ANNUAL REPORT BELARUSIAN CURRENCY AND STOCK EXCHANGE

ANNUAL REPORT 2014 BELARUSIAN CURRENCY AND STOCK EXCHANGE

www.bcse.by ANNUAL REPORT 2014 CONTENT MARKETS AND SERVICES DEVELOPMENTS IN 2014... 3 STOCK MARKET...3 FOREIGN EXCHANGE MARKET...3 FUTURES MARKET...5 DEPOSITORY, SETTLEMENT AND CLEARING SYSTEM...5 INTERNATIONAL COOPERATION AND INFORMATION ACTIVITY DEVELOPMENT...6 ORGANIZATIONAL AND TECHNOLOGICAL DEVELOPMENT...7 PROJECTS FOR 2015... 8 FINANCIAL PERFORMANCE...10 АUDITOR S REPORT...12 STOCK EXCHANGE RESULTS IN FIGURES...13 MARKET SECTOR MEMBERS... 13 EXCHANGE MARKET SUMMARY TOTALS... 15 STOCK MARKET... 16 Bond market General totals... 17 Government Securities Market... 19 GS Market indices... 20 Corporate Debt Market... 22 Corporate Bond Market Indices... 24 Statistics by Corporate Debt Securities Types... 25 Securities Market of the National Bank of the Republic of Belarus... 25 Exchange-Traded Bonds... 26 Bank Bonds Backed by Home Equity Loans... 27 Investment Bonds... 28 Municipal Loan Bonds... 29 Equity Market... 30 OTC MARKET... 40 FOREIGN EXCHANGE MARKET... 42 FUTURES MARKET... 45 BCSE BASIC RULES AND REGULATIONS...46 Requirements to Sector Members... 46 Requirements to Issuers to be admitted to circulation and placement at the BCSE... 47 Trading modes... 48 BELARUSIAN CURRENCY AND STOCK EXCHANGE

Annual Report 2014 Belarusian Currency and Stock Exchange Notes 2

www.bcse.by MARKETS AND SERVICES DEVELOPMENTS IN 2014 The total trading value increased by 15 percent in ruble equivalent if compared to 2013 and amounted to BYR 374.5 trillion (USD 36 520.3 million) in 2014. Daily average trading value increased up to BYR 1 504.6 billion (USD 146.8 million). The main volume accounted for the foreign exchange market sector (82.2 percent). The share of securities sector was 17.7 percent. Events STOCK MARKET Month February, March April June September October November December December December Event Introducing a new version of the trading securities system ASM «Stock Exchange» No.12.4 and its upgrading, providing for introducing new conditions for issuers transactions in own bonds, improving the number of interface elements and administration functions for conducting, cancellation or change of certain types of transactions. Launching a new trading mode in the stock market for primary placement of government securities denominated in foreign currency, such as a direct sale mode. Introducing the possibility of stock exchange brokerage operations in foreign currency bonds at the expense of all categories of customers under conditions of a centralized clearing and settlement through the BCSE. Introducing a new version of the trading securities system ASM Stock Exchange No.12.5 providing for introducing the mechanism of distributing government securities in the form of interest rate auctions, and implementing improvements into a number of algorithms and document forms. The following changes were introduced for auctions of the National Bank of Belarus: possibility to perform transactions in bonds denominated both in national and foreign currencies; mechanism for REPO transactions in bonds providing the payment of intermediate interest income within the REPO term, as well as the mechanism of interest income compensation; a number of other system functionality. Introducing a new version of the trading securities system ASM Stock Exchange No.12.6 providing for: display of unallocated bonds in the preliminary forecast of the Ministry of Finance s auction, as well as its distribution forecast at the end of the auction; updating the system interface, as well as expanding its functionality Introducing a new version of the Indicative Bids BEQAS module No. 2.7.0.1 providing a number of interface modifications and functionality of the system. Launching REPO transactions in foreign currency bonds with pricing and settlement in Belarusian rubles Launching a direct sale mode in government securities denominated in Belarusian rubles Admitting non-banks traders to trading in ruble-denominated government securities in REPO mode In 2014, the main efforts on the development of the stock market were focused on the bond market as its most liquid segment. The main objectives were to expand the range of operations as well as trading mechanisms, and to provide universal conditions for trading in all kinds of instruments available on this segment. Judging by the results of the year under report, all the desired by the Belarusian Currency and Stock Exchange (hereinafter - BCSE) goals have been fully achieved. A number of measures undertaken in 2014 resulted in three new versions of the trading securities system ASM «Stock Exchange». The following new operations and trading mechanisms were developed to provide market participants with a number of additional features: primary government securities in the form of interest rates auctions; primary government securities denominated in foreign currency, in a direct sale mode; the possibility to carry out auctions of the National Bank of Belarus in bonds denominated both in national and foreign currencies; the possibility to carry out REPO transactions in bonds denominated in foreign currencies, with pricing and payment in Belarusian ruble; REPO transactions in bonds providing the payment of intermediate interest income within the REPO term, as well as the mechanism of interest income compensation (for auctions of the National Bank of Belarus); new conditions for issuers transactions in own bonds. 3

Annual Report 2014 Belarusian Currency and Stock Exchange In order to extend the functionality of the trading system, the following enhancements were made to the software and trading algorithms: display of unallocated bonds in the preliminary forecast of the Ministry of Finance s auction, as well as its distribution forecast at the end of the auction; creation of a special algorithm for unallocated bonds formed during price and interest rate auctions at various stages as a result of mathematical rounding errors; enhancement of the reverse multi REPO auction algorithm in the National Bank s auction module; implementation of universal calculation parameter scheme for transactions in bonds denominated in national and foreign currencies; improvement of pricing principles for the first and second parts of REPO transactions; including the following administrative functions: functions improvement to administrate conditions, termination, and modification of certain types of transactions; interface improvement to maintain the list of potential counterparties («black list»); module settings to choose authorizations for clients who are individual entrepreneurs; improvements for a number of interface elements; creation of a new set of output reporting forms. The following measures were undertaken in 2014 to create universal conditions for operations in all kinds of instruments by all categories of participants in the exchange market: a mechanism for exchange brokerage bonds denominated in foreign currencies was introduced to provide operations under centralized clearing and settlement terms through the BCSE at the expense of all categories of customers; restrictions on the acceptable range of participants of REPO transactions in government securities denominated in Belarusian rubles was removed (non-banks traders were admitted as well); the transfer of government securities denominated in the national currency to the jurisdiction of BCSE local normative legal acts covering transactions in bonds of legal entities, local bonds, bonds of the National Bank, as well as government securities denominated in foreign currency. These measures resulted in expanding the list of potential investors, as well as the range of operations in the trading system, contributing to the maintenance and growth of the exchange bond market liquidity. Together with the development of the trading system, a number of measures were introduced to improve the related software supporting operations in the stock market. In particular, new formats of electronic messages in the securities market were developed and approved, and appropriate changes to the software were introduced and sent to the ASM «Listing» software. The development of the Belarusian Quotation Automated System (BEQAS) software continued in 2014 in order to develop the BCSE activities as a central register of OTC transactions information. This development resulted in the creation of the new version of the IQS «OTC Market» module that implied the expansion of the system functionality, optimization of the system elements, directories and reporting forms, as well as the interface interaction between the system and users. As part of the improvement of local normative legal acts regulating the BEQAS System, the Procedure for Submission of Indicative Bids into the Belarusian Quotation Automated System (BEQAS) was amended and enacted, providing for the following: adjustments to the information requirements for indicative bids containing purchase (buy up) offer; clarification of rules concerning price limit in purchase (buy up) bids (in case the fixed price is not determined). Following the work on the disclosure of market data and indicators in the securities market, the government and corporate bond market indices (price index, total revenue index, gross income index) and other indicators were calculated and published in year under report. Besides, the information on the trading day results was disclosed on a daily basis (turnovers, indicators, indices, instruments), including the total supply and demand parameters for shares, which form the market price, the best bid and ask prices for shares per trading day (in accordance with the submitted orders). The trading volume of all kinds of securities totaled BYR 66.4 trillion, or USD 6 471.1 million in 2014 (BYR 42.4 trillion or USD 4 770.9 million in 2013, respectively). The maximum volume of transactions accounted for the sector of government bonds (56.8 percent of the total trading volume in the stock market). The non-bank investment bonds sector became a growth rate leader in the stock exchange market. Its growth rate reached 845.7 percent in comparison with 2013. There were 511 OTC sale quotations and 225 purchase quotations in the Indicative Bids BEQAS module during 2014. There were 11 687 OTC transactions amounting to BYR 50.8 trillion registered through the IQS OTC Market BEQAS module. 4

www.bcse.by FOREIGN EXCHANGE MARKET During the previous year, the main activities on the development of the foreign exchange market were focused on improving the trading system software and transferring its database to Oracle Database EE 11g version. Within these activities, the software developers carried out adjustments and other necessary improvements related to the system functioning. In view of discontinuation of Lithuanian litas circulation as an independent currency since January 1, 2015, all necessary measures were undertaken by the BCSE to terminate its quotations on the foreign exchange market. The volume of the foreign exchange market sector reached BYR 308 trillion or USD 30 044.3 million in 2014 (BYR 282.9 trillion or USD 31 771.3 million in 2013). Compared with 2013, the trading volume in ruble terms increased by 8.9 percent. FUTURES MARKET The BCSE traditionally continued its activities on promoting and expanding the range of potential participants of the exchange derivatives market during 2014. A number of educational trading in USD and EUR/USD futures contracts were organized for potential participants of the futures market for training purposes. In addition, further development of the derivatives market was connected with the interaction between the BCSE and the Ministry of Taxes and Duties of the Republic of Belarus aimed at improving the taxation order for transactions in derivatives market instruments. In 2014, the total volume of the exchange futures market trading amounted to BYR 60.2 billion or USD 5.0 million (BYR 55.3 billion or USD 6.1 million in 2013, respectively), having increased by 8.8 percent in ruble equivalent in relation to 2013. DEPOSITORY, SETTLEMENT AND CLEARING SYSTEM The development of the clearing and settlement system in 2014 was directed at providing conditions for uninterrupted and due settlements upon the exchange trading results, as well as upgrading the settlement system due to the introduction of new trading mechanisms and operations. In order to reduce settlement and operational risks in the «Clearing and Settlement System» software (hereinafter CSS software) a number of improvements were carried out during the year under report. They implied automation and optimization of verification procedures relating to the information control over the balances of securities blocked for trading; informing the trading system about the closing of trading depot sub-accounts transferred by depositories; introducing additional control mechanisms for the due delivery of settlement documents upon the trading results. Besides, data transfer as well as data recovery procedures were implemented in case of technical failure, Message-Oriented Middleware or Financial Information Transfer System failure without loss of information integrity. In addition, the CSS software functions were upgraded to meet the requirements of the Resolution of the Ministry of Finance No. 66 dated October 15, 2014 «On issue, circulation and redemption of short-term and long-term government bonds of the Republic of Belarus denominated in Belarusian rubles» and to provide placement of government securities by the direct sale. In accordance with the changes introduced into the Technological Settlement Process for Exchange Transactions in Securities Denominated in Foreign Currencies, the «Settlements in Foreign Currency» CSS software module was upgraded in terms of technological procedures changes to ensure the formation of settlement documents containing information on net credit (debit) positions upon concluded transactions, and the processing of the confirmation of their execution. In order to organize a stable process of information exchange during settlements upon the exchange trading in foreign currencies, the register procedure for payment messages was automated without using the ASET «Foreign Exchange Trading» in case of force majeure. While providing clearing services for foreign exchange, stock and futures exchange markets the BCSE conducted transactions amounting to BYR748.9 trillion in 2014. 5

Annual Report 2014 Belarusian Currency and Stock Exchange Settlement and clearing system performance in 2014 Type of clearing Feature Forex Market, BYR in billion centralized BYR in billions Stock Market multilateral USD in millions EUR in millions Futures Market, BYR in billion multilateral Daily average volume of deposited funds Without deposit 277.3 0.8 0.4 0.003 Daily average trading value 1 242.0 BYR 262.4 billion 0.238 Daily average volume of net liabilities 505.6 198.7 0.7 0.4 0.003 Daily average volume of deposited funds to daily average volume of net liabilities - 1.4 1.1 1 1 Operation structure of the BCSE Depository as of 01.01.2015 Kind of operation Number of completed operations Administrative 360 Accounting 832 Informational 2 104 Number of depositors 1 027 Number of issuers in service 12 Par value of securities, the rights to which are recorded in the depository, BYR 1 411 978 113 056 Number of securities, the rights to which are recorded in the depository 203 163 223 Events INTERNATIONAL COOPERATION AND INFORMATION ACTIVITY DEVELOPMENT Month June October November November Event Participating in the first meeting of the Clearing and Settlement Committee of the International Association of Stock Exchanges of the CIS countries (IAS CIS) Participating in the General Meeting of IAS CIS members Participating in the annual meeting of informational and marketing services of IAS CIS Members Participating in the General Meeting of FEAS members OJSC «Belarusian Currency and Stock Exchange» cooperates with foreign stock exchanges and other international organizations in the sphere of informational exchange. The year 2014 was not an exception. Over the past year, the BCSE representatives participated in several events, bilateral meetings, seminars and meetings. Being a member of the International Association of Exchanges of CIS Countries (CIS IAE), the Federation of Euro-Asian Stock Exchanges (FEAS) and a corresponding member of the World Federation of Exchanges (WFE), the BCSE provided them with the information about the results of its activities. In addition, the BCSE has started to provide the Eurasian Economic Commission with quarterly summary trading results on a regular basis since July 2014 in order to form a unified financial statistics by member states of the Eurasian Customs Union and the Common Economic Space. As the CIS IAE member, the BCSE took an active part in its activities, interacted with its member organizations in order to share information and experiences in 2014. The most significant events were as follows: the first meeting of the Clearing and Settlement Committee of the International Association of Exchanges of CIS countries that covered a number of organizational and project issues affecting the most important aspects of the Committee s work, such as advantages to implement the Central Counterparty and participation of the market supervisor in this process; CCP risk management system and its interaction with the Trade Repository; clearing and settlement of transactions concluded in T + n (n> 0) mode and OTC transactions (OTC market), introduction of a Guarantee Fund and the strengthening of transactions execution guarantees; the annual General Meeting of members of the IAE CIS. A number of documents on the activities of the Association and the Executive Directorate of the IAE CIS were reviewed and approved during the meeting. 6

www.bcse.by As part of this event, a round table of organizations members of the IAE CIS with representatives of the National Bank of Kazakhstan on «The impact of political events in the Eastern Europe on the stock market of the Russian Federation and CIS countries» and «Remote Membership» was held; the annual meeting of representatives of information and marketing services of the IAE CIS members. A number of specialized issues were discussed during this event within the following topics: Interaction Order while Providing the Stock Quotation Information, Reference Data Service, Sharing Experience in Promoting New Information and Analytical Products; Being a member of the Federation of Euro-Asian Stock Exchanges, the BCSE representatives participated in the 20th FEAS Annual Meeting and the Working Committee Meeting together with 25 representatives of other stock exchanges members, depositories and associations. In addition to the above mentioned events, the BCSE participated in a number of other significant events in 2014, such as: a working meeting with the World Bank s experts on the stock and capital markets within the framework of the World Bank s Financial Sector Assessment Program for the Republic of Belarus highlighted the development issues of the securities market, as well as its infrastructure; the Integration of the Financial Markets of EEA: Strategy and Tactics forum organized by the Eurasian Economic Commission highlighted several issues on challenges of creating an integrated financial market of EEA participants countries, potential problems of its formation and their solutions; the IV International Forum «The Capital Market of the Republic of Belarus» organized by the Information Agency Cbonds was devoted to the discussion of the most relevant macroeconomic trends, issues on the effective development of the financial markets of Belarus and neighboring countries; the BCSE hosted the working meeting of representatives of the stock markets of the Russian Federation and the Republic of Belarus on the topic: «Risk Management and peculiarities of supervision, licensing under centralized accounting infrastructure of the Republic of Belarus, and role of self-regulatory organizations». The participants discussed the issues on Belarusian and Russian settlement infrastructure functioning, Principles of financial market infrastructure developed by international organizations, reforms of the Russian financial market infrastructure implying the transition to a two-tier system of centralized accounting of securities in the Russian Federation, as well as interaction with foreign nominee, a number of issues on the procedure of corporate actions and retirement of securities. Also this meeting highlighted the principles of BCSE functioning, its technical and business infrastructure, traded instruments, transactions technology in the stock market, etc.; business meetings with representatives of such international organizations as Citigroup Global Markets Limited (London) and RBI (Austria), World Bank, where BCSE experts provided consultations on the functioning of the organized financial market of the Republic of Belarus. As part of the Development Concept of the Website of the OJSC «Belarusian Currency and Stock Exchange» for 2013-2015 formed on the basis of proposals submitted by the Ministry of Finance of the Republic of Belarus, the National Bank of the Republic of Belarus and financial market participants, the BCSE implemented its provisions stipulating the development of new website and its contents during the period under report. ORGANIZATIONAL AND TECHNOLOGICAL DEVELOPMENT The most important direction of the BCSE software and hardware infrastructure development in 2014 was the creation of information security systems to meet modern requirements in this area. As part of this project, the BCSE started the creation of its information system protection, as well as the incorporation of cryptographic information protection software into the ASET Foreign Exchange Trading software and its certification in the Operations and Analysis Center under the President of the Republic of Belarus. In addition, throughout the period under review, the BCSE carried out current hardware upgrading, as well as applied software support of trading, clearing and settlement, and information systems to ensure the hardware and software fault tolerance. 7

Annual Report 2014 Belarusian Currency and Stock Exchange PROJECTS FOR 2015 Developing the stock market In order to increase the liquidity of the stock market, the following measures are planned in 2015: to complete the unification of all segments of the organized securities market (government and non-government securities) under the integrated jurisdiction and technology in order to expand the range of possible transactions in government securities; to provide the Ministry of Finance of the Republic of Belarus with the possibility to conduct transactions in different types of government securities in the secondary exchange market, in case the Ministry of Finance of the Republic of Belarus adopts the necessary changes to the regulations on government securities; to introduce new distribution mechanisms for government securities placed by the Ministry of Finance of the Republic of Belarus through the BCSE, such as partial redemption of the bond issue within the circulation term and open issue volume (denominated in foreign currency), as well as the admission of individuals to placement. In order to increase the range of operations and to improve trade mechanisms, the following measures are supposed to be implemented: to provide the possibility to carry out transactions in securities denominated in foreign currency, with the clearing and settlement in foreign currency different from the currency of denomination; to harmonize procedures for execution of obligations on paying interim interest income during the REPO term for transactions in bonds with S-REPO settlement code; to introduce changes to transactions with S-T + n (S-REPO) settlement code regarding price changes (the price of the second part of the transaction) upon the agreement between the parties. Besides, it is planned to introduce additional mechanisms to minimize the risk of nonfulfillment of the second part of the transaction in bonds denominated in foreign currencies with S-REPO settlement code and currency pricing and payment in Belarusian ruble. Developing the foreign exchange and futures markets A new project is expected to be implemented in the foreign exchange market in 2015. It implies the transition to new modes of foreign currency trading - «continuous double auction» (NDA) and «negotiated transactions». The BCSE will launch this project in case the National Bank of the Republic of Belarus decides to introduce a new exchange rate policy. Moreover, the BCSE will continue to improve the existing trading mechanisms and settlement terms. The futures market development will be traditionally focused on the analysis and evaluation of the possibility of further range extension of traded financial instruments, as well as activities aimed at promoting the derivatives market among banks, broker and dealer companies, and potential investors. Developing the Settlement and Clearing System (SCS) The settlement and clearing system development in 2015 refers to the completion of the first stage of the Clearing and Settlement System software upgrading launched in 2014. This upgrade implies the transition of the existing software to ORACLE platform in accordance with modern standards for storage and processing of information, the transition to new programming language JAVA, as well as the creation of a three-tier architecture of data processing without sacrificing the existing functions. Moreover, in order to implement international agreements in terms of creating a single integrated financial market within EAEU countries, a joint project with RUE «Republican Central Securities Depository» on creating mechanisms to ensure settlements upon trading results through non-residents depositories is likely to be implemented next year. Developing disclosure systems (information systems) In order to implement the Development Concept of the Website of the Belarusian Currency and Stock Exchange for 2013-2015, it is scheduled to complete the projects initiated in 2014 on upgrading the official BCSE website and its service level information system software. The upgraded web portal will provide professional participants, local and foreign investors, government authorities and other users with reliable primary market data sufficient to analyze different aspects of the market operation, its risks and investment attractiveness of the traded financial instruments, and will enable automated interaction between the professional community, investors, issuers and BCSE. It will also provide them with an opportunity to discuss topical issues on the organized market operation. In order to develop the OTC securities market information system, the Belarusian Quotation Automated System - IQS «OTC Market» software module support will be continued in the first quarter of 2015 and will result in improving the quality of the system functions, usability enhancements, interface changes, as well as a number of other improvements suggested by both BCSE experts and participants of the system. 8

www.bcse.by Improving the information technology and information security Within the events scheduled for 2015, it is planned to expedite a number of projects aimed at improving the information security of the exchange trading systems, as well as other systems providing different exchange services. In accordance with the provisions of the Order of the Operational and Analytical Center under the Aegis of the President of Belarus, the BCSE started the creation of information protection system, the integration of cryptographic protection into the «Foreign Exchange Trading» software and certification of the information security system «Foreign Exchange Trading» software in 2014. After introducing these upgrades it is planned to start the creation of information security system and certification of the information security system «Belarusian Quotation Automated System», as well as the updating of the information protection system and certification of the System for Electronic Document exchange (SED) of the Belarusian Currency and Stock Exchange. The realization of these projects will ensure the authentication functions, integrity monitoring, protection against unauthorized access to data processed in the mentioned above information systems, followed by attestation in the Operational and Analytical Center under the President of the Republic of Belarus. Developing the hardware platform Being one of the key elements of the financial market of Belarus, the BCSE shall pay great attention to the functional state of the hardware platform due to strict requirements to prevent emergency situations that can affect quite an extensive range of its participants. In this connection, the BCSE constantly maintains and upgrades its hardware components providing reliability of BCSE-dependent processes. A number of measures aimed at ensuring the business continuity are planned for 2015, including: upgrading server infrastructure by installing two blade chassis (each for the main and backup computer centers) with two blade servers in each chassis. These systems, in conjunction with virtualization will allow, without changing the structural scheme of IT-infrastructure, to gradually update and reduce the server park, completely release from the rack-mounted servers, create an independent software and hardware for testing, and provide scalability and necessary security level for the certification of automated systems; replacing existing storage systems based on HP EVA 4100disk arrays. As an essential element providing the functioning of all BCSE systems, the reliability of such equipment shall be not less than 99.999%. Renovation needs are conditioned by the risks in the field of automated and software systems fault tolerance arising from a significant wear of the resource and disk space workload; backup system updating. The data volume required for backup and the time period needed for the creation of archives and backups are constantly increasing due to the development of the BCSE IT-infrastructure. The BCSE plans to upgrade the existing backup system in 2015 by purchasing another D2D disk library to be connected along with the existing one. This solution will enable to reduce the time of archives and backups creation, to increase the usable capacity of the backup system, and, what is more important, to reduce recovery time from archives and backups. 9

Annual Report 2014 Belarusian Currency and Stock Exchange FINANCIAL PERFORMANCE Yield structure by activity kinds in 2014 Service, in less detail Share in the total yield, % Organization of trading in the foreign exchange and futures markets and clearing services provided in this segment Organization of trading in the stock market and clearing services provided in this segment 14.46 Information, analytical and depository services 0.65 Services for providing the System of Electronic Document 0.56 84.33 Profit and Loss Account 1 2014 2013 BYR in millions USD in thousands BYR in millions USD in thousands Income from service sales 44 803 3 765.0 38 069 3 998.8 Sales cost (9 464) (795.3) (7 903) (830.1) Gross profit 35 339 2 969.7 30 166 3 168.7 Administrative expenses (14 632) (1 229.6) (12 756) (1 339.9) Implementation expenses - - - - Sales income (loss) 20 707 1 740.1 17 410 1 828.8 Other operating income 53 4.5 34 3.6 Other operating expenses (5 082) (427.1) (3 628) (381.1) Operating income (loss) 15 678 1 317.5 13 816 1 451.3 Investment income 24 327 2 044.3 25 320 2 659.7 Investment expenses (1) (0.1) (10) (1.1) Income from financial operations - - 1 0.1 Expense from financial operations (1) (0.1) (1) (0.1) Profit (loss) from investment, financial and other activity 24 325 2 044.1 25 310 2 658.6 Profit (loss) before tax 40 003 3 361.6 39 126 4 109.9 Profit tax (7 920) (665.5) (7 592) (797.5) Net profit (loss) 32 083 2 696.1 31 534 3 312.4 Revaluation of non-current assets not included in the net profit/loss 2 786 234.1 6 581 691.3 Consolidated profit (loss) 34 869 2 930.2 38 115 4 003.7 1 Financial indicators of the BCSE activity were recalculated in dollar equivalent upon an official rate established by the National Bank as of reported date 10

www.bcse.by Account statement as of 31.12.2014 2 As of 31.12.2014 As of 31.12.2013 BYR in millions USD in thousands BYR in millions USD in thousands Assets I. Tangible fixed assets, including: 58 807 4941.8 56 294 5 913.2 Fixed assets 42 038 3532.6 40 314 4 234.7 Intangible assets 1 984 166.7 1 372 144.1 Earning investments in tangibles 446 37.5 231 24.3 Long-term investments 13 320 1119.3 13 320 1 399.2 Long-term receivables 931 78.2 945 99.3 Other long-term assets 88 7.4 112 11.8 II. SHORT-TERM ASSETS, total, including: 87 975 7392.9 84 150 8 839.3 Resources 844 70.9 485 50.9 Future expenses 631 53.0 543 57.0 Value-added tax on goods, work and services purchased 11 0.9 12 1.3 Short-term receivables 1 532 128.7 335 35.2 Cash and cash equivalents 84 957 7139.2 82 775 8 694.9 Other short-term assets - - - - Balance-sheet 146 782 12334.6 140 444 14 752.5 Liabilities III. EQUITY CAPITAL, total, including: 141 992 11 932.1 135 677 14 251.8 Authorized capital 70 415 5 917.2 69 596 7 310.5 Reserve capital 2 829 237.7 1 787 187.7 Capital surplus 29 760 2 500.8 26 974 2 833.4 Retained income (uncovered loss) 38 988 3 276.3 37 320 3 920.2 IV. LONG TERM LIABILITIES - - - - V. SHORT TERM LIABILITIES, total, including: 4 790 402.5 4 767 500.7 Short-term payables, including 4 790 402.5 4 766 500.6 to suppliers, contractors, executors 544 45.7 298 31.3 received prepayments 1 0.1 1 0.1 taxes-and-duties 2 503 210.3 2 268 238.2 to owners of property 1 742 146.4 2 198 230.9 to other creditors - - 1 0.1 Future incomes - - 1 0.1 Balance-sheet 146 782 12 334.6 140 444 14 752.5 2 Financial indicators of the BCSE activity were recalculated in dollar equivalent upon an official rate established by the National Bank as of reported date 11

Annual Report 2014 Belarusian Currency and Stock Exchange АUDITOR S REPORT АUDITOR S REPORT ON FINANCIAL STATEMENT of the Belarusian Currency and Stock Exchange JSC for the period from 01.01.2014 till 31.12.2014 To the Chairman of the Board of the JSC Belarusian Currency and Stock Exchange Mr. Pavel Tsekhanovich AUDITED ENTITY: Open Joint-Stock Company Belarusian Currency and Stock Exchange Address: 48a, Surganova str., room 35a 220013, Minsk, Belarus; State registration information: registered by Decision No.698 dated June 20, 2000 of the Minsk City Executive Committee, state registers No.101541722. UNP - 101541722 in Soviet district of Inspectorate of the Ministry of Taxes and Levies of Minsk AUDITOR COMPANY: LLC «Auditor Centre «Erudit». Address: 11A, Newspaper Pravda avenue, 1-st floor of A office, room 2, Minsk, 220116, Belarus The certificate of state registration: decision of the Minsk City Executive Committee on April 26, 2010; Uniform state register No. 191404329. We have audited the financial statements of the Belarusian Currency and Stock Exchange. The financial statements consist of: balance sheet as of December 31, 2014; profit and losses report, report on capital change, annual funds flow report; notes to financial statements. Responsibility of the audited entity These financial statements are the responsibility of the Belarusian Currency and Stock Exchange s Management in accordance with the Belarusian legislation on accounting reporting bookkeeping. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the auditor company Our responsibility is to express an opinion on certainty in all essential relations of these financial statements based on our audit. The audit company VIP-Audit, Ltd controlled the financial statements of the Belarusian Currency and Stock Exchange for the period from January 1, 2013 till December 31, 2013. Their audit report dated February 10, 2014 contains only positive opinion on certainty of the financial statements for 2013. We conducted audit pursuant to the Law of the Republic of Belarus On Auditor s Activity dated July 12, 2013 and to the Republic Auditor s Activity Rules. These auditing standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the accounting (financial) report is free from material misstatement. An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements of the Belarusian Currency and Stock Exchange. The selection of audit procedures depends on the auditor s professional judgment. This includes the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In assessing those risks, the auditor considers the BCSE s internal control system relevant to the entity s preparation of the consolidated financial statements that give a true and fair view. The aim of this is to plan and perform audit procedures that are appropriate in the given circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group s internal control system. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates, as well as evaluating the overall presentation of the consolidated financial statements of the Belarusian Currency and Stock Exchange. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Auditor s opinion In our opinion, the financial statements of the Belarusian Currency and Stock Exchange are fairly presented to reflect in all essential relations the financial state of the Belarusian Currency and Stock Exchange as of December 31, 2014, as well as financial outcomes of its activity and changes in its financial position for 2014 inclusive, in accordance with the legislation of the Republic of Belarus. 12

www.bcse.by STOCK EXCHANGE RESULTS IN FIGURES MARKET SECTOR MEMBERS As of 01.01.2015 State Enterprise BSVT-Finance State Property Committee of Belarus Members Секция валютного рынка Секция фондового рынка Секция срочного рынка Absolutbank, CJSC Agrocapital, CJSC Aygenis, CJSC Alfa-Bank, CJSC Bank BBMB, CJSC Bank VTB (Belarus), CJSC BSB Bank, CJSC BROSTOK, CJSC BTA-Bank, CJSC BIT-Bank, CJSC General Investment System, CJSC Gomel Regional Depository Center, CJSC Delta-Bank, CJSC Eurobank, CJSC Western Stock Bureau, CJSC Investment Company BelASKO-Invest, CJSC Capital Active, CJSC InterPaybank, CJSC MTBank, CJSC MTG, CJSC Nord European Bank, CJSC RRB-Bank, CJSC Idea Bank, CJSC TK Bank, CJSC Trust-Zapad, CJSC Trustbank, CJSC Zepter Bank, CJSC BG Capital, FLLC National Bank of Belarus Belarusbank, JSC Bank BelVEB, JSC 13

Annual Report 2014 Belarusian Currency and Stock Exchange Members Секция валютного рынка Секция фондового рынка Секция срочного рынка Bank Moscow-Minsk, JSC Development Bank of the Republic of Belarus, JSC Belagroprombank, JSC Belgazprombank, JSC Belinvestbank, JSC BelMezhKomInvest, JSC BNB-Bank, JSC BPS-Sberbank, JSC Eurotorginvestbank, JSC Intertrust Group, JSC Paritetbank, JSC Technobank, JSC HCBank, JSC Aksija, LLC Andes Capital, JSC BММ-Trust, LLC Brokerage company Analytic, LLC WestBusinessGroup LLC Grodno Investment Stock Company, LLC Kaskad-93-Invest, LLC Classic-Invest, LLC LeaderInvest, LLC Promreestr, LLC Profit Investments, LLC ProfRateInvest, LLC Fondovy Alliance, LLC Egal-Invest, LLC Priorbank, JSC ASB BROKER, UE Vneshpromtrade, UE Denim Trading, UE Sovmedia, UE ESPAS, UE Fransabank, JSC BrokerInvest, PC Diamondinvest, PC Finansovy Impuls, PC Total 33 66 32 14

www.bcse.by The number of registered in Belarus participants empowered to carry out operations with exchange-traded assets to the number of participants who are the members of the Belarusian Currency and Stock Exchange Sectors, as of 01.01.2015 Rate Forex Market Sector Stock Market Sector Futures Market Sector Unit weight 100 % 94.3 % 45.7 % EXCHANGE MARKET SUMMARY TOTALS Belarusian exchange market dynamics for 5 years, USD in millions Exchange trading volume and Belarusian GDP dynamics for 5 years, USD in millions 15

Annual Report 2014 Belarusian Currency and Stock Exchange STOCK MARKET Ten leading Stock Market participants in 2014 Rating Participant by turnover by number of transactions 1 Belarusbank, JSC Belarusbank, JSC 2 MTBank, CJSC MTBank, CJSC 3 Belinvestbank, JSC ASB BROKER, UE 4 ASB BROKER, UE Aksija, LLC 5 Ministry of Finance of Belarus Priorbank, JSC 6 Development Bank of Belarus, JSC Brokerage company Analytic, LLC 7 BPS-Sberbank, JSC Belinvestbank, JSC 8 National Bank of Belarus Bank Moscow-Minsk, JSC 9 Belagroprombank, JSC BG Capital, FLLC 10 Belgazprombank, JSC BSB Bank, CJSC Exchange Stock Market Structure Exchange Market Sector Trade volume, USD in millions 2013 2014 % Increase USD in millions Government securities, including: 2 117.8 3 689.8 74.2 1 572.0 Primary government securities market, including: 214.5 562.5 162.2 348.0 Denominated in BYR - 119.4-119.4 Denominated in foreign currency 214.5 443.1 106.6 228.6 Secondary government securities market 214.5 3 127.4 1 358.0 2 912.9 Denominated in BYR, including: 1 903.3 2 697.2 41.7 793.9 REPO transactions 972.2 2 207.8 127.1 1 235.6 REPO auctions of the National Bank (government bonds) 515.8 0.0-100.0-515.8 Denominated in foreign currency 137.6 430.2 212.6 292.6 National Bank securities market, including: 15.5 13.8-11.0-1.7 REPO transactions 11.5 0-100.0-11.5 Equity market, including: 63.3 46.6-26.4-16.7 Primary market 6.0 0.04-99.3-6.0 Secondary market 57.3 46.6-18.7-10.7 Corporate bond market, including: 2 495.1 2 713.0 8.7 217.9 Mortgage bonds, including: 95.6 29.1-69.6-66.5 Primary market 0.0 0 - - Secondary market 95.6 29.1-69.6-66.5 Investment bonds, including: 1 288.2 1 894.8 47.1 606.6 Primary market 119.4 104.8-12.2-14.6 Secondary market 1 168.8 1 790.1 53.2 621.3 Exchange-traded bonds 1 111.4 789.1-29.0-322.3 Primary market 445.4 215.5-51.6-229.9 Secondary market 666.0 573.6-13.9-92.4 Municipal bonds (secondary market) 79.2 7.8-90.2-71.4 Total 4 770.9 6 471.1 35.6 1 700.2 16

www.bcse.by Structure of securities trading at the exchange stock market in 2014 (by securities types), USD in millions Type of securities Primary placement 2014 Increase to 2013, % Secondary circulation, (excluding REPO) 2014 Increase to 2013, % 2014 REPO Increase to 2013, % Government securities 562.5 162.2 687.3 65.5 2 440.10 64.0 NB RB Securities - - 13.8 245.0 - - Equities 0.04-26.4 46.6-18.7 - - Local Loan bonds - - 7.8 25 900.0 - - Bank bonds 187.70-40.0 1565.7 2.9 3.4-93.1 Corporate bonds 132.6-47.3 823.7 364.6 - - Investment structure in the stock market in 2014 Type of transaction Share in turnover, % Transactions concluded by participants on their own behalf and at their own expense 67.68 Transactions concluded by participants on their own behalf and at the expense of their clients, including: 32.32 Legal entities, including: 32.05 residents 31.31 non-residents 0.74 Individual Entrepreneurs, including: 0.001 residents 0.001 non-residents 0.00 Individuals, including: 0.27 residents 0.27 non-residents 0.005 Operation structure in the stock market in 2014 (by payment currency) Payment currency Transaction volume, in millions Share, % (in BYR equivalent) BYR 48 707 691.64 73.37 RUB 14.57 0.01 USD 1 383.84 21.70 EUR 240.60 4.92 Bond market General totals Ten leading bond market participants in 2014 Rating Participant By turnover By number of transactions 1 Belarusbank, JSC MTBank, CJSC 2 MTBank, CJSC Belarusbank, JSC 3 Belinvestbank, JSC Priorbank, JSC 4 ASB BROKER, UE Belinvestbank, JSC 5 Ministry of Finance of Belarus ASB BROKER, UE 6 Development Bank of Belarus, JSC Bank Moscow-Minsk, JSC 7 BPS Sberbank, JSC BSB Bank, CJSC 8 National Bank of Belarus Zepter Bank, CJSC 9 Belagroprombank, JSC TK Bank, CJSC 10 Belgazprombank, JSC Development Bank of Belarus, JSC 17

Annual Report 2014 Belarusian Currency and Stock Exchange Investment structure in the exchange bond market in 2014 Type of transaction Share in turnover, % Transactions concluded by participants on their own behalf and at their own expense 68.16 Transactions concluded by participants on their own behalf and at the expense of their clients, including: 31.84 Legal entities, including: 31.69 residents 30.97 non-residents 0.73 Individual Entrepreneurs, including: 0.0002 residents 0.0002 non-residents 0.00 Individuals, including: 0.15 residents 0.15 non-residents 0.00 Volume of operations in the exchange bond market in 2013-2014 Characteristics 2013 2014 Increase, % Trading volume, BYR in billions 41 872.0 65 903.4 57.39 Number of transactions 3 375 3 687 9.24 Operation structure in the exchange bond market in 2014 (by payment currency) Payment currency Transaction volume, in millions Share, % (in BYR equivalent) BYR 48 239 026.80 73.20 RUB 0.00 0.00 USD 1 383.40 21.86 EUR 240.42 4.95 Structure of exchange trading volume by types of bonds, USD 18

www.bcse.by Government Securities Market Structure of GS circulated at the BCSE as of 01.01.2015 Securities name Number of issues Denominated in BYR Volume in circulation (in millions) Number of securities Interest yield GLTB 28 16 599 340.3 24 319 903 Interest yield GSTB 2 1 100 000.0 1 100 000 Denominated in USD Interest yield GLTB 49 2 353.8 414 982 Denominated in EUR Interest yield GLTB 4 405.0 15 750 Ten leading GS Market participants in 2014 Rating Participant By turnover By number of transactions 1 Belarusbank, JSC MTBank, CJSC 2 MTBank, CJSC Belarusbank, JSC 3 Belinvestbank, JSC Priorbank, JSC 4 Ministry of Finance of Belarus Bank Moscow-Minsk, JSC 5 National Bank of Belarus BSB Bank, CJSC 6 Belgazprombank, JSC TK Bank, CJSC 7 Belagroprombank, JSC Belinvestbank, JSC 8 Bank VTB (Belarus), CJSC Zepter Bank, CJSC 9 Bank BelVEB, JSC Ministry of Finance of Belarus 10 Priorbank, JSC National Bank of Belarus Investment structure in GS market in 2014 Type of transaction Share in turnover, % Transactions concluded by participants on their own behalf and at their own expense 69.02 Transactions concluded by participants on their own behalf and at the expense of their clients, including: 30.98 Legal entities, including: 30.98 residents 30.50 non-residents 0.48 Operation structure in GS market in 2014 ( by payment currency) Payment currency Transaction volume, in millions Share, % (in BYR equivalent) BYR 28 854 557.0 76.55 RUB 0.0 0.0 USD 689.0 19.01 EUR 123.4 4.44 19

Annual Report 2014 Belarusian Currency and Stock Exchange Trading value of GS market in 2013-2014 (by trading modes) Trading mode Trading value, USD in millions Number of transactions 2013 2014 Increase, % 2013 2014 Increase, % Denominated in BYR Primary transactions - 119.4 - - 11 - Before Redemption transactions 277.8 489.4 76.17 660 869 31,7 REPO transactions 972.2 2207.8 127.09 568 1 036 82.4 REPO auctions of NB RB 515.8 0-100 28 0-100 Denominated in foreign currency Primary transactions 214.5 443.1 106.57 33 36 9.1 Forward transactions 137.6 197.8 43.75 22 20-9.1 REPO transactions - 232.3 - - 36 - Trading value and number of transactions in GS market in 2013 2014, USD in millions GS Market indices Price Index GS I BYR Gov 20

www.bcse.by GS market aggregate income Index ITR BYR Gov GS market gross income Index G BYR Gov 21

Annual Report 2014 Belarusian Currency and Stock Exchange Corporate Debt Market Listing Structure by bond types as of 01.01.2015 Parameter Number of Issuers Number of Issues Bond type Quotation List А of the First Level Quotation List А of the Second Level List B Unlisted Securities Mortgage 1 - - - Investment, including: 9-5 39 banks 9 - - 12 other companies - - 5 27 Exchange-traded, including: 3-5 18 banks 3 - - 2 other companies - - 5 16 NB RB bonds 1 - - - Municipal bonds - - - 17 Issuers in total 10-5 69 Mortgage 1 - - - Investment, including: 87-6 70 banks 87 - - 36 other companies - - 6 34 Exchange-traded, including: 5-9 64 banks 5 - - 5 other companies - - 9 59 NB RB bonds 3 - - - Municipal bonds - - - 42 Issues in total 96-15 176 Ten leading Corporate Market participants in 2014 Rating Participant By turnover By number of transactions 1 Belarusbank, JSC MTBank, CJSC 2 ASB BROKER, UE ASB BROKER, UE 3 MTBank, CJSC Belarusbank, JSC 4 Belinvestbank, JSC Belinvestbank, JSC 5 Development Bank of the Republic of Belarus, JSC Development Bank of the Republic of Belarus, JSC 6 BPS-Sberbank, JSC BPS-Sberbank, JSC 7 Bank Moscow-Minsk, JSC Bank VTB (Belarus), CJSC 8 Belagroprombank, JSC BTA-Bank, JSC 9 BSB Bank, CJSC Zepter Bank, CJSC 10 Paritetbank, JSC BSB Bank, CJSC 22

www.bcse.by Investment structure in the Corporate Market in 2014 Type of transaction Share in turnover, % Transactions concluded by participants on their own behalf and at their own expense 67.00 Transactions concluded by participants on their own behalf and at the expense of their clients, including: 33.00 Legal entities, including: 32.65 residents 31.59 non-residents 1.06 Individual Entrepreneurs, including: 0.001 residents 0.001 non-residents 0.00 Individuals, including: 0.35 residents 0.35 non-residents 0.00 Operation structure in the Corporate Market in 2014 (by payment currency) Payment currency Transaction volume, in millions Share, % (in BYR equivalent) BYR 19 384 469.80 68.72 RUB 0.00 0.00 USD 694.40 25.65 EUR 117.04 5.63 Trading value and number of transactions in the corporate bond market in 2013 2014, USD in millions 23