Profit Securities Brokerage profit_securities@yahoo.com Pyramids Capital Regent Securities queenq@hotmail.com Safir for Stock Brokers safirnet@inteotch.com Samba Tadawol Misr Brokerage Saudi Egyptian Co. for Securities Brokerage Shuaa Securities Sigma Securities Brokerage Solidaire Securities Brokerage Standard for Securities Strategic Securities Group ssgroup@link.net Swiss Group Takamol Brokerage Co Team for Securities Trade The Financial Arabian for Securities Brokerage The Roots Co. for Stock Brokerage PAGE 154

157 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Egyptian Exchange (con t) Company s Name City Code Telephone Fax Address Three Way Brokerage Tiba Brokerage & Bookkeeping gfm_1116@mesd.com.eg Top for Brokerage Trend for Securities tiba4@excite.com Triple A Securities Co TOP_ 4_ Brokerage@yahoo.com Tropicana for Stock Exchange tropicana@mbox.link.com.eg Tycoon sadany2@yahoo.com United Brokerage Corporation U.B.C@LINK.NET Universal Securities Brokerage Venex Group Wallstreet Securities Brokerage wallstr2@yahoo.com Watania Brokers Wathika brokerage Wedian Securities Brokerage Yasmine Brokerage Company gfm_182@mcsd.com.eg Georgian Stock Exchange Address: 74a Chavchavadze Avenue Tbilisi 162 Georgia Phone: (32) Fax: (32) info@gse.ge Web Address: Country Code: 995 Company s Name City Code Telephone Fax Address AICBERGI aicbergi@mail.ru BONA bona@orbeli.ge CARTU BROKER cartubroker@cartubank.ge CAUCASUS CAPITAL GROUP info@capital,ge CAUCASUS FINANCIAL SERVICES zviad.chachanidze@caucasusfinancial.com DBL CAPITAL archilmgeladze@dblcapital.ge DELPHO GALT & TAGGART SECURITIES ikirtava@galtandtaggart.ge GEORGIAN INVESTMENT GROUP d.aslanishvili@investgroup.ge GEORGIAN INVESTMENT GROUP n.tandashvili@investgroup.ge GEORGIAN STOCK COMPANY forex@vtb.com.ge KABARJINA slg73@mail.ru ODEN info@gfso.ge PRIMA BROKER zura44@rambler.ru PUBLIC INVESTMENT MANAGEMENT COMPANY m.lortkipanidze@peobge.com TBC BROKER gtsikaridze@tbcbank.com.ge TBILINTERCAPITAL tic@wanex.net Iraq Stock Exchange Address: P.O. Box, 367 AlAlwiya, Iraq Phone: (79) Fax: (1) info-isx@isx-iq.net Web Address: Country Code: 964 Company s Name City Code Telephone Fax Address Agricultural Bank zera3y_bank@yahoo.com Ahli United Company commerce.iraq@ahliunited.com Al Ithmar Company athmar37@yahoo.com Al-Abrar Company alabrarcom@yahoo.com Al-Aman Company aman_iraqicom@yahoo.com Al-Aseel Company alaseelco5@yahoo.com Alawael company basrah_bank_broker@yahoo.com Al-Baraka Company albaraka31@yahoo.com Al-Batek Company babylon_o_e@yahoo.com Al-Fawz Company alfawz_co@yahoo.com Al-Forat Company al.fouratseco@yahoo.com Al-Hadher Company alhatarco@yahoo.com Al-Hayat Company al_hayat_broker_6@yahoo.com Al-Hikma Company alhikmacosh@yahoo.com Al-Iraq Company aliraqco@yahoo.com Al-Jawhara Company jawharabrokerage@yahoo.com Al-Jazeera Company aljazeraco@gmail.com Al-Karmal Company info@isx-karmal.com Al-Mutahida Company almutahida_broker@yahoo.com Al-Nibras Company alnibrasco45@yahoo.com Al-Qidwa Company shahnaz.ahmad@yahoo.com Al-Rabiee'Company info@rabeesecurities.com PAGE 155

158 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Iraq Stock Exchange (con t) Company s Name City Code Telephone Fax Address Al-Rafidain Bank rafidainbank@yahoo.com Al-Rafidain Company alrafdianshares@yahoo.com Al-Rasheed Bank financ_rash@yahoo.com Al-Sadoon Company walidalsadoon2@yahoo.com Al-Sharqiya Company alsharqiya.broker@gmail.com Al-Shorja Company shorga.com_isx@yahoo.com Al-Waha Company waha2423@yahoo.com Atlas Company atlaco_alatlas@yahoo.com A-Wafa'a Company thabet_1969@yahoo.com Babil Company haitham_saman25@yahoo.com Baghdad Company shoroq_bankbaghdad@yahoo.co.uk Baram Al-Khair Company farazdaq11@yahoo.com Credit company mahmoody@nbk.com DarAl-Salam company brokers_daressalam@yahoo.com Dijila Company dijilabrokerage@gmail.com Economy Free Company eatesad.alhor@yahoo.com Elaf Company elif_bank_isx@yahoo.com Industrial Bank n_bank35@yahoo.com International United Company unite_inter_co@yahoo.com Kassab Company alkassabcompany@yahoo.com Kurdistan Company bagdad@kurdistanib.com North Company alshimal_broker_co@yahoo.com Okadh Company okadh_brokerage@yahoo.com Tameam Company timiem_ex@yahoo.com Umal Rabieain Company um_alrabeaen_company Wahat Al-Nakeel Company wahatalnkhel@nbirq.com Warkaa Company warka_bank_isx@yahoo.com Zahrat Alkhalij Company gulfbank1@yahoo.com Istanbul Gold Exchange Address: Rıhtım Cad. No: Karakoy/Istanbul, Turkey Phone: (212) Fax: (212) iab@iab.gov.tr Web Address: Country Code: 9 Company s Name City Code Telephone Fax Address ADABANK A.Ş info@adabank.com.tr AHLATCI DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş ahmet@ahlatci.com.tr AKBANK T.A.Ş serife.gokce@akbank.com ALBARAKA TÜRK KATILIM BANKASI A.Ş hongoren@albarakaturk.com.tr ALBAYRAK KIYMETLİ MADENLER SANAYİ VE TİC. A.Ş info@algold.com.tr ALTERNATİFBANK A.Ş murat.ozer@abank.com.tr ALTINBAŞ KIYMETLİ MADENLER TİCARETİ A.Ş fon@altinbas.com ALTINKAYNAK DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş mguler@altinkaynak.com ANADOLU DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş mushakantar@hotmail.com ARABACI DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş ismet_vtsvr@e-kolay.net ARAP TÜRK BANKASI A.Ş bkamberoglu@arapturkbank.com ASYA KATILIM BANKASI A.Ş hazinemudurlugu@bankasya.com.tr ATASAY DÖVİZ VE KIYMETLİ MAD. TİCARETİ A.Ş suleyman.guner@atasay.com ATASAY KIYMETLİ MAD. A.Ş selman.bayoglu@atasay.com AYKAÇ DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş muhasebe@aykacmucevherat.com ÇITAK DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş darkdgn@hotmail.com DENGE DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş dengeas@hotmail.com DENİZBANK A.Ş murat.dosay@denizbank.com DORUK DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş doruk.dvz@hotmail.com ETİ GÜMÜŞ A.Ş erolkoca@yahoo.com EUROBANK TEKFEN A.Ş MAkpara@eurobanktekfen.com FAHRET DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş info@fahretdoviz.com.tr FİNANSBANK A.Ş omer.unveren@finansbank.com.tr FORTİS BANK A.Ş orhan.kaya@fortis.com.tr FULCRUM KIYMETLİ MADENLER TİCARET A.Ş info@fulcrumpreciousmetals.com GOLDAŞ KIYMETLİ MAD.TİC.A.Ş info@goldas.com GÜLKAY DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş gulkay@iab.gov.tr GÜVEN DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş guvendoviz@yahoo.com HAS KIYMETLİ MADENLER TİC.A.Ş info@hasglobalgold.com HSBC BANK A.Ş duygubeylan@hsbc.com.tr ING BANK A.Ş hakan.uzun@ingbank.com.tr İSTANBUL ALTIN RAFİNERİSİ A.Ş ozguranik@iar.com.tr PAGE 156

159 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Istanbul Gold Exchange (con t) Company s Name City Code Telephone Fax Address KALOTI JEWELLERY INTERNATIONAL KIY.İ MAD.TİC accounts.istanbul@kalotico.com KAPADOKYA DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş esat_ozaltin@hotmail.com KAPALI ÇARŞI DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş info@kapalicarsi.com.tr KARAKÖY DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş mustfa_82@hotmail.com KARAT DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş necmi@karatgold.com.tr KASABI KUYUMCULUK SANAYİ VE TİC.A.Ş kasabi@ttmail.com KUVEYT TÜRK KATILIM BANKASI A.Ş ceting@kuveytturk.com.tr LCO KIYMETLİ MAD.TİC.A.Ş cumhur@lcofinans.com LİDYA KIYMETLİ MAD. SANAYİ VE TİC.A.Ş info@lidyametals.com MARMARA KIYMETLİ MADENLER TİCARETİ A.Ş info@goldmarmara.com MERKEZ DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş ulas.erman@gmail.com METSA KIYMETLİ MADENLER TİCARETİ oguz@metsagold.com MEYDAN DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş meydan@meydan.com.tr MKS KIYMETLİ MADENLER TİCARETİ A.Ş ctimucin@mks.ch MTO KIYMETLİ MADENLER TİCARETİ A.Ş m.aslan@mtogold.com NADİR DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş a.tutuncu@nadirmetal.com.tr ODAK DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş h1985_t@hotmail.com OLGAÇ DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş irfan@olgacdoviz.com ONS KIYMETLİ MADENLER TİCARETİ info@onsmetal.com.tr ÖZBEY KIYMETLİ MADENLER TİCARETİ A.Ş ozbeykiymetlimadenler@gmail.com PEKER KUYUMCULUK SANAYİ VE TİCARET A.Ş hpeker22@yahoo.com PUSULA KIYMETLİ MADENLER TİC.A.Ş kudretozcan@hotmail.com RONA DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş ronadvz@hotmail.com SARAY DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş saraydoviz@hotmail.com SAVAŞ DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş cumhur@biblos.com.tr SEMBOL DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş info@semboldoviz.com.tr SONGOLD KIYMETLİ MAD.TİC.A.Ş info@songold.com.tr SOYMETAL SOYMETALLER SANAYİ VE TİCARET feyyazporsuk@gmail.com SULTAN KIYMETLİ MADENLER TİCARETİ A.Ş sultankymd@hotmail.com T.C. ZİRAAT BANKASI bunal@ziraatbank.com.tr T.EKONOMİ BANKASI hakan.ozden@teb.com.tr T.GARANTİ BANKASI A.Ş AlperK@garanti.com.tr T.İŞ BANKASI esma.celikten@isbank.com.tr T.VAKIFLAR BANKASI T.A.O oktaybaltali@mynet.com TAŞBAŞI DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş tasbasidoviz@hotmail.com. TEKSTIL BANKASI bmetin@tekstilbank.com.tr TROY KIYMETLİ MAD.TİC.A.Ş ctasdelen@troypreciousmetals.com TURAN KIYMETLİ MADEN TİCARETİ A.Ş emreturan@turankıymetli.com TÜPRAG METAL MAD. SAN.VE TİC. A.Ş tuprag@tuprag.com TÜRKİYE FİNANS KATILIM BANKASI A.Ş tarik.borekci@turkiyefinans.com.tr TÜRKİYE HALK BANKASI A.Ş menkulopr@halkbank.com.tr UĞURAS KIYMETLİ MADEN SANAYİ VE DIŞ TİC. A.Ş ugur.as@hotmail.com ULUKARTAL KIYMETLİ MAD.TİC.A.Ş bilgi@ulukartalccapital.com UZER DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş hdagaslan@hotmail.com ÜNLÜLER DÖVİZ VE KIYMETLİ MADENLER TİC. A.Ş cem@altunbuken.com YAPI VE KREDİ BANKASI A.Ş birgul.saltan@yapikredi.com.tr YILDIRIM DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş yildirimdoviz@mynet.com YILDIZ DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş yildizdoviz@yahoo.com Istanbul Stock Exchange Address: IMKB Building, Resitpasa Mah., Tuncay Artun Cad., Emirgan, Istanbul, Turkey Phone: (212) Fax: (212) international@imkb.gov.tr Web Address: Country Code: 9 Company s Name City Code Telephone Fax ABN AMRO BANK N.V. MERKEZI AMSTERDAM IST. SB ACAR YATIRIM MENKUL DEGERLER A.S ADABANK A.S ANADOLUBANK A.S ADA MENKUL DEGERLER A.S ANADOLU YATIRIM MENKUL KIYMETLER A.S AKTIF YATIRIM BANKASI A.S AKBANK T.A.S AKDENIZ MENKUL DEGERLER TIC.A.S AK YATIRIM MENKUL DEGERLER A.S ALFA MENKUL DEGERLER A.S ALAN MENKUL DEGERLER A.S PAGE 157

160 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Istanbul Stock Exchange (con t) Company s Name City Code Telephone Fax ALTAY YATIRIM MENKUL DEGERLER A.S ALTERNATIF YATIRIM A.S ALTERNATIFBANK A.S ATAONLINE MENKUL KIYMETLER A.S ARAP TURK BANKASI A.S ATA YATIRIM MENKUL KIYMETLER A.S ARTI MENKUL KIYMETLER A.S AYBORSA MENKUL DEGERLER TIC.A.S B.A.B. MENKUL DEGERLER TICARETI A.S BAHAR MENKUL DEGERLER TICARETI A.S BGC PARTNERS MENKUL DEGERLER A.S BIZIM MENKUL DEGERLER A.S BASKENT MENKUL DEGERLER VE YATIRIM A.S BIRLESIK FON BANKASI A.S CREDIT AGRICOLE CHEUVREUX MENKUL DEGERLER A.S CALYON YATIRIM BANKASI TURK A.S CAMIS MENKUL DEGERLER A.S CITI MENKUL DEGERLER A.S CITIBANK A.S CENSA MENKUL DEGERLER A.S CREDIT SUISSE ISTANBUL MENKUL DEGERLER A.S DEUTSCHE BANK A.S DEGER MENKUL DEGERLER A.S DELTA MENKUL DEGERLER A.S DEHA MENKUL KIYMETLER A.S DILER YATIRIM BANKASI A.S DENIZ TUREV MENKUL DEGERLER A.S DENIZBANK A.S DARUMA MENKUL DEGERLER A.S DEUTSCHE SECURITIES MENKUL DEGERLER A.S DUNYA MENKUL DEGERLER A.S DENIZ YATIRIM MENKUL KIYMETLER A.S ECZACIBASI MENKUL DEGERLER A.S EFG ISTANBUL MENKUL DEGERLER A.S EKINCILER YATIRIM MENKUL DEG.A.S EKSPRES YATIRIM VE MENKUL DEGERLER A.S ENTEZ MENKUL DEGERLER TICARETI A.S EURO YATIRIM MENKUL DEGERLER A.S ETI YATIRIM A.S EUROBANK TEKFEN A.S EVGIN YATIRIM MENKUL DEGERLER TICARETI A.S EGEMEN MENKUL KIYMETLER A.S FINANSBANK A.S FINANS YATIRIM MENKUL DEGERLER A.S FORTIS YATIRIM MENKUL DEGERLER A.S FORTIS BANK A.S GEDIK YATIRIM MENKUL DEGERLER A.S GFC GENERAL FINANS MENKUL DEGERLER A.S ING BANK A.S GLOBAL MENKUL DEGERLER A.S GALATA MENKUL DEGERLER A.S GUNEY MENKUL DEGERLER A.S ING MENKUL DEGERLER A.S GARANTI YATIRIM MENKUL KIYMETLER A.S GSD YATIRIM BANKASI A.S GUVEN MENKUL DEGERLER A.S HAK MENKUL KIYMETLER A.S HEDEF MENKUL DEGERLER A.S HALK YATIRIM MENKUL DEGERLER A.S HSBC BANK A.S HSBC YATIRIM MENKUL DEGERLER A.S INFO YATIRIM A.S IS YATIRIM MENKUL DEGERLER A.S J.P. MORGAN MENKUL DEGERLER A.S KALKINMA YATIRIM MENKUL DEGERLER A.S KAPITAL MENKUL DEGERLER A.S KARE YATIRIM MENKUL DEGERLER A.S PAGE 158

161 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Istanbul Stock Exchange (con t) Company s Name City Code Telephone Fax K MENKUL KIYMETLER A.S LEHMAN BROTHERS MENKUL DEGERLER A.S MED MENKUL DEGERLER A.S MERRILL LYNCH YATIRIM BANK A.S MERRILL LYNCH MENKUL DEGERLER A.S MILLENNIUM BANK A.S MIRA MENKUL DEGERLER A.S MARBAS MENKUL DEGERLER A.S MEKSA YATIRIM MENKUL DEGERLER A.S MORGAN STANLEY MENKUL DEGERLER A.S METRO YATIRIM MENKUL DEGERLER A.S ULUS MENKUL DEGERLER A.S NUROL MENKUL KIYMETLER A.S NUROL YATIRIM BANKASI A.S ONER MENKUL KIYMETLER A.S ORION INVESTMENT MENKUL DEGERLER A.S OYAK YATIRIM MENKUL DEGERLER A.S PAY MENKUL DEGERLER A.S PIRAMIT MENKUL KIYMETLER A.S POZITIF MENKUL DEGERLER A.S PRIM MENKUL DEGERLER A.S POLEN MENKUL DEGERLER A.S BANKPOZITIF KREDI VE KALKINMA BANKASI A.S RAYMOND JAMES YATIRIM MENKUL KIY. A.S SEKERBANK T.A.S SEKER YATIRIM MENKUL DEGERLER A.S SANKO MENKUL DEGERLER A.S SOYMEN MENKUL KIYMETLER A.S SOCIETE GENERALE PARIS MRK. FRANSA IST. TR. MRK. SB SARDIS MENKUL DEGERLER A.S STRATEJI MENKUL DEGERLER A.S STANDARD UNLU MENKUL DEGERLER A.S SAYILGAN MENKUL DEGERLER TICARETI A.S TACIRLER MENKUL DEGERLER A.S TURKISH BANK A.S TURKLAND BANK A.S TEB YATIRIM MENKUL DEGERLER A.S JPMORGAN CHASE BANK MERKEZI NEW YORK ISTANBUL-TURKIYE SB T.C ZIRAAT BANKASI GEN. MD.SERMAYE PIYASALARI MD TURK EKONOMI BANKASI A.S TEKSTIL BANKASI A.S T.GARANTI BANKASI A.S T.HALK BANKASI A.S T.IHRACAT KREDI BANKASI A.S. (EXIMBANK A.S.) T.IS BANKASI A.S T.KALKINMA BANKASI A.S TAKSIM YATIRIM A.S TURKISH YATIRIM A.S TEKSTIL MENKUL DEGERLER A.S TOROS MENKUL KIYMETLER TICARETI A.S TERA MENKUL DEGERLER A.S T.SINAI KALKINMA BANKASI A.S TICARET MENKUL DEGERLER A.S T.VAKIFLAR BANKASI T.A.O TAIB YATIRIM MENKUL DEGERLER A.S UBS MENKUL DEGERLER A.S UNICREDIT MENKUL DEGERLER A.S UNICORN CAPITAL MENKUL DEGERLER A.S VAKIF YATIRIM MENKUL DEGERLER A.S WESTLB AG MERKEZI DUSSELDORF IST. MRK. SB YATIRIM FINANSMAN MENKUL DEGERLER A.S TAIB YATIRIM BANK A.S YAPI VE KREDI BANKASI A.S YAPI KREDI YATIRIM MENKUL DEGERLER A.S ZIRAAT YATIRIM VE MENKUL DEGERLER A.S PAGE 159

162 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Karachi Stock Exchange Address: K.S.E. Building, Stock Exchange Rd., Offl. I. Chundrigar Road, Karachi-74, Pakistan Phone: (21) Fax: (21) Web Address: Country Code: 92 Company s Name City Code Telephone Fax Address Investment Managers Securities (Private) Ltd info@imsecurities.com A. Sattar Motiwala Securities (Pvt.) Ltd A.A.K. Securitie (Private) Limited A.H.K.D. Securities (Pvt.) Limited A.H.M. Securities (Private) Limited A.I. Securities (Private) Limited A.R.Securities (Pvt.) Limited AAU Securities (Private) Limited AAZEB Securities (Private) Limited Aba Ali Habib Securities (Private) Limited Abbasi Securities (Private) Limited aijaz_abbasi@hotmail.com Abid Ali Habib Securities (Private) Limited abaalihabib@yahoo.com ACE Securities (Private) Limited Adam Securities (Pvt.) Ltd Akbani Securities (SMC-Private) Limited AKD Securities Limited Akhai Securities (Pvt.) Limited AKY Securities (Private) Limited shares@akystocks.com AL Habib Capital Markets (Pvt.) Limited aftab.munshi@bankalhabib.com Al-Asar Securities (Pvt.) Limited Alfa Adhi Securities (Pvt.) Ltd info@alfa-tec.com Alfalah Securities (Private) Limited smemon@alfalahsec.com Al-Hoqani Securities & Investment Corporation (Pvt.) Ltd. Ali Husain Rajabali Limited ahrl@cyber.net.pk Al-Mal Securities & Services Ltd al-mal@cyber.net.pk Alpha Beta Capital Markets (Private) Limited zk@dcdpk.com Altaf Adam Securities (Private) Limited altafadam1@hotmail.com Amber Haroon Saigol amber@saigol.com Amin Tai Securities (Private) Limited Ample Securities (Pvt.) Limited AMZ Securities (Private) Limited info@amzsecurities.com Apex Capital Securities (Private) Ltd Arif Habib Limited ahsl@cyber.net.pk Ashfaq Ashraf Securities (Private) Limited Asian Securities Limited asian@khi.comsats.net.pk Atlas Capital Markets (Pvt.) Limited aibkhi@atlasbank.com.pk Azee Securities (Private) Limited goldencapital@mail.com Aziz Dawood Securities (Private) Limited Aziz Fidahusein & Co. (Pvt.) Limited azizsarfaraz@hotmail.com B&B Securities (Pvt.) Ltd. Bawa Securities (Pvt.) Limited mhbawa@cyber.net.pk Bhayani Securities (Private) Limited kabsec@cyber.net.pk BMA Capital Management Limited Cassim Investments (Private) Limited Cedar Capital (Private) Limited Concordia Securities (Pvt) Ltd Continental Capital Management (Pvt) Ltd Creative Capital Securities (Private) Limited hanifashraf_creativecapital@yahoo.com Crosby Securities Pakistan (Private) Limited D.J.M. Securities (Pvt.) Limited Dalal Securities (Pvt.) Limited msdalal@cyber.net.pk Darson Securities (Private) Limited darson5@hotmail.com Dattoo Securities (Private) Limited sajjad_d@cyber.net.pk Dawood Equities Limited Dawood Mohammed Durvesh Securities (Private) Limited durvesh@cyber.net.pk Eleven Stars Securities (Private) Limited Elixir Securities Pakistan (Private) Limited info@elixirsec.com Escorts Capital Limited ceo@escortsbank.net Fairtrade Capital Securities (Private) Limited Farooq Abdullah Securities (Private) Limited Fawad Yusuf Securities (Private) Limited fysec@yahoo.com FDM Capital Securities (Pvt.) Limited info@fdm.com.pk First Capital Equities Limited First Choice Securities Limited PAGE 16

163 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Karachi Stock Exchange (con t) Company s Name City Code Telephone Fax Address First Equity Modaraba First National Equities Limited alimalik@fnetrade.com Fort Securities (Private) Limited nmuqeet@elixirsec.om Fortune Securities Limited info@fortunesecurities.com Foundation Securities (Private) Limited info@fs.com.pk Friendly Securities (Pvt.) Limited fsl@sat.net.pk Gazipura Securities & Services (Pvt.) Limited bsgkse@sat.net.pk Ghani Osman Securities (Private) Limited Ghory's Securities (Private) Limited ghorry@cyber.net.pk Global Securities Pakistan Limited GMI Capital Securities (Private) Limited gmismail-131@yahoo.com Growth Securities (Private) Limited H & H Securities (Private) Limited H. M. Idrees H. Adam H.H.K. Securities (Pvt.) Limited hhksesecurities@kapadia.com.pk H.M.Y. Securities (Private) Limited Habib Metropolitan Financial Services Limited Haroon Suleman HH Misbah Securities (Private) Limited hh_misbahsecurities@hotmail.com Hum Securities Limited Hussain Ebrahim (LATE) ahrt@cyber.net.pk IGI Finex Securities Limited Intermarket Securities (Pvt.) Limited Invest & Finance Securities Limited info@investfinance.com.pk Invest Capital Investmen Bank Limited research@investcapital.com Investec Securities Limited, (Under Suspension) Invisor Securities (Private) Limited jawad.ajmad@invisorsec.com Iqbal Usman Kodvavi Securities (Pvt.)Ltd iuksec@hotmail.com Irfan Mazhar Securities (Pvt.) Limited Ismail Iqbal Securities (Pvt.) Ltd info@ismailiqbal.com J.P. Morgan Pakistan Broking (Private) Ltd Jahangir Siddiqui & Co. Ltd. info@jahangirsiddiqui.com Jan Mohammed A. Latif Nini & Sons (Pvt) Ltd tufaily@cyber.net.pk Javed Omer Vohra & Co. Ltd javcoltd@hotmail.com Jawed Zakaria Gulabi Securities (Private) Limited JS Global Capital Limited KAI Securities (Private) Limited KASB Securities Limited kasbho@kasb.com Khanani Securities (Private) Limited azizkhanani1@hotmail.com Khoja's Capital Management (Pvt) Limited Kosmopolitan Securities (Private) Limited Lakhani Securities (Private) Limited Latif Suleman Securities (Private) Limited Live Securities Limited live@livesecurities.com M H Securities (Private) Limited mhak_sec@hotmail.com M.A.N. Securities (Pvt.) Limited M.B.J. Securities (Pvt.) Limited M.J. Memon Securities (Private) Limited ikbalg@cyber.net.pk M.M. Securities (Private) Limited moulvi@cyber.net.pk,pride@cyber.net.pk M.R.A. Securities (Pvt.) Limited MAC Securities (Private) Limited mac_securities@yahoo.com MAK Securities (Private) Limited info@kapadia.com.pk Mannoo Capital (Private) Limited MAS Capital Securities (Pvt.) Ltd. asifsultan@cyber.net.pk Masons Securities (Pvt.) Limited saleem_shakoor@hotmail.com Mayari Securities (Private) Limited zms.mayari@gmail.com Mazhar Hussain Securities (Pvt) Limited khisales@mzhsecurities.com Memon Securities (Private) Limited amin_memon@hotmail.com Merchant Investments (Private) Limited afrozmerchant@yahoo.com Millennium Capital Management (Pvt.) Limited (51) Mohammed Tariq Moti Moonaco Securities (Private) Limited saleem@moonaco.com Moosa, Noor Mohammed, Shahzada & Co. (Pvt) Ltd Moosani Securities (Pvt) Limited info@moosani.com Motiwala Securities (Pvt.) Ltd themotiwala.com MSMANIAR Financials (Private) Limited Muhammad Anaf Kapadia Securities (SMC-PVT.) Ltd anaf@kapadia.com.pk PAGE 161

164 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Karachi Stock Exchange (con t) Company s Name City Code Telephone Fax Address Muhammad Ashfaq Hussain Securities (Private) Ltd mahussain@cyber.net.pk Muhammad Bashir Kasmani Securities (Private) Limited Muhammad Hussain Ismail Securities (Private) Ltd Muhammad Munir Muhammad Ahmed Khanani Securities (Pvt.) Ltd info@munirkhanani.com Muhammed Salim Kasmani Securities (Private) Ltd Multiline Securities (Pvt.) Ltd Munaf Sattar Securities (Private) Limited ms-hoff@hotmail.com MYTP Securities (Private) Limited N.U.A. Securities (Private) Limited info@ashrafi.com.pk Nael Capital (Private) Limited abava@naelcapital.com Naveed H.M. Idrees Next Capital Limited Nini Securities (SMC-PRIVATE) Limited Noman Abid & Company Limited nomanabid.org.pk Oriental Securities (Private) Limited Orix Investment Bank Pakistan Limited asif@orixbank.com Pak Libya Holding Company (Private) Limited paklibya@paklibya.com.pk Pak Meezan Securities (Pvt.) Limited Pardesi Securities (Private) Limited Patel Securities (Private) Limited Pearl Capital Management (Private) Limited Pearl Securities Limited kandlstick@gmail.com Pervez Ahmed Capital (Private) Limited Prime Securities (Pvt.) Limited R.F.R. Securities (Private) Limited R.T. Securities (Pvt.) Limited Rafi Securities (Private) Limited info@rafionline.com Rah Securities (Private) Limited Rayomund Jal H.P. Byramji gogo@cyber.net.pk S. Nasir Hussain SAAO Capital (Private) Limited alisaeed77@hotmail.com Sakarwala Capital Securities (Pvt.) Ltd sakarwala_stockex@hotmail.com Salim Sozer Securities (Private) Limited salimsozer@hotmail.com Salman Capital Investments (Pvt.) Limited salmanmasujd_fca@yahoo.com Sattar Chinoy Securities (Pvt.) Limited chinoy@gerrys.net Saya Securities (Private) Limited SAZ Capital Securities (Pvt.) Ltd Schon Capital Markets Limited (1 Lines) Security Investment Bank Limited sibl@cyber.net.pk Seven Star Securities (Private) Limited Shahid Ali Habib Securities (Pvt.) Limited Shehzad Chamdia Securities (Pvt.) Limited info@shehzadchamdia.com.pk Sherman Securities (Pvt.) Limited Siddiq Moti siddiqmoti@hotmail.com Smart Investments Capital Management (Pvt.) Ltd smartinvestment@live.com SNM Securities (Pvt.) Limited Standard Capital Securities (Private) Limited scs@cyber.net.pk Sunrise Capital (Private) Limited Surmawala Securities (Private) Limited mjs_kse35@hotmail.com Tariq Vohra Securities (Private) Limited Taurus Securities Limited Tewfiq Mohammed Amin Fikree Time Securities (Pvt.) Limited timekse@hotmail.com Topline Securities (Pvt) Ltd Trade-In-Securities (Private) Limited TS Securities (Private) Limited tshafiq@cyber.net.pk United Capital Securities (Pvt.) Limited info@unitedcapital.com.pk WE Financial Services Limited info@we.com.pk Y.H. Securities (Pvt.) Limited Z.A. Ghaffar Securities (Private) Limited Zafar Moti Capital Securities (Pvt.) Ltd ZHV Securities (Private) Limited info@zhvsec.com Zillion Capital Securities (Pvt.) Ltd. info@mail.zcs.com.pk Zubeda Abdul Sattar PAGE 162

165 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Kazakhstan Stock Exchange Address: 67 Aiteke bi, 5, Almaty, Republic of Kazakhstan Phone: (327) Fax: (327) info@kase.kz, kase@kase.kz Web Address: Country Code: 7 Company s Name City Code Telephone Fax Address ABN AMRO SECURITIES KAZAKHSTAN ABS SECURITIES ACCUMULATIVE PENSION FUND "GNPF" gnpf@gnpf.kz ACCUMULATIVE PENSION FUND KAZAKHMYS fond@kazmys.kz ACCUMULATIVE PENSION FUND OF HALYK BANK OF KAZAKHSTAN npfnbkk@halykbank.kz AFC CAPITAL AFFILIATED BANK "ABN AMRO BANK KAZAKHSTAN" aabk@kz.abnamro.com AFFILIATED BANK "ALFA-BANK" infokz@alfabank.kz AFFILIATED BANK "BANK OF CHINA IN KAZAKHSTAN" boc@itte.kz AIM CAPITAL ALEM MANAGEMENT COMPANY info@alemkz.kz ALFA TRUST alfatrust@alfatrust.kz ALIBI SECURITIES asse_o@alibisecurities.kz ALLIANCE BANK almt@alb.kz ALMATY FINANCIAL CENTER afc@almatyfc.kz ALMATY INVESTMENT MANAGEMENT aim@aim.kz ALMEX ASSET MANAGEMENT mail@aam.kz ASIA BROKER SERVICES zeinap@bk.kz ASTANA-FINANCE af@af.kz ASYL-INVEST anara@asyl.kz ATF FINANCE ATFBANK info@atfbank.kz BANK "KASPIYSKIY" office@bc.kz BANK CENTRECREDIT info@centercredit.kz BANK TURANALEM post@bta.kz BCC INVEST info@bcc-invest.kz BCC SECURITIES BROKAGE COMPANY ASTANA-FINANCE CAIFC COMPANY caifc@caifc.kz CAPITALIST SECURITIES CENTRAS FINANCIAL CENTRAS SECURITIES mail@centras.com CITIBANK KAZAKHSTAN citybank.kazakhstan@citigroup.com DB SECURITIS (KAZAKHSTAN) temirlan.omarzhanov@db.com DELTA BANK office@deltabank.kz DEMIR KAZAKHSTAN BANK demirbank@demirbank.kz DEVELOPMENT BANK OF KAZAKHSTAN info@kdb.kz EURASIA CAPITAL info@ecap.kz EURASIAN BANK info@eurasian-bank.kz EXIMBANK KAZAKHSTAN postmail@eximbank.kz FINANCE COMPANY GREENWICH CAPITAL MANAGEMENT greenwich@tenir.com FINANCIAL COMPANY ALLIANCE CAPITAL alc@alc.kz FIRST BROKERAGE HOUSE pbd@temirbank.kz FIRST INVESTMENT fs@fs.kz GENERAL ASSET MANAGEMENT gam@gam.kz GLOBAL SECURITIES (KAZAKHSTAN) postmaster@global.almaty.kz GLOTUR INVEST GRANTUM ASSET MANAGEMENT irina.kim@grantum.kz HALYK CAPITAL HALYK FINANCE halykfinance@halykbank.kz HALYK SAVING BANK OF KAZAKHSTAN halykbank@halykbank.kz HOUSE CONSTRUCTION SAVINGS BANK OF KAZAKHSTAN duganova_g@hcsbk.kz IFG KONTINENT zoom-s@mail.ru INFORMATIONAL-DISCOUNT CENTRE OF THE PROPERTY AND PRIVATIZATION COMMITTEE OF THE MINISTRY OF FINANCE broker@gosreestr.kz INTERNATIONAL BANK "ALMA-ATA" iba-bank@iba.kz INVESTMENT FINANCIAL HOUSE "RESMI" rgs@resmi.kz KAZAKHSTAN FINSERVICE KAZAKHSTAN INNOVATIONAL COMMERCIAL BANK mail@kazincombank.kz KAZAKHSTAN-ZIRAAT INTERNATIONAL BANK kzibank@kzibank.com KAZEXPORTASTYK-SECURITIES astyk@hotbox.ru KAZINVESTBANK info@kib.kz KAZKOMERTS INVEST RFCA info@kki.kz PAGE 163

166 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Kazakhstan Stock Exchange (con t) Company s Name City Code Telephone Fax Address KAZKOMMERTS INVEST info@kki.kz KAZKOMMERTS RFCA KAZKOMMERTS SECURITIES enquiry@kazks.kz KAZKOMMERTSBANK service@kkb.kz KAZPOST kazpost@kazpost.kz KG SECURITIES kgsecurities@nursat.kz LARIBA-BANK lariba@lariba.kz MAG CAPITAL MAG FINANCE magfinance@mail.ru MANAGEMENT COMPANY INVESTMENT RESOURCES MONEY EXPERTS info@moneyexperts.kz NATIONAL BANK OF KAZAKHSTAN securities@nationalbank.kz NOMAD FINANCE nomad_finance@mail.kz NURBANK bank@nurbank.kz OPEN ACCUMULATIVE PENSION FUND OTAN info@pf-otan.kz ORDA CAPITAL info_kapital@mail.ru PENSION ASSETS INVESTMENT MANAGEMENT COMPANY "BAILYK ASSET MANAGEMENT" support@bailyk.kz PENSION ASSETS INVESTMENT MANAGEMENT COMPANY "PREMIER ASSET MANAGEMENT" office@kupa.resmi.kz PENSION ASSETS INVESTMENT MANAGEMENT COMPANY "ZHETUSY" zhetysu@mail.online.kz PRIME FINANCIAL SOLUTIONS info@primefina.kz RBNT SECURITIES rbnt@rbnt.kz REAL-INVEST.KZ postmaster@realinvest.kz REAL-INVEST RFCA RENESSANCE CAPITAL INVESTMENTS KAZAKHSTAN RESMI INVESTMENT HOUSE ALMATY SENIM-BANK senimbank@itte.kz SEVEN RIVERS CAPITAL info@src.kz SMART GROUP info@smartgroup.kz SUBSIDIARY BANK "HSBC BANK KAZAKHSTAN" info@hsbc.kz TCESNABANK tsb@tsb.kz TEMIRBANK board@temirbank.kz TEXAKABANK post@texakabank.kz TOP INVEST sabira@thorinvest.kz TSESNA CAPITAL info@tscapital.kz TURANALEM SECURITIES info@tas.kz UNICORN IFC info@unic.kz VERNY CAPITAL info@verny-capital.kz VISOR CAPITAL ssk@visocap.com VISOR INVESTMENT SOLUTIONS visor@visor.kz VOSTOK CAPITAL office@vcapital.kz Kyrgyz Stock Exchange Address: 172 Moskovskaya St., 721 Bishkek, Kyrgyz Republic Phone: : (312) Fax: (312) kse@kse.kg Web Address: Country Code: 996 Company s Name City Code Telephone Fax Address Aalam kras-vit@rambler.ru Asko & Co pansher6666@mail.ru ATO Finance atofinans@infotel.kg BBB bbb_123@mail.ru BNC Finance bnc@bnc.kg Global Finance global_finance@mail.ru JS Halyk Bank Kyrgyzstan halykbank@halykbank.kg KLS Securities Masterfiber chuinvest@mail.ru Niet-Araket naraket@infotel.kg Orient Capital nurlan@eastcapital.kg Senti senti@senti.kg PAGE 164

167 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Lahore Stock Exchange Address: 19-Khayaban-e-Aiwan-e-Iqbal, P.O. Box: 1315, Lahore-54 PAKISTAN Phone: (92-42) Fax: (92-42) Web Address: Country Code: 92 Company s Name City Code Telephone Fax Address Engr. Mian Sajid Masood (42) (42) (42) engr.sajidmasood@yahoo.com M/S 128 Securities (Pvt) Limited (42) (42) (42) shahidlse@hotmail.com M/S A. S. Securities (Pvt) Limited (42) (42) (42) (42) as_securities@hotmail.com M/S Abbasi & Company (Pvt) Limited (42) (42) (42) info@abbasiandcompany.com M/S Abid Investments (Pvt) Limited (42) (42) (42) abidgroup@wol.net.pk M/S ABM Sec (Pvt) Limited (42) (42) (42) abm_securities@hotmail.com M/S Adam Sec (Pvt) Limtied (21) (21) (21) adamsecurities145@hotmail.com M/S Adeel & Nadeem Sec (Pvt.) Limited (42) (42) (42) nadeem.ejaz@hotmail.com M/S Adeel Zafar Securities (Pvt) Limited (42) (42) (42) az_63@hotmail.com.uk M/S AFIC Securities (Pvt) Limited (42) (42) (42) aficsecurities_421@yahoo.com M/S Al-Hamd Investment & Sec. (Pvt) Limited (42) (42) (42) al_hamdinvsec@yahoo.com M/S Al-Haq Sec.(Pvt) Limited (42) (42) (42) ammar_hqs@yahoo.com M/S Al-Hoqani Securities & Investment Corporation (Pvt) Limited (21) (21) (21) asim.jan@al-hooqani.com M/s Ali Usman Stock Brokerage (Pvt) Limited (42) (42) M/S Allied Bank Limited (42) (42) (42) masood.hassan@abl.com.pk M/S Allied Securities (Pvt) Limited (42) (42) M/S Altaf Adam Securities (Pvt) Limited (21) (21) (21) altafadam1@yahoo.com M/S AMCAP Securities (Pvt) Limited (42) (42) (42) info@amcapsecurities.com M/S Amer Sec (Pvt) Limited (42) (42) (42) amer_securities@hotmail.com M/S Arif Habib Limited (21) (21) (21) samad.habib@arifhabibltd.com M/S Atlas Capital Markets (Pvt) Limited (21) (42) (21) (42) contact@atlascaptail.com.pk M/S BMS Capital (Pvt) Limited (21) (21) (21) bmscapital@gmail.com M/S Bridge Securities (Pvt) Limited (42) (42) (42) bridgesecurities11@hotmail.com M/S Bright Securities (Pvt) Limited (21) (21) (21) ehsan.ahmad@akdtrade.com M/S Capital Vision Sec (Pvt) Limited (42) (42) (42) ejaz@cvs.com.pk M/S Darson Sec (Pvt) Limited (42) (42) (42) info@darsononline.com M/S Dosslani's Sec (Pvt) Limited (42) (42) ) (42) dsbrokerage@hotmail.com M/S Dr. Arslan Razaque Sec. (SMC-Pvt) Limited (42) (42) (42) arslanr@yahoo.com M/S Equity Master Securities (Pvt) Limited (42) (42) (42) equitymastersec@yahoo.com M/S Escorts Capital Limited (42) (42) (42) hasan.zaidi@escortsbank.net M/S F.M. Securities (Pvt) Limited (42) (42) (42) f.m.securities@hotmail.com M/S Fairway Securities (Pvt) Limited (42) (42) (42) info@fairway.com.pk M/S Financial Harbour (Pvt) Limited - M/S First Pakistan Sec Limited (42) (42) (42) info@fpsl.com.pk M/S First Punjab Modaraba (42) (42) (42) info@punjabmodaraba.com.pk M/S Float Securities (Pvt) Limited (21) (21) (21) imrankhalil@hotmail.com M/S Fort Invetments (Pvt) Limited (42) (42) (42) info@fortricemills.com M/S GPH Securities (Pvt) Limited (42) (42) (42) @hotmail.com M/S Guardian Securities (Pvt) Limited (42) (42) (42) info@guardiansecurities.com.pk M/S Gul Dhami Securities (Pvt) Limited (42) (42) guldhami@hotmail.com M/S Gulrez Securities (Pvt) Limited (42) (42) (42) gulrezsecurities@gmail.com M/S H. H. Misbah Securities (Pvt) Limited (21) (21) (21) info@hhmisbahsec.com M/S H.S.Z Sec (Pvt) Limited -Suspended (42) (42) (42) hszsecurities@gmail.com M/S Habib Ulah Sheikh (Pvt) Limited (42) (42) (42) husheikh@gmail.com M/S Haji Abdul Sattar Securities (Pvt) Limited (42) (42) (42) arshadmahmood13@hotmail.com M/S Harvest Smartrend Sec (Pvt) Limited (42) (42) hss11@nexlinx,net.com M/S HighlinkCapital (Pvt) Limited (42) (42) (42) highlinkcapital@hotmail.com M/S Horizon Securities (SMC-Pvt) Limited (42) (42) (42) zafar-iqbal-456@hotmail.com M/S IGI Finex Securities Limited (42) (42) (21) azhar.batla@igi.com.pk M/S Ilyas Securities (SMC-Pvt) Limited (42) (42) chairman@haleebfoods.com M/S Infinite Securities Limited (42) (42) (42) M/S Integrated Equities (Pvt) Limited (42) (42) (42) aliwattoo@yahoo.com M/s Invest & Finance Sec Limited (42) (42) (21) info@investfinance.com.pk M/S Jamshed & Hasan Sec (Pvt) Limited (42) (42) (42) jamshaid.hasan@gmail.com M/S Javed Iqbal Sec (Pvt) Limited (42) (42) (42) javediqbal@jis-lse.com M/S K. H. S. Sec (Pvt) Limited (42) (42) (42) khssecurities@gmail.com M/S Khalid Javed Sec. (Pvt) Limited (42) (42) (42) khushnudgulzar@hotmail.com M/S Khawaja Securities (Pvt) Limited (42) (42) (42) usmankhawaja11@hotmail.com M/S KSR Stock Brokerage (Pvt) Limited (42) (42) (42) ksr68@hotmail.com PAGE 165

168 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Lahore Stock Exchange (con t) Company s Name City Code Telephone Fax Address M/S M. R. Securities (SMC-Pvt) Limited (42) (42) (42) info@mrsecurities.com.pk M/S Maan Sec (Pvt) Limited (42) (42) (42) maansecurities@yahoo.com M/s MAHA Securities (Pvt) Limited (42) (42) (42) headoffice@mahasecurities.com M/S Maximus Sec (Pvt) Limited (42) (42) (42) maximus1_sec@yahoo.com M/S Mazhar Hussain Sec. (Pvt) Limited (42) (42) (42) ashad_lhr23@yahoo.com M/S MGM Sec (Pvt) Limited (42) (42) (42) mgmsecurities@yahoo.com M/S Millennium Brokerage (SMC-Pvt) Limited (42) (42) (42) ahsan.bhatty@gmail.com M/S Money Line Sec (Pvt) Limited (42) (42) (42) moneyline_of_lse@hotmail.com M/S Moosani Sec (Pvt) Limited (21) (21) (21) info@moosani.com M/S MRA Sec. (Pvt) Limited (21) (21) (21) owais@hotmail.com M/S MTM Sec (Pvt) Limited (42) (42) (42) info@mtmsecurities.com M/S Mumtaz Enterprises (Pvt) Limited (21) (21) (21) mumtaz_ent@cyber.net.pk M/S MY Securities (Pvt) Limited (21) (21) (21) hnhexchange@hotmail.com M/S N. H. Sec (Pvt) Limited (42) (42) (42) hcc@orbit.net.pk M/S Nayyar Sheikh Sec (Pvt) Limited (42) (42) (42) nayyar.securities@gmail.com M/S Networth Sec Limited (42) (42) (42) mail@networth.pk M/S Nizam Securities (Pvt.) Limited - M/S Orix Leasing Pakistan Limited (21) (21) (21) muhammad.tariq@orixbank.com M/S Pearl Brokerage (Pvt) Limited (42) (42) (42) m.asgharmalik@hotmail.com M/S Pervez Ahmed Securities Limited (42) (42) (42) M/s Plus Sec (Pvt) Limited (41) (41) (41) M/S Progressive Sec (Pvt) Limited (42) (42) (42) pspl56@yahoo.com M/S Q. F. Securities (Pvt) Limited (42) (42) (42) kamranqaiser@live.com M/S Qasim Mahmood Sec. (SMC-Pvt) Limited (42) (42) (42) casseem@lycos.com M/S R. F. J. Equity (Pvt) Limited (21) (21) (21) shakoo@khi.compol.com M/S R. S. Equities (Pvt) Limited (42) (42) (42) M/S Rahat Sec Limited (42) (42) (42) info@rahatonline.com M/S Reliance Capital (Pvt) Limited (42) (42) (42) M/S RUC Securities (Pvt) Limited (42) (42) (21) M/S S. D. Mirza Sec (Pvt) Limited (42) (42) (42) sdmirza@hotmail.com M/S S. Z. Securities (Pvt) Limited (42) (42) (42) szsecurities@hotmail.com M/S SAFE Securities (Pvt) Limited (42) (42) (42) safesecurities@hotmail.com M/S Salman Majeed Securities (SMC-Pvt) Limited (42) (42) (42) salmanmajeedsec@hotmail.com M/S Sethi Securities (SMC-Pvt) Limited (42) (42) (42) sethisecurities@hotmail.com M/S Shaffi Sec (Pvt) Limited (42) (42) (42) shaffisec21@hotmail.com M/S Shewani Sec (Pvt) Limited - imran.armees22@hotmail.com M/S SLAS Sec. (SMC-Pvt) Limited (42) (42) M/S Sohail Raza Moosani (SMC-Pvt) Limited (21) (21) (21) aamir_hussain@yahoo.com M/S Stock Master Sec. (Pvt) Limited (42) (42) (42) aqchishtee@hotmail.com M/S Techno Fundamental Sec (Pvt) Limited (42) (42) (42) moatismde_@hotmail.com M/S Trust Capital (Pvt) Limited (42) (42) (42) iqbal.mehdi@trustbank.com.pk M/S Trust Sec & Brokerage Limited (42) (42) (42) info@trustsecu.com M/S Union Sec (Pvt) Limited (42) (42) aiafafu7@hotmail.com M/S Universal Equities (Pvt) Limited (42) (42) (42) asim_sheikh496@hotmail.com M/S Value Stock Securities (Pvt) Limited (42) (42) kamran@valuestock.pk M/S Wasi Securities (SMC-Pvt) Limited (42) (42) (42) wasiwasi1@hotmail.com M/S Y. S. Sec & Services (Pvt) Limited (42) (42) (42) info@yssecurities.com PAGE 166

169 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Lahore Stock Exchange (con t) Company s Name City Code Telephone Fax Address M/S Yasir Mahmood Securities (Pvt) Limited (42) (42) (42) info@invest.pk M/S Zafar Sec (Pvt) Limited (42) (42) (42) info@zafarstocks.com M/S. First Prudential Modaraba - (51) info@firstprudentialmodaraba.com M/s. INA Securities (Pvt.) Limited (42) (42) (42) inasecurities@hotmail.com M/s. Innovative Brokerage (Pvt) Limited (42) (42) (42) M/s. SME Bank Limited (51) (51)9217 (51)92171 info@smebank.org M/s. Switch Securities (Pvt) Limited (42) (42) (42) jaffery@switch.com.pk M/S.Gazipura Securities & Services (Pvt.) Ltd. (21) (21) (21) msasecurities@yahoo.com Malik Hamid Ali Noon (42) (42) (42) m_h_a_noon@hotmail.com Mian Asif Maqbool Sukhera (42) (42) (42) lse2@hotmail.com Mian Khalid Bashir (42) (42) (42) kaybee@suraj.com Mian Mohammad Saeed (Deceased) - - Mian Nusrat-ud-Din (42) (42) (42) rabbana@brain.net.pk Mian Shaukat Shafi (21) (21) (21) shaukatshafi@fascom.com Mian Tajammal Hussain (42) (42) (42) mthlhr@gmail.com Mirza Yasin Mhmood (21) (21) Miss Sonia Nisar - - Mr Tanveer Malik (Removed by SECP) - - Mr. Arif Latif (42) (42) (42) ariflatifmlse@hotmail.com Mr. Arif Majeed Ch. (42) (42) (42) arifmajid@amctrade.com Mr. Ather Ali Shah (42) (42) (42) Mr. H. Hatim H. Karim (21) (21) (21) Mr. Hameed Mukhtar Ch. (42) (42) (42) mmajeedmukhtar@gmail.com Mr. Humayun Saeed Sheikh (42) (42) (42) hsslse143@hotmail.com Mr. Iftikhar Ahmad Malik (42) (42) (42) hisvil@brain.net.pk Mr. Mohammad Iqbal Khawaja (42) (42) (42) Mr. Mohammad Shabbir Malik (42) (42) (42) Mr. Muhammad Amer Riaz (42) (42) (42) amerriaz67@hotmail.com Mr. Muhammad Javed (21) (21) jdkki@hotmail.com Mr. Muhammad Naveed Usman (42) (42) naveedusman@hotmail.com Mr. Muhammad Tauqir Malik (42) (42) (42) mtmlse@hotmail.com Mr. Najam Riaz Ghauri (42) (42) info@ggi.com.pk Mr. Nasir Ali Shah Bukhari (42) (42) nasb@kasb.com Mr. Shahid Hassan Awan (Suspended) (42) (42) (42) Mr. Shahid Iqbal (42) (42) Mr. Shahid Nauman Rana (Suspended) - - Mr. Zahid Ali Habib (21) (21) (21) zahid@asaalihabib.com Mr.Muhammad Ayub Ch. (42) (42) (42) mayubch@hotmail.com Mr.Zafar Moti (21) (21) (21) zafarmoti@hotmail.com Mrs. Qaisra Sajid (42) (42) (42) Mrs. Saliha Haroon (42) (42) (42) Mrs. Seema Mubashir (42) (42) murtazatrader@gmail.com Ms. Saima Qaiser (42) (42) (42) Sheikh Mohammad Iqbal (42) (42) Syed Sarmad Maqsood Al- Husainy (Suspended) - - Wing Comdr. Ahmad Kuli Khan Khattak (21) (21) (21) PAGE 167

170 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Macedonian Stock Exchange Address: Orce Nikolov 75, 1 Skopje, Macedonia Phone: (2) Fax: (2) mse@mse.org.mk Web Address: Country Code: 389 Company s Name City Code Telephone Fax Address Alta Vista broker AD Skopje info@altavistabroker.com.mk AUCTOR BROKERI AD Skopje info@auctor.com.mk BITOLA BROKER AD Bitola bbbroker@mt.net.mk Bro-Dil AD Skopje info@bro-deal.com.mk Centralna koopetativna banka AD Skopje dhv@sileksbanka.com.mk DELTA BROKER AD Skopje olivera@deltabroker.com.mk Dinev Broker AD Skopje dinevbroker@yahoo.com EURObroker AD Skopje eurobroker@mt.net.mk Eurohaus AD Skopje info@eurohaus.com.mk Fersped Broker AD Skopje broker@fersped.com.mk IDEJA PLUS BROKER AD Radovis info@idejaplus.com.mk ILIRIKA INVESTMENTS AD Skopje info@ilirika.com.mk INOVO BROKER AD Skopje office@innovobroker.com INVESTBROKER AD Skopje investbroker@investbroker.com.mk Komercijalna banka AD Skopje kbbroker@kb.com.mk Moj Broker AD Skopje info@mojbroker.com.mk NLB Tutunska broker AD Skopje tutbrok@mt.net.mk NOVI TRIGLAV AD Skopje contact@novitriglav.com Ohridska Banka AD Ohrid igor.razmovski@ob.com.mk Peon Broker AD Skopje peonbroker@mt.net.mk Postel Broker AD Skopje palevski@postbank.com.mk Publikum AD Skopje kontakt@publikum.com.mk STATER BANKA AD Kumanovo broker@staterbanka.com.mk Stopanska Banka AD Skopje broker@stb.com.mk TTK Banka Skopje tkbbroker@t-home.mk Univerzalna Investiciona Banka AD Skopje zvonko.stankovski@unibank.com.mk VIP AD Skopje contact@vipbroker.com.mk Moldova Stock Exchange Address: 73 Stefan cel Mare Blvd., Chisinau 21, Moldova Phone: (22) Fax: (22) valeria@moldse.md Web Address: Country Code: 373 Company s Name City Code Telephone Fax Address AD-Manager tatianacoltsa@yahoo.com Banca de Economii angela.toderita@bem.md Banca de Finante si Comert kuznetsova_v@fincombank.com Banca Sociala paladi@socbank.md Broker M-D gh.bacaliuc@gmail.com Brokwest brokwest@gmail.com Daac Prom nadea.ganya@daac-prom.com Daac-Invest invest@daac.md Energbank nkorono@office.energbank.com Eurocreditbank igoro@eurocreditbank.md Eximbank info@eximbank.com Fincom mail@fincom.md Gest-Capital-MF gestcapital@rambler.ru Investprivatbank burlea@ipb.md Iuventus-DS stela.lavric@iuventus.md M-Invest m_invest@rambler.ru Mobiasbanca vm@mobiasbanca.md Moldindconbank martino@micb.md Moldova-Agroinbank lungu@maib.md Oldex oldex95@yandex.ru Passim moscovciuc@rambler.ru Proajioc proajioc@mail.ru Unibank iovu@unibank.md Val-Invest o_roic@list.ru Victoriabank natalia.paraschiv@vb.md PAGE 168

171 Mongolian Stock Exchange Address: Sukhbaatar Sq.-2, Ulaanbaatar, Mongolia Phone: (11) Fax: (11) Web Address: Country Code: 976 Company s Name City Code Telephone Fax Address ALTAN KHOROMSOG altankhoromsor@yahoo.com ALTAN SAN info@mongolia-investment.com, ARGAI BEST argaibest_broker@yahoo.com ARTA INVEST info@arta-invest.mn BATS bats_bdllc@chinggis.com BDSEC info@bdsec.mn BLOOMSBURY SECURITIES info@bloomsbury.mn BULGAN BROKER bulgan_broker@yahoo.com BUMBAT ALTAI CCP info@ccp.com DARKHAN BROKER dar_broker@yahoo.com DCF dcf@mongol.net DELGERKHANGAI SECURITIES batorgil@dhsecurities.mn ERDENEST erdenest17@yahoo.com EURASIA CAPITAL MONGOLIA oyunbold.gombo@eurasiacm.com FCX contact@fcx.mn FINANCE LINK GROUP chimgee_mhh@yahoo.com FRONTIER GAULI GENDEX gendex@fin.mn GLOBAL ASSET ckhishigbayar@yahoo.com GOODSEC goodsec@chinggis.com KHANSH INVEST hansh_investment@yahoo.com LIFETIME INVESTMENT info@lifetime.mn LONDON ASIA CAPITAL MONGOLIA MASDAQ masdaq_mongolia@yahoo.com MERGEN SANAA MIBG MICC MONET broker@batsinvest.mn MONGOL SECURITIES mongolsecurities@magic.net MONKHAN TRADE 716 MONSEC monsec99@yahoo.com MWTS NICI nici_t@yahoo.com NORTHERNSEC info@northern-securities.com SANKHUUGIIN KHUGJIL INVEST bolor_eldev@yahoo.com SANSAR snr4@yahoo.com TAVAN BOGD tavanbogd@mail.mn TENGRI SECURITIES TTSEC buren_jargal@yahoo.com TULGAT CHANDMANI BAYAN tulgatchb@yahoo.com UNDURKHAAN INVEST undurkan_9@yahoo.com WORLDKEY worldkey@yahoo.com ZERGED erdene5@yahoo.com ZEUS CAPITAL PAGE 169

172 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Montenegro Stock Exchange Address: Moskovska77, Podgorica 81, Montenegro Phone: Fax: mberza@t-com.me Web Address: Country Code: 381 Company s Name City Code Telephone Fax Address 3M BROKER CO. PODGORICA mbroker@cg.yu ANGLO BROKER CO. PODGORICA officer@anglobroker.com BASILLEUS BROKER CO. PODGORICA basilleusbroker@gmail.com CG BROKER CO. PODGORICA cgbroker@cg.yu ENERGO BROKER CO. PODGORICA enrgobroker@cg.yu FIRST FINANCIAL BROKER BROKER-DEALER CO. PODGORICA ffs@cg.yu GLOBAL BROKER-DEALER CO. PODGORICA info@global-montenegro.com HOLDER BROKER CO. PODGORICA hbroker@cg.yu HYPO ALPE ADRIA BROKER-DEALER CO. PODGORICA broker-dealer@hypo-alpe-adria.cg.yu IN BROKER CO. NIKSIC INVEST BANKA MONTENEGRO CO. PODGORICA info@invest-banka.com INVEST BROKER CO. PODGORICA office@invest-broker.cg.yu MARKET BROKER CO. BIJELO POLJE marketbroker@cg.yu MB BROKER CO. PODGORICA mbbroker@cg.yu MIK BROKER CO. PODGORICA mikbroker@cg.yu MONETA BROKER - DEALER CO. PODGORICA info@moneta.cg.yu MONTE ADRIA BROKER - DEALER CO. PODGORICA montadria@cg.yu MONTE BROKER CO. BERANE montebroker@cg.yu MV BROKER CO. NIKSIC mvbroker@cg.yu NARODNI BROKER CO. PODGORICA NK BROKER CO. NIKSIC nk_broker@cg.yu NOBL BROKER CO. PODGORICA office@noblbroker.cg.yu NOVE BROKER CO. PODGORICA novebroker@cg.yu ONYX BROKER CO. BUDVA onyxbr@cg.yu PARTNER BROKER CO. PODGORICA partnetbroker@cg.yu PODGORIâKI BROKER CO. PODGORICA pgbroker@cg.yu SENZAL BROKER CO. PODGORICA office@senzal.cg.yu VIP BROKER CO. PODGORICA info@vipbroker.net WALL STREET BROKER CO. BUDVA wsbroker@cg.yu WORLD BROKER-DEALER CO. PODGORICA info@world-broker.eu Muscat Securities Market Address: P.O. Box 3265, Ruwi, Postal Code 112 Oman Phone: Fax: msm.info.news@msm.gov.om Web Address: Country Code: 968 Company s Name City Code Telephone Fax Address AL AMIN SECURITIES al-amin@omantel.net.om AL MADINA FINANCIAL & INVESTMENT SERVICES madinah@omantel.net.om AL SHUROOQ SECURITIES sisco@omantel.net.om BANK MUSCAT aymanj@bankmuscat.com FINANCIAL CORPORATION fincorp@fincorp.org FINANCIAL SERVICES finserv@omantel.net.om GLOBAL FINANCIAL SERVICES gfioman@omantel.net.om GULF INVESTMENTS SERVICES gisoman@omantel.net.om INTERNATIOMAL FINANCIAL SERVICES intfn@omantel.net.om NATIONAL BANK OF OMAN nboinvest@nbo.co.om NATIONAL SECURITIES CO nscoman@omantel.net.om OMAN ARAB BANK bataineh@omantel.net.om Q INVEST qurumfin@omantel.net.om UNITED SECURITIES info@usoman.com VISION INVESTMENT SERVICES visoman@omantel.net.om PAGE 17

173 NASDAQ OMX Armenia Address: 5B M. Mkrtchian Street, Yerevan 3751, Republic of Armenia Phone: (1) Fax: (1) Web Address: Country Code: 374 Company s Name City Code Telephone Fax Address "Alphasecurities" LTD alfasecurities@mail.ru "Ameria Invest" CJSC ib@ameria.am "Ameriabank" CJSC office@ameriabank.am "Anelik Bank" CJSC anelik@anelik.am "Ardshininvestbank" CJSC office@ashib.am "Areximbank" CJSC info@areximbank.am "Armenbrok" CJSC info@armenbrok.com "Armenian Development Bank" OJSC info@armdb.com "Armswissbank" CJSC info@armswissbank.am "Artsakhbank" CJSC artsakhbank@ktsurf.net "Capital Asset Management" CJSC mail@capital.com.am "Cascade Investments" CJSC info@cascadeinvmnts.com "Converse Bank" CJSC dealing@conversebank.am "Future Capital Market" LTD fcm_company@yahoo.com "Procredit Bank" CJSC info@procreditbank.am "Prometey Bank" LTD info@prometeybank.am "Renesa" CJSC info@renesa.am "Tonton" LTD info@tontoninvest.com "Unibank" CJSC unibank@unibank-armenia.com Palestine Exchange Address: Al Qasr Bldg., Rafidia, P.O. Box 128, Nablus, Palestine Phone: (9) Fax: (9) pse@p-s-e.com Web Address: Country Code: 97 or 972 Company s Name City Code Telephone Fax Address Al-Watanieh Securities Company watanieh@palnet.com Al-Wasata Securities Co info@alwasata.ps Global Securities Company info@gsc.ps Jordan & Palestine Financial Investment Company jopfico@palnet.com Lotus Financial Investments Co info@lotus-invest.ps Nawras for Financial Investments Co info@nawras.ps Sahem Trading & Investments Company sahem@sahem-inv.com Target Investment & Securities Company info@targetinvest.ps United Securities Company info@unite.ps Sarajevo Stock Exchange Address: Djoke Mazalica 4, 71 Sarajevo, Bosnia and Herzegovina Phone: (33) Fax: (33) contact@sase.ba Web Address: Country Code: 387 Company s Name City Code Telephone Fax Address AA Kapital Brokers Bihac info@aakapitalbrokers.ba ASA Brokers info@asa-brokers.ba Auctor BH Mostar auctor@auctor.ba AW Broker Sarajevo info@aw-broker.ba Bond Invest Mostar bond.invest@tel.net.ba ebrokers Sarajevo info@ebrokers.ba Eurohaus Sarajevo info@eurohaus.ba FIMA International Sarajevo info@fima.ba General Broker info@generalbroker.ba Hypo Alpe Adria Vrijednosnice Sarajevo vrijednosnice.bih@hypo-alpe-adria.com ICM Capital Sarajevo info@icm.ba Kvantum Sarajevo info@kvantum.ba Market Bull Sarajevo info@marketbull.ba NBC Sarajevo info@nbc-bih.com Palisaen Sarajevo info@palisaen.ba Premium Broker Tuzla info@premium-broker.ba Raiffeisen Brokers Sarajevo info@rbr.ba SEE Investment Solutions Sarajevo info@seeinvestments.ba Unibroker Sarajevo info@unibroker.ba VGT Broker Visoko vgt@vgt-broker.com PAGE 171

174 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Tehran Stock Exchange Address: 228, Hafez Avenue, P.O Box , IR Tehran, Iran Phone: (21) Fax: (21) Web Address: (Persian Website) Country Code: 98 Company s Name City Code Telephone Fax Address Aban info@ababroker.com Ebraz info@ebrazbourse.com Agah info@agah.biz Amin Sahm aminsahm@aminsahmbroker.com Andishe Bartar info@andishehbartar.com Apadana info@apadanabrokering.com Arg Hooman info@argbroker.com Arman Tadbir Naghshe Jahan info@armantadbir.com Armoon Bourse s-ajami@armoonbourse.com Arya bours aryabours@yahoo.com Arya novin Asel f_zamanfar@yahoo.com Ati saz nhianani@yahoo.com Atieh atiehsotockbrokerage@yahoo.com Badreh Saham Bahman info@bahmanbroker.com Bank Eghtessad novin barzani@novinbourse.com Bank karafarin m.amindavar@karafarinbank.com Bank keshavarzi kharazi@agribourse.com Bank Maskan mail@maskanbr.com Bank Mellat mellatbroker@yahoo.com Bank Melli Iran rouhi@bmibourse.com Bank Pasargad Mhaji_teh@yahoo.com Bank Refah Kargaran refahbroker@yahoo.com Bank Saderat Iran saderatbankbroker@yahoo.com Bank Saman info@samanbourse.com Bank Sanat va madan info@sanatomadan.com Bank Tejarat bt_broker@yahoo.com Bank Towse-e Saderat Iran broker@edbi.com Bazar Saham yahyayan@bazarsaham.com Behgozin info@behbroker.com Behin Pouya Bimeh Iran bimehbroker@yahoo.co.uk Borhan Sahand Boursiran boorsiran@yahoo.com Donyaye Khobreh dkhobreh@yahoo.com Donyaye Novin Etminan Sahm etminasahm@yahoo.com Farabi (Omran) Ganjineye Saham sadat@ganjinehbourse.com Golchin golchinbroker@ganjinehbourse.com Hafez tehran@hafezbourse.com Imen Bourse imenboors1@yahoo.com Iran Sahm iran-sahm@yahoo.com Isatis Poya isatispoooya@yahoo.com Jahan Sahm jahan_sahm@yahoo.com Karamad info@karamadbroker.com Khobregan Saham info@khobregan.com Kaspian Mehr Iranian(Bank Sepah) info@sapahbourse.com Mahak Sahame Sanayeh mahaksaham@gmail.com Mehr Afarin mehr_saham@yahoo.com Meyar Saham brijaniyan@meeyarbroker.ir Mobin Sarmayeh Moein sahm moinsahm@yahoo.ir Mofid info@mofidbourse.com PAGE 172

175 Tehran Stock Exchange (con t) Company s Name City Code Telephone Fax Address Moshaveran Saham info@tehranstock.com Movahedan Nahayat Negar f.abdollahzadeh@gmail.com Noandishan Bazar Sarmayeh info@noandishan.com Novin Investment Bank (Roshd Paydar) info@roshdbroker.com Omid Sahm omidsahm@yahoo.com Omran Fars Ordibeheshte Iraniyan info@oibroker.com Pars Gostar Khobre info@parsbourse.com Pars Nemoudgar info@parsnem.com Parsiyan info@pim_co.com Rahbord Sarmayegozari info@rahbord-investment.com Rahnamaye Sarmayegozaran rahnamabourse@yahoo.com Razavi info@razavibroker.com Saba Tamin (Kimia sahm) info@kimiabroker.com Saham Barez clients@sahambarez.com Saham Gostaran Sharg info@sahamgostaran.com Saham Pajoohan Shayan shayanbroker_co@yahoo.com Saham Pouya pouyabroker@yahoo.com Sahm Andish sahmandish@yahoo.com Sahm Ashena info@abco.ir Sahm Azin sahmazeen@yahoo.com Sahm Yar brk_sahamyar@yahoo.com Sarmayegozari Melli Iran kargozari@nici.ir Sarmayeh va Danesh info@ckbroker.com Shakhes Saham shakhes_saham@yahoo.com Simabgoon info@simabbroker.com Tadbirgaran Farda info@tadbirbroker.com Tadbirgar Sarmaye info@tadbirgar.com Tahlilgarane Basir Towse-e Sahand sahanddevelopment@iss2.net Towse-e Sarmaye Donya sinfo@tse-broker.com Tirana Stock Exchange Address: Rr. Dora D'lstria, Nr 2, Tirana, Albania Phone: (4) Fax: (4) tseinfo@abcom-al.com Web Address: Country Code: 355 Company s Name City Code Telephone Fax Address Ballkan Group g_ramaj@hotmail.com Italo-Albanian Bank (BIA) biatia@adanet.com.al Kapital Invest lirim.muharemi@kapital-invest.eu National Commercial Bank (BKT) info@bkt.com.al Raiffeisen Bank info@raiffeisen.al Triumf Group triumfgrupbk@yahoo.com Toshkent Republican Stock Exchange Address: 1, Bukhoro St., Tashkent 747, Republic of Uzbekistan Phone: (71) Fax: (71) info@uzse.uz Web Address: Country Code: 998 Company s Name City Code Telephone Fax Address GALLABANK IPOTEKA BANK PAKHTABANK UZSANOAT QURILISH BANK PAGE 173

176 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 211 Ukrainian Stock Exchange Address:1 Rylsky Provulok, 125 Kiev, Ukraine Phone: (44) Fax: (44) Web Address: Country Code: 38 Company s Name City Code Telephone Fax Address A.I.S.T. INVEST ABSOLUT INVESTMENTS jurist@kubok.com.ua AGENCY FOR SECURITIES "KREDO-INVEST" AGENCY OF CORPORATE INVESTMENTS AJKO AUTOZAZ BANK nva@avtozazbank.com AVAL BANK tshovkun@aval.ua AVEST BROK AVTOMOBILNAYA FONDOVAYA COMPANY konivtsova_ol@ais.com.ua AYAKS ayax1@ua.fm BANK NRB BANK OF REGIONAL DEVELOPMENT krv@brr.com.ua BRIAR BROKBUSINESSBANK bank@bankbb.com BROKERAGE COMPANY - STOCK MARKETS COMPANY BROKERAGE COMPANY "STANISLAV D" BROOKS bod@fargo.com.ua BUL-SPRED CAPITAL MANAGEMENT GROUP roman@adk.ru CAPITAL MARKET shophul@ais.com.ua COMMERCIAL BANK "UKRAINIAN FINANCIAL GROUP" cb@ufg-bank.com.ua COMMERCIAL BANK "VOLODYMYRSKYY" DEMARK BANK invest@demark.cn.ua DIKOM sekretar@dikom.donetsk.ua EAST-EUROPEAN BANK tfo@eebank.com.ua EAST-EUROPEAN INVESTMENT-INNOVATION CO ceiik@mail.ru ELIT-BROCK ENERGOPROEKT ua_servic@ua.fm EUROPEAN BANK bank@euro.kharkov.ua FAGOT klondik@list.ru FINKOM TRADING kulakov@finfox.com.ua FINANCE COMERZ veb@lintec.net.ua FINANCIAL COMPANY "KUB" office@kub.com.ua FINANCIAL COMPANY "STOLICHNYY CAPITAL" broker-stk@skapital.kiev.ua FINANCIAL GROUP "FONDOVI TECHNOLOGII" FINANCOVA COMPANIA "STOCKS" info@stocks.com.ua FINANSY TA CREDYT BANK common@fc.kiev.ua FLAYTON kiyanitsa@ukr.net FONDOVA COMPANIA "DALIZ-FINANCE" FONDOVA COMPANIA "EKSPERT" ekspert@zeoz.net FONDOVA COMPANIA "FAVORIT" favorit@visti.com FONDOVA COMPANIA "OPTSION" FONDOVA GRUPA stockgrp@i.kiev.ua FONDOVA SPILKA fondova_spilka@ukr.net FONDOVYY AGENT "AVISTA" GELIKON GENERAL INVESTMENT CO gic@i.kiev.ua GENERAL INVESTMENTS globalin@utel.net.ua GOLDEN GATE BUSINESS inbox@iukr.com.ua INDEX-STOCKS promeko@list.ru INDUSTRIALNO-EXPORTNYY BANK babich@lindex.com.ua INVEST TRADE mail@abiter-pro.org INVESTMENT COMPANY "STANDARD-INVEST" ITT INVEST office@itt-invest.kiev.ua JEROM SECURITIES JOINT-STOCK COMMERSIAL PROMINVEST BANK piboo@courier.pfts.com PAGE 174

177 Ukrainian Stock Exchange (con t) Company s Name City Code Telephone Fax Address KOMEX SECURITIES natasha@comex.com.ua KOMFORT-SECURITIES KONKORD CAPITAL LTD KROK-MT krok-mt@il.if.ua KYIV-DILER LEGBANK vsi@legbank.kiev.ua LVIVSKI SECURITIES safin@utel.net.ua MAST yulia@mast.kharkov.ua MORSKYY BANK root@ambank.sebabtopol.ua MORTRANSBANK office@mtb.com.ua MRIYA postmaster@mriya.com MRIYA-FINANCE inna@kcp.kiev.ua NADRA info@nadrabank.kiev.ua NPK INVEST npkinvest@vlink.kharkov.ua ONIKS-IVA princom@com.if.ua PKTB-SECURITIES fctb@fctb.com.ua PLANETA BROK LTD POLIKOMBANK 462(2) fond@poli.com.ua PRIVATBANK slava.derishev@pbank.com.ua RENESSANS CAPITAL UKRAINE custodu@comex.kiev.ua RIELT INVEST GROUP RIKA-BROKER rekabroo@courier.pfts.com RINKOM INVEST sb@rin.com.ua SEB BANK SECURITIES TRADER "EAST-MAKLER" 57(2) studik@east.kharkov.ua SELYANSKA INVESTMENT CO sincom@courier.pfts.com SEVASTOPOLSKYY DEPOSITORY SIGMA FéND office@fsigma.kharkov.ua SIRIUSSECURITIES bk_sirius@mail.ru SOFIYA SECURITIES sofiaoo@mail.ru STATE OSCHADNY BANK OF UKRAINE butko@oschadnybank.com STOCK stock@alba.dp.ua STOCKTRADER 342(2) strader@ivfukrpack.net STOIK stoik@vi.kharkov.ua STOLICHNA FONDOVA CO SYNTEZ bmw@syntez.kiev.ua TAVRIKA BANK turicheva@tavrika.kiev.ua TECHNOTERN INVEST invest@tehnotern.com.ua TEKT-BROK office@tekt.com.ua TRADEINVEST TRANSFERBUTIK boutigue@skif.com.ua TRICK LTD UKRAINIAN BANK FOR RECONSTRUCTION & DEVELOPMENT UKRAINIAN DEPOSITORY CO tamara@urc.kiev.ua UKRAYINSKA KONZESIYNA COMPANY LTD ucc@ucc.kiev.ua UKRAYINSKI SECURITIES atucp@atucp.kiev.ua UKRAYINSKY KOMUNALNY BANK layner@ukr.net UKRAYINSKY PROMYSLOVY BANK salla@ukrprombank.kiev.ua UKRINBANK chuchko@ukrinbank.com UKRINVEST ukrinvest@ua.fm UKRSOTSBANK info@ukrsotsbank.com UNIVERSAL FONDOVY kons_office@.ukr.net VABANK fom@vabank.com.ua VALENTA INVESTMENTS VASH VYBOR vibor@ip-ua.com VEST STOCK weststock@utel.net.ua ZDOBUTOKINVEST dobutok-invest@ukr.net PAGE 175

178 Zagreb Stock Exchange Address: Ivana Lucica 2a, 1 Zagreb, Croatia Phone: (1) Fax: (1) info@zse.hr Web Address: Country Code: 385 Company s Name City Code Telephone Fax Address Abacus brokeri d.d abacus@abacus.hr Agram brokeri d.o.o info@agram-brokeri.hr Antea brokeri d.o.o info@antea-brokeri.hr Auctor d.o.o auctor@auctor.hr Banka Splitsko Dalmatinska d.d brokeri@bsd.hr Centar Banka d.d gamancic@centarbanka.hr Complete Line d.o.o cl@comlinebrokers.com Credos d.o.o credos@credos.hr EA Sistem d.o.o ea.sistem@ka.t-com.hr ERSTE Vrijednosni Papiri d.o.o esz-zagreb@erstebank.com Fima-Vrijednosnice d.o.o trading@fima.com Finesa Capital d.d brokeri@finesa-capital.hr Hita Vrijednosnice hita@hita.hr Hrvatska postanska banka d.d brokeri@hpb.hr Hypo Alpe Adria Bank d.d investment-banking.croatia@hypo-alpe-adria.com I.C.F. Broker d.o.o icfbroker@icf.hr Ilirika Vrijednosni Papiri d.o.o info@ilirika.hr Interkapital Vrijednosni Papiri d.o.o brokeri@intercapital.hr Istarska kreditna banka d.d klaudija.paljuh@ikb.hr Karlovacka Banka d.d bruno.lelas@kaba.hr KD upravljanje imovinom info@kd-am.hr Krentschker vrijednosnice d.o.o mail@krentschker.hr Momentum brokeri d.o.o trgovanje@momentum-brokeri.hr Nava banka d.d navabanka@navabanka.hr OTP banka kcveljo@otpbanka.hr Partner banka d.d partner@paba.hr Podravska Banka d.d brokeri@poba.hr Privredna Banka Zagreb d.d brokeri@pbz.hr Prva Generacija d.o.o prva-generacija@prva-generacija.hr Raiffeisenbank Austria d.d brokeri@rba.hr Rast d.o.o rast@rast.hr Societe Generale - Splitska Banka d.d brokeri@splitskabanka.hr Stedbanka d.o.o brokeri@stedbanka.hr To One Brokeri d.d brokeri@to-one.com Trcin Vrijednosnice d.o.o trcin-vrijednosnice@trcin-vrijednosnice.hr Utilis d.o.o utilis@ck.t-com.hr Volksbank d.d brokeri@volksbank.hr Zagrebacka Banka d.d brokeri@unicreditgroup.zaba.hr PAGE 176

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