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FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORTOCTOBER 2008

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008TABLE OF CONTENTSFederation of Euro-Asian Stock Exchanges 3Deutsche Boerse 9Bloomberg 12Garanti Asset Management 15Is Investment 16NASDAQ OMX 18Tayburn Kurumsal 20Finans Asset Management 22Quartal FLife 23Stock Exchange ProfilesAbu Dhabi Securities Market 26Amman Stock Exchange 28Armenian Stock Exchange 30Bahrain Stock Exchange 32Baku Interbank Currency Exchange 34Baku Stock Exchange 36Banja Luka Stock Exchange 38Belarusian Currency and Stock Exchange 40Belgrade Stock Exchange 42Bucharest Stock Exchange 44Bulgarian Stock Exchange 46Egyptian Exchange 48Georgian Stock Exchange 50Iraq Stock Exchange 52Istanbul Stock Exchange 54Karachi Stock Exchange 56Kazakhstan Stock Exchange 58Kyrgyz Stock Exchange 60Lahore Stock Exchange 62Macedonian Stock Exchange 64Moldovan Stock Exchange 66Mongolian Stock Exchange 68Montenegro Stock Exchange 70Muscat Securities Market 72Palestine Securities Exchange 74Sarajevo Stock Exchange 76State Commodity & Raw Materials Exchange of Turkmenistan 78Tehran Stock Exchange 80Tirana Stock Exchange 82“Toshkent” Republican Stock Exchange 84Ukrainian Stock Exchange 86Zagreb Stock Exchange 88Affiliate Member ProfilesCDA Central Depository of Armenia 91Central Registry Agency Inc. of Turkey 92Central Securities Depository of Iran 93Macedonian Central Securities Depository 94Misr For Clearing, Settlement & Central Depository 95Securities Depository Center (SDC) of Jordan 96Takasbank - ISE Settlement and Custody Bank, Inc. 97Tehran Securities Exchange Technology Management Company (TSETMC) 98Member List 99FEDERATION OF EURO-ASIAN STOCK EXCHANGES (FEAS)I.M.K.B Building, Emirgan 34467 Istanbul, TurkeyTel: (90 212) 298 2160Fax: (90 212) 298 2209E-mail: secretariat@feas.orgWeb address: www.feas.orgContacts: Mr. Aril Seren, Secretary GeneralMrs. Susan Gogus, Assistant Secretary GeneralMs. Ege Adalioglu, Assistant Secretary GeneralThe Federation of Euro-Asian Stock Exchanges Semi Annual ReportOctober 2008 is published by the Federation of Euro-Asian StockExchanges.All editorial material was collated and edited by the Federation ofEuro-Asian Stock Exchanges. The design, production and distributionwas coordinated by the Federation of Euro-Asian Stock Exchanges.Designed by: Tayburn KurumsalAlthough every care has been taken to ensure the accuracy of theinformation contained within the publication, the Secretariat cannot beheld liable for any inaccuracies, errors or omissions, nor held liable forany actions taken on the basis of the information provided herein.© The Federation of Euro-Asian Stock ExchangesPAGE 1

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008FEDERATION OF EURO-ASIAN STOCK EXCHANGESThe FEAS, as a globally recognized regionalinstitution, is growing and maturing togetherwith its members towards its goals.Huseyin ErkanPresident of FEAS & Chairman andCEO of the Istanbul Stock ExchangeThroughout 2007 and the first half of 2008, theFEAS region has persevered with a strongdesire for continued growth in worldeconomies as seen in 2006. The performanceof the securities markets in the first half of2008 is displayed in the consolidated regionalstatistics on the adjoining pages. Theindividual statistics of each of our membersare available in the member profile section.The Federation, as a globally recognizedregional institution, is growing and maturingtogether with its members towards its goals.Founded 13 years ago by 12 regionalexchanges, FEAS now has a total number of32 stock exchange members from 29 differentcountries and 8 affiliate members.In today’s economic conditions, where theincreasing oil prices led to quickly expandingsavings and sovereign wealth funds’countered the great losses felt from themortgage crisis; the long expected meltdownand fluctuations in the global markets were notrealized in full locally, due to the strength inregional markets. For this reason regional cooperationwill continue to play an importantrole in the on-going development of ourmarkets. When we look at the mid year resultsfor 2008 we see that market capitalization inthe region has decreased slightly by -1.1%over 2007. Stock trading volume in dollarterms should increase as they have exceededthe volumes seen in 2007 during the sameperiod, average daily trading volume is up21.2% from 2007. However, bonds showedslight weakness during the first half of 2008 indollar trading volume. ‘Other’ category showedstability with limited growth over 2007 whereas average daily trading volumes increased by14.1% over 2007. To put this into perspectivein the last 5 years the FEAS region has seen a179.2% increase in market cap, 14.4% in stocktrading volumes, 722.3% in bonds tradingvolume and 118% in ‘other’ average dailytrading volume.As we are now on the verge of completing ourfourteenth year of operation, most of you arewell aware of our accomplishments to date.Those that were particularly noteworthy are;the planned upgrade and the implementationof the FEAS Data Center (FDC) to standardizeand promote cross market statistics and theinitiation and upcoming implementation (2008)of the FEAS Index. This will provide for bettervisibility and for moving toward cross bordertrading as well as greater M&A, activity whichwill also make it simpler to observe and trackthe FEAS Region. There were special activitiesthat promoted the growth of stock exchangeoperations such as Bilateral Visits, establishingthe FEAS Training Center; the joint ISE/FEASprojects with international associations andorganizations such as the World Bank, WorldFederation of Exchanges (WFE) and theOrganization for Economic Cooperation andDevelopment (OECD).During 2008, FEAS has jointly hosted with itsmembers 3 meetings and conferences. Thesewere; the Working Committee Meeting held inBaku, Azerbaijan, 2nd Annual Conference ofthe Montenegro SE: ‘A Step Forward’, inBudva, the Media Workshop: How to Interactwith the Media During times of Crisis, inIstanbul, Turkey .In November 2008, the 14thGeneral Assembly Meeting will be held in AbuDhabi, UAE together with the third AffiliateMember Meeting, in addition to a WorkingCommittee Meeting and Executive CommitteeMeeting and Annual Conference ofContributors.Our continued commitment to our 5-yearstrategic plan is designed to achieve theobjectives specified within the mission of theFederation and to attain greater importance inthe competitive global market environment.Our focus during the previous five years hasbeen on the areas of promoting corporategovernance, achieving effective disseminationof information, facilitating timely disclosure andattaining regional convergence in listingrequirements, settlement; trading rules andsoftware creating greater awareness andvisibility for the region’s stocks and investmentopportunities, promoting the listing of‘investment grade’ companies in the region’smarkets and creating linkages among theregion’s intermediaries, data providers,settlement and custody institutions and stockexchanges, while encouraging cooperationamong Securities Commissions. Our majortarget is to attract the global investors who willbenefit from FEAS services and continuouslyinvest in the Region.FEAS focus during the next five years will bediscussed at the upcoming Presidents’Meeting. Some of the issues under discussionwill be products, such as ETFs based on jointindexes.Looking at the future outlook of our individualmarkets, as covered in the member profilepages, one can see that there continues to bework toward the challenges of membermarkets in providing competitive and viablefinancing options to both the government andprivate sectors, while enhancing operationsthrough technology and expanding services tomarket participants. The effort continues tofocus on the areas of increased transparencythrough investment in infrastructure anddeveloping regulations to promote strongercorporate governance.FEAS is soon to be celebrating its 14thanniversary. Since its beginning in publishingfour years ago, FEAS SAR has been publishedas two semi annual reports, in April andOctober annually.As you will remember, the initial and continuedaim of transitioning from an annual to semiannual publication is two-fold. First, throughproviding two publications rather than just one,the market performances of FEAS membersare reflected in an updated fashion. Second,the environments (both political andeconomic), within which those marketsoperate, are brought to the attention of thereaders more timely and concisely. Furtherwith new format changes to the Octoberedition, readers will receive a sort of referenceguide to our members markets and theirtrading practices and procedures.We intend this publication to be utilized as asummary reference to the Region and weattach great value to FEAS Semi AnnualReport as a marketing instrument for raisinginterest in the Region. I would like to take thisopportunity to extend my heartfelt thanks fortheir contributions to: Finans AssetManagement, Is Investment, Garanti AssetManagement, OMX, Quartal F life, TayburnKurumsal, Deutsche Boerse and Bloombergfor making this publication possible. We hopethat you will take a moment to visit ourcontributor section in the FEAS website atwww.feas.org and read their articles in thefollowing pages.In closing, I want to commend the efforts of allour Task Force members in achieving ourregional objectives through their commitmentand the Secretariat for its success inmaintaining our cohesive organization. As weclose our 13th year anniversary, I am happy tosay that our formula for achievement will beapplied toward our development for the future.PAGE 3

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008FEDERATION OF EURO-ASIAN STOCK EXCHANGESHISTORYThe Federation of Euro-Asian Stock Exchanges(FEAS) was established with its Head Quartersin Istanbul on 16 May 1995, with 12 foundingmembers and has grown to 32 members and 8affiliate members in 29 countries as a not-forprofitorganization. Membership in theFederation is open to security exchanges inEurope and Asia and Affiliate Membership isopen to the Clearing and Settlement affiliatesand Central Depositories of Member StockExchanges. Until May, 2009 the position ofPresident and Vice President will be held bythe Istanbul and Egyptian Stock Exchange,respectively. The Governing Body of FEAS isthe General Assembly, comprised of all 32members plus 8 affiliate members, whichmeets once annually in a member country todiscuss major issues for operations of FEAS inorder to decide upon changes in Charter andby laws its annual budget and to approve itsactivity and Financial Reports as well as theIndependent Auditors’ Report. The ExecutiveCommittee, made up of 12 members, isresponsible for the development of Federationpolicies, making major administrativedecisions, as mandated by the GeneralAssembly, approving the content and scope oftasks assigned to the Working Committee, andmaking recommendations to the GeneralAssembly.PHILOSOPHYMISSION STATEMENTThe mission of FEAS is to create fair, efficientand transparent market environments, with littleor no barriers to trade, within the operatingregions of FEAS members. In order to facilitatethe objectives of FEAS, members work towardthe harmonization of rules and regulations andadoption of new technology, for trading andsettlement. These actions further promote thedevelopment of the member markets andprovide cross border trading opportunities forsecurities issued within FEAS membercountries.5-YEAR STRATEGIC PLANIn accordance with the Mission Statement, 5-year Strategic Objectives are set up tosystematically approach compliance with thelong-term mission of the Federation. Theseobjectives are:Objective I:Promote good ‘corporate governance’ for listedcompanies as indicated in the jointFEAS/OECD “Best Practices for theDevelopment of Stock Exchanges in TransitionEconomies” guide. Facilitate timely disclosureof material events to achieve transparencythrough effective dissemination of information.Objective II:Achieve convergence among FEAS membersin their:• listing requirements,• trading rules and software;• the settlement cycle.Objective III:Promote mechanisms for reliable, transparentand uninterrupted securities trading andsettlement.Objective IV:Create greater awareness and visibility for theregion’s securities and investmentopportunities.Objective V:Help promote the listing of ‘investment grade’securities in the respective Home markets ofthe Region.Objective VI:Help create linkages among the region’s:• intermediaries,• data providers,• settlement and custody institutions,• stock exchanges; and also• make efforts to initiate cooperation amongRegion’s Securities Commissions.Objective VII:Promote and encourage research and trainingfor FEAS members and their personnel.DEVELOPMENT AND MARKETINGOF THE REGIONThis section highlights the activities of the TaskForces during the first half of 2008 whileproviding a summary of continuing programsinto the second half of 2008.BILATERAL INITIATIVES PROGRAMThe Federation supports a fully funded Bilateralvisits Program to facilitate, on a bilateral basis,the reciprocate visits of personnel of FEASmembers with each other for the purpose ofexchange of, information and experience onspecific topics of interest to both parties.Almost all Federation members have nowparticipated in this program, which is plannedto continue during 2009. During 2008 year todate, 4 bilateral visits were approved and 2have been completed, one postponed and thelast one will be completed in October.WORKING COMMITTEEDuring the Working Committee Meeting thatwas held in Baku, Azerbaijan on May 14-15h2008 reports were given by the task forcesincluding Media, Regional Indices, MarketPrinciples and Corporate Governance, AffiliateMembers, FEAS Data Center. Updates werealso provided by the Secretariat on the statusof the Semi Annual Report, Revenue andExpense Analysis, Bilateral visits, DraftFinancial Report and the 2008 Calendar ofEvents. Second Working Committee meetingwill be held in November in Abu Dhabi, prior tothe General Assembly.CONTACT INFORMATIONContact Name Mr. Aril Seren, Secretary General E-mail secretariat@feas.org Website www.feas.orgFEAS regionPAGE 4

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008FEDERATION OF EURO-ASIAN STOCK EXCHANGESTask ForcesIn 2005, decision was taken to combine thetwo working committees into one and to form,12 Task Forces to carry out the mandatesgiven by the Executive Committee. Since then,some Task Forces have completed the tasksassigned to them and some new task forceswere formed, the existing Task Forces arelisted below:Task Force 0404 – Media (Led by MuscatSecurities Market)Following the Media Relations Task Forcemeeting held on 15 May 2008 in Baku, the TFparticipants agreed on the following issues:1. A Media Gathering will take place prior toGeneral Assembly meetings2. Journalists from the member countries willbe invited to be present at the FEAS meetingsto cover the events in local media. The aim isto increase awareness for the Federation andthe hosting exchange.3. A workshop for Media Relations took placein July 2008, in Istanbul.4. Muscat Securities Market Forum will beheld in Muscat in December 20085. A FEAS movie will be produced by TehranSE and a draft will be readied by the GA.6. The Task Force will continue with its work inaccordance with the 2008 Activity Plan asapproved at the General Assembly Meeting inBelgrade.7. One of the Arabic Stock Exchanges wouldarrange a training course for journalists inArabic language and other countries willfollow along the same format to organizetraining courses in their own languages ( forRussian, English etc.)8. At the next GA, the agenda for the MediaTask Force for 2009 will be determined.Task Force 0406 – Regional Indices (Ledby Tehran Stock Exchange)As part of the Marketing plan for the FEASRegion, Dow Jones came forward to calculateFEAS indexes and the Task Force, togetherwith the Secretariat, has conducted a surveyamong FEAS members for the creation of theindex and the negotiations with Dow JonesIndices on the Index Agreement. Followingapproval by General Assembly, The IndexAgreement was signed in October, 2007 withDow Jones which will calculate a benchmarkindex including a large number of stocks fromthe Region, with the expected date of alaunching in 2008-2009.Task Force 0412 – Corporate Governance(Led by Karachi Stock Exchange)All members of FEAS, place a strongemphasis on good Corporate Governance. Atask force was created to provide a vehicle formembers to update the information containedin the Corporate Governance section of theRule Book and to inform all member stockexchanges of international regulations andpractices regarding corporate governancewhich are gaining importance for a bettervaluation of stocks. At the same time, theissue of good Corporate Governance forStock Exchanges has become important asStock Exchanges are changing from MutualEntities into For-profit Companies. TheBucharest Stock Exchange hosted aconference on Corporate Governance in Juneof 2005 and FEAS jointly hosted roundtablemeetings with the OECD on February 15-16,2006. The Belgrade Stock Exchange, inpartnership with the IFC, published aCorporate Governance Manual in 2007.FEAS Secretariat has conducted a survey anda glossary and the draft was discussed duringthe Working Committee in Baku. Half of themembers have filled out the survey and thereport will be discussed at the upcomingGeneral Assembly.Task Force 0501 – Affiliate Members(Led by ISE Settlement and Custody Bank,Takasbank)Affiliate members have designed and are inthe process of implementing both new webpages on the FEAS web site and new pagesin the FEAS Semi Annual Report. The thirdmeeting of the Affiliate Task Force was heldon September 6, 2007 in Belgrade.It has been decided to prepare another leafleton corporate e governance, covering theexisting international recommendations andbest practices related to CorporateGovernance inCSD’s.Affiliate Members Task Force will continue tocontribute to the mission of the FEAS forfuture development and promotion of theSecurities Market settlement and custodysystems.Task Force 0502 – FDC Implementation(Led by Istanbul Stock Exchange)The database has been upgraded to allowmore space to add additional FEASmembers. The FDC will be instrumental in thedevelopment of the FEAS Index so this year agroup from FEAS and the Istanbul SE willtravel to member exchanges in order toimplement the FEAS Data Center at theirrespective exchanges. The changes in FDCformat that will become necessary with thenew requirements for FEAS index are currentlybeing addressed and the new format isexpected to be implemented at memberexchanges starting this year.Task Force 0504 – Research andDevelopment (Led by the Istanbul StockExchange)This task force will bring members together towork on joint research projects of generalinterest for FEAS members that willconsolidate their experiences and knowledge.This Task Force has recently conducted astudy on Initial Public Offerings, and it waspresented as a report at FEAS GeneralAssembly in Belgrade. The study will continueto investigate the impact of IPO, PrivatizationPrograms and the Investment base ofMember Exchanges.Training Center ProjectIn accordance with the decision taken at thelast FEAS General Assembly, FEASestablished a FEAS Training Center in Istanbulat the Istanbul SE FEAS Headquartersfacilities. It is designed to provide memberswith educational opportunities and trainingprograms for their personnel. The primarygoal of the FEAS Training Center, with theFEAS Training Program, is to provide FEASMembers with a wide range of educationaland training options with emphasis onExchange management whereby theExchange Personnel will have the opportunityto receive training in line with their interestsand motives. Other target groups for trainingare Companies and Media and the Personnelof listed. In line with the Media Task forcegoal, the Media members and the personnelof the stock exchanges will benefit from MediaTrainings in Muscat and in Istanbul.In November 2007, MSM Stock Exchangeheld a gathering in Muscat where all topics onMedia have been discussed and exhibited.In July 7-8, 2008 the FEAS Media RelationsWorkshop for FEAS members was held inIstanbul where they have discussed ‘’How tointeract with Media during times of crises’’.Several members and speakers from Turkishand Egyptian Media talked about the currentglobal crisis and its effects.2008 Mandates:• Publication and Distribution of the SemiAnnual Report in March/April andSeptember/October• Hold a conference with Issuers, Brokers &Mutual Fund Managers in conjunction with thelaunching of the FEAS Index• Continuation of the ongoing RevenueAnalysis from 2003 through 2007.• 2008 Spring Working Committee Meeting tobe hosted by Baku Stock Exchange.• The 14th Annual General Assembly Meetingand 17th Executive Committee Meeting totake place in Abu Dhabi, UAE to be hosted byADX, in November, 2008.• The Serial Seminars for members of themedia to continue.PAGE 5

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008FEDERATION OF EURO-ASIAN STOCK EXCHANGESFEAS MEETINGSWORKING COMMITTEE MEETING –14-15 MAY 2008 – BAKU AZERBAIJANThe first working committee meeting of 2008was held in Baku, Azerbaijan on the 14-15thMay, 2008 at the invitation of the Baku StockExchange. The Working Committee focused onissues mandated by the General Assembly in2007 and The Secretariat prepared a report forparticipants to discuss.FEAS & MONTENEGRO STOCK EXCHANGECONFERENCE, A STEP FORWARD JUNE21-23, 2008 BUDVA, MONTENEGROThe Second International Conference of theMontenegro Stock Exchange (MNSE) was heldin Budva, Montenegro during 5-7 June 2008,where issues like ‘Globalization of CapitalMarkets’, ‘Main Components of Capital Marketin Europe and How to Make The South EasternCapital Markets More Competitive’, “CorporateGovernance” Banks, Insurance and The CapitalMarket – Partners and Competitors’ and‘Trading System – Resource or Capital MarketsImprovement Tool’ were discussed.MEDIA RELATIONS WORKSHOP –7-8TH JULY 2008 – ISTANBUL, TURKEYFEAS established a FEAS Training Center inIstanbul at the Istanbul SE FEAS Headquartersfacilities, to provide members with educationalopportunities and training programs. The firstactivity was held in July 7-8, 2008 as the FEASMedia Relations Workshop for FEAS memberswhere they have discussed ‘’How to interactwith Media during times of crises’’ whereseveral members and speakers from Turkishand Egyptian Media talked about the currentglobal crisis and its possible effects.The future objectives of the Media Task Forcewere described as;1. Organizing Workshops with member StockExchanges, where their Media RelationsPersonnel may discuss the Media relationsexperiences.2. Providing training to journalism students,Media Personnel and the Stock ExchangePersonnel.3. Producing an informative film on FEASmembers and the FEAS Region. (Tehran StockExchange has been provided with the photos)4. Organizing an exhibition where FEASMember Stock Exchanges will be able toprovide interesting information, have face toface meetings with the local and invited media14th General Assembly Meeting –November 9-12, 2008 – Abu Dhabi, UAEThe 14th Annual General Assembly of FEAS willbe held in Abu Dhabi, UAE on November 12thhosted by the Abu Dhabi Securities Exchange.The Affiliate Task Force Meeting, the 17thExecutive Committee meeting and a WorkingCommittee meeting will also be held prior to theGeneral Assembly.Main topics that will be discussed and decidedupon at the 14th GA are;• Adoption of the proposed 2009 mandates forthe Working committee;• The form of Publication and Distribution ofSeptember/October issue of SAR• Organizing a conference with Issuers, Brokers& Mutual Fund Managers in conjunction withthe launching of the FEAS Index• Completion of the Revenue Expense Analysisfrom 2007-2008.• Continuation of the Serial Seminars formembers of the media• Extension of the FEAS bilateral exchangeprogram between members;• Adoption of the 2009 budget, auditedstatements and the 2008 year-end forecast;• Review of the 2008 activities the status ofspecial projects with the members• Adoption of the dues schedule for 2009.The objectives for the next 5 years of FEASactivities will be taken up at the next President’sMeeting in spring of 2009. Collaborationamong FEAS members will continue until theFEAS Region gets the full recognition itdeserves as the most dynamic in developmentand the most profitable in investments. Thedual targets of creation of a common indexesfor trading of products of joint nature andfacilitation of cross border operations ofRegional Intermediaries will be the focus ofFEAS pursuit.PUBLICATIONS & INFORMATIONFEAS Library:The Library can be accessed through thePublications drop down menu on the mainpage at www.feas.org or through this linkhttp://www.feas.org/Library.cfm. The FEASLibrary is open to experts and organizationswith financial market related material. If youwould like to make a submission to the FEASLibrary, please send your electronic files andlinks to the FEAS secretariat atsecretariat@feas.org.FEAS Semi Annual Report:This publication of semi-annual activities of theFederation and its members began in 1997 andis now available electronically on the website:http://www.feas.org/Publications.cfm?Get=Yearbook&Top=Pubs.FEAS Website:The new FEAS website was launched on 31 July2002 and can be found at www.feas.org. Thenew site now contains a more concentratedemphasis on FEAS member data with profilepages (including statistics, holidays, marketpolicies and practices and direct links to theirsites), Excel downloads for all statistical dataand cross member comparisons on policies,practices and statistical data, and a NewsCenter with headlines from member markets.Newsletter:A monthly publication which includes generalsecretariat news, statistical stock, bond andother volume comparisons on monthly, year-todateand prior period bases, in addition tomarket cap, currency, number of companiestraded and index statistics. Quarterlysupplemental publications include quarterlystatistical analysis, press releases of FEASmembers and headlines of FEAS activities.Archived copies of the newsletter can be foundon our websitehttp://www.feas.org/Publications.cfm?Get=Newsletter&Top=Pubs.SUBSCRIBETo subscribe for the electronic version of FEASpublications, please go to www.feas.org andclick on subscribe. Subscriptions includemonthly notifications of statistics and newsletterupdates, as well as advance notice of FEASevents and activities.PAGE 6

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008FEDERATION OF EURO-ASIAN STOCK EXCHANGESAril SerenSecretary General of FEAS andSenior Vice Chairman of the Istanbul Stock ExchangeAs of June 2008, FEAS member marketstraded companies reached a regional totalof 9,566, and market capitalization reachedUS$ 1,053,367.1 billion by the end of H12008 with a remarkable increase fromUS$ 377,279.6 billion in 2004 or by 179.2%.CONTRIBUTORSPlease visit our Contributor sites. They can beseen on the FEAS website at:http://www.feas.org/Contributors.cfm.Bloombergwww.bloomberg.netDeutsche Boersewww.deutsche-boerse.comFinans Asset Managementwww.djist.com, www.nfist.comGaranti Asset Managementwww.garantiportfoy.com.trIs Investmentwww.isinvestment.comNASDAQ OMXwww.nasdaqomx.comQuartal Flifewww.quartalflife.comTayburn Kurumsalwww.tayburnkrumumsal.com2008 H1 MARKET ACTIVITY IN THE REGIONThe FEAS Region is represented by 32 memberexchanges and 8 affiliate members (representedby clearing and settlement institutions) in 29countries.As of June 2008, FEAS member marketstraded companies reached a regional totalof 9,566, and market capitalization reachedUS$ 1,053,367.1 billion by the end of H1 2008with a remarkable increase from US$ 377,279.6billion in 2004 or by 179.2%. * The 5-yearstatistical comparison shows that markets areproviding stronger listings with greatertransparency, and that market forces continueto push toward share quality versus postprivatizationquantity. The trading volumes in thestock segment continued to grow over the last 5years with a slight dip in the volume in # termsin 2006; the total trading volume in stocks inUS$ terms is set to meet or exceed the volumesof 2007. The Bonds segment showed relativelymore weakness among the three tradingsegments in dollar terms (Stocks, Bonds, Other)showing just less than half of the trading volumeas in 2007 by mid-year 2008. Turnover in theOther segment is also reflecting the currenteconomic woes that are being experiencedaround the world but to a lesser degree atalmost the same levels as the same period lastyear. The regional figures show a shift in tradingfrom Other to Bonds even though the “other”trading segment continues to be ranked first inmost popular trading instrument within theregion, followed by the stocks and bonds.Other volume is made up by such instrumentsas derivatives, t-bills, currency, repo/reverserepo, etc.In addition, the development in the value ofFEAS markets can be seen through results inthe adjusted annualized return on memberindices.* For individual member statistics, please go to the MemberProfile sections in the following pages.2009 CALENDAR OF MEETINGSFEAS Working Committee MeetingDate: May 2009Host: TBDPlace: TBDFEAS TrainingDate: TBDHost: FEASPlace: Istanbul, TurkeyBELEX International ConferenceDate: September 2009Host: Belgrade SEPlace: Belgrade, SerbiaMontenegro SE ConferenceDate: September 2009Host: Montenegro SEPlace: Podgorica - Budva, MontenegroFEAS Affiliate Meeting and Working CommitteeDate: September 2009Host: Montenegro Stock ExchangePlace: Podgorica - Budva, MontenegroFEAS 18th Executive Committee MeetingDate: September 2009Host: Montenegro Stock ExchangePlace: Podgorica - Budva, MontenegroFEAS 15th Annual General AssemblyDate: September 2009Host: Montenegro Stock ExchangePlace: Podgorica - Budva, MontenegroGathering of Issuers and Brokers inConjunctions with FEAS Index LaunchHost: FEASDate: TBDPlace: Istanbul, TurkeySASE Annual ConferenceDate: OctoberHost: Sarajevo SEPlace: Sarajevo, Bosnia HerzegovinaZagreb Annual ConferenceDate: TBDHost: Zagreb SEPlace: Novagrade, CroatiaFEAS REGION2008-MARKET CAPITALIZATIONVS STOCK VOLUME(US$ millions)FEAS REGION2007 H2-2008 H1-MONTHLY VOLUME(US$ millions)FEAS REGION5-YEAR (2008 H1) VOLUME COMPARISON(US$ millions)1,200,00080,000250,000700,0001,000,000800,000600,000400,000200,0000Jan Feb Mar Apr May Jun70,00060,00050,00040,00030,00020,00010,0000200,000150,000100,00050,0000600,000500,000400,000300,000200,000100,0000Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun2004 2005 2006 2007 H1 2008Market Cap.Monthly Stock VolumeStocksBondsOtherStocksBondsOtherPAGE 7

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008FEDERATION OF EURO-ASIAN STOCK EXCHANGESOFFICIAL 2007 H2 AND 2008 H1 STATISTICSTotalVolume(US$ millions)AverageDailyVolume(US$ millions)STOCKSTotalVolume(# millions)AverageDailyVolume(# millions)TotalVolume(US$ millions)BONDSAverageDailyVolume(US$ millions)TotalVolume(# millions)AverageDailyVolume(# millions)TotalVolume(US$ millions)OTHERAverageDailyVolume(US$ millions)TotalVolume(# millions)AverageDailyVolume(# millions)MarketCapitalization(US$ millions)Jul-07 61,559.61 2,807.02 106,589.64 6,740.04 43,601.59 1,984.65 22,114.83 1,005.30 189,949.76 8,635.72 123.76 5.87 929,486.99Aug-07 49,941.08 2,267.44 33,603.11 1,801.93 39,927.40 1,862.44 22,302.58 1,057.20 184,773.52 8,434.56 147.79 6.75 900,794.96Sep-07 47,704.06 2,367.67 30,106.19 1,689.82 40,453.85 1,983.60 22,312.58 1,063.90 173,924.05 8,676.71 383.51 18.64 970,846.23Oct-07 76,115.54 3,727.00 46,921.76 2,892.20 44,227.34 2,079.40 20,957.48 952.68 195,639.88 9,308.82 134.84 6.80 1,050,000.00Nov-07 68,225.27 3,188.71 31,012.62 1,463.10 41,315.52 1,885.05 17,843.87 821.38 234,461.59 10,668.53 1,223.71 58.62 1,026,868.46Dec-07 45,370.96 6,147.79 22,478.54 2,050.76 27,861.89 1,512.98 16,057.77 891.64 185,951.92 9,814.64 782.15 41.23 1,065,337.30Jan-08 75,764.01 3,550.97 50,260.19 3,077.60 44,860.71 2,101.16 13,856.47 685.42 199,354.89 9,115.86 291.36 14.69 1,000,298.89Feb-08 58,233.50 2,875.62 35,603.80 2,191.12 37,584.79 1,791.46 11,072.92 527.69 191,120.84 9,105.89 216.92 11.73 1,063,959.92Mar-08 58,583.70 2,832.77 36,679.89 2,334.22 35,721.46 1,755.14 11,274.94 594.11 189,883.36 9,086.07 194.83 9.48 998,247.46Apr-08 62,007.20 2,913.02 38,261.68 2,010.18 43,449.70 2,238.91 14,161.83 643.82 214,345.86 10,206.99 305.18 15.48 1,061,611.31May-08 58,527.30 2,836.83 35,288.08 1,955.01 27,968.35 1,359.74 8,573.50 429.31 213,168.65 10,168.59 415.68 21.08 1,053,367.06Jun-08 52,104.87 2,487.65 62,485.25 4,089.48 29,764.74 1,456.70 10,738.61 511.97 27,840.44 1,370.45 317.93 14.69 1,035,764.38Total 348,916.52 1,708.80 270,711.85 1,386.49 237,387.59 942.34 121,589.11 482.67 1,164,700.73 4,628.25 2,795.76 11.49STATISTICAL COMPARISON 2004 THRU 2008 H1 / FEAS REGIONSTATISTICS2008 H1 % CHANGE OVER2004 2005 2006 2007 2008 H1 2007 2006 2005 2004# Companies Traded 8,003 8,348 9,057 9,498 9,583 0.9% 5.8% 14.8% 19.7%Market Capitalization (US$ Millions) 377,279.6 638,040.9 690,454.7 1,065,337.3 1,035,764.4 -2.8% 50.0% 62.3% 174.5%Total Volume (US$ Millions-Stocks) 273,616.4 467,902.8 505,163.7 615,732.9 365,220.6 -40.7% -27.7% -21.9% 33.5%Total Volume (# Shares Millions-Stocks) 69,760.0 309,083.6 225,759.2 444,847.4 258,578.9 -41.9% 14.5% -16.3% 270.7%Average Daily Volume (US$ Millions-Stocks) 1,101.6 1,846.2 2,047.4 2,478.0 2,916.1 17.7% 42.4% 58.0% 164.7%Average Daily Volume (# Shares Millions-Stocks) 280.4 1,586.8 915.7 2,389.5 2,627.8 10.0% 187.0% 65.6% 837.2%Total Volume (US$ Millions-Bonds) 314,833.5 429,310.8 380,662.4 478,517.5 219,349.7 -54.2% -42.4% -48.9% -30.3%Total Volume (# Millions-Bonds) 101,093.7 116,592.2 176,705.0 314,274.6 69,678.3 -77.8% -60.6% -40.2% -31.1%Average Daily Volume (US$ Millions-Bonds) 1,258.0 1,695.8 1,523.5 1,911.5 1,756.4 -8.1% 15.3% 3.6% 39.6%Average Daily Volume (# Millions-Bonds) 401.27 466.2 711.9 1,257.7 566.6 -55.0% -20.4% 21.5% 41.2%Total Volume (US$ Millions-Other) 1,101,717.2 1,403,074.3 1,825,351.1 2,102,671.9 1,035,714.0 -50.7% -43.3% -26.2% -6.0%Total Volume (# Millions-Other) 1,981.7 1,835.0 1,919.9 4,131.1 1,741.9 -57.8% -9.3% -5.1% -12.1%Average Daily Volume (US$ Millions-Other) 4,372.3 5,525.9 7,277.6 8,354.1 8,237.1 -1.4% 13.2% 49.1% 88.4%2007-FEAS REGION VOLUME BY TYPEStocks Bonds Other1%58%2008 H1-FEAS REGION VOLUME BY TYPEStocks Bonds1%Other78%21%41%NUMBER OF COMPANIES TRADED VSMARKET CAPITALIZATION(US$ millions)Market Cap700,000600,000500,000400,000300,000200,000100,0000Companies Traded1,200,0001,000,000800,000600,000400,000200,0002004 2005 2006 2007 2008 H1 02008 H1-ANNUALIZED RETURN ON INDEXTop-20/MongoliaBET/RomaniaGP/MuscatIraq/IraqADSM/Abu DhabiAl Quds/PalestineTEPIX/TehranCASE 30/EgyptBahrainKSE Index/KyrgyzBelarusKazakhstanKSE 100/KarachiASE/AmmanLSE 25/LahoreISE 100/IstanbulBSE/BulgariaTASIX/UzbekistanCROBEX/ZagrebB.I./MacedoniaBIRS/Banja LukaBIFX/SarajevoBelex15/SerbiaMOSTE/Montenegro-17,370.3-8,353.5-8,407.8-10,376.0-214.5-1,103.3-2,072.0-2,306.2-2,417.2-2,443.7-2,445.7-3,764.9-4,507.26,193.55,313.94,401.73,296.82,844.62,598.02,308.32,111.71,573.1632.8257.2Indices are adjusted for currency fluctuations.(Formula: 1+(return)=((1+%chg. index)/(1+%chg. currency))PAGE 8

Abu Dhabi Securities MarketAmman Stock ExchangeSecurities Depository Center (SDC) of JordanArmenian Stock ExchangeCDA Central Depository of ArmeniaBahrain Stock ExchangeBaku Interbank Currency ExchangeBaku Stock ExchangeBanja Luka Stock ExchangeBelarusian Currency and Stock ExchangeBelgrade Stock ExchangeBucharest Stock ExchangeBulgarian Stock ExchangeEGX The Egyptian ExchangeMisr For Clearing, Settlement & Central DepositoryGeorgian Stock ExchangeIraq Stock ExchangeIstanbul Stock ExchangeTakasbank - ISE Settlement and Custody Bank, Inc.Central Registry Agency Inc. of TurkeyKarachi Stock ExchangeKazakhstan Stock ExchangeKyrgyz Stock ExchangeLahore Stock ExchangeMacedonian Stock ExchangeMacedonian Central Securities DepositoryMoldovan Stock ExchangeMongolian Stock ExchangeMontenegro Stock ExchangeMuscat Securities MarketPalestine Securities ExchangeSarajevo Stock ExchangeState Commodity & Raw Materials Exchange of TurkmenistanTehran Stock ExchangeCentral Securities Depository of IranTehran Securities Exchange Technology Management CompanyTirana Stock Exchange“Toshkent” Republican Stock ExchangeUkrainian Stock ExchangeZagreb Stock Exchange

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008GARANTI ASSET MANAGEMENTWhere performance, consistency, and world-class service all cometogether.Founded in 1997; Garanti Asset Management,wholly-owned subsidiary of Garanti Bank, isTurkey’s first asset management company. As ofDecember 2007, the total value of the assets underthe management of Garanti Asset Managementwas USD 4.1 billion.Garanti Asset Management provides services toits individual and institutional clients for themanagement of their• Mutual funds,• Pension funds• Institutional and individual portfolios and;• Alternative investmentsWidely acknowledged to be one of the best serviceproviders in the sector, Garanti Asset Managementdistinguishes itself by virtue of the competenthuman resources it employs and by means ofadvanced technology service delivery platform thathas been fully integrated into every aspect of itsservice processes.With an approach to service that focuses on whatinvestors want, Garanti Asset Management makessure that their portfolios’ structure fully reflects theneeds of investors in the fastest and most effectiveway possible. A corporate style that manifests itselfin the company’s service approach is one of thecornerstones of the high esteem that Garanti AssetManagement rightfully enjoys in the market.In mutual funds…Mutual fund management is Garanti AssetManagement’s principal business line. Thecompany provides management services for a totalof fifteen funds owned by Garanti Bank and threefunds owned by Garanti Securities. Controlling a14.22% market share as of year-end 2007, GarantiAsset Management is one of the biggest mutualfund managers in Turkey. As of the same date, theaggregate value of all the investors’ assets inmutual funds was USD 3,193 millionThis success is the natural outcome of GarantiAsset Management’s proactive business strategyand of the synergetic and effective collaborationthat the company has developed with Garanti Bankand its branches, which act as its main deliverychannel for trading in mutual fund shares.In pension fundsPension funds are one of the fastest-growinginvestment products offered in Turkey today.Garanti Asset Management works closely with itssister company, Garanti Pension. During 2007Garanti Asset Management provided GarantiPension with management services for ten differenttypes of pension funds. The total volume of assetsunder management in this segment as of year-end2007 was USD 482 million, which corresponds to amarket share of 12.30%.In private portfolio managementservices…Garanti Asset Management provides privateportfolio management services for institutional andindividual investors.In the last six years, the growth in Garanti AssetManagement’s market share in portfoliomanagement services has been acceleratingsteadily. As of year-end 2007, the company wasserving 28 institutional investors and 51 high networth individuals with the aggregate value of clientassets under the company’s management in thiscategory at USD 450 million with a market share of28,82%.Alternative InvestmentsIn 2007 Garanti Bank applied to the CapitalMarkets Board to launch a principal + interestguaranteed fund, a principal protected fund, anda hedge fund. Principal + Interest GuaranteedFund and Principal Protected Fund have beenlaunched in August 2008. Also, the hedge fundapproval has been taken and the fund's inceptionhas been realized with the seed capital as of 01August 2008. All these funds are managed byGaranti Asset ManagementOur investment and managementphilosophyGaranti Asset Management’s investmentphilosophy is based on solid information.Information is processed and the conclusionsreached are used to make correct decisions basedon the maturities of investments and identified risksassociated with these investments.Garanti Asset Management’s managementphilosophy is based on knowledge, teamwork, andhuman resources; it seeks to maintain thecompany’s leading position through an approachthat is focused both on the client and onperformance.ASSETS UNDER THE MANAGEMENT (USD millions)4,5004,0003,5003,0002,5002,0001,5001,0005000872796204047011,680For a successful investment policyThe success of Garanti Asset Management’sinvestment policy lies in systematically researchingdifferent investment instruments and reviewing allinvestment decisions with a disciplined andpersistent risk management.Garanti Asset Management’s business processesare streamlined and well-defined. This enables it toapply its investment policies consistently andprecisely for different investor profiles.Always mindful of international markets, GarantiAsset Management carefully monitorsdevelopments around the world and works closelywith investment companies.The decision-making processGaranti Asset Management employs:• A well-defined decision-making process,• Active risk management and;• Effective auditing functions.The company’s decision-making process consistsof two steps: Allocation of the assets and thenselecting the investment instruments.Allocation of the assets is the first step of thedecision-making process. In this step, scenarios areanalyzed to determine the returns expected for eachinvestment instrument. Alternative scenarios areconsidered and debated in detail to decide on theoptimal weights for investment vehicles. In light ofthe findings of these analyses, the performanceexpectations of different investment instruments aremeasured and investment decisions are shapedaccordingly.The process of selecting investment instruments isthe second step of the decision-making process.This selection is coordinated by equity and fixedincomesecurity selection committees, comprised offund managers and investment analysts. Thesecommittees closely monitor national andinternational economic and political trends havingtheir investment decisions based on the riskparameters they identify.2,2332,7882,3984,1483,9751998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008-Jun* Numerical data are taken from www.spk.gov.tr. The numbers are as of year-end, 2008 volume is given as of 30/06/2008.Central Bank of Republic of Turkey's USD/TRY exchange rate is used for the conversion.CONTACT INFORMATIONContact Name Ms. Basak Yergok Ozdemir E-mail byergok@garanti.com.trMs. Derya Salt›kE-mail dsaltik@garanti.com.trMs. Ayse Selda Yavuz E-mail Syavuz@garanti.com.tr Website www.garantiportfoy.com.trPAGE 15

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008IS INVESTMENTIS Investment provides a wide array offinancial services to local and foreigninvestors.Ilhami KocGeneral ManagerIS Investment provides a wide array of financialservices to local and foreign investors includingbrokerage of equities, fixed income andderivative products; investment advisory; assetmanagement; public offerings, M&As,privatization advisory, restructuring & strategicplanning, and private equity.IS Investment, which was established as theinvestment banking arm of Isbank over adecade ago, is the market leader in almostevery business line. A well diversified clientbase gives IS Investment a unique competitiveedge. IS Investment commands to a large retailand institutional client base in Turkey.IS Investment's large and commandingpresence in the Turkish investment market isreflected in its transaction volumes, ranking firstnot only in the ISE-Equity Market, but also in theTurkish Derivatives Exchange (TurkDEX) ofwhich IS Investment is one of the foundingmembers. IS Investment has been the outrightleader in the equity trading since 2002. Assetsunder management are TRY6.8 billion mainlythrough its subsidiary Is Asset Managementrepresenting 20% of the fund managementbusiness in Turkey.With its public offerings, privatization advisory,M&A's, private equity, restructuring andstrategic planning services offered to nationaland international companies, IS Investmentboasts an unparalleled expertise in all corporatefinance segments.IS Investment, as a company which led 62 IPOsbetween 1988-2007, went public itself in May2007 as the only investment banking institutiontraded on the ISE. IS Investment, as the onlysector representative, entered the ISE with amarket value of approximately US$250 millionand is traded on the ISE-100 index four monthsafter its public offering.IS Investment is also building on its reputationfor innovation with new products and markettools; the Hedge Fund (Is Yatirim MenkulDe¤erler A.S. Arbitraj Serbest Yatirim Fonu)established by IS Investment with the initialcapital of TRY 30 million, was the first hedgefund whose participating certificates wereregistered to the CMB.Fitch Ratings assigned IS Investment's NationalLong-term rating of ‘AAA (tur)' with StableOutlook. The rating of IS Investment reflects thesupport and close integration with its parent, ISBank. IS Investment is the only brokeragehouse which has credit rating.IS Investment was also named as the BestEquity House in Turkey once again in 2008 byEuromoney.In the first half of 2008• The leader in the ISE Stock Market with 6.15%of market share and TRY 21.7 billion / US$ 17.7billion of transaction volume.• The highest transaction volume in the TurkishDerivatives Exchange (TurkDEX) with 15.16% ofmarket share and TRY 33 billion / US$ 26.9billion of transaction volume.• The leader in the Bonds & Bills Market amongthe brokerage houses with 17.38% of marketshare and TRY 10.7 billion / US$ 8.8 billion oftransaction volume.• The leader in the Turkish Eurobonds Marketamong the brokerage houses with 9.34% ofmarket share and TRY 2.5 billion / US$ 2.07billion of transaction volume.• US$ 8.3 billion of transaction volume inforeign equity and fixed income securities, and172,679 contracts in derivatives in internationalcapital markets.Full Range of Investment Banking ServicesBrokerageInvestment AdvisoryAsset ManagementCorporate Finance: IPOs, M&As, Strategic PlanningResearchWidest Client BaseLargest domestic network - almost 900 Isbank branches areour agentHigh-net-worth individuals800 corporate clients275 foreign institutional clientsLargest assets under managementTRY 7 billion mainly through subsidiary Is Asset ManagementVolume Leader#1 in Stock Market#1 in Bonds Market*#1 in Derivatives - TurkDEX#1 in Eurobond Transactions**among brokerage housesLargest Shareholders EquityTRY 242 millionOnly Listed Investment House in ISEWent public with Mcap US$ 250 millionOnly Brokerage House with RatingNational Long-Term AAA (Tur) / Stable Outlook by Fitch RatingsFACTS AND FIGURESDate of Establishment December 18, 1996Paid-in CapitalTRY 119,387,000 / US$ 89.8 millionAssets (2008 Q2) TRY 1,288,686,249 / US$ 1.1 billionBranches (all in Turkey) Akaretler, Ankara, Izmir, Kalamis, Yeniköy,YesilköyRepresentative Office Levent-Istanbul (Turkey), Almaty (Kazakhstan)AgentsAlmost 900 Isbank branches in TurkeyOwnership StructureIS Bank 63.79%IS Factoring 2.43%IS Leasing 2.43%Sisecam 1.45%Camis Investment Holding 0.17%Free Float 29.73%Shares held by the Company's mainshareholder was 65.65% as of 2008 Q2Subsidiaries* IS Investment's ShareMaxis Securities Limited 100.00%Camis Investment 99.80%IS Asset Management 70.00%IS Investment Trust 23.60%IS Private Equity 20.08%TurkDEX 6.00%* Subsidiaries in which IS Investment has more than 5% of the capital. IS Investment has alsoshares in Emerging Enterprises Markets, IS REIT and Yatirim Finansman Securities.PAGE 16

SEMI ANNUAL REPORT OCTOBER 2008International Capital MarketsIS Investment has been building up itsstrength in Turkish financial markets since itsestablishment in 1996 by Turkey's biggestbank, Isbank. Not only having a leaderposition in both domestic equity, fixed income,as well as the newly established derivativesmarket, IS Investment has also been active ininternational capital markets through which ourclients have a better scope of investmentproducts for achieving a diversified portfolio.The summer of 2007, once again proved usthat even though internal mechanisms of theTurkish economy have kept on improving, wewere not completely immune against theeconomic cycles in the foreign markets; morespecifically against the effects of the liquiditycrisis that have pushed the World's biggesteconomy towards the doorstep of a possiblerecession. After the burst of internet bubble inthe United States in the early years of 21stcentury, in 2007 the markets have been hit thistime with a severe downturn in housing sectorwhich has triggered series of events in thefinancial and nowadays in the consumersectors. As a result of the slump in housingprices and eventually the decline in wealtheffect, more and more consumers hadproblems keeping up with their mortgagepayments especially in the sub-prime level.With rising default rates concentrated more onthe sub-prime mortgages, trading onsecurities which are backed by thesemortgages became extremely illiquid thatcreated an impossible case for the financialcompanies with exposures to these mortgagebacked securities to market to market. Eventhe biggest and most prominent financial firmshad disclosed holdings in these securities thatstunned the World markets as there is no safeground among the companies that are a vitalpart of the economic system. Although theCentral Banks around the World tried to takemeasures to lessen the severity of this crisis inthe financial sector, the feeling of distrustamong the investors has kept the financialmarkets in pressure and ultimately highlightedthe importance of diversification.Since our establishment in 1996, IS Investmenthas been investing heavily on improving ourproduct mix in order to satisfy the needs andspread out the single country risks of ourcustomers. As the liquidity crisis put theinternational capital markets to the foregroundof investor's attentions, IS Investment hasalready had an ever increasing activity in thesemarkets. Not only, as IS Investment'sInternational Capital Department, we havedirect market access capabilities through themajor equity exchanges around the World, butalso have execution facilities to emergingmarkets like in Middle East and CIS region.In equity markets, our activities are not onlylimited to secondary market trading as we alsoprovide means for our customers toparticipate in primary issues all around theWorld and chance to invest in equity optionsrather than directly in cash markets. In fixedincome markets, with a volume reachingalmost US$15 billion in 2007, IS Investmentwas rated as the top financial firm among theother Turkish financial institutions based ontransactions booked outside the exchange.Not only, as IS Investment, we concentratepurely on Turkish Eurobonds, but also focuson credits in Kazakhstan, Brazil, Russia aswell and interact with more than hundredcounterparties around the World. Thesyndication parts that we have taken on theEurobond issues listed below demonstrateour commitment and willingness to be a moreactive player in these markets as a Turkishinstitution.Eurobond issues that IS Investment was awarded as Co-Manager in the syndication;Company Name Country Coupon Rate Maturity Issue SizeCompany Name Country Coupon Rate Maturity Issue SizeRepublic of Turkey Turkey 9.500% 01/15/2014 $1,250,000,000Republic of Turkey Turkey 7.375% 02/05/2025 $2,000,000,000Republic of Turkey Turkey 6.875% 03/17/2036 $1,500,000,000PO Oil Financing Turkey 9.750% 07/22/2009 $175,000,000Bank Pozitif Turkey 7.815% 06/27/2012 $150,000,000Global Yatirim Holding Turkey 9.250% 07/31/2012 $100,000,000Intergas Finance BV Kazakhstan 6.875% 11/04/2011 $250,000,000Alliance Bank Kazakhstan 9.000% 11/22/2010 $200,000,000Finans Moscow Russia 7.900% 12/12/2008 $250,000,000Ak Bars Bank Tatarstan 8.250% 06/28/2010 $250,000,000As the financial crisis have createdrollercoaster rides in the World markets,adding to the ways of diversification, theopportunities that keep on knocking increasedthe needs for exchange-listed derivativeinstruments. In order to facilitate our clients'needs for these leveraged instruments,through 2007 IS Investment had beenpreparing its electronic platform that wasrecently launched in the beginning of 2008.This newly created platform, Trade MasterInternational, is giving execution capabilities toour investors for investing on their own inmajor equity markets and more importantly infutures markets like CBOT and CME.Rating ourselves by far as the top Turkishinstitution in international capital markets, notonly IS Investment will work on improving itsabilities in organized exchanges around theWorld, but also will pursue to provide accessto opportunities in emerging economies to itsclients whom IS Investment made believe theimportance of diversification with a little kick init.CONTACT INFORMATIONIS INVESTMENTIs Kuleleri, Kule-2 Kat: 12 4. Levent 34330 Istanbul-TurkeyTel: +90 212 350 20 00 Fax: +90 212 350 20 01 isyatirim.com.tr / isinvestment.comFor International Capital Markets Contact Name Mr. Ilkay Dalkilic Tel. +90 212 350 2314 E-mail idalkilic@isyatirim.com.trFor Turkish Capital Markets Contact Name Ms. Ozlem Tumer Tel. +90 212 350 2320 E-mail otumer@isyatirim.com.trFor Almaty/Kazakhstan Rep. Office Contact Name Mr. Samad Azimov Tel. +7 7273 340508 E-mail sazimov@isyatirim.com.trPAGE 17

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008NASDAQ OMXMarkus GerdienExecutive Vice President,Market Technology, The NASDAQ OMX Group"NASDAQ OMX leverages its expertise todevelop solutions that are in sync withtoday's fast evolving financial markets andchanging techology standards"Creating powerful partnershipsRapid developments in technology tied withmarket deregulation have lead to increasingconsolidation as well as increasedcompetition in financial markets across theglobe. In order to sustain or build an attractivemarket position, exchanges have begunpartnering with each other in order to createscale, reduce cost, simplify memberprocesses and last but not least, increaseliquidity. All categories of parties involved arecurrently considering this partnershipstrategy, and in particular for small andmedium size exchanges, this strategy canprove the difference between a fading and aflourishing future business.The partnership alliance should not be a goalitself, but should be set up to increase marketattractiveness. Typically, an alliance shouldstrive at turning the region into a globallyattractive marketplace by increasing themarket size, offering attractive products tolocal, regional and international investors andissuers while offering easy access to allmarkets in regulatory, technological andtrading models and by increasing costefficiency and operating quality. In order forthe alliance to be successful, the participantsneed to combine strengths and assets, whilststill allowing the local freedom to act.It is not only external benefits that can beachieved through an alliance but also internalbenefits that are of great importance. Bysharing technology, infrastructure, operationsand other processes, costs can be reducedand revenues be increased. Advantageswhich can be gained from a partnershipstrategy are potentially numerous, andinclude the opportunities to:• Secure an efficient market and technologyoperation - Offer a market structure andtechnology solution that can comply with therequirements of international standards andnew products and services. Flexibility andcost efficiency are crucial, and sharingdecisions and costs with partners are ofbilateral gain.• Becoming the leader in regional integration,facilitating growth for emerging markets -Smaller exchanges will have the opportunityto leverage both infrastructure and market bypartnering up with the exchange hub in theregion.• Creating benefits for local members andissuers - Pooled liquidity attracts moreliquidity, as does one access point and agreater distribution of shares.• Reduce cost to entry for remote members -Regionalized and standardized marketoffering will help attracting remote investors,as it will harmonize member applications andsurveillance rules.• Revitalize the market through regionalizedproduct and service offerings• Positioning the region for futureconsolidation - A region with a wellfunctioning infrastructure in place will be astronger and more attractive partner.As can be seen in the diagram below,different models can be chosen whenpositioning an exchange in the market inrelation to its peers, depending on itsprerequisites. National interests such asculture, historic heritage, religion and politicscan have huge impact on how disposed anorganization is at successfully partnering upwith another exchange. The success and theease of which an alliance can be set up andrun further, depends on financial criteria suchas currencies used, settlement principles,governance structure, legacy and the merecooperation spirit among the allianceparticipants, including goal alignment.A practical example of one of these marketmodels is NOREX, an example of apartnership strategy. NASDAQ OMX pursueda strategy to become the number 1 exchangein the Nordic and Baltic region and to reachthis goal, the NOREX alliance was launchedin 1997, comprising the stock exchanges ofSweden and Denmark. In the following years,the stock exchanges of Norway, Finland,Iceland, Latvia, Estonia and Lithuania alsojoined this alliance. Through technologicalcooperation, harmonization of rules andregulations as well as joint marketingactivities, technical and legal procedures weresimplified, making it easier for remotemembers to access all exchangessimultaneously. Only one technicalconnection was needed to access all marketsand although separate memberships wereneeded for trading on each and everyexchange, the application process wasstreamlined. Rules and regulations for tradingwere harmonized as well as the process forreceiving trader authorization.NOREX proved itself as a successfulbusiness model, and NASDAQ OMX has alsohelped other exchanges to develop similarpartnerships. The process of reachingcooperation agreements between equals isby definition very complex, and focusing onthe right sequential points is the key toprogress:1. Preparation phase – the strategic choice ofthe partner2. Project phase – building the alliance andcrafting the business model, the roadmapand governance model, operational modeland the signature of cooperation agreements.3. Partnership phase – implementing andoperating the alliance; starts when allsignatures are in place.During the initial stages of the process, thepreparation phase focuses on internal needsand capabilities. Often the question at handis: How do we build an attractivemarketplace? Depending on internal andexternal prerequisites, the characteristics ofthe other players in the region, and the longterm business vision, a partnership mightstand out as the most promising alternative topursue. Discussions with potential partiesthen need to be initiated.Once the parties have a commonunderstanding that a partnership is anattractive route to follow, phase 2 can bepursued; the Project. The first step is toestablish the partnership foundation: create acommon vision of what to achieve, determinethe scope of cooperation and integration, aswell as any high level sequencing.PAGE 18

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008The alliance scope and degree of integrationcan vary, and NASDAQ OMX uses thefollowing model to determine the basis forfurther investigation.Once the alliance scope and degree ofbusiness integration has been set, goals,business model, milestones, deliverables,project governance and partnershipgovernance should be defined. Thegovernance model can then be adjusted toreflect the alliance phase. It is important toremember that a potential key to success is toensure that an efficient governance model isin place.Some of the other factors influencing the mostappropriate governance model are; therelative size, the perceived significance of theentities entering the alliance, and the numberof parties in the alliance. As the number ofparticipants within the alliance increases, thecomplexity increases, and the governancemodel must be dynamic and robust enoughto handle this. NASDAQ OMX hasexperienced that however successful, thealliance concept becomes insufficient as thepartnership expands beyond a certain level,and to capture the final synergies and expandcooperation further, 7 out of the 8 alliancemembers eventually merge.It is of uttermost importance to understandthat a fruitful partnership between equals isbased on the common will to achieve certaincommon goals. As soon as one party is notaligned with these goals or with the processleading to them, the partnership will find itdifficult to succeed.The operating model, including market andsystem models, operating responsibilities,technical contributions, integration anddevelopment cornerstones should not beassessed until the foundation of thepartnership has been agreed. In parallel, thecontractual suite can be drafted. To facilitatethe work and emphasize commitment, aLetter of Intent is recommended early in theprocess. The signing of the cooperationagreement marks the end of phase 2.The final phase, Partnership, starts withlaunching the implementation efforts neededto reach the early goals of the alliance, hencerealizing the partnership vision. In due course,this phase will transfer from implementationinto daily operations.About NASDAQ OMXThe NASDAQ OMX Group is the world’slargest exchange company. It delivers trading,exchange technology and public companyservices across every major continent and it isnumber one in worldwide listings, among themajor markets, with over 3,900 companies.NASDAQ OMX offers multiple capital raisingsolutions to companies around the globe,including its U.S. listings market, the NordicExchange including First North and 144APORTAL Market. The company offers tradingacross multiple asset classes includingequities, derivatives, debt, commodities,structured products and ETFs. NASDAQ OMXtechnology supports the operations of over 60exchanges, clearing organizations and centralsecurities depositories in more 50 countries.For more information about NASDAQ OMX,visit www.nasdaqomx.com.No.1 in marketplace solutionsWidely known for our electronic tradingplatforms, NASDAQ OMX provides worldleading technology solutions across thetransaction chain. Our systems and servicesare designed to help exchanges, clearingorganizations and central securitiesdepositories meet the extreme demands ofthe securities industry with efficiency andflexibility.NASDAQ OMX leverages its expertise todevelop solutions that are in sync with today’sfast evolving financial markets and changingtechnology standards. We offer systems,systems support, operational services, andadvisory services that promote efficientsecurities transactions.Through advisory services NASDAQ OMXoffers business insight gathered by people inthe exchange industry, delivered by peoplewithin the exchange industry. The advisoryteam brings together:• Exchange and securities industryprofessionals• Industry technology experts• Management consulting professionalsNASDAQ OMX is working world-wide,advising clients from the entire value chain.Projects are run in both mature markets andemerging markets.CONTACT INFORMATIONContact Name Mr. Adam Kostyal E-mail adam.kostyal@nasdaqomx.com Website www.nasdaqomx.comPAGE 19

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008TAYBURN KURUMSALThe privilege of serving our clients is whatshapes our mission…Ediz UsmanPartner & Client Relations DirectorTayburn Kurumsal (Tayburn Corporate) andTayburn Tasarim (Tayburn Design) provide acomplete line of creative, integrated corporatecommunication products and services tailoredaccording to its clients’ needs.Tayburn GroupWith 29 years of experience in international aswell as European markets, Tayburn is thebiggest corporate communication company inScotland and the tenth biggest in the UnitedKingdom. It has been 14 years since we beganblending Tayburn's know-how with our ownknowledge of the local market and putting themto work in the service of clients. For more than adecade we have developed and offeredproductive, high-quality, and creative solutionsfor some of Turkey's leading companies in theareas of annual reports, branding, design, newmedia, advertising, and marketing.Thanks to our expert team, to the knowledgeand experience acquired on our own andthrough Tayburn, to our customer focus, and toour innovative and creative approach to service,we are today Turkey's most sought-after serviceprovider in the corporate communicationsegment. Our service area as Tayburn Kurumsaland Tayburn Tasarim is not limited to Turkey.Because of our world-class know-how andquality of service, we are also called upon byclients operating in Europe and in neighboringcountries. Our own technological infrastructuremakes it easy for us to provide such clients withfast, comprehensive service too.Professional approach to businessOne notion defines the reason for our existenceand our mission: Enable our clients to establishand maintain accurate, sustainable, and highyieldcommunication with their target audiencesby means of our high added value products andservices.With our professional approach to business,our national and international marketknowledge, and our global experience incorporate communication we transform thismission into reality for our clients.Since the day we commenced operations, wehave been doing business and taking pride inthe knowledge that we have been consistentlysuccessful in the face of Turkey’s rapidlychanging and developing market conditionsand, what’s even more important, that we havebeen providing solutions that precisely serve ourclients’ needs.Branding: High-profile corporate andconsumer brands…In the areas of:• Creating• Developing• Defining and maintaining standardsfor our clients’ corporate and consumer brands,our brand-related activitiesconsist of:• Designing logos and emblems• Developing corporate identities from A to Z• Launching and relaunching brands• Consultancy services.Reporting and investor relations: Printed andonline corporate reporting andcommunicating with investors…Our activities in the area of reporting and investorrelations consist of the turnkey design anddelivery of:• Printed annual reports• Electronic (CD) annual reports• Web-based annual reports• Corporate websites• Investor relations websites• Foreign language copywriting and editingservices• Road show presentationsas well as similar products and services thatenable our clients to establish and maintaintimely, precise, uninterrupted, and transparentcommunication with:• Investors• Shareholders• Creditors• Business partners• Customers• Employees• Society at large.High added value services ininvestor relationsUnderlying all investor relations is the need tocommunicate corporate information accuratelyand clearly to investors, shareholders, creditors,employees, business partners, and society atlarge. Speed and transparency are of theutmost importance in investor relations today.It is vitally important for publicly-held companiesto keep abreast and quickly comply with therequirements of national and internationalregulations (Capital Markets Board, SarbanesOxley, NYSE, LSE, etc). Providing truthfulinformation at the right time and in a format thatis easy to understand and to access heads thelist of the objectives of everyone involved ininvestor relations in today’s world. TayburnKurumsal offers clients in Turkey all the productsand services that they need in the area ofinvestor relations.Compliance with national regulatoryagenciesTayburn keeps a close watch on any changesthat may be made by the Banking Regulationand Supervision Agency or the Capital MarketsBoard in the legal framework in the rulesgoverning corporate reporting and investorrelations and immediately incorporates theminto its products and services. Tayburn doesthis in order to ensure that its reporting andinvestor relations products and services arealways in full compliance with the currentrequirements of regulatory bodies. We alsoprovide clients with consultancy services onfundamental and related issues as well.Marketing: Satisfying marketing needs in theproduct/service-consumer cycle…Our activities under the heading of marketingconsist of a providing all the advertising,promotional, and corporate communicationproducts and services that our clients mayneed such as:• Advertising campaigns• Corporate information films• Advertising films• Announcements (national and international)• Web-based solutions• Brochures• Information kits• Electronic presentations• Calendars and date books.Copywriting and editing services: Conveyingyour message clearly and to the rightaudience…Tayburn prepares and edits text in Turkishand other languages to ensure that its clients’messages are conveyed to their target audiencesclearly and effectively. We provide high addedvalue corporate communication services in thefollowing languages:• Turkish• English• French• German• Italian• Spanish• Russian• Chinese(Other languages are available on request.)CONTACT INFORMATIONContact Name Mr. Ediz Usman E-mail info@tayburnkurumsal.com Website www.tayburnkurumsal.comPAGE 20

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008FINANS ASSET MANAGEMENTExchange Traded Funds are liquid, easy to invest in and pricedcontinuously. They are also cost-efficient and transparent.Exchange Traded Funds and aRegional ApproachExchange Traded Funds (ETF) offer manyadvantages to investors. Investors can invest invarious assets with a single transaction. ETFsare liquid, easy to invest in and pricedcontinuously. Exchange Traded Funds are alsocost-efficient and transparent.Exchange Traded Funds have been developingrapidly since the beginning of the millennium.The number of exchange traded funds grewfrom 92 in 2000 to 1,171 as of end of 2007.In terms of listings, the numbers are even moreimpressive thanks to dual listings. Furthermore,total assets under management reached US$797 billion as of end of 2007, representing aten-fold increase during the same period.Rapidly growing ETFs both in number andAUM bring significant investment opportunitiesand investor activity into exchanges. As ETFsallow investors to capture the performance ofthe underlying assets and offer exposure tovarious regions, countries, sectors, assetclasses, they are heavily used by internationalinvestors as well. This paves the way forexchanges to attract investors from differentparts of the world.Increasing investor demand for variousinvestment strategies forced ETF issuers tolaunch ETFs with alternative investmentstrategies. Investment strategies offeringinternational exposure, regional diversificationand country based allocations are becomingmore popular due to increasing needs fordiversification. Along with expectations of aglobal slowdown and varying economicperformance of countries, it becomes moreimportant for investors to diversify. Indexproviders are also working on different indiceswhich use many countries and exchanges asunderlying assets.The global economic and investmentenvironment is evolving and this may createopportunities for Federation of Euro-AsianStock Exchanges members. An index basedon stocks listed on the FEAS memberexchanges would create a well-diversified andattractive investment product. Participation ofinternational investors would also increasethrough financial products based on the index.What Should the Index Look Like?A FEAS Index should include members whichcan provide continuous data. Correct dataplays a pivotal role and allows issuers todevelop financial products with highinternational standards. Companies to beincluded in the index should be selectedcarefully. A rule-based index would be moretransparent. Furthermore, a rule-basedapproach would pave the way for effectiveindex adjustments. Free float marketcapitalization and liquidity of stocks included inthe index should be sufficient enough todevelop a financial product.An Exchange Traded FundApproachAn exchange traded fund based on a FEASindex would create value for many participants.Members participating in the index will beoffering a very attractive product to investors oftheir respective markets. An ETF will also helpmembers expand the investment opportunitiesoffered through their exchanges. Members ofthe exchanges will effectively gain access to adiversified, attractive investment product andwill be able to attract more retail andinstitutional investors. Investors will be able toreach new investment products in a veryefficient and cost effective way. With a singletransaction, they will get exposure to variouscountries and companies. Fast execution willbe one of the key features of the ETF.Other Key Issues to ConsiderAn exchange traded fund based on a FEASindex will be a very easy-to-use and efficientproduct for investors. However, the project hasa significant and complicated infrastructure.Considering the fact that the ETF should belisted on various member exchanges, efficientsettlement and custody system should bedeveloped. Furthermore, access betweenmarkets in terms of trading, pricing andsettlement will result in an effective pricing forthe ETF. Effective pricing and liquidity will helpinvestors trade without any mispricing risk.Legal infrastructure should also be enacted inorder to protect investor and issuer rights andeliminate risks for the members.Advantages offered by exchange traded fundsbased on a FEAS index will attract investors. Itwill also fuel dynamism of cooperation andtrading among FEAS members.CONTACT INFORMATIONContact Name Mr. C. Ozgur Guneri E-mail ozgurg@finansportfoy.com Website www.finansportfoy.comPAGE 22

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008QUARTAL FLIFEToday the internet itself is known andaccepted as the best Investor Relations Tool.Claudia Breitenberger-CernyCEOIt is the essential multiplicator forprofessional Investor Relations work.Quartal Flife is the leading Specialist of OnlineInvestor Relations and Management Reportingin Europe serving listed companies in 19countries. Successful companies work todayin a global environment and the mostsuccessful companies need help in creatingtheir national and international capital marketcommunication, which is easy with the QuartalFlife way.We have a long track record in working withhundreds of global customers and more thanten years’ experience as a provider of online IRservices.As a solid and experienced provider, we havea long-term focus and a strong emphasis oncontinuous product development, and with ourservices second to none, we are a The Sourcefor all your online IR needs. In practice itmeans we have the skills and sustainability toremain and keep our customers on the leadingedge of the market.Our main goal is to have satisfied customers.A growing number of Customers rely on ourhigh-class Investor Relations services and withcontinuous product development, customersstay on top of the market, and are recognized.Yearly our customers receive over 200 IROnline awards.Quartal’s services allow you to take fulladvantage of the Internet as your primarychannel to investors as well as enhance yourtraditional IR processes. The importance ofopen corporate governance and accuratecommunication help you achieve your goals:• Attract new investors through open, reliableand accessible information• Meet the increasing demand for timely andreliable financial information - with reducedcosts• Enhance your internal reporting• Provide individual investors with easy-tounderstandand well-presented information• Allow analysts and investors to gather indepthinformation from you directly – not froma third party• Promote reliability through thoroughness andtransparency of information• Reduce expenses and workloadQuartal Flife Services in BriefShare Tracking – everything about yourshare• Share Ticker, Share Tables, Share Graphs orShare XML file• ShareMonitor – the interactive stock chartingtool• HistoricalPrice Lookup – Excel download ofhistorical share data• SMS Push – pushes your share active toyour subscribersFinancial Reporting – how to present yourfacts and figures• Dynamic eReport – your annual report online• Interactive FactSheet – contains all yourlatest figures and facts• CorporateChat – how to communicate onlinein a closed user group• eMailBroadcast – create your ownshareholder groupTransparency – when you want to knowmore• InsiderRegister – up to date insiderinformation• ShareHolder Register – up to dateshareholder information• MarketEstimates – consensus estimatesdirect on your screenManagement Reporting – not only for themanagement• SMS Push – releases and quotes directpushed to your mobile• WAP – releases and quotes by surfingmobile• ValueSimulator – how to calculate yourcompany value and the value driversCONTACT INFORMATIONContact Name Mr. Sami Kalliola E-mail sami.kalliola@quartal.com Website www.quartalflife.comPAGE 23

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008STOCK EXCHANGE PROFILESAbu Dhabi Securities Market 26Amman Stock Exchange 28Armenian Stock Exchange 30Bahrain Stock Exchange 32Baku Interbank Currency Exchange 34Baku Stock Exchange 36Banja Luka Stock Exchange 38Belarusian Currency and Stock Exchange 40Belgrade Stock Exchange 42Bucharest Stock Exchange 44Bulgarian Stock Exchange 46Cairo and Alexandria Stock Exchanges 48Georgian Stock Exchange 50Iraq Stock Exchange 52Istanbul Stock Exchange 54Karachi Stock Exchange 56Kazakhstan Stock Exchange 58Kyrgyz Stock Exchange 60Lahore Stock Exchange 62Macedonian Stock Exchange 64Moldovan Stock Exchange 66Mongolian Stock Exchange 68Montenegro Stock Exchange 70Muscat Securities Market 72Palestine Securities Exchange 74Sarajevo Stock Exchange 76State Commodity & Raw Materials Exchange of Turkmenistan 78Tehran Stock Exchange 80Tirana Stock Exchange 82“Toshkent” Republican Stock Exchange 84Ukrainian Stock Exchange 86Zagreb Stock Exchange 88PAGE 25

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008ABU DHABI SECURITIES MARKETRashid Al BloushiActing Director GeneralThe market capitalization of companieslisted at the ADSM at the end of 2007 wasUS$ 121 billion AED 444.9 billion with anincrease of 50%.At the end of 2007 the Abu Dhabi SecuritiesMarket (ADSM) had 64 companies listed,whereas, the number of listed companies atthe end of 2006 was 60. The index increasedfrom 2,999.66 in 2006 to 4,551.80 in 2007.The value of trading increased fromUS$ 19.2 billion (AED 70.6 billion) in 2006compared to US$ 47.7 billion (AED 175.3billion) in 2006, a decline of 26.26%. Moreover,the daily average value of trading in 2007increased to US$ 189 million (AED 695 million)compared to US$ 68 million (AED 250 million)in 2006. In 2007 there were 252 trading dayscompared to 282 days in the previous year.The number of shares traded in 2007increased to 52 billion shares compared to11 billion shares traded over the previous year2006, an increase of 360%. Moreover, the dailyaverage of traded shares also rose to around206 million shares compared with 40 millionshares in 2006.The number of executed trades which rose to1,102,658 trades compared to 715,742 tradesin 2006, an increase of 54%.The market capitalization of companies listedat the ADSM at the end of 2007 was US$ 121billion (AED 444.9 billion), compared to US$80 billion (AED 296.5 billion) at the end of2006 an increaseof 50%.FUTURE OUTLOOK• Continue activities to support growth inlistings, turnover and liquidity:• Encourage listing of family companiesand foreign companies• Increase system capacity to cope withgrowing market volumes• Enhance IT processes and informationdistribution• Enhance market standards in theareas of:• Corporate Governance• Capital adequacy and surveillance ofbrokers• Broker education and qualification• Further enhance registry and CSDservices• Expand the Bond Market• Link trading with other international SecuritiesMarkets• Strengthen regulations and rules including:• Commercial and capital market law• Securities Regulation• ADSM rules for listing, brokers andtradingCONTACT INFORMATIONContact Name Mr. Saeed KhaouriE-mail skhaouri@www.adx.aeWebsite www.adx.aePAGE 26

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008ABU DHABI SECURITIES MARKETOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 9,684.48 461.17 8,923.41 424.92Feb-08 6,288.74 314.44 6,293.00 314.65Mar-08 4,125.54 196.45 2,494.31 118.78Apr-08 6,269.60 284.98 4,326.66 196.67May-08 8,673.94 413.04 7,570.16 360.48Jun-08 9,071.21 412.33 1,984.62 90.21TOTAL 44,113.51 347.07 31,592.16 250.95BondsJan-08 9.05 0.43 26.03 1.24Feb-08 4.27 0.33 4,530.11 348.47Mar-08 41.72 4.64 13.51 1.50Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 55.03 0.90 4,569.65 351.21OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 13.39 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 13.39 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 122,121.31 128,756.83 122,116.29 132,261.87 135,469.15 133,927.09Index 4,569.58 4,815.57 4,556.37 4,988.86 5,037.85 4,953.00PRACTICES & PROCEDURESTradingDaysHoursMarket segmentationSystemMechanismsMarket-maker/SpecialistsInstrumentsCurrencyReal time informationClearing & SettlementCentral DepositoryPeriodRegisteredSettlementClearingDVPClearing InstitutionRisk SharingMargin/LendingCustodiansSunday-Thursday10:00 - 10:30 Pre-opening Session10:30 - 12:30 Continuous TradingData not availableFully automated central limit order matching screentrading system with an associated electronic centralregister and clearing and settlement system.Data not availableData not availableData not availableData not availableReal-time internal communication systemsYesT+3 or lessRegisteredBook EntryNettingNo, 1 day or more difference between payment anddeliveryYes, wholly ownedYesNoOthersStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationSpecific laws and rules that regulatethe Securities MarketSelf-regulatedDeveloped by the Exchange withthe Regulatory Institutions approvalExchange and GovernmentInstitutionYesN/ANoNoNo restrictions.No restrictions.No restrictions.TaxesCash DividendsInterest IncomeCapital GainsNoneNoneNonePAGE 27

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008AMMAN STOCK EXCHANGEJalil TarifChief Executive OfficerThe Amman Stock Exchange (ASE) hasrecently accomplished many projectsaiming at enhancing market efficiency andupgrading the services provided to themarket participants.The Amman Stock Exchange (ASE) hasrecently accomplished many projects aiming atenhancing market efficiency and upgrading theservices provided to the market participants.The ASE in cooperation with Dow Joneslaunched the Dow Jones ASE 100 Index. Theindex is a broad benchmark index that tracksthe performance of the 100 largest stockslisted at the ASE based on free-float marketcapitalization. The Dow Jones ASE 100 Indexwas developed to meet the demand for indexbasedproducts at the ASE and eventually toreplace the ASE general price index. The DowJones ASE 100 is expected to further enhancetransparency, visibility and accessibility of theperformance of the ASE for Local, regional andinternational market participants by applyingDow Jones Indexes' well-known and widelyused index methodology.For the first time, the Jordan SecuritiesCommission issued a Code of CorporateGovernance for the companies listed at theASE. The introduction of this code isconsidered as an important step forward in thefield of monitoring and transparency over thepublic companies and in preserving the rightsof all stakeholders in these companies.The ASE started a new project to build theJordan National Financial Center. His MajestyKing Abdullah II laid the foundation stone forthis project. This center will contain: the ASE,Securities Depositary Center, Financial StudiesInstitute, Brokers’ Offices, Investors’ Galleryand many other facilities. The cost for thisproject is expected to reach US$ 100 million.The World Federation of Exchanges (WFE) hasaccepted the full membership of the ASEduring its annual meeting in October 2007,which was held in Shanghai/China. This isattributed to the developments of Jordancapital market in general and the technical,legislative developments of the ASE inparticular, besides abiding by transparencyand disclosure principles.To enhance the international exposure, the ASEheld Jordan Capital Market Day in March 2008in London in cooperation with London StockExchange. This day was a great opportunity forJordanian companies to raise funds and attractforeign investment. Also the ASE will organizethe 2nd Capital Market Conference in NewYork in September 2008.As for the ASE performance, the ASE FreeFloat Weighted Index at the end of July 2008stood at 4630 points compared with 3675 atthe year 2007 with an increase by 26%. ASEindex weighted by Market Capitalization closedat 10399 points at the end of July 2008compared with 7519 points at the end of 2007,an increase by 27.7%. Trading value by theend of July 2008 reached US$ 21.3 billion withan increase of 31.7% compared to the sameperiod of 2007. The number of shares tradedincreased by 54% compared with the sameperiod of 2007, reaching 3.9 billion shares, andthe number of transactions increased by 31%,reaching 2.7 million transactions. The ASEmarket capitalization reached US$41.2 billionby the end of July 2007, with an increase of81.6% over the end of 2007, representing358% of the GDP. The net investment of non-Jordanian investors increased by US$ 330.5million by the end of July 2008. As a result,non-Jordanian investors ownership in the ASEmarket capitalization increased to 50.9%.FUTURE OUTLOOKThe ASE will embark on a number of keyprojects that will ensure maintaining the lead thatthe ASE has amongst Arabic and regional stockexchanges:• Establish Jordan National Financial Center.This center will contain: the ASE, the SDC,Financial Studies Center, Brokers’ Offices,Investors’ Gallery, and many other facilities.• Upgrade the ASE Trading System. In thisregard a contract was signed with AtosEuronextMarket Solutions and GL Trade for EUR 2.5million. The new trading system is V900 and is afully Linux environment. It should be mentionedthat this system is applied in major stockexchanges. This system will be more flexible toimplement market rules and will highly improvesystem capacity and lower latency.• Demutualization of the ASE. The ASE shallbecome Shareholding Company totally ownedby the Government as a first step. In the secondstep the Government will sell stakes to financialinstitutions, brokerage firms, internationalinstitutions, public, and other parties.• Introduce Internet trading. The legal andtechnical structure for this project has beencompleted.• Adopt new marketing strategy. The ASE hasadopted a marketing and promotion strategybased on three main fields: Awareness,Marketing and Media. The implementation of thisstrategy started in the 2007 and will continue inthe coming years.• A new website now is under construction, witha new look and theme, many information andfeatures will be added to the new site.• Introduce new financial instruments such asETFs and derivatives.CONTACT INFORMATIONContact Name Mr. Sami HattabE-mail shattab@ase.com.joWebsite www.exchange.joPAGE 28

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008AMMAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 1,985.00 104.47 417.51 21.97Feb-08 1,790.34 85.25 424.54 20.22Mar-08 2,794.42 133.07 485.04 23.10Apr-08 2,886.69 131.21 522.19 23.74May-08 2,910.07 153.16 546.53 28.76Jun-08 4,971.95 226.00 874.76 39.76TOTAL 17,338.47 138.86 3,270.58 26.26BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.23 0.01 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.07 0.00 0.00 0.00May-08 0.07 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.37 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 42,813.87 46,185.15 44,283.47 47,715.77 50,806.48 56,990.48Index 3,834.96 3,987.91 3,925.58 4,145.66 4,363.79 4,772.25PRACTICES & PROCEDURESTradingDaysSunday-ThursdayHours Pre-opening session for bonds, mutual funds 9:30-9:35, Opening Session for bonds, mutual funds9:35,Trading session for bonds, mutual funds 9:35-9:55, Pre-opening session for first, second and rightissues 9:30-10:00, Opening session for first, secondan right issues 10:00, Trading session for first, secondand right issues 10:00-12:00Block trades for 12:00-12:15all marketsMarket segmentation First, second, bonds, mutual funds, off floortransactions, foreign securities allowedSystemAutomated, remote access, intranet, depository links,WANMechanismsContinuous auctionMarket-maker/Specialists NoInstrumentsStocks, bonds, mutual funds, right issuesCurrencyLocal and Foreign CurrenciesReal time information Best bid/ask, last price, last volume, total volume,price index, order bookClearing & SettlementCentral Depository Yes, electronicPeriod T+2RegisteredYesSettlementBook entryClearingBilateral NettingDVPYesClearing Institution Securities Depository CenterRisk SharingNoMargin/LendingYes/No (there is margin but lending is not allowed yet)CustodiansBanksTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationTax exemptedAssessed for all investors asincomeTax exemptedSpecial statusSelfExchange with regulator approvalResponsibility of exchangeYes, electronicManaged by issuerYes, if necessaryInvestor protection guarantee fundAllowed, No restrictionsNo limitationsNo restrictionsPAGE 29

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008ARMENIAN STOCK EXCHANGEArmenian Stock Exchange becomes ownedby the world’s largest exchange companyNASDAQ OMX Group Inc.Armen MelikyanChief Executive OfficerThe beginning of the year 2008 was markedwith a large scale merger in the global capitalmarket, that between the largest US Exchangeoperator NASDAQ and the Nordic exchangeoperator and technology provider OMX. As aresult, the Armenian Stock Exchange (JSC)(Armex) previously owned by OMX hasbecome a part of the world’s premierexchange company, NASDAQ OMX GroupInc., which has presence in over 20 countriesand over 3,900 company listings across theworld.One of Armex’s major achievements in the firsthalf of 2008 was the successful launch inJanuary of stock exchange trading ingovernment bonds. As of June 30, total valuetraded in this instrument reached US$ 1.7million. The concept of market making forgovernment bonds was also been introduced,and there are currently five market makersworking in the regulated marketplace.As of today, the corporate bonds market wasalso revived significantly, showing eleventimes the growth of value traded amounting toUS$ 3.79 million (as compared to US$ 0.27million in H1, 2007). Along with fixed incomeinstruments, foreign exchange trading has alsoexpanded during the first half of 2008. FXvalue traded showed outstanding results:value equal to US$ 442.2 million and EUR 520thousand was traded, which represents anearly two times growth for trading in USDollars and six times growth for trading in Euroover the previous year’s same period.Unlike other markets, this year’s equitiestrading at Armex decreased by 69% ascompared to the first half of the previous year.This happened primarily due to a sharpreduction in the number of listed companies:after changes in securities market regulationsonly the most efficient and sustainablecompanies could preserve their listed status.This, despite the said reduction in trading inthe short run, is expected to have a positiveoverall effect on the development of theArmenian securities market in the future.Armex sees encouraging securities IPOs as itshighest priority for the rest of 2008.Collaboration with the stakeholders, includingbroker companies, banks, and issuers iscurrently underway, and the first IPO isexpected to happen by early 2009.The presence of NASDAQ OMX in Armeniaand its joining in the effort with Armex is verypromising for the revival of the Armeniancapital market. Together, we hope to be ableto create an efficient market that wouldconsistently contribute to the growth of theArmenian economy.FUTURE OUTLOOKIn 2008, Armex plans to:• complete the integration with NASDAQ OMXGroup;• develop and introduce new clearingmechanisms;• facilitate the launch of trading in securities ona non-covered basis;• establish a Guarantee Fund to increaseinvestor protection;• launch the first IPOs;• undertake steps to increase public awarenessabout the capital market.CONTACT INFORMATIONContact Name Mr. Armen MelikyanE-mail amelikyan@armex.amWebsite www.armex.amPAGE 30

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008ARMENIAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 0.09 0.00 0.02 0.00Feb-08 0.11 0.01 0.00 0.00Mar-08 0.07 0.00 0.00 0.00Apr-08 0.01 0.00 0.00 0.00May-08 0.01 0.00 0.00 0.00Jun-08 0.01 0.00 0.00 0.00TOTAL 0.29 0.00 0.03 0.00BondsJan-08 0.66 0.03 0.02 0.00Feb-08 1.27 0.06 2.88 0.14Mar-08 0.60 0.03 0.31 0.01Apr-08 0.66 0.03 0.31 0.01May-08 0.98 0.05 0.11 0.01Jun-08 1.23 0.06 1.51 0.07TOTAL 5.41 0.04 5.13 0.04OtherJan-08 68.40 3.60 0.00 0.00Feb-08 79.12 3.96 0.00 0.00Mar-08 100.69 4.79 0.00 0.00Apr-08 72.97 3.47 0.00 0.00May-08 57.09 3.00 0.00 0.00Jun-08 64.66 3.08 0.00 0.00TOTAL 442.93 3.65 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 157.61 159.18 137.74 135.49 141.25 148.70Index 0.00 0.00 0.00 0.00 0.00 0.00PRACTICES & PROCEDURESTradingDaysMonday - FridayHours Stock Market (SM): 12:30 - 13:30Corporate Bonds Market (CBM): 12:30 - 13:30Government Bonds Market (GBM): 11:00-15:00Foreign Currency Market (FCM): 11:00-15:00;Post-trading session 15:00-15:05Market segmentation SM: lists A, B, C1, and C2CBM: lists A-bond and B-bondSystemFully automatedMechanismsContinuous auction, order-drivenMarket-maker/Specialists Yes for corporate bonds and government bondsInstrumentsStocks, corporate bonds, Government bonds andforeign currencyCurrencySM: localCBM: localGBM: localFCM: LocalReal time information Last price, average price, last volume, total volumeClearing & SettlementCentral Depository YesPeriod T+0RegisteredYesSettlementSM, CBM: Central DepositoryGBM, FCM: Central BankClearingNettingDVPYes, full DvPClearing Institution SM, CBM: Central DepositoryGBM, FCM: Stock ExchangeRisk SharingNoMargin/LendingNoCustodiansCentral Depository, Licensed custodiansTaxesCash Dividends Legal Entity: 20%,Individuals: NoInterest Income Legal Entity: 20%,Individuals: 10-20%Capital Gains Legal Entity: 20%,Individuals: NoStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationOpen Joint Stock Company with100% of shares, belonging to theNASDAQ OMX GroupSelfStock exchange; Central Bank ofthe Republic of ArmeniaYes, approved by the SupervisoryBoard of the Stock Exchange andregistered with the Central BankYesYesYesNoNo restrictionsNo limitationsNo restrictionsPAGE 31

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BAHRAIN STOCK EXCHANGERasheed Mohammed Al-MarajChairmanThe Central Bank and Financial InstitutionLaw, which came into effect in 2007provides a new legal and regulatoryfoundation stone for Bahrain’s capitalmarkets.2006 was a difficult year for most regionalstock markets, as the excesses of previousyears were followed by sharp falls, in somecases reaching 50%. These corrections wereinevitable, but a positive development in asmuch as they placed these markets on moresustainable valuation levels.Bahrain’s experience, in the meantime,continued to reflect its relatively greaterlongevity and maturity. Having previouslyescaped the exuberant excesses of some ofits younger regional neighbors, it also escapedthe sharp corrections which followed. In 2006,the Bahrain All Share Index managed to endthe year with a 1% gain, a reasonableperformance given the backwash from majorfalls elsewhere.Leaving the market context to one side, 2006was also a year of progress in terms ofdeveloping the infrastructure underpinning theBahrain Stock Exchange (BSE). The mostsignificant development was the passage ofthe Central Bank and Financial Institution Law,which came into effect in September last year.This law provides a new legal and regulatoryfoundation stone for Bahrain’s capital markets.It enshrines in formal terms the separation ofthe BSE’s regulatory and business functions, aseparation which was initiated back in 2002.The BSE will be focusing exclusively on itsbusiness role of providing a listing and tradingplatform, whilst the regulation of the Exchangenow firmly rests with the Central Bank. Thenew law also provides new statutory offencesof market abuse and insider dealing, powerswhich will be fully used to ensure clean andthus attractive markets to investors andissuers alike.The Board’s decision to relocate the BSE tonew premises at the recently opened BahrainFinancial Harbor promises also to be asignificant milestone. This move, it is believed,will provide modern infrastructure and aprominent location for the Exchange,supporting its efforts to further develop andexpand its operations.With a new law now passed and new premisesin hand, the focus going forward will beshifting to implementing various measuresaimed at strengthening the position of theExchange.Efforts will focus on three key areas, namely (i)facilitating trading on the Exchange to improveease of trading by investors wishing to use theExchange, including remotely; (ii) improvingthe clearing, settlement and depositaryinfrastructure that underpins activity on theBSE, with the objective of enhancing itscompetitiveness; (iii) developing the emergingrole of the BSE as the region’s leadingplatform for the listing of funds, bonds andother non-equity products.On this note, I should like to close by takingthis opportunity to thank His Majesty KingHamad bin Isa bin Salman Al Khalifa, King ofthe Kingdom of Bahrain; His Highness ShaikhKhalifa bin Salman Al Khalifa, the PrimeMinister, and His Highness Shaikh Salman binHamad Al Khalifa, the Crown Prince andCommander in Chief of the Bahrain DefenceForce for their valuable support and guidanceas regards the BSE.My thanks also go to the members of theBSE’s Board of Directors, as well as to themanagement and staff of the BSE, for theirefforts during the past year. I know I can counton their support during the time to come, aswe collectively strive to develop further theExchange. Finally, I should like to thank allthose issuers who are listed on the Exchangefor their cooperation and support with respectto the BSE’s various projects.FUTURE OUTLOOKIn the year 2008, the BSE is planning to takeseveral initiatives in order to promote trading atthe exchange both on the regulatory andtechnical levels. Within these initiatives, the BSEwill introduce online trading and short-sellingand will also develop its clearing, settlementand depositary systems in an effort to enhancetrading procedures at the exchange. The BSEwill also seek to attract more local and GCCcompanies to list on the Exchange as well asIslamic and conventional debt instruments andmutual funds.CONTACT INFORMATIONContact Name Mr. Ali MansoorE-mail info@bahrainstock.comWebsite www.bahrainstock.comPAGE 32

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BAHRAIN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 103.18 5.43 78.50 4.13Feb-08 536.52 26.83 302.16 15.11Mar-08 188.46 8.97 179.04 8.53Apr-08 100.79 4.58 94.20 4.28May-08 221.77 11.67 153.75 8.09Jun-08 218.91 9.95 199.50 9.07TOTAL 1,369.64 11.24 1,007.14 8.20BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 27,534.24 28,318.99 28,963.78 29,500.83 29,839.30 30,551.76Index 2,800.96 2,880.79 2,789.89 28,41.57 2,874.02 2,859.03PRACTICES & PROCEDURESTradingDaysHoursMarket segmentationSystemMechanismsMarket-maker/SpecialistsInstrumentsCurrencyReal time informationData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableClearing & SettlementCentral DepositoryPeriod T+2RegisteredData not availableSettlementData not availableClearingData not availableDVPYesClearing Institution Data not availableRisk SharingData not availableMargin/LendingData not availableCustodiansData not availableYes, Central Securities Depository at the BahrainStock ExchangeForeign ParticipationForeign investorsInvestment limitationsRepatriationData not availableData not availableData not availableTaxesCash DividendsInterest IncomeCapital GainsData not availableData not availableData not availablePAGE 33

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BAKU INTERBANK CURRENCY EXCHANGEFarkhad AmirbekovGeneral ManagerOne more important mission is demandinglong preparation, which is a gradualtransformation of Baku into the financialcenter of region.The work of the BBVB was made purposefuldue to the fact that it was directed towardsdeveloping the market economy and inparticular, focused on the development of thefinancial market of Azerbaijan. Today, theBBVB focused on the development of allinternational links aiming at the acceleration ofthe development of the Azerbaijani financialmarket.One of the perspective directions of thedevelopment is the organization of electronictrade for the money market needs. The BBVBaspires to increase the number of companiesparticipating in trading and number of tradefinance instruments, while trying to develop thetechnical opportunities in trading and clearingsystems.It is especially important to realize the complexstrategy of corporate management under thecondition of impressive economic growth ofAzerbaijan and to further increase the demandfor financial services.One more important mission, which has had along preparation period, is the gradualtransformation of Baku into the financial centerof the region. Creation of a uniform CaucasianUniversal Exchange will enable the banks inGeorgia and Azerbaijan to have greateraccess to international capital markets and todevelop risk management processes. In myopinion, we have set up all the requiredpreconditions and we are ready to accomplishthis goal.FUTURE OUTLOOK• Modernization and reorganization of theBBVB web-site;• Development of settlement and clearingservices, in particular software for managementof banks’ trading limits on credit and currencymarkets;• Improvement of the risk management systemin realization of clearing operations;• Further increasing professional skills of theExchange’s personnel;• Development of modern corporategovernance principles;• Introduction of the international system in thefield of GAAP (General Accepted AccountingPrinciples);• Implementation of a new trading system;• Development of Internet technologies and e-commerce;• Intensification of activity in the organizedinterbank money market;• Expansion of external contacts withinternational and regional organizations.CONTACT INFORMATIONContact Name Ms. Aynur BayramliE-mail aba@bbvb.orgWebsite www.bbvb.orgPAGE 34

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BAKU INTERBANK CURRENCY EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 164.23 8.64 0.16 0.01Feb-08 221.81 10.56 0.22 0.01Mar-08 314.23 20.95 0.31 0.02Apr-08 211.13 9.60 0.21 0.01May-08 210.42 10.52 0.21 0.01Jun-08 491.69 25.88 0.49 0.03TOTAL 1613.50 14.36 1.61 0.01Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) n/a n/a n/a n/a n/a n/aIndex n/a n/a n/a n/a n/a n/aPRACTICES & PROCEDURESTradingDaysMonday-FridayHours Morning session 10:00-12:00Day time session 14:15-17:00Market segmentation N/ASystemAutomated, Bourse E-System of Trades (BEST)MechanismsCall auctionMarket-maker/Specialists YesInstrumentsCurrency, interbank credit. currency swapCurrencyLocalReal time information System under developmentClearing & SettlementCentral Depository YesPeriod T+0RegisteredYesSettlementBook entryClearingNettingDVPYes, full DVPClearing Institution YesRisk SharingYesMargin/LendingNoCustodiansExchange membersStructure & RegulationsLegalN/ARegulationSelfSecurities market Regulator and exchange w/regulationsregulator approvalTrading rulesGovernment institutionSurveillanceYes, electronicCorporate actions CentralizedTrading halts regulations N/AInvestor protection YesForeign ParticipationForeign investors Allowed, No restrictionsInvestment limitations No limitationsRepatriationNo restrictionsTaxesCash Dividends 15%Interest IncomeN/ACapital GainsN/APAGE 35

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BAKU STOCK EXCHANGEKhayal AbdinovChairman2007 was a fruitful and successful year forthe BSE since in that year our tradingvolume grew 4 times and reached US$ 6.5billion for the first time in its history.2007 was a fruitful and successful year for theBaku Stock Exchange (BSE). Since 2006 ourtrading volume grew 4 times and reached US$6.5 billion for the first time in the BSE’s historyagainst US$ 1.6 billion.The BSE is developing from year to year. Theexchange has recently completed thenegotiations on the purchase of a new tradingsystem. The exchange also continues theprocess of modernization of its internal rulesand documents and this process will continuein 2008, too.The BSE has almost completed negotiationsregarding purchasing of a new tradingsettlementsystem which is intended to beinstalled this year. The new trading system willcreate new opportunities for the local marketparticipants and will introduce new financialinstruments.In 2007, the BSE also focused ondevelopment of foreign relations. The BSEsent staff to visit foreign exchanges. At theFEAS General Assembly held in Belgrade,Serbia, the BSE agreed with FEAS to hold thenext Working Committee meeting in Baku.FUTURE OUTLOOKThe BSE plans to purchase a new tradingsystem. The new trading system is expected tobe presented for use by the market participantsin 2008.This year the BSE will adopt new listing rules,which are in the process of being prepared. Inaddition, the BSE attaches great attention to themodification of other internal rules. Adopted in2000, some of those rules do not meet therequirements of the market, and therefore, in2008 they are expected to be modified.In 2008 the BSE will continue to work ondevelopment of the corporate securities market.The state securities market will also be thefocus of attention since it is planned to continuethe process of attracting the investors’ attentionto this segment of the market.Recently some new banks have beenestablished in Azerbaijan, and generally, thebanking sector in the country is rapidlydeveloping. This factor is a positive influence onthe stock market of the country.Money supply in the economy of the countrygrows and the banks are involved more andmore actively in the stock market; as a result,the Exchange expects continued growth ofmoney supply in the stock market.CONTACT INFORMATIONContact Name Mr. Kamran AliyevE-mail k.aliyev@bse.azWebsite www.bse.azPAGE 36

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BAKU STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 0.47 0.12 0.16 0.04Feb-08 0.83 0.08 0.15 0.01Mar-08 8.88 0.89 14.65 1.46Apr-08 4.72 0.47 0.85 0.09May-08 34.81 2.49 7.68 0.55Jun-08 25.75 2.58 20.81 2.08TOTAL 75.46 1.10 44.30 0.71BondsJan-08 342.10 19.01 1.44 0.08Feb-08 49.72 3.11 0.20 0.01Mar-08 259.42 17.29 1.09 0.07Apr-08 398.28 18.97 1.67 0.08May-08 249.90 12.49 1.04 0.05Jun-08 172.08 9.06 0.70 0.04TOTAL 1471.50 13.32 6.14 0.06OtherJan-08 382.70 20.14 0.00 0.00Feb-08 5.16 0.25 0.02 0.00Mar-08 341.74 22.78 1.72 0.11Apr-08 512.68 23.30 2.14 0.10May-08 459.34 22.97 1.91 0.10Jun-08 500.02 26.32 2.05 0.11TOTAL 2201.64 115.76 7.84 0.42Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) n/a n/a n/a n/a n/a n/aIndex n/a n/a n/a n/a n/a n/aPRACTICES & PROCEDURESTradingDaysMonday-FridayHours Pre-opening 09:15 -11:00First & second markets 11:00 -15:00Market segmentation First and second marketsSystemData dissemination, reporting facilitiesMechanismsPrimary market, continuous auctionMarket-maker/Specialists NoInstrumentsState bonds, corporate stock, US$ futures,repurchase agreementsCurrencyLocalReal time information Last price, last volume, total volumeClearing & SettlementCentral Depository Yes, National Depository CenterPeriod T+0 - 15:00 -16:45RegisteredYesSettlementBook entryClearingNettingDVPYes, full DVPClearing Institution Yes, wholly ownedRisk SharingNoMargin/LendingNoCustodiansBSE depository, National Depository Center,depository of "Partner Investment " firmTaxesCash Dividends 10%Interest Income 10%Capital GainsN/AStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationClosed joint stock companySelfState Committee for Securities(SCS)Shared regulatory responsibilityYes, electronicIndependent agentsYesNoNo restrictionsNo limitationsNo restrictionsPAGE 37

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BANJA LUKA STOCK EXCHANGEMilan BozicCEOIn 2007 total market capitalizationamounted to EUR 4 billion, which is anincrease of 3.86% compared to the end of2006.The capital markets of the Republic of Srpska(RS) were very dynamic in 2007. The stronggrowth in the first four months was followed bythe significant decrease of prices in thesecond part of 2007. It should be noted thatthis downward trend occurred after the sixyearof consecutive growth. The turnoveramounted to EUR 380 million, which is almostdouble as compared to the previous year. Forthe first time, the BLSE index (BIRS) recordeda decrease of 11.1%, ending at 2,564 points.Total market capitalization amounted to EUR 4billion, which is an increase of 3.86% ascompared to the end of 2006.The general understanding about the strongrelationship between the capital market andthe real economy performance has beenconsiderably improved. At the same time,significant improvements in the developmentof the official market have been achievedresulting in an increase in number ofcompanies and funds being listed on thismarket segment (40). For the first time twobank bonds were listed on the official market.2007 saw the transformation of 13 privatizationinvestment funds into close-ended investmentfunds. The total market capitalization of thesefunds reached EUR 240 million. Furthermore,the first open ended fund has beenestablished in the RS, signaling a plausibleturning point in the development of the fundindustry. Corporate disclosure has beensignificantly improved and for all companieslisted on the Banja Luka Stock Exchange(BLSE) markets, semi-annual financial reportsare available on the BLSE web page and forcompanies listed on the official marketquarterly reports are disseminated as well.In 2008, the first municipal and significantissues of government bonds should be listedon the BLSE markets. The launch of pensionsystem reforms will have a strong positiveimpact on the RS capital market development.Announced adoption of the Law on ReservePension Fund and the Law on Third PillarPension Funds should contribute to thestrengthening of domestic institutional demandon the Exchange. Through active participationin various regional projects the BLSE will striveto increase visibility of the RS capital markets.The planed introduction of FIX protocol in thesecond part of 2008 will improve accessibilityof the domestic markets to foreign investors.Finally, 2008 will see the first limited liabilitycompanies to raise capital on the Exchange.FUTURE OUTLOOKIn 2008 the BLSE plans to:• foster implementation of national corporategovernance standards;• introduce new market instruments on thetrading, such as long term government andmunicipal bonds;• encourage listings of successful limitedliability companies on the stock exchangemarket;• further develop relations with the issuerslisted on the stock exchange and promotebenefits of listing on higher market segments;• support to the development of open endedfunds through education and promotion of theirroles on the capital market• increase visibility of the BLSE market byproviding data-feed to the world knownVendors;• promote cooperation with the stockexchanges from the region and other part of theWorld;• continue with educational and promotionalactivities (International Conference of the BanjaLuka Stock Exchange);• introduce upgraded version of trading systemwhich will further improve flexibility of tradingand• launch fix protocol.CONTACT INFORMATIONContact Name Mr. Nebojsa VukovicE-mail blberza@blic.netWebsite www.blberza.comPAGE 38

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BANJA LUKA STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 9.83 0.58 14.13 0.83Feb-08 9.45 0.45 25.78 1.23Mar-08 8.25 0.39 16.88 0.80Apr-08 7.62 0.38 39.59 1.98May-08 6.86 0.40 12.19 0.72Jun-08 10.08 0.48 21.14 1.01TOTAL 52.09 0.45 129.70 1.09BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.66 0.03 1.13 0.05TOTAL 0.11 0.01 0.19 0.01OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 5,846.01 5,411.40 5,150.98 5,262.59 4,601.23 4,365.43Index 1,862.71 1,682.58 1,688.05 1,579.73 1,460.06 1,397.31PRACTICES & PROCEDURESTradingDaysMonday to FridayHours 8:30-13:00Market segmentationOfficial and Free marketSystemAutomated, remote access, data dissemination, WANMechanismsContinuous Trading and Call auctions (single price auction), BanjaLuka auctionsMarket-maker/ Specialists NoInstrumentsStocks, BondsCurrencyLocalReal time informationBrokerage Houses, Banks, Privatization Investment Funds, SEM-ON.net users (freely accessible), private and legal entities,VendorsClearing & SettlementCentral DepositoryCentral Registry of SecuritiesPeriod T+3RegisteredYesSettlementBook entry, multilateral nettingClearingTransaction by transactionDVPfull DVPClearing InstitutionCentral Registry of SecuritiesRisk SharingYesMargin/LendingNoCustodiansCentral Registry of Securities, Custodian BanksTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationNatural (physical) persons both residents and not residents donot pay any taxes on dividend and capital gain. Legal entities(both resident and not resident) do not pay taxes on capital gainand dividend but capital gain and dividend are included in totalrevenue, and income is taxed at 10%. There are also deductibleitems in taxation.See aboveSee aboveSpecial status withing the law. Private shareholding company. Canpay up to 50% of profit as dividend. Divided membership fromownership.The operation of stock exchange is regulated by the Law onCapital Market, Statute and Stock Exchange Rules. The Authorityrecognizes the self-regulatory responsibility of the exchange. TheExchange maintains arbitration facilities for disputes amongmembers.Securities market regulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationThe securities markets are regulated bythree main laws. The by-laws are jointlydeveloped by Securities Commission, theExchange and the authorized marketparticipants.. The Securities Commissionregulates by adopting rules and regulationwhich deal with specific issues in moredetail.The trading rules of the stock exchangeregulates listing requirements, stockexchange membership, trading in securitiesand surveillance over stock exchangemembers In case members do not complywith the rules issues by the exchange, theexchange imposes disciplinary actions suchas fines, suspension of membership and/orexclusion from membership.The exchange monitors members tradingactivities regarding compliance withexchange rules.Centralized (Central Depository managessplits and subscriptions). Stock Exchangepublishes corporate actions on its webpages.Yes, ban on trading and Suspension ofofficial listingYes, the investor can apply forcompensation through the discretionarypower of the scheme. The scheme isfunded by annual contributions according totrading activities. Market participants arecompulsory insured against claims frominvestors for malpractice.A foreign investor has equal rights to anative investor concerning rights andliabilities and legal status in an enterprise.For more detail refer to our member pageon www.feas.orgNo limitations.No Restrictions.PAGE 39

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BELARUSIAN CURRENCY AND STOCK EXCHANGEPavel TsekhanovichChairman of the BoardEstablished in 1993, the Belarusian Currencyand Stock Exchange (BCSE) is a uniquetrading platform in the country that serves thefinancial market of Belarus. Today, the BCSEis a stable working organization withconstantly growing trade turnovers.The mission of the BCSE is to become themain power on the way of reforming theBelarusian organized financial market and tomake it the basic source of investments forBelarusian enterprises.The mission of the BCSE is to become themain power on the way of reforming theBelarusian organized financial market andto make it the basic source of investmentsfor Belarusian enterprises.Functions of the BCSE• Organization of exchange trading in foreigncurrencies, futures and securities• Clearing Center in Belarusian settlementclearing system• Depository functions for corporate securities• Registration of OTC transactions withcorporate securities• Information Center functionsFUTURE OUTLOOK• Trading technologies development,introduction of new trading modes andexpansion of circulated financial instrumentsrange.For the currency market - introduction of”continuous double auction“ and ”calltransactions“ modes; for the stock market -introduction of the sector of foreign currencysecurities transactions, introduction of a newinstrument - exchange bonds, as well as thechange of the circulation scheme for shares ofopen-type societies in Belarus that impliesoperations exclusively through the BCSE.• Introduction of new segments of theorganized market–Interbank Credit Sector–thecredit resources market.• Development of the program and technicalcomplex and transition to a uniform system ofelectronic document circulation in all segmentsof the exchange market.• Development of information systemsregarding modernization of operating soft- andhardware for Internet systems of the BCSE, aswell as regarding new version of the “On-lineInformation Disclosure” software following theresults of the exchange trades.CONTACT INFORMATIONContact Name Ms. Olga BlussonE-mail blusson@bcse.byWebsite www.bcse.byPAGE 40

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BELARUSIAN CURRENCY AND STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 0.09 0.00 0.01 0.00Feb-08 0.19 0.01 0.73 0.03Mar-08 0.05 0.00 0.10 0.00Apr-08 0.56 0.03 0.25 0.01May-08 0.00 0.00 1.35 0.07Jun-08 0.01 0.00 0.01 0.00TOTAL 0.91 0.01 2.44 0.02BondsJan-08 779.83 37.13 17.90 0.85Feb-08 680.53 32.41 15.18 0.72Mar-08 603.49 28.74 11.26 0.54Apr-08 399.21 18.15 9.01 0.41May-08 316.69 16.67 7.03 0.37Jun-08 694.39 31.56 15.39 0.70TOTAL 3,474.14 27.44 75.77 0.60OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 0.00 0.00 0.00 0.00 0.00 0.00Index 118.34 119.17 116.27 116.25 116.83 117.35PRACTICES & PROCEDURESTradingDaysStock Market (SM), Currency Market (CM) Futures Market (FM)Monday-FridayHours CM: 10-12:00FM: 14-16:00SM: GS(government securities: 9:30-15:45, NGS: 10:30-12:20Auctions (Ministry of Finance) 10:30-15:30, REPO Auctions 9:30-15:45; Simple Auctions 10:30-12:20Market segmentationSystemMechanismsCurrency Market; Futures Market;SM: GS: GSTB (DGSTB) Interest GSTB (IGSTB), DGLTB, IGLTBNGS: equities, bonds, local bonds, bills of exchangeCM: Automated electronic system (AES) "Foreign Currency Trades"FM: AES "Futures Market Instruments Trades"SM: GS & NGS - AES "Exchange" depository and settlementsystem link data disseminationCM: Fixing. FM: continuous double auctionSM: GS: double continuos auction, fixed price REPO, simple auctionMarket-maker/Specialists SM: STB and GSTB marketInstrumentsCurrencyReal time informationCM: USD, RUB, EUR, UAH, AUD, GBP, DKK, ISK, CAD, LVL, LTL,NOK, PLN, SEK, CHF, EEK, JPYFM: FSUSD, FSEUR, FSIRSM: GS: DGSTB, IGSTB, DGLTB, IGLTB, STB NB RB, Doublecontinuos auctionNGS: Equities bonds local bonds, bills of exchange, continuosdouble auctionCM: Currency lot-foreign currency, adjoint currency-local currency (BYR)SM: Local currency (BYR)FM: YesSM: Yes (total volume of funds and bonds reservations; characteristics ofbids submitted to trading system withing the trade session; totalturnover of (BYR)/ in items; trade turnover toward each quoted bondissue in Byr/in items; total number of transactionsClearing & SettlementCentral Depository SM: YesPeriod SM: T+0FM: T+0CM: T+1RegisteredData not availableSettlementSM, FM, CM - Book EntryClearingSM, FM ,CM - yes, nettingDVPSM, FM, CM - yesClearing Institution BCSERisk SharingSM: yes (money & securities reservation)FM: yes (margin providing)CM: yes (money reservations)Margin/LendingCustodiansTaxesCash DividendsData not availableBanks, BCSE members, other professionalparticipants having the licence ondepository activityN/ACM: within settlements with usage of transitaccounts of the National Bank - 0.015 %,between trade participants - 0.005 %, withusage of republican and local budget funds- 0.0001 %.FM: 0.001% of transaction amount.SM: 0.0001% (for budget funds securities);0.01% (before redemption transaction, forGS & SNB RB); 0.005% (before redemptiontransaction, for GS(L)TB & STB NB RB);0.005% (for 1-3 days REPO); 0.01% (formore than 3 days REPO transactions).* for full detail refer to our member page on www.feas.orgCapital GainsN/AStructure & RegulationsLegalopen joint stock company, legal entityRegulationselfSecurities market BCSEregulationsTrading rules CM, FM ,SM: Exchange followed by theSupervisory Council approvalSurveillanceCM: National BankFM: National Bank, Securities Department of theMinistry of FinanceSM: Securities Department of the Ministry of FinanceCorporate actions Data not availableTrading haltsCM: stipulated by the Order of ForeignregulationsCurrency Trades holding.FM: stipulated by the Order of Futurestransactions holding.Investor protection Data not availableForeign ParticipationForeign investorsInvestment limitationsRepatriationAllowed in accordance with Belarusian legislation.Data not availableData not availablePAGE 41

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BELGRADE STOCK EXCHANGEGordana DostanicManaging DirectorIn the first half of 2008, the Belgrade StockExchange recorded the turnover in tradingwith shares and bonds of RSD 47.1 billion,i.e., over EUR 575.2 million.In the first half of 2008, the Belgrade StockExchange (BSE) recorded the turnover intrading with shares and bonds of RSD 47.1billion, i.e., over EUR 575.2 million. Theturnover structure remained almost unchanged(share participation slightly increased by6.13% as against the same period last year).The total market capitalization of the BSE on30 June 2008 amounted to EUR 15.8 billion,which is by 14.4% lower compared to thesame period last year.As at June 30th 2008, there were threesecurities on the Prime Market of the BSE:Energoprojekt holding a.d. Beograd (ENHL),Sojaprotein a.d. Becej (SJPT) and Tigar a.dPirot (TIGR).In spite of negative movements of the BSEindex, BELEX15 and BELEXline recordedthe lowest fall at the semi-annual level incomparison with the leading indices of otherregional stock exchanges. On the other hand,in comparison with the benchmark index MSCIEM EE, the BSE indices recorded a slightlypoorer performance, with a slightly smallernegative change of -12.8%.In mid-April 2008 the BSE launched theredesigned information trading system basedon the FIX protocol BELEXFIX , completingthe first stage of the project, and started thedevelopment stage which will involve theredesign of the service and enable thepossibility of electronic ordering. The project isbeing realized according to the EU standards.Positive effects of the project will be felt by allparticipants in trading, first of all by clients,who will be provided with functionalitiesalready used by clients on other worldmarkets, then by brokers, for whom the wholetrading procedure will be more easilyfacilitated, and finally by supervisory bodies,who will have better access to information.However, the full efficacy of the new systemdepends on the activities of the institutions ofthe Serbian capital market.Along with the activities concerning theimplementation of the FIX protocol, theexisting information services and the internetpresentation have also been improved, withthe aim of providing better access to differentkind of relevant information, which willconsequently attract more domestic andforeign investors and enhance their interest inthe Serbian capital market.Promotion of the Serbian capital market,during the observed period, was carried outthrough intensive and interactivecommunication with investment companies,funds and other professional investors fromabroad, data vendors, leading media agenciesand the first roadshows of domestic issuers.FUTURE OUTLOOKIn the second half of 2008 the BSE plans to:• Continue promotion of stock exchangeoperations through road shows outside thecountry, and further develop the existingindexes and indicators;• Develop new and improve the presentservices provided for the Exchange membersand investors;• Further segmentation of the Stock Exchangemarket, by developing new market segmentsand improving the qualities of the existing ones;• Strive to motivate the best Serbian companiesand banks to apply for listing on the regulatedmarket, along with further affirmation ofdiversification of segments of the regulatedmarket, above all, Standard Market;• Carry out preparations and realization for theclassification of issuers whose shares aretraded on the Exchange by sectors, in line withthe leading global standards;• Promote information on corporate events andnews related to the most liquid issuers, throughdirect cooperation with media and newsagencies;• Work on the development of the project withlisted companies, which should enableautonomous updating of all documents(prospectuses, reports on material events,plans, and the like), news, notices,announcements and the like, which the StockExchange receives from issuers to be postedon its internet pages;• Carry out modification of BELEXFIXapplication and testing of brokers’ solutions forthe client application;• Intensify international cooperation throughpartner relations with other regional marketoperators;• Develop BELEX.info Professional, commercialand service application for monitoring trading inreal time, based on the FIX protocol• Carry out activities on the preparation of theSeventh International Conference BelgradeSuperMarket: One Stop – Learn All, which willbe held on 13 and 14 November 2008 inBelgrade.CONTACT INFORMATIONContact Name Ms. Svetlana CerovicE-mail svetlana.cerovic@belex.co.yuWebsite www.belex.co.yuPAGE 42

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BELGRADE STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 127.43 6.37 2.00 0.10Feb-08 93.17 4.66 1.36 0.07Mar-08 79.05 3.76 1.49 0.07Apr-08 228.81 11.44 2.44 0.12May-08 185.40 9.27 2.63 0.13Jun-08 123.79 5.89 1.93 0.09TOTAL 837.64 6.90 11.84 0.10BondsJan-08 5.05 0.25 4.58 0.23Feb-08 4.92 0.25 0.00 0.00Mar-08 5.30 0.25 4.45 0.21Apr-08 4.89 0.24 4.04 0.20May-08 7.54 0.38 6.62 0.33Jun-08 19.27 0.92 16.63 0.79TOTAL 46.96 0.38 36.33 0.29OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 22,372.38 24,309.56 21,690.53 20,962.59 20,861.57 22,359.97Index 2,160.59 2,089.11 1,718.79 1,604.99 1,784.21 1,783.28PRACTICES & PROCEDURESTradingDaysHoursMarket segmentationSystemMechanismsMarket-maker/SpecialistsInstrumentsCurrencyReal time informationMonday-FridayEquities: Continuous Trading 9:30am - 1:00pmSingle Price Auction Method: 10:00am - 12:00pmBonds: continuos Trading 9:30am - 1:00pmRegulated market (Listing A; Listing B), UnregulatedmarketElectronic Platform BELEX, automated, remoteaccessContinuous Trading Method, Single Price AuctionMethodYesshares, bondsEquities - local currencyGovernment Bonds - EuroExchange members, Data vendors, BELEX infoserviceTaxesCash Dividends 20% (10%)Interest Income 20%Capital Gains20% on capital gains0.3% - property transfer taxStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionJoint Stock CompanySecurities and ExchangeCommissionExchange with SECExchange (SEC approval)Exchange - online and offlineCSDYes, ban on tradingYesClearing & SettlementCentral DepositoryYes, Central Securities Depositary and ClearingHousePeriod T+3RegisteredN/ASettlementBook EntryClearingTransaction by transactionDVPYesClearing Institution YesRisk SharingYesMargin/LendingNoCustodiansYesForeign ParticipationForeign investorsInvestment limitationsRepatriationNo restrictionsNo limitationsNo restrictionsPAGE 43

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BUCHAREST STOCK EXCHANGEThe BSE went through a very special yearin 2007, by opening its derivative market inSeptember.Stere FarmacheGeneral Manager & CEOIn the context of the international financialmarkets turmoil, the first half of 2008 hasbrought at the Bucharest Stock Exchange(BVB) many qualitative changes. A majorachievement of this period was the first listingat the international category: Erste Bank AG,the Austrian bank being traded also on WBAGand the Budapest Stock Exchange.Along with this, the BVB admitted the firstmarket maker on the local market: BCR(Banca Comerciala Romana, acquired in 2006by Erste Bank).Four local companies went public through anIPO on the stock exchange and raised morethan EUR 25 million. Out of the six companiesadmitted to trading during H1, three of themalso went through an IPO.In April we launched single stock and currencyfutures contracts having as underlying equitiestraded on the BVB (Erste Bank, SIF’s, Petrom,Transelectrica, Transgaz and BancaTransilvania) and as currency the Euro and theUS$. The derivatives market also launchedtheir own site.Consistent with our development strategy, theindex family was diversified with two moreindices: BET-XT (Bucharest Exchange TradedExtended Index) which includes the mostliquid 25 stocks traded on the main marketand BET-NG (Bucharest Exchange TradingEnergy &Related Utilities Index) which reflectsthe price movement of the energy sectorcompanies.Two new measures taken in this first half of theyear were meant to align the BVB at theinternational stock exchanges trend: extendingthe trading program with another 2 hours until4 p.m and implementing the fixing algorithmand the close session.FUTURE OUTLOOKThe main focus for the 2nd half of 2008 will beimplementing some of the BVB objectives:listing of international issuers, creating newindices, extending the trading program andlaunching new futures contracts on the mostliquid stocks.We will continue to implement the strategy ofthe BVB by introducing shortly nomineeaccounts and hence short selling. We will alsoconcentrate our efforts on promotion the BVBindex family in order to create the structuredproducts market. The diversification of themarket’s “offer” will be increased through theadmission to trading in August of thegovernment bonds.The BVB also aims to implement new qualitativeimprovements by introducing a new market“Rasdaq Star” to accommodate the bestperforming companies traded currently on theunregulated sector of the Exchange, theRasdaq market. This market will be transformedthen, according to the EU legislation, to thelocal ATS market.We also expect that two infrastructurecompanies, the international airports fromTimisoara and Constanta, will be listed by theend of this year, as the Ministry ofTransportation has begun the selection processof the intermediary for this process.CONTACT INFORMATIONContact Name Ms. Adriana TanasoiuE-mail adriana.tanasoiu@bvb.roWebsite www.bvb.roPAGE 44

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BUCHAREST STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 401.63 19.13 936.11 44.58Feb-08 261.86 12.47 710.82 33.85Mar-08 250.16 11.91 609.32 29.02Apr-08 219.57 10.46 591.92 28.19May-08 351.86 17.59 1,807.91 90.40Jun-08 278.81 13.28 1,027.65 48.94TOTAL 1,763.89 14.14 5,683.73 45.83BondsJan-08 0.42 0.42 0.01 0.01Feb-08 4.12 1.03 0.06 0.01Mar-08 1.14 0.19 0.03 0.00Apr-08 1.97 0.18 0.03 0.00May-08 0.66 0.16 0.01 0.00Jun-08 3.49 0.29 0.08 0.01TOTAL 11.80 0.38 0.22 0.01OtherJan-08 18.30 0.00 0.15 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 1.73 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 18.30 0.00 1.88 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 27,962.08 47,546.17 49,576.62 53,428.11 56,830.47 47,884.18Index 2,293.09 2,315.58 6,920.01 7,020.48 7,805.21 6,502.65PRACTICES & PROCEDURESDaysMonday-FridayHours Equities: 10:00-16:15Bonds: 11:00-15:00Futures: 10:00-16:15Market segmentation Equities: First tier, Base tier, PLUS (Transparency) pier,Unlisted tier;Bonds: Municipal bonds, corporate bonds;International tierSystemEquities: electronic systems integrated in real time (tradingsystem, clearing-settlement and registry system)Bonds: electronic integrated trading platform designedand implemented in-house (trading system, clearingsettlementand registry system)MechanismsCommon shares: Single price auction, Multiple priceauction, Order driven, DealingCorporate bonds: Multiple price auction, quote driven,dealingMunicipal bonds: Order driven, quote driven, dealingMarket-maker/Specialists YesInstrumentsStocks, Municipal bonds, Corporate bonds and futuresCurrencyLocalReal time information Equities and bonds: market depth and basic data(volumes, prices, indexes)Clearing & SettlementCentral DepositoryPeriodRegisteredSettlementClearingDVPClearing InstitutionYesT+3 (common shares & municipal bonds); Today,tomorrow, spot and forward (government securities)YesNet settlement for money & gross settlement for securitiescommon shares, municipal bonds & governmentsecuritiesMultilateral nettingYesPerformed by the stock exchange registryRisk SharingMargin/LendingCustodiansTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationYes (National Bank of Romania- at thelevel of settlement banks; Buchareststock exchange-at the level ofbrokerage houses and custodians).NoCommercial banksRanging between 5-25% depending onyour status, please check our memberpage on the FEAS website for moredetail www.feas.orgRanging between 1-10% depending onyour status, please check our memberpage on the FEAS website for moredetail www.feas.orgRanging between 5-25% depending onyour status, please check our memberpage on the FEAS website for moredetail www.feas.orgSpecial statutes within the lawSelf-regulated institutionBSE and National SecuritiesCommission (NSC)BSEBSE and NSCYesYesYesNo restrictionsNo limitationsNo restrictionsPAGE 45

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BULGARIAN STOCK EXCHANGEIn 2007, the BSE registered a 90% increasein its market capitalization.Bistra IlkovaCEOThe Bulgarian Stock Exchange (BSE) achievedsignificant results in 2007 and there are goodreasons to believe that 2008 will also bebeneficial to all participants on the local capitalmarket. Last year we registered a 90%increase in the market capitalization of ourexchange, which accounts for more than 50%of the GDP. The turnover in 2007 went up193%. Our official index SOFIX grew by 45% inone year. The total amount of money that wasraised through the stock market–IPOs,secondary listings, increase of capital andbond issues–reached a record EUR 750million.Although we are very pleased with theseresults, we see new challenges in front of us.We have fixed our priorities for 2008 as toincrease the number of listings, to proposenew services and products and to introducetechnological innovations. As of today, 50-60private companies have declared theirintention to finance their business projectsthrough the capital market. This proves thatthe Bulgarian stock market has gained a lot ofpopularity and is seen as a real alternative tobank lending, which was not the case 2-3years ago.With Bulgaria’s entry into the European Unionon 1 January 2007 our Exchange is gettingmore and more involved in the process ofintegration and consolidation of the capitalmarkets in Europe. A major stepin this direction was the signing of anagreement between the BSE and DeutscheBoerse, according to which our current tradingplatform will be replaced by the Germansystem XETRA. This will give a lot moreopportunities to the Bulgarian investors andbrokers to gain access to the developedEuropean markets and vice-versa; foreigninvestors will have a better chance to invest inBulgarian stocks.In 2008, we will continue our efforts to developregional cooperation on a bilateral andmultilateral level. We believe FEAS plays a veryimportant role in this respect and has done alot for the promotion of our capital markets ona global scale.FUTURE OUTLOOKThe priorities for the BSE in 2008 will be toattract new listings, increase the liquidity,introduce new products and technologicalinnovations.As a result of the BSE’s efforts to popularize thestock market among as many local privatecompanies as possible, including the helpof road-shows and regional roundtablediscussions, about 60 medium and large sizedcompanies have publicly declared theirintention to raise capital and finance their futureprojects through the Exchange. In 2007 we hada record number of IPO’s and we expect nextyear to reach even higher number.Through the popularization of the stock marketwe observe an increasing number of smallerplayers investing on the stock market. We hopethat this trend will continue in 2008 with the aimof increasing the liquidity. Thanks to ourCOBOS online trading system the number ofindividual investors that trade from their homeshave increased drastically.One of the major changes in the developmentof the BSE in 2008 will be the connection toDeutsche Boerse’s XETRA trading platform. Theaim is to start the system by June of next year.This will bring new benefits for the local traders,but will also give the foreign players access tothe Bulgarian capital market. It is expected thatthe BSE’s partnership with Deutsche Boerse willincrease the visibility and the interest towardsour market.CONTACT INFORMATIONContact Name Mr. Panteley KarassimeonovE-mail bse@bse-sofia.bgWebsite www.bse-sofia.bgPAGE 46

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008BULGARIAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 305.91 13.91 54.69 2.49Feb-08 144.84 6.90 28.74 1.37Mar-08 232.30 11.62 47.98 2.40Apr-08 243.71 11.61 81.06 3.86May-08 139.55 6.98 25.09 1.25Jun-08 111.90 5.33 25.51 1.21TOTAL 1,178.21 9.39 263.06 2.10BondsJan-08 13.77 0.63 0.01 0.00Feb-08 13.90 0.66 0.01 0.00Mar-08 30.07 1.50 0.02 0.00Apr-08 22.38 1.07 0.02 0.00May-08 8.57 0.43 0.01 0.00Jun-08 22.56 1.07 0.02 0.00TOTAL 111.25 0.89 0.09 0.00OtherJan-08 2.88 0.13 5.45 0.25Feb-08 3.31 0.16 10.54 0.50Mar-08 2.87 0.14 16.26 0.81Apr-08 1.37 0.07 4.81 0.23May-08 1.57 0.08 4.52 0.23Jun-08 3.13 0.15 0.00 0.00TOTAL 15.13 0.12 41.58 0.34Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 18,412.73 19,780.52 18,795.88 17,726.89 17,798.87 16,815.16Index 1,403.30 1,429.56 1,254.99 1,138.48 1,260.00 1,153.90PRACTICES & PROCEDURESDaysMonday-FridayHoursThe duration of the trading sessions for the issuestraded in continuous trading is as follows:09:00 16:00 for full details please refer to our memberpage on www.feas.orgMarket segmentation Official Market of Equities (A & B segments); OfficialMarket of Bonds; Unofficial Market of Equities (A & Bsegments); Unofficial Market of Bonds; SpecialPurpose Vehicles (SPVs) Market; CompensatoryInstruments Market; UCITs Market; Subscription rightsmarket; Privatization market; IPO MarketSystem Xetra® 9.0MechanismsOrder-driven marketMarket-maker/Specialists YesInstrumentsStocks, bonds (corporate, municipal, mortgage),rights, compensation instruments, units of mutualfundsCurrencyLocal & EuroReal time information 10 best bid/ask limits and accumulated quantities;high/low/last prices; last trades; total volumeClearing & SettlementCentral Depository YesPeriod T+2RegisteredYesSettlementBook entryClearingNet clearing of cash & gross clearing of securitiesDVPFull DVPClearing Institution NoRisk SharingYesMargin/LendingYesCustodiansBanksTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationgenerally 5% withholdingtax(effective from 1st Jan 2008)generally 5% withholding tax butinterest yield from bonds listed onthe Exchange is not subject towithholding tax10% profit tax (effective as from 1stJan 2007). Capital gains fromtransactions in shares of publiccompanies on the regulatedBulgarian stock market are notsubject to withholding tax.Special status within the lawSelf & Financial SupervisionCommissionExchange & Financial SupervisionCommissionExchangeYes, electronicYesYesYesNo restrictionsNo limitationsNo restrictionsPAGE 47

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008EGYPTIAN EXCHANGEMaged Shawky SourialChairmanThe Egyptian Exchange is on the right pathto achieve its vision of being a World-ClassEgypt-based Exchange: the Premier CapitalMarket in the Middle East & North AfricaRegion.The Egyptian market witnessed a mixed performanceduring the first half of 2008, experiencing an upsurgeduring the first four months of the year, with CASE 30index recording the highest-ever since its inception,approaching the 12000 threshold, with an increase of11.7% over this period.The Egyptian market, however, showed a lacklusterperformance since the month of May, affected by thesharp decline in the emerging as well as internationalmarkets, following the dramatic increase in oil pricesas well as the global food crisis, pushing CASE30index downward by 6.8% over the first half of 2008 toconclude the period at 9827 points.The Egyptian Exchange has, however, recordedimpressive trading figures, whereby the value tradedjumped to L.E. 397 billion during the first half of year2008, surpassing the recorded value traded in year2007, which amounted to L.E. 363 billion.Consequently, the average daily value traded surgedto L.E. 2.5 billion (after excluding large deals) asopposed to L.E. 1.5 billion last year. Likewise, theaverage daily number of transactions soared to 66thousand compared to 37 thousand transactionsduring year 2007In its continuous efforts to enhance the market depthand development, the Egyptian Exchange has delistedthe inactive companies, ending the first half of2008 with 375 listed companies compared to 435companies at the end of 2007. From anotherperspective, the Exchange is continuously working onattracting the family-owned and the closedcompanies to widen their ownership structure. In thatrespect, the market witnessed three offerings duringthe first half of the year, with a cumulative amount ofL.E. 4.3 billion. These offerings were highlyoversubscribed, with a ratio reaching 40 times, whichrevealed the rising demand to new offerings as wellas the increasing liquidity in the market.Moreover, he Egyptian Exchange continued its effortsto increase the product mix available to investors bylisting and trading new products in the market. In thatrespect, EGX took effective steps to implement theShort Selling system and MCDR started to acceptrequests from investors who wish to lend theirshares.On the technological front, EGX has finalizedupgrading its trading platform to OMX highperformance “X-stream” solution. The brokers werewell trained on using the new system and simulationsessions are currently run to make sure that allmember firms can successfully use the new system.The system is expected to go live in the third quarterof 2008Additionally, EGX is about to implement the marketmaking system, whereby two institutions havealready obtained the license from the Capital MarketAuthority.With regards to Nilex, the mid and small cap marketin the Egyptian Exchange, nine financial institutionswere granted the license to be nominated advisorsduring the first half of 2008, raising the number ofnominated advisors in NILEX, to 10 financialinstitutions. This reflects the interest of many financialinstitutions in the small and medium enterprises. Bythe end of the first half of year 2008, three companieswere listed on Nilex.On the International front, the Egyptian Exchange iseager to strengthen and maintain strong relationswith the regional and international exchanges andassociations. In February 2008, the EgyptianExchange organized the Sixth Conference of theEmerging Capital Markets, which is one of the mostimportant conferences of the World Federation ofExchanges (WFE). Moreover, the Exchange signed amemorandum of Understanding with Cyprus StockExchange in order to consolidate the cooperationbetween the two Exchanges in the areas of commoninterest of the development of the two markets.With these developments in the market, I trust thatEGX is on the right path to achieve its vision of beinga World-Class Egypt-based Exchange: the PremierCapital Market in the Middle East & North AfricaRegion.FUTURE OUTLOOK• Continuous development of the regulatoryinfrastructure to increase the quality of servicesand to ensure investor protection.• Implementing, shortly, the Next GenerationTrading System.• EGX, in collaboration with MCDR, will shortlyimplement the Securities Lending and BorrowingSystem.• The launch of the first ETF on CASE 30 index.• The effective launch of new markets, such asmarkets for derivatives.• Encouraging dual listing of blue chip companies.• Listing selected prominent and fast growing midand small cap companies on Nilex.• Continuous enhancement of EGX internationalrelations with stock exchanges around the globeas well as regional and international federationsand associations working in the exchange industry.CONTACT INFORMATIONContact Name Ms. Nevine MansourE-mail nmansour@egyptse.comWebsite www.egyptse.comPAGE 48

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008EGYPTIAN EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 19,275.12 963.7559 1,777.87 88.8936Feb-08 6,963.13 348.1567 1,933.47 96.6733Mar-08 10,337.70 492.2716 2,797.13 133.1969Apr-08 8,031.38 401.5688 2,355.61 117.7806May-08 11,781.86 589.093 2,482.94 124.1468Jun-08 7,348.37 334.0169 1,760.10 80.0047TOTAL 63,737.56 521.48 13,107.12 106.78BondsJan-08 149.0053 7.4503 0.0778 0.0039Feb-08 138.991 6.9496 0.7382 0.0369Mar-08 720.5529 34.312 3.8572 0.1837Apr-08 537.0391 26.852 2.7757 0.1388May-08 616.7663 30.8383 3.2811 0.1641Jun-08 285.674 12.9852 1.5304 0.0696TOTAL 2,448.03 19.90 12.26 0.10OtherJan-08 432.2686 21.6134 285.1354 14.2568Feb-08 668.1151 33.4058 149.993 7.4997Mar-08 2,076.46 98.8791 169.8291 8.0871Apr-08 7,672.72 383.6359 285.2128 14.2606May-08 708.755 35.4377 378.4484 18.9224Jun-08 1,149.89 52.2676 305.0171 13.8644TOTAL 12,708.20 104.21 1,573.64 12.82Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 150,454.33 163,193.06 157,702.08 160,478.76 163,376.10 151,460.21Index 10,318.06 11,335.22 11,357.38 11,786.51 11,057.33 9,827.28PRACTICES & PROCEDURESTradingDaysSunday-ThursdayHours Over-the-counter, Deals Market 9:45 - 11:15Orders Market 14: 30- 15:00Listed Securities 10:30 - 14:30Market segmentation Stocks (physical-dematerialized- active stocks- nonactivestocks-bonds)SystemAutomated, no depository link, data dissemination,remote login, WANMechanismsPrimary market, continuous auctionMarket-maker/Specialists NoInstrumentsStocks/bonds/close ended mutual fundsCurrencyLocal and US$Real time information Best bid/ask, last price, last volume, total volume,order book, counter-parties, listed companyannouncementsClearing & SettlementCentral Depository CentralPeriod T+3T+2 (for the 22 most active stocks)T+1 (for the government bonds traded by the primarydealers)RegisteredYesSettlementBook entry, physicalClearingNettingDVPFull DVPClearing Institution Separate entity MCSD, only 5% owned by CASERisk SharingYesMargin/LendingNot yet implementedCustodiansBanks, clearing membersTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationNoneNoneNoneSpecial status within the lawNot self-regulatedCapital market authorityShared regulatory responsibilityYesYesYesYesAllowed, No restrictionsNo limitationsNo restrictionsPAGE 49

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008GEORGIAN STOCK EXCHANGEGeorge LoladzeChairman of the Supervisory BoardThe year 2007 was a year of significantchanges for the GSE that were mainlyrelated to the essential amendments tosecurities market legislation in Georgia.The year 2007 was a year of significantchanges for the Georgian Stock Exchange(GSE). These changes were mainly related toessential amendments to securities marketlegislation in Georgia enacted at the end ofMarch 2007. Liberalized legislation effectivelyshifted much of security trading from the stockexchange and brokerage companies to theunregulated market. As for the stock exchangetransactions–the main focus here was onseveral relatively attractive stocks, though it’sworth mentioning that that there are very fewreally liquid securities in Georgia.All the above-mentioned has significantlyreduced GSE turnover. However, we look withoptimism into the future, since investors’interest towards Georgian securities market, ingeneral, and GSE, in particular, is constantlyincreasing. We hope that through the policy ofaggressive reduction of tariffs and fees,improving quality of the stock exchange andcentral depository services (implementation ofremote trading, remote access to centraldepository, etc) we will attract new circles ofinvestors and soon see the next boom in GSEvolumes.2008 is the year of Presidential andParliamentary elections in Georgia and wehope that the post-election stability period willbring further investor confidence to the market.FUTURE OUTLOOK1. Significant changes will take place at theGeorgian capital market in 2008. In particular,the Georgian legislation, GSE Charter andRules will be amended to ensure:• Demutualization of the GSE;• Direct participation of various financialinstitutions in GSE trading;• Remote GSE membership (for foreigninstitutions);2. Based on the significant interest of a leadingEuropean stock exchange operator, as well asof the various financial investors, significantchanges in GSE ownership structure isanticipated, entailing, among other, attraction ofrequired investments for further development ofthe GSE.3. Also, in 2008 the GSE plans to:• Make important changes in its trading systemand trading rules so as to increase theefficiency of trading and increase the liquidity ofthe market:• Intensify the trading process. In particular, thetrading sessions will be conducted on dailybasis and/or time period of the trading sessionswill be extended;• Further improve remote trading system forbrokerage companies;• Establish electronic links between securitiesmarket participants (stock exchange, centraldepository, brokerage companies, banks,securities registrars)• Increase the efficiency of the governmentsecurities trading on the stock exchange;• Introduce partially guaranteed trading ofsecurities;• Introduce price quotation both in local andforeign currencies.• Launch a new web-site for the GSE, whichalong with traditional statistics will providecorporate reports database for the companieswho are admitted to the trading system. Inaddition, the creation and publication of acompany database will allow companies topublish their annual, semi-annual and currentreports which are required by law and thusimprove disclosure standards and corporatetransparency.CONTACT INFORMATIONContact Name Mrs. Ekaterine KatamadzeE-mail info@gse.geWebsite www.gse.gePAGE 50

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008GEORGIAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 0.5697 0.0633 0.0927 0.0103Feb-08 0.638 0.0532 1.3975 0.1165Mar-08 2.2607 0.1739 3.3653 0.2589Apr-08 1.1875 0.1188 5.2574 0.5257May-08 0.6775 0.0753 0.7209 0.0801Jun-08 1.3767 0.1059 0.3857 0.0297TOTAL 6.71 0.10 11.22 0.17BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 1,439.62 1,338.54 1,466.72 1,391.35 1,536.47 2,378.47Index 0.00 0.00 0.00 0.00 0.00 0.00PRACTICES & PROCEDURESTradingDaysMonday, Wednesday, FridayHours 13:00-14:15Market segmentation YesSystemAutomated, depository link, data dissemination,Reporting Facilities, WANMechanismsContinuous auctionMarket-maker/Specialists NoInstrumentsStocksCurrencyLocalReal time information Best bid/ask, last price, last volume, total volume,listed companyClearing & SettlementCentral Depository YesPeriod T+1RegisteredYesSettlementBook entryClearingTransaction by transactionDVPFull DVPClearing Institution Georgian Securities Central Depository, 99% ownedby the GSERisk SharingNoMargin/LendingAllowed, though not used in practice yetCustodiansGeorgian Securities Central Depository, brokeragecompanies and banksTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriation10% at the source10% at the sourceIncluded to general revenues(corporate income tax -- 20%,individual income tax -- 12%)Not-for-profit company, specialstatus within the lawSelf-regulations, supervised bystate regulatorLaw on Securities Market, Rules ofthe Regulator and GSE rulesGSE RulesYes, electronicManaged by an issuerYes, if necessaryNoNo restrictionsNo limitationsNo restrictionsPAGE 51

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008IRAQ STOCK EXCHANGETaha Ahmed Abdul SalamCEOMarket index has closed at the last sessionin 2007 at 34,590 points. With the closing inthe last session of the month of June 2008,the current value is 38,145 points.The Iraq Stock Exchange (ISX) conductedelections. For a new board of governors inMay 2008. The ISX is very close to going livewith trading automation this year, and webelieve that we will start that process inNovember 2008.The ISX signed an agreement with theMubasher company to design a new web sitefor the ISX and Mubasher is hereby grantedthe exclusive world wide right by ISX todistribute the ISX market data and accordinglyenable its subscribers to have access to thedelayed and real-time market information viaInternet, satellites and other communicationnetworks. Mubasher shall disseminate thedata in Arabic and English in real time ordelayed basis through its online and offlinenetwork.The ISX statistics for 1H 2008:• Number of listed companies: 94• Number of companies traded: 81• Number of trading sessions: 72• Number of shares traded: 94,582 billionshares• Trading volume: US$ 175 million• The number of contracts executed: 16,498• No. of shares traded for non-Iraqis: 6,213billion shares.• Trading volume for non-Iraqis: US$ 8,743million• Market index has closed at the last sessionin 2007 at 34,590 points and closed at the lastsession of the month of January 2008 at34,020 points. With the closing in the lastsession of the month of June 2008, the currentvalue is 38,145 points.FUTURE OUTLOOKIn 2008, the ISX plans to:• Hold daily trading sessions in addition tocompleting all related auditing and clearancework. Publish timely information regardingtrading activity.• Continue to list more companies as theymeet listing requirements.• Participate in conferences and internationalsymposiums.• Initiate development and training programs incooperation with other exchanges, especially inthe Middle East.• Install and begin operating the automatedelectronic trading system. (We are planning todo that in December 2008.)• Assist in the eventual privatization of stateowned enterprises.• Join other regional and global stockexchange associations.• Support the adoption of the new SecuritiesLaw in cooperation with the ISC.• Hold meetings and symposiums with financialinvestment companies and investors.• Publish trading data and information aboutthe ISX in order to encourage investment inIraq.• Publish an Iraqi Company Guide which willpresent information and data to enableinvestors to evaluate company share prices.• Open regional branches that will beelectronically linked to the exchange inBaghdad. After going live with the automation.• Contract with a satellite channel to makeavailable trading session information to allinvestors.CONTACT INFORMATIONContact Name Mr. Jimmy Afham TomaE-mail jimmy-afham@yahoo.comWebsite www.isx-iq.netPAGE 52

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008IRAQ STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 43.7742 3.6479 20,307.76 1,692.31Feb-08 13.4899 1.2264 10,121.19 920.1078Mar-08 18.2908 1.6628 12,842.35 1,167.49Apr-08 8.6018 0.6617 7,225.44 555.8033May-08 8.4274 0.7023 7,288.15 607.3461Jun-08 80.7317 6.2101 36,797.32 2,830.56TOTAL 173.32 2.35 94,582.21 1,295.60BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 1,759.07 1,808.10 1,859.32 1,809.12 1,881.15 1,937.00Index 34.02 36.1 37.51 37.3 38.35 38.15PRACTICES & PROCEDURESTradingDaysHoursMarket segmentationSystemMechanismsMarket-maker/SpecialistsInstrumentsCurrencyReal time informationClearing & SettlementCentral DepositoryPeriodRegisteredSettlementClearingDVPClearing InstitutionRisk SharingMargin/LendingCustodiansSunday-Tuesday-Thursday10 am - 12 amData not availableData not availableData not availableData not availableStocksIraqi Denar (ID)Data not availableWork in progress, there is a request for proposalfinished November 2005.Data not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationData not availableData not availableData not availableSpecial status within the LawSelfExchange, Regulation Authority(NGO), Non ProfitExchangeYesEquityYesYesNot YetData not availableNo RestrictionsPAGE 53

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008ISTANBUL STOCK EXCHANGEHuseyin ErkanChairman & CEOThe Stock Market total traded valuemaintained its vivacity on the other hand,amounting to US$ 144 billion for the firsttwo quarters of the year.The global economy seems to stand at adifficult point, where demand slows sharply inmost developed economies and inflation risesall over the world, but particularly indeveloping countries. Global growth, whichcontinued robustly in the last four years, isexpected to retard notably in the second halfof 2008, before recovering, gradually in 2009.In developed countries, business andconsumer sentiment have continued to retreat,while industrial production has weakenedfurther. On the other hand, there have beensigns of weakening business activity inemerging economies as well. Risks related toglobal imbalances, such as the continuingdecline of the US Dollar and slower growth ofthe US economy, and rising international oilprices, still lead to worries.It is worth noting that, in spite of the globalslowdown, rising energy and commodityprices have boosted inflationary pressureespecially in the developing countries. Oilprices have risen significantly, driven by supplyconcerns, while food prices have increaseddue to adverse weather conditions.Against this background, the top priority forpolicymakers is to head off rising inflationarypressure, while also holding risks to growthunder control. In many emerging economiestighter monetary policy and greater fiscalrestraints are required, which, in some cases,is combined with more flexible exchange ratemanagement. In major developed economies,on the other hand, monetary tightening is lessimposing since inflation expectations andlabor costs are projected to remain wellanchored while growth weakens noticeably,but inflation pressures still need to bemonitored cautiously.Not surprisingly, financial market conditionsare not very favorable, and the Istanbul StockExchange (ISE) has got its share. The ISENational-100 Index, the main indicator of theISE, decreased by 40% in US$ terms in thefirst half of 2008, compared to the values atend-2007. The Stock Market total traded valuemaintained its vivacity on the other hand,amounting to US$ 144 billion for the first twoquarters of the year. The average daily tradedvalue stood at US$ 1.1 billion during the sameperiod.As of June-2008, 320 companies are tradedon the ISE. The market capitalization of the ISEdeclined by 33% compared to end-2007,dropping to US$ 194 billion as of end-June2008.The share of foreign portfolio investors in thefree-floating shares of the ISE stood at 72% asof end-2007 while this decreased only slightlyto 69.8% as of June-2008.The average daily trading volume on the ISEBonds and Bills Market, on the other hand,maintained its level of 2007. In the first half of2008, the daily average trading volume of theOutright Purchases and Sales Marketdecreased by 12.5% to US$ 969 million, whilethe average daily trading volume of theRepo/Reverse Repo Market showed anincrease by 1.2% to reach US$ 8,049 as ofJune 2008.FUTURE OUTLOOK• As part of its strategic plan in the mid-term,the ISE is planning to increase the number ofpublic offerings through a number of activitiesin 2008. A series of seminars, private meetingsare planned to be organized across the countryin cooperation with the local Chambers ofCommerce and/or Industry in order to increasethe awareness among the companies aboutpublic offerings; the benefits and procedures.As the second stage, consultancy units will beestablished at the Chambers of Commerceand/or Industry of every city, which will informthe companies on public offerings without anycharge. The training of the personnel of theseunits will be given by the Istanbul StockExchange.• The ISE and the Istanbul Gold Exchangesigned a cooperation protocolon July 17, 2008 in order to attract the preciousmetal companies.• The ISE, as the coordinator of theOrganization of Islamic Conference MemberStates’ Stock Exchanges Forum a platform toreinforce the cooperation among theparticipating stock exchanges, will host thesecond Forum Meeting and the WorkingCommittee meetings on October 18-19, 2008 inIstanbul.• Work towards trading of warrants on the theIstanbul Stock Exchange is being carried out incoordination with the Capital Markets Board(CMB) of Turkey. In this regard, CMB willregulate warrant trading and the ISE willdetermine the listing and trading principles.CONTACT INFORMATIONContact Name Mr. Eren KilicliogluE-mail dis@imkb.gov.trWebsite www.ise.orgPAGE 54

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008ISTANBUL STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 29,592.97 1,345.14 8,691.66 395.08Feb-08 27,302.05 1,300.10 9,601.09 457.19Mar-08 23,842.22 1,135.34 8,663.80 412.56Apr-08 23,359.24 1,112.34 9,646.06 459.34May-08 21,327.69 1,015.60 7,612.61 362.51Jun-08 18,578.92 928.95 7,462.73 373.14TOTAL 144,003.09 1,139.58 51,677.95 409.97BondsJan-08 30,641.26 1,392.78 0.05 0.00Feb-08 27,522.64 1,310.60 0.05 0.00Mar-08 24,822.25 1,182.01 0.05 0.00Apr-08 20,240.24 963.82 0.04 0.00May-08 16,820.20 800.96 0.04 0.00Jun-08 16,667.69 833.38 0.03 0.00TOTAL 136,714.29 1,080.59 0.25 0.00OtherJan-08 193,584.36 8,799.29 0.06 0.00Feb-08 184,359.22 8,779.01 0.06 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 197,680.58 9,413.36 0.06 0.00May-08 205,845.76 9,802.18 0.06 0.00Jun-08 172,711.73 8,635.59 0.06 0.00TOTAL 954,181.65 7,571.57 0.30 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 227,258.26 232,189.84 187,969.15 209,830.94 223,656.47 193,695.50Index 2,128.70 2,189.96 1,739.06 1,969.98 1,928.74 1,676.85PRACTICES & PROCEDURESTradingDaysMonday-FridayHours Stock Market (SM) 09:30-12:00 / 14:00-17:00Bonds & Bills Market (BBM) 09:30 -12:00 / 13:00 -17:00Foreign Securities Market (FSM) 9:30-12:00/13:00-17:00Market segmentation SM segmentation: National, Second National, NewEconomy, Watch List Markets , Exchange TradedFunds (ETFs)BBM segmentation: Outright purchase and sales,repo/rev repoFSM: International Bonds MarketSystemSM, BBM, FSM: Automated, depository link, datadissemination, reporting facilities, WANMechanismsSM, BBM, FSM: Multiple price continuous auctionMarket-maker/Specialists SM, BBM, FSM: noInstrumentsSM: Stocks, rights coupons, ETFsBBM: Gov.t bonds, T-bills, Money market instruments(repo/reverse repo), Corporate bondsFSM: Turkish Sovereign EurobondsCurrencySM: localBBM: local and foreignFSM: foreignReal time information SM, BBM, FSM: Market depth and basic dataClearing & SettlementCentral DepositoryPeriodRegisteredSettlementSM, BBM, FSM: YesSM: T+2, BBM: T to up to T+90 days, FSM: T+3 toup to T+15 daysSM, BBM: Bearer, FSM: Bearer & RegisteredSM, BBM, FSM - Book EntryClearingDVPClearing InstitutionRisk SharingMargin/LendingCustodiansTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationSM, BBM, FSM: YesSM, BBM, FSM - YesYes (ISE Settlement and CustodyBank Inc.-Takasbank)SM, BBM, FSM- YesSM, BBM, FSM - YesInstitutional Investors, BrokerageHouses, Banks, ExchangeMembers, Clearing MembersData not availableData not availableData not availablePublic entity without capital andshareholderSelfExchange, regulatory authority(CMB)ExchangeYesEquity (centralized), fixed income(centralized)YesYesAllowed, No restrictionsNo limitationsNo restrictionsPAGE 55

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008KARACHI STOCK EXCHANGEDuring the year 2007, the KSE witnessed itssixth consecutive year of a bullish run.Adnan AfridiManaging DirectorDuring the year 2007, the Karachi StockExchange (KSE) witnessed its sixthconsecutive year of a bullish run. The KSE 100Index increased from 10040.5 points inJanuary 2007 to reach an all time high recordof 14,814 points on 26 December 2007, tofinally close at 14,075 points on 31 December2007, showing a remarkable increase of 40%during the year. The KSE market capitalizationalso increased to US$ 70.2 billion from US$45.7 billion. During the period January-December 2007, 14 new companies listedtheir shares on the Exchange–adding overUS$ 927 million to the listed capital. The KSEalso listed 3 debt instruments of US$ 105million. The average daily turnover of sharesalso increased from US$ 261 million to US$268 million.The KSE has a fully automated trading systemwith a sound risk management system. Tostrengthen the market environment and boostinvestor confidence, a T+2 settlement systemwas introduced in place of T+3 settlementsystem whereby all trades must be settled onthe second day after the trade.A VaR based margining system wasintroduced in place of a slab based RiskManagement System. The new RMS included,amongst others, a new netting regime; amargining system based on Value at Risk(VaR) and Capital Adequacy. Theimplementation of these new risk managementmeasures have reduced the market’s Beta andhelped protect investors in the event ofanother members inability to pay off his debts.Unique Identification Number was introducedto provide a traceable link between every orderentered at the trading system of the Exchange.The UIN systems allocates each individualclient and trade a separate number such thata record of each clients trade is stored andcan be accessed at any time. The UIN systemhas significantly enhanced the riskmanagement at client levels and considerablyimproved the Exchange’s ability to monitor themarket.The KSE also introduced Client Level Nettingsystem, this system was developed based onthe core KSE business requirement ofexposures, profits, losses and margins to becalculated client-wide, scrip-wide and marketwideon the outstanding buy and sellpositions.The KSE’s growth and improvement isattributed to the impressive rate of growth ofthe Pakistani economy, but particularly in thebanking, cement, oil & gas, fertilizer andautomobile sectors. Pakistan successfullyentered into the international capital marketthrough the issuance of the sovereign Euro-Bond and floatation of GDR’s of OGDC, MCBand UBL indicating growing foreign investor’sconfidence in the long term economicprospects of the country.In the coming year, the KSE plans to introducederivative products, develop the corporatedebt market and improve regulatorycompliance. Our efforts are also directedtowards the demutualization of the ExchangeFUTURE OUTLOOKThe KSE is determined to remain one of thegrowing investment institutions not only withinthe country but globally as well. The futureprojects include:• Corporatization and demutualization of theExchange.• Strengthen the management capacity of theExchange• Upgrade the IT infrastructure• Construction of new KSE Tower• Introduction of new products and newmeasures• Cross-border listing possibilities.CONTACT INFORMATIONContact Name Mr. Mohammed Yacoob MemonE-mail gm@kse.com.pkWebsite www.kse.com.pkPAGE 56

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008KARACHI STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 10,837.26 471.19 6,474.01 281.48Feb-08 12,014.99 632.37 5,893.57 310.19Mar-08 13,791.66 689.58 6,132.72 306.64Apr-08 15,735.13 715.23 7,600.50 345.48May-08 9,909.69 471.89 5,032.06 239.62Jun-08 6,655.01 316.91 3,881.69 184.84TOTAL 68,943.75 549.53 35,014.55 278.04BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 68,650.06 74,009.59 73,742.57 71,856.92 56,333.87 55,350.99Index 14,017.01 14,934.30 15,125.29 15,122.47 12,130.51 12,289.03PRACTICES & PROCEDURESTradingDaysMonday-FridayHours Monday - Thursday: 09:45 - 14:15Friday: 09:30-12:00 / 14:30 - 16:00Market segmentation 4 market segmentsSystemAutomated, depository link, data dissemination,reporting facilities, WANMechanismsBid offer matchingMarket-maker/Specialists NoInstrumentsOrdinary shares, Modaraba Certificates, PreferenceShares, TFCs, Government Bonds / SecuritiesCurrencyLocalReal time information Best bid/ask, last price, last volume, total volume,listed company announcementClearing & SettlementCentral DepositoryPeriodRegisteredSettlementClearingDVPClearing InstitutionRisk SharingMargin/LendingCustodiansYesT+1, T+2 and Future ContractsYesBook entry and PhysicalNettingYes, full DVPYes, wholly owned, National Clearing & SettlementSystem operating since Dec 2001.YesYes/NoInstitutional investors, brokerage houses, banks,exchange members, associate members of theClearing HouseTaxesCash Dividends 10%Interest Income 10%Capital Gains Exempted until 2008Structure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulations YesInvestor protection YesForeign ParticipationForeign investorsInvestment limitationsRepatriationCompany limited by Guarantee,without share capitalSelfSecurities & Exchange Ordinance1969 and Rules framed thereunderCompanies ordinance 1984Each trading segment has its owntrading rulesYesCentralizedAllowed, No restrictionsNo limitations on the extent of foreignownership stake in life insurancecompanies. However, as per WTO,SBP permission required in case oftransferring 5% or more shares ofbank or financial institution. There isno limit for holding shares for tradingpurposes.N/APAGE 57

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008KAZAKHSTAN STOCK EXCHANGEThe volume of trades at KASE nearlydoubled in compare to 2006.Azamat JoldasbekovPresidentIn 2007 the Kazakhstan Stock Exchange (KASE)has become a commercial entity, expandedand modified its organizational structure,adopted international principles of corporategovernance, and launched the process ofpreparation to the issuance of IPO. The volumeof trades at the KASE nearly doubled incompare to 2006.The overall volume of trades in all sectors of themarket achieved US$ 322.5 billion with the repomarket representing 65% of the total marketturnover.In 2008 the KASE plans to take rigorous anddecisive steps in fulfillment of its developmentstrategy adopted last year. The strategy isaimed at becoming a successful commercialentity adhering to internationally acceptedstandards and best practices essential forintegration of Kazakhstan’s securities marketinto the global financial system. Along thelines of this strategy, the KASE undergoesoperational and structural changes devoted tocommercialization and additional capitalizationof the Exchange. The Exchange would like toserve as an etalon of a joint stock company andissuer of securities in Kazakhstan setting anexample for other listed companies in terms ofcorporate governance, management andinformation transparency.Based on the original intentions highlighted inthe development strategy, as well as results ofthe recently conducted survey among themembers of the Exchange, the KASE isplanning to modify, develop and improve itsservices.In particular, the Exchange would like to expandthe range of financial instruments traded on theKASE, modify its listing requirements andsettlement procedures, develop and adopt theautomated system of information disclosure,modify its trading system, conduct the softwareand hardware upgrade, finalize and launch animproved version of the web-site, among otherthings.With new reforms, the KASE hopes to furtherdevelop Kazakhstan’s securities marketreaching high international standards,contribute to the overall economic developmentof the country, as well as promote developmentof the financial markets of the Central Asianregion.FUTURE OUTLOOKThe Kazakhstan Securities Market DevelopmentProgram adopted by the Kazakhstangovernment determined the main directions forfurther development of the equity market inKazakhstan. This program also established andprioritized program tasks directly related to theactivities of the KASE.With reference to the governmental program theKASE has elaborated 2007-2010 DevelopmentStrategy–a comprehensive document thatdescribes organizational and structural reforms,lists priority areas and phased approach, linkingidentified performance factors with strategicinitiatives and projects designed to develop andoptimize organizational activities.The essence of the strategy is further growth anddevelopment of “the KASE as a leading regionalfinancial market that enables investors from allover the world to trade a wide variety of financialproducts with minimal calculated risks accordingto the world’s best practices, as well as benefitfrom other accompanying services of the KASE.”The KASE has identified the following areas ofdevelopment:• Commercialization and corporate structure• Membership development• Financial instruments• Listing• Information availability about issuers ofsecurities and their activities• Technologies• Calculations• Regulating and supervising functions of theExchange• Tariff policy• Marketing and Public Relations• Location of the Stock Exchange• Organizational structure and HumanResources• Financial operations of the Stock Market.• CapitalizationCONTACT INFORMATIONContact Name Mr. Babenov BolatE-mail bolat@kase.kzWebsite www.kase.kzPAGE 58

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008KAZAKHSTAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 219.36 10.97 14.55 0.73Feb-08 246.96 11.76 29.08 1.38Mar-08 246.80 12.99 106.29 5.59Apr-08 118.17 5.37 8.06 0.37May-08 504.69 25.23 12.69 0.63Jun-08 366.98 17.48 3,422.18 162.96TOTAL 1,702.95 13.97 3,592.86 28.61BondsJan-08 12,264.92 613.25 12,196.62 609.83Feb-08 8,823.03 420.14 9,931.38 472.92Mar-08 8,955.15 471.32 10,527.33 554.07Apr-08 12,694.86 577.04 13,876.45 630.75May-08 9,835.93 491.80 8,325.73 416.29Jun-08 11,741.58 559.12 10,439.69 497.13TOTAL 64,315.46 522.11 65,297.20 530.16OtherJan-08 4,656.08 232.80 0.00 0.00Feb-08 5,621.40 267.69 0.00 0.00Mar-08 6,133.05 322.79 0.00 0.00Apr-08 8,143.79 370.17 0.00 0.00May-08 5,874.19 293.71 0.00 0.00Jun-08 8,354.63 397.84 0.00 0.00TOTAL 38,783.15 1,885.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 67,375.55 59,600.69 57,711.06 56,938.76 54,020.48 53,830.66Index 2,708.14 2,609.43 2,545.79 2,640.83 2,567.35 2,637.02PRACTICES & PROCEDURESTradingDaysMonday-FridayHours Stocks and bonds 11:30-17:00Foreign exchange 10:15-11:00 and 11:30-15:30 and14.00-18.00Derivatives 10:30-17:00State securities 11:30-18:00Market segmentation First, second, third markets, bonds, off floortransactions, foreign securities allowedSystemAutomated, remote access, depository link, datadissemination, reporting facilities, WANMechanismsCall auction, continuous auction, primary market,price fixingMarket-maker/Specialists YesInstrumentsStocks, government bonds, repo, foreign exchange,derivativesCurrencyLocalReal time information Trading information, best bid/ask, last price, totalvolume, high/low, averageClearing & SettlementCentral Depository YesPeriod T+0RegisteredYesSettlementBook entryClearingTransaction by transactionDVPFull DVPClearing Institution NoRisk SharingNoMargin/LendingNoCustodiansIndividuals, institutional investors, brokerage houses,banks exchange members, market makersTaxesCash Dividends 15%Interest Income 15%Capital Gains 0%Structure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationNon profit companySelfThe State Agency for FinancialSurveillance and ReportsStocks - regulatory responsibilityYes, electronicIndependent agentsYesNoN/ANo limitationsYes, restrictedPAGE 59

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008KYRGYZ STOCK EXCHANGEIn 2007 trading volume of the Kyrgyz StockExchange increased by 32.4% incomparison with 2006.Altynbek AlymkulovPresidentIn 2007 trading volume of the Kyrgyz StockExchange (KSE) increased by 32.4% incomparison with 2006, and the total quantity ofthe transactions increased by 79.1%.FUTURE OUTLOOKPriorities for the KSE in 2008 are:• Continuing work on the introduction of acryptographic information security system to beused in the process of trading;• Development of uniform rules of listing anddelisting in KR;• Continuing the work on engaging Kyrgyzcompany securities KSE listing;• Continuing participation in the Privatizationprogram–sell / buy securities owned bygovernment on the KSE; and realization of theproject, Organizing state securities trading onthe KSE.CONTACT INFORMATIONContact Name Mr. Mahmud UsuphanovE-mail mahmud@kse.kgWebsite www.kse.kgPAGE 60

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008KYRGYZ STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 4.1393 0.2179 1.2339 0.0649Feb-08 0.7367 0.0351 1.6253 0.0774Mar-08 43.0113 2.1506 10.7482 0.5374Apr-08 1.7911 0.0814 7.5255 0.3421May-08 7.4203 0.3905 21.7915 1.1469Jun-08 26.1847 1.0474 25.224 1.009TOTAL 83.28 0.65 68.15 0.53BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 158.69 145.28 144.97 148.22 144.30 149.84Index 125.40 116.75 152.40 157.09 152.29 125.64PRACTICES & PROCEDURESTradingDaysMonday-FridayHours 9:00-18:00Market segmentation Primary stock market, secondary stock market,primary bond market, secondary bond marketSystemFully automatedMechanismsPrimary market (floatation), Secondary Marketcontinuous exchange auctionMarket-maker/Specialists NoInstrumentsStocks, Bonds and treasury billsCurrencyLocalReal time information Last price, last volume, total volumeClearing & SettlementCentral DepositoryPeriodRegisteredSettlementClearingDVPClearing InstitutionRisk SharingMargin/LendingCustodiansNo, a separate entity the Kyrgyz Central Depository(CD) and its Settlement BankT+3 (for market transactions)T+0 (for registration transactions)YesBook entryTransaction by transactionYesYes, Central DepositoryYesNoBrokerage houses and Central DepositoryTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriation0% (for residents), 10% (for nonresidents)10% (for residents, except banks),10% (for non-residents)Add to the annual income for taxcalculation Profit tax: 20% (forresidents), 30% (for non-residents)Close Joint Stock CompanySelfKyrgyz RepublicKyrgyz Stock ExchangeYesIndependent agentsYesYesNo restrictionsNo limitationsNo restrictionsPAGE 61

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008LAHORE STOCK EXCHANGEThe LSE is expeditiously working on itscorporatization and demutualization. Thecompletion of process of demutualizationhas been targeted by 31 December 2008.Mian Shakeel AslamActing Managing DirectorPakistan’s economy shows increasing signs ofstress and remained under pressure duringthe period under review. Envisagedmacroeconomic budgetary targets for financialyear 2007-08 were missed. The economy ispassing through a challenging period andfacing problems such as inflation, budgetdeficit, trade deficit, weakening rupee, rising oilprices, energy crisis and law and order issues.However, despite the deterioration, it is alsoimportant to note that as a result of structuralreforms and liberalization measures over thelast fifteen years, the economy hasfundamentally gained resilience.The positive development on political front isexpected to catalyze the investor confidenceand pave way for a better investment climatein the near future. This will also allow ourcapital market to offer better returns toinvestors based on their current price/earningsmultiple discounts when compared to otherregional market.The market remained unstable during theperiod under review. LSE-25 Index showed abullish trend in the first quarter and aftertouching the bottom at 4212.25 points on 2January 2008 started to gain momentum toreach the height of 4945.79 points on 26February 2008. In the second quarter of year2008 market remain volatile, it started todecline and touch the bottom of 3511.18points on June 23, 2008. In the third quarterthe market remain bearish to as index closedat 3292.99 points on 15 August 2008.As of 15 August 2008 the market capitalizationof the Lahore Stock Exchange (LSE) was US$38.722 billion. The average daily turnover ofshares remained 18.968 million shares with anaverage daily value of shares traded of US$29.478 million. The LSE listed 1 company, 6open-end mutual funds and 2 term financecertificates during the period under review.The LSE is expeditiously working on itscorporatization and demutualization. Thecompletion of process of demutualization hasbeen targeted by 31 December 2008.Demutualization will give the Exchange theroom to expand and to take up joint ventureswhich are probably not possible in mutualizedexchange. Integration of exchanges is alsobeing considered and is likely afterdemutualization.FUTURE OUTLOOKWith the advent of technology; approximately49% of the trading volume is being generatedthrough remote trading terminals. It is alsobecause of technology that the LSE was able toestablish trading floors in other cities as well.The LSE has trading floors in the cities ofFaisalabad and Sialkot and is now consideringopening trading floors in Multan and Peshawaras well.Introduction of index trading and derivativesproducts such as options and swaps and otherproducts will increase the products offered bythe exchange, giving investors more choicesand hence increasing trading activity of theexchange.CONTACT INFORMATIONIntegration of the exchanges is also beingconsidered and is likely after demutualization.Another concept that will help greatly inexpanding investor base is cross listings andGDRs. Work is underway in this regard.In 2008 Lahore Stock Exchange plans to:• continue with its strategy of increasing itsgeographical outreach through the use ofinformation technology in order to attract highertrading volumes;• phase-out of Carry-Over Trading and itsreplacement with Margin-Trading and othermodes of financing;• frame a strategy for the demutualization andintegration of the stock exchanges of Pakistanin the interest of the Exchange and capitalmarkets of the country;• enhance trading in the derivatives marketand introduce Stock and Sector Index Futures;• replace existing exposure monitoring systemwith Value at Risk Margin System in line withglobal practices;• Market BrokerNet - Broker hosted InternetStock Trading Solution;• promote and market the indigenouslydeveloped trading software i.e. Ultra Trade andrelated systems to other stock exchanges;• implement a regular timetable for the BrokerSystem Audit, in order to build investors’confidence; and• strengthen the surveillance function of theExchangeContact Name Mr. Amir RazakhanE-mail amir@lahorestock.comWebsite www.lahorestock.comPAGE 62

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008LAHORE STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 941.64 40.94 642.59 27.94Feb-08 888.79 46.78 515.45 27.13Mar-08 726.48 36.32 451.43 22.57Apr-08 849.66 38.62 488.78 22.22May-08 487.72 23.22 310.37 14.78Jun-08 339.15 16.15 254.92 12.14TOTAL 4,233.43 33.67 2,663.53 21.13BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 64,172.31 69,042.02 65,886.48 63,313.56 50,430.20 51,377.63Index 4,457.31 4,841.66 4,695.82 4,648.50 3,826.86 3,868.79PRACTICES & PROCEDURESTradingDaysMonday-FridayHours Monday-Thursday, 09:45 - 14:15 ; Friday, 09:30 -12:00 & 14:30 - 16:00CFS release: Monday-Thursday, 13:30 -15:00 ;Friday, 13:30 - 16:30Open market CFS: Monday-Thursday, 15:30 - 16:30 ;Friday, 16:45 - 17:30Market segmentation 4 segmentsSystemAutomated trading, clearing & settlement, depositorylink, data dissemination, reporting facilities, internetservices, WANWANMechanismsContinuous auctionMarket-maker/Specialists NoInstrumentsOrdinary Shares, Preference Shares, ModarabaCertificates, Government Bonds/Securities, TermFinance Certificates (TFC)CurrencyPakistan RupeesReal time information Best bid/ask, last price, last volume, total volume,listed company announcementsClearing & SettlementCentral DepositoryPeriodRegisteredSettlementClearingDVPYesT+3, T+1 smf Giyitrd VpmytsvydYesBook entryNettingNo, 1 day or more difference between payment anddeliveryClearing InstitutionRisk SharingMargin/LendingCustodiansYes, wholly ownedYesYesIndividuals, institutional investors,brokerage houses, banks,exchange membersTaxesCash Dividends 10%Interest Income 10%Capital Gains Exempt until 2007Structure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationCompany Limited by Guarantee,without share capitalSelfSecurities & Exchange Ordinance1969 and Rules framed there under,Companies Ordinance 1984ExchangeYes, electronicCentralizedNoYesAllowed, No restrictionsNo limitationsNo restrictionsPAGE 63

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MACEDONIAN STOCK EXCHANGEIvan SterievCEOIn 2007, the total turnover of theMacedonian Stock Exchange was a recordbreaking US$ 990 million, 4.5% higher thanthe combined turnover in 2005 and 2006.2007 was an extraordinary year for theMacedonian Stock Exchange (MSE). The totalturnover of the MSE was a record breakingUS$ 990 million. The turnover in 2007 is 4.5%higher than the combined turnover in 2005and 2006.More detailed analysis of the turnover showsthe quality level of the MSE performance in2007: trading in equities through BEST tradingsystem reached about US$ 683.7 million whichindicates 237% increment compared with thesame figure in the 2006. The total number oftransactions executed in 2007 (141.984)increased by 168% compared to 2006 and it isalmost equal with the number of transactionsperformed on the MSE during the previous 6years combined.At the end of the year 38 companies werelisted on the Official market with marketcapitalization of around US$ 2.7 billion, whichcompared with 43 companies listed at the endof 2006 with market capitalization of US$ 1.2billion means an increment of 122%. Until31 December 2005 all companies that fulfilllisting requirements were obliged to be listedon the MSE Official market, but since January2006, listing is on a voluntary base.The MSE index, MBI-10, started the year at3.812 points and then increased the highestlevel in the history of the MSE on 31 August2007 (10.057,77 points) and ended the year at7.740,79 points which indicates increment of109%. This is the third year in a row with anascending trend of the MBI-10 index (2.292,04points in 2005 and 3.702,54 points in 2006).During 2007 a few takeovers become effective,especially in the banking sector with theentrance of French, Icelandic and Bulgariancapital.By the end of the year four exchanges fromthe region (the Belgrade, Macedonian, Zagreband Ljubljana stock exchanges) signedMemorandum of Partnership. This documentwill contribute to closer cooperation in thepromotion of the regional market, internationalpromotion of regional issuers and productsand further development of regional products,services and members.FUTURE OUTLOOKFor the MSE 2007 was extremely successfulyear with extraordinarily high turnover; marketcapitalization was three times higher than 2006and the official stock index MBI-10 reached itshighest level ever.In 2008 the Macedonian securities market willbe more influenced by non-economic factors.Expectations that Macedonian admission inNATO will resolve positively, determination ofthe date for starting the negotiations with EU forMacedonian membership, as well as resolvingof Kosovo’s status of independence will havesignificant influence over the economy of thecountry and will influence future trends on thecapital market.In 2008 we expect that the presence of foreigninvestment funds, as well as appearance ofseveral new domestic funds will contribute tothe improvement of the demand side of thesecurities market.The MSE will promote a few changes andamendments in the Listing Rules that willintroduce higher standards for disclosure forthe companies on the Exchange Listings.Through various forms of cooperation with otherregional exchanges the MSE will be involved inthe processes of the promotion of regionalmarkets and international promotion of issuersand products in order to attract international aswell as regional investors.CONTACT INFORMATIONContact Name Mr. Milco KupevE-mail mse@mse.com.mkWebsite www.mse.com.mkPAGE 64

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MACEDONIAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 15.1068 0.7194 0.2468 0.0118Feb-08 21.1248 1.0059 0.3642 0.0173Mar-08 24.6827 1.2341 0.4529 0.0226Apr-08 17.5155 0.8758 0.4016 0.0201May-08 10.3383 0.4923 0.3398 0.0162Jun-08 13.3541 0.6677 0.4531 0.0227TOTAL 102.12 0.83 0.38 0.02BondsJan-08 2.9601 0.141 0.8624 0.0411Feb-08 1.0036 0.0478 0.7315 0.0348Mar-08 1.5476 0.0774 1.1329 0.0566Apr-08 1.9041 0.0952 1.3955 0.0698May-08 1.5174 0.0723 1.1015 0.0525Jun-08 1.9481 0.0974 1.4604 0.073TOTAL 10.88 0.09 6.68 0.05OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 2,560.36 2,583.63 2,574.38 2,183.77 2,157.42 1,876.59Index 7,106.99 7,056.08 6,707.40 5,815.12 5,751.32 4,885.99PRACTICES & PROCEDURESTradingDaysMonday -FridayHours 09:00-12:00Market segmentation Official and unofficial marketSystemRemote access, data dissemination, WANMechanismsCall auction, continuous auctionMarket-maker/Specialists NoInstrumentsStocks, bonds, government certificatesCurrencyLocalReal time information Brokerage houses, banksClearing & SettlementCentral Depository YesPeriod T+3RegisteredYesSettlementBook entryClearingTransaction by transactionDVPYes, full DVPClearing Institution YesRisk SharingNoMargin/LendingNoCustodiansBanksTaxesCash Dividends 15%Interest IncomeN/ACapital GainsNoStructure & RegulationsLegalFor profit-joint stock companyRegulationSelfSecurities market Regulatory institutions, SEC andregulationsExchangeTrading rulesExchange, government institutionSurveillanceYesCorporate actions CentralizedTrading halts regulations YesInvestor protection YesForeign ParticipationForeign investors YesInvestment limitations No limitationsPAGE 65

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MOLDOVAN STOCK EXCHANGEAs for dynamics of development, the year2007 is characterized by the increase of theexchange indicators.Dr. Corneliu DoduPresidentWithin the bounds of integration of theRepublic of Moldova in the European Union,with the purpose of the implementation of newinstruments in order to attract investments inthe country and for market integration; fruitfulwork has been completed in adopting newlaws and modifications of the existinglegislation on Stock Exchange Market in 2007.A new law has been approved regarding theNational Commission of Financial Market (it’screated the Megaregulator) and a newmember to the Administrative Board of thefinancial market has been assigned. The codeof corporate governance has beenimplemented. The new laws of audit andaccounting activities have been initialized, aswell as many normative and legislative acts inthis field. The essential modifications andadditions have been implemented regardingthe legislation of the securities market andlegislation of the join stock companies. Thus,the basis of the further development of thesecurities market has been incorporated in theRepublic. Implementation of a new instrumentsprocess has been developed with in thefinancial market as corporate bonds,sustained by government and all the country’sfinancial institutions in order to attract foreigninvestments.As for dynamics of development, the year2007 is characterized by the increase of theexchange indicators. The volume of theExchange market constituted 84% (US$ 106million) of general volume of secondarysecurities market (regarding the OTCexchangevolumes, only buy and selltransactions are taken into consideration), thisappears to be a record for this indicator. Oneof the most successful auctions of the yearwas the auction of selling public propertyshares in the amount of US$ 6.8 million wherethe securities of 83 join stock companies ofdifferent economic areas have been placed.The main factor in achieving the 2007 yearrecord indicator is transactions with banksshares. The most important transactions wereexecuted through public offerings: the tenderoffer with shares of commercial banks“Mobiasbanca” to the amount of US$ 37.5million, and “Unibank” to the amount of US$21.4 million. The increased demand for banks’securities has been reflected on their marketprice.In 2007, the process of reorganization of openendfunds in the process of liquidation hasbeen finalized; nowadays they no longer existas professional participants of the financialmarket.The main reason for these modifications arethe development of a transparent and liquidsecurities market, which will encouragedomestic and foreign investors to acceleratetheir activity in the Moldovan Market.FUTURE OUTLOOKWithin the bounds of integration of TheRepublic of Moldova in the European Unionwith the purpose to implement of newinstruments for attracting investments in thecountry and markets integration, in 2007 hasbeen done a fruitful work in adopting new lawsand modifications of the existing legislation onStock Exchange Market. It has been approveda new law regarding the National Commissionof Financial Market (it’s created the Megaregulator) and it has been assigned a newmembership of the Administrative Board of thefinancial market. The code of corporategovernance has been implemented. The newlaws of audit and accounting activities havebeen initialized, as well as many normative andlegislative acts of this field. It has beenimplemented the essential modifications andadditions in the legislation of securities marketand legislation regarding join stock companies.Thus, the basis of the further development ofthe securities market is incorporated in theRepublic.It has been initialized the process ofimplementation of new instruments of financialmarket as corporate bonds, sustained bygovernment and all the financial institutions ofthe country in order to attract foreigninvestments. In present, all the open-endfounds created at the beginning of privatizationare in the process of liquidation, except 6Investment Founds, which have beenreorganized in commercial enterprise with nolicense for activity on financial market. They areexpecting the legislation regarding the holdings.Thereby, it has been adopted the basis offuture development of Moldovan financialmarket. Securities on Moldovan market stillpresents a high interest for local investors aswell as for foreign investors, that leads to theincreasing volume of securities liquidity andpositive tendencies in the market development.CONTACT INFORMATIONContact Name Mr. Serghei IstrateE-mail serghei.moldse@gmail.comWebsite www.moldse.mdPAGE 66

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MOLDOVAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 4.61 0.26 3.26 0.18Feb-08 8.50 0.39 2.79 0.13Mar-08 7.64 0.36 5.27 0.25Apr-08 1.37 0.07 1.08 0.05May-08 1.67 0.09 2.96 0.16Jun-08 8.86 0.42 12.35 0.59TOTAL 32.65 0.26 27.71 0.23BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization* (US$ millions) 0.00 0.00 0.00 0.00 0.00 0.00Index 0.00 0.00 0.00 0.00 0.00 0.00PRACTICES & PROCEDURES* MSE recalculated its market cap. data is not availableTradingDaysMonday-FridayHours 10:00-15:00Market segmentation First market, second marketSystemAutomated, depository link, data dissemination, WANMechanismsCall auction, price fixingMarket-maker/Specialists NoInstrumentsStocksCurrencyLocalReal time information min/max price, total volumeClearing & SettlementCentral Depository YesPeriod T+3RegisteredYesSettlementBook entryClearingNettingDVPNoClearing Institution Yes, National Depository of SecuritiesRisk SharingNoMargin/LendingYes/YesCustodiansBanksTaxesCash Dividends 15%Interest IncomeN/ACapital Gains14% for local investorsStructure & RegulationsLegalNon-for-profitRegulationSelfSecurities market Exchange with regulationregulationsinstitutionsTrading rulesExchangeSurveillanceYes, electronicCorporate actions CentralizedTrading halts regulations YesInvestor protection YesForeign ParticipationForeign investors No restrictionsInvestment limitations No limitationsRepatriationNo restrictionsPAGE 67

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MONGOLIAN STOCK EXCHANGEIn 2007 the Mongolian Stock Exchange hasaccomplished far successful results than ithas ever before.Rentson SodkhuuChairman and CEOOn behalf of the Mongolian Stock Exchange(MSE), I greet the honorable reader andcolleagues, professionals and with allparticipants of securities market all over theworld.I am delighted to inform you that in 2007 theMSE has accomplished more successful resultsthan it has ever before. The trading volume forstocks increased by 4.9% and the total value ofbond trading was increased by 7.5 times overthe previous year, during the same period.Market capitalization of the listed companiesreached US$ 612.214 million which represent a5.5 times increase. By the end of 2007, theMSE’s top-20 index reached to 10,256.13,which is higher by 5.1 times from the sameperiod of the previous year.Highlights of our accomplishments of the yearcan be noted as follows:• Renewed Trade Regulation and MSE ListingRule• “Dornod Autozam”, “Hai Bi Oil”, “Olloo” and“Tuul-Songino usni Noots” joint stockcompanies were listed on the MSE and issuedsecurities• “Bats”, “Ci Ci Pi”, “Global Asset”, “Frontier”,“Bloomsbury Securities” broker dealercompanies were listed on MSE• A Memorandum of Understanding agreementwith Hong Kong Exchange was signed. We alsoshared opinions and agreed to cooperate interms of “Mongol Bond” project with the TaiwanGreTai Stock Exchange and signed letter ofIntent on implementing the MSE technology,software reform and human resource capacitybuilding” project with the Korea StockExchange• Negotiating on Information Distributionagreement with Bloomberg and Reutersagencies in order to disseminate the MSE’sinformation to the rest of the world• Participated at both international anddomestic seminars, trainings and organizedseminars and trainings with foreign specialists.Today the MSE is putting increased emphasison its operations, by improving its securitiestrading system, technology to providebeneficial, transparent, confident tradingenvironment also in educating investors, issuersand participants of the securities market,moreover to establish and co-operate with otherforeign exchanges and other professionalorganizations in order to improve our operationsand strategies into the international standard.FUTURE OUTLOOKIn 2008, the MSE will focus on achieving thefollowing goals:• influence and assist in developing thesecurities market legal environment• create new products• strain the listed companies by monitoringinspecting implementation of the rules andregulations• reform IT systems and operating technologiesof the stock exchange• change proprietary/ownership form of thestock exchange• strengthen the human resource capacity• increase information coverage anddistributionCONTACT INFORMATIONContact Name Ms. J. ErdenbilegE-mail erdenbileg@mse.mnWebsite www.mse.mnPAGE 68

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MONGOLIAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 3.03 0.14 11.37 0.52Feb-08 1.65 0.08 3.58 0.18Mar-08 3.20 0.15 5.98 0.28Apr-08 2.71 0.12 3.39 0.15May-08 22.18 1.01 55.62 2.53Jun-08 4.28 0.20 17.11 0.81TOTAL 37.06 0.28 97.05 0.75BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.43 0.43 0.05 0.05May-08 0.00 0.00 0.00 0.00Jun-08 1.27 0.42 0.02 0.01TOTAL 1.70 0.14 0.07 0.01OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 672.71 723.25 761.80 723.01 714.75 702.76Index 10,773.89 12,085.41 12,668.94 12,445.78 11,366.43 10,318.79PRACTICES & PROCEDURESTradingDaysMonday-FridayHours Equity Market: 11:00 - 12:00Bond Market: 11:00 - 12:00Market segmentation N/ASystemAutomated, depository link, data dissemination,reporting facilities, WANMechanismsCall auction, continuous auctionMarket-maker/Specialists NoInstrumentsStocks, government and company bondsCurrencyLocalReal time information Best bid/ask, last price, last volume, total volume,order bookClearing & SettlementCentral Depository YesPeriod T+1RegisteredYesSettlementBook entryClearingTransaction by transactionDVPYes, full DVPClearing Institution YesRisk SharingNoMargin/LendingNoCustodiansIndividuals, institutional investors, brokerage houses,banks, exchange membersTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationN/AN/AN/AProfit CompanySelfExchange with the regulatoryinstitutionExchangeYesCentralizedYesNoAllowed, No restrictionsNo limitationsNo restrictionsPAGE 69

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MONTENEGRO STOCK EXCHANGEContinuous development of our market isthe basis of the future of the MSE, a futurein which the MSE strongly believes.Dejana Suskavcevic, MACEO2007 showed that everything is possible,prices of securities can go in both directions.People can earn or lose money. 2007 definitelyshowed that stock market fever is not atemporary thing but the most exploited topic,and that proves the need for investing in all ofus. After the first several months, and anincredible increase of MOSTE index by 250%(period from the beginning of January-May7th) we had a decrease but stabilizationof prices, which almost kept still during therest of the year. But generally, the index in2007 increased by 77% over 2006.We did much for the education of investors,minority shareholders, and the media. Weinstalled a new web site for the stockexchange with information about financials ofall traded companies, corporate activities ofcompanies, indicators, analytical informationand information about trading, etc.The previous year exhibited that whathappened on the stock exchange is in directrelation with the political status of the country,the macro-economic situation and accessionand membership in numerous internationalinstitutions.In the last part of 2007 the MSE achievedgreat results. Transactions of EUR 280 millionthrough almost 80,000 transactions haveproved that all expectations have been met. ADocument of Association with the Stockmarket of Vienna was signed, as well as manyother activities with institutions from abroadwere coordinated. We had the goal ofestablishing of our market on the internationalmap in order to attract more new investments,as well in order to introduce new marketmaterial. 2007 ended with 28 companies beinglisted; this in turn compares very well in light ofthe statistics of more developed markets.In 2008 I expect a very dynamic atmosphereon the stock exchange. Incorporation of newinstitutional investors, investment and pensionfunds, new stock market mediators withforeign property, and the interest of foreigncompanies to be listed on the MSE, followedby the announcement of the issuing ofcorporate bonds, with an attractive tax policyfollowed by appropriate legal regulation, is thebasis of the development path of the capitalmarket of Montenegro. Continuousdevelopment of our market is the basis of thefuture of the MSE, a future in which the MSEstrongly believes.FUTURE OUTLOOKIn 2008, the MSE has the following plans:• We will introduce Codex of CorporateGovernance in corporation with IFC.• Performance of project signed at the end oflast year with the Montenegrian-Italian companyJadran Most regarding to the implementationstandards of the EU in the sphere financialreporting, and accounting items of companies.• We will get first short term securities issuedby companies.• The MSE will organize the Second AnnualConference.• We will become a member of the WorldFederation of Stock Exchanges.CONTACT INFORMATIONContact Name Mr. Nedeljko SuskavcevicE-mail mberza@cg.yuWebsite www.montenegroberza.comPAGE 70

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MONTENEGRO STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 5.85 0.34 3.02 0.18Feb-08 13.51 0.64 4.43 0.21Mar-08 18.05 0.86 9.62 0.46Apr-08 10.73 0.60 4.58 0.25May-08 5.26 0.29 2.34 0.13Jun-08 10.67 0.51 3.26 0.16TOTAL 64.07 0.54 27.25 0.23BondsJan-08 0.08 0.00 0.18 0.01Feb-08 0.96 0.05 1.66 0.08Mar-08 1.66 0.08 2.42 0.12Apr-08 0.40 0.02 0.67 0.04May-08 0.55 0.03 0.92 0.05Jun-08 0.19 0.01 0.28 0.01TOTAL 3.83 0.03 6.13 0.05OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 5,200.86 5,571.78 5,189.57 4,580.52 4,372.97 4,003.53Index 1,450.44 1,446.50 1,215.25 1,051.01 927.95 769.21PRACTICES & PROCEDURESTradingDaysMonday-FridayHoursEquities: Continuous Trading 9:00am-2:00pmBonds: Continuous Trading 9:00am-2:00pmMarket segmentation Official market (Listing A/Listing B), Free ExchangemarketSystemAutomated electronic trading system: MSETS(Montenegro Stock Exchange Trading System),remote accessMechanismsContinuous Trading MethodMarket-maker/Specialists NoInstrumentsShares and Old Currency Savings BondsCurrencyEURReal time information Market depth and basic data, Exchange members,Data vendorsClearing & SettlementCentral Depository YesPeriod T+3RegisteredN/ASettlementBook EntryClearingTransaction by transactionDVPYesClearing Institution Yes, same as settlement and depository institutionRisk SharingYesMargin/LendingNoCustodiansYesTaxesCash Dividends 15%Interest IncomePersonal income tax in Montenegrois progressively based on the levelof income.Capital GainsNo tax on capital gain if ownerkeeps equities for two years orreinvests capital gain in the capitalmarket.STRUCTURE & REGULATIONSLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationJoint Stock CompanySecurities and ExchangeCommissionExchange with SECExchange (SEC approval)Exchange - online and offlineMixedYes, ban of tradingYesNo restrictionsNo limitationsNo restrictionsPAGE 71

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MUSCAT SECURITIES MARKETAhmed Saleh Al-MarhoonDirector GeneralWe are continuously working on developingand operating an efficient and transparentsecurities market to the best standardsexpected by our local and foreign investors.We believe that exchanges that adhere togood governance, greater transparency andgreater accountability, are able to fosterinvestors’ confidence as well as creating anattractive investment environment.We at Muscat Securities Market (MSM),however, have devised a comprehensive roadmap that enables us to build capacity andpromote sustainable capital marketdevelopment strategy specifically aimed atimproving access to the regional andinternational capital markets.The MSM recently revised its legislationwith respect to listing, trading andclearance and settlement regulations toenable the MSM cater for our marketdemand.In view of the above the MSM recently revisedits legislation with respect to listing, tradingand clearance and settlement regulations toenable the MSM to cater to our marketdemand.We are endeavoring to strengthen ourexperience for a more scientifically built stockmarket.FUTURE OUTLOOK• Diversification of our investment tools.The MSM is now in the process of listingExchange Traded Funds (ETFs)• Activating the Primary Market for new issues.• Improving our technological systems to copethe development in the trading, clearance andsettlement operations.• Transformation of family enterprises intopublic joint stock companies.• Increasing investment funds which arespecialized in dealing on securities.• Attracting foreign investments.CONTACT INFORMATIONContact Name Mr. Talal H. Al NassebE-mail talal21@msm.gov.omWebsite www.msm.gov.omPAGE 72

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MUSCAT SECURITIES MARKETOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 923.19 41.96 422.95 19.23Feb-08 664.55 33.23 319.92 16.00Mar-08 835.50 37.98 397.65 18.08Apr-08 1,084.19 49.28 559.24 25.42May-08 749.83 35.71 362.45 17.26Jun-08 1,799.76 81.81 734.51 33.39TOTAL 6,057.02 46.66 2,796.73 21.56BondsJan-08 0.36 0.00 0.10 0.00Feb-08 0.13 0.00 0.05 0.00Mar-08 4.39 0.00 0.06 0.00Apr-08 1.57 0.00 0.59 0.00May-08 2.94 0.00 0.63 0.00Jun-08 2.94 0.20 0.35 0.02TOTAL 12.34 0.03 1.77 0.00OtherJan-08 0.39 0.03 0.39 0.03Feb-08 161.76 10.78 54.98 3.67Mar-08 39.72 2.65 8.07 0.54Apr-08 50.39 3.36 14.31 0.95May-08 64.60 4.31 15.31 1.02Jun-08 64.60 4.31 102.82 6.85TOTAL 381.48 4.24 195.87 2.18Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 26,392.94 29,458.07 28,126.24 31,197.61 12,353.90 32,518.80Index 9,172.11 10,362.81 10,102.57 11,210.97 11,554.69 11,323.04PRACTICES & PROCEDURESTradingDaysSunday-ThursdayHours Regular market 10:00-11:00Parallel & bond markets 11:30-12:30Third market 12:35-12:55Market segmentation Regular market, parallel & bond markets, thirdmarket, OTCSystemAutomated electronic trading systemMechanismsContinuous auctionMarket-maker/Specialists N/AInstrumentsShares, commercial & government bonds, MutualfundsCurrencyLocal (Omani rial)Real time information Best bid/ask, last price, last volume, total volume,order book, listed company announcementsClearing & SettlementCentral Depository Muscat Depository & Reg. Co SAOC (MDSRC)Period T+3RegisteredYes, automatedSettlementBook entryClearingElectronic clearing linked with MDSRCDVPNoClearing Institution Clearing Dep. at MSM linked with MDSRCRisk SharingNoMargin/LendingNoCustodiansHSBCTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationNo taxesNo taxesNo taxesGovernment independent legalentitySelfRegulatory institutions, exchange,and market participants jointlyResponsibility of ExchangeYes, electronicEquity (centralized), fixed income(centralized)YesYesAllowedNo limitationsNo restrictionsPAGE 73

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008PALESTINE SECURITIES EXCHANGEThe year 2007 witnessed prominentpresence of the PSE on many levels.Dr. Hasan Abu-LibdehChairmanThe Palestine Securities Exchange (PSE)celebrated the 10th Anniversary of the FirstTrading Session that took place on 18 February1997. On that significant date, the first stockexchange for trading securities was establishedin Palestine.For a whole decade, the PSE has proven to beup to the challenges resisting an unsmootheconomic and political reality with a high levelof commitment to its goals and to thedevelopment of an enabling investmentenvironment.In spite that the value of traded stocksdecreased during 2007–consequently the valueof trading is dropped down–due to the politicalsituation, trading activity is considered to bebetter than the year 2006 in terms of theamount of stocks traded and number oftransactions executed.The year 2007 witnessed the prominentpresence of the PSE on many levels.The PSE was able to enhance its role locally byreinforcing principles of transparency,investment culture and good governance. ThePSE convened the “First Annual PalestinianCapital Market Forum” in September 2007which gained everyone's recognition for its highlevel of organization, the high quality ofpresented papers and vast participation. TheForum was under the auspices of hisExcellency, the President Mahmoud Abbas andthe presence of the Palestinian Prime MinisterSalam Fayyad.In 2007, the PSE issued the "Companies Guide"for the first time in its history. It has alsolaunched the e-trading service where it was thefourth Arab exchange to do this. Moreover, thePSE produced a documentary film in Arabicand English to attract foreign investments andthe production of the film was completed duringa road-show project in Dubai.The PSE is very proud of its listed companiesachieving 100% disclosure in the year 2007.Disclosure represents the most important pillarof the stock exchange and one of the importantconditions of fair trading.The year 2007 also witnessed distinctivedevelopments in terms of the InvestorEducation Program, networking withstakeholders, and active participation in theactivity of companies' governance in Palestine.The PSE also supported the Palestiniancommunity in the year 2007 by supporting theeducation sector.Today we see a locally, regionally andinternationally recognized institution thatcompetes with many other stock exchangeswith more conducive working environments.Our common values will always be goodgovernance, transparency, efficiency, fairness &equal opportunities. We ask the almighty Godto help us in providing a suitable and betterinvestment future for Palestine.FUTURE OUTLOOKThe PSE is currently preparing its five-year planas it ushers into its second decade, settingforth strategic goals to provide an environmentof equitable trading, increase investmentopportunities, and prospects for listedcompanies. It will diversify its financialinstruments and focus on the development ofhuman resources and administrative upgrading.It will additionally dedicate more effort toimprovement of the legal environment, workingmechanisms, disclosure, transparency, listingand keeping up with the latest developmentstogether with investment awareness,communication and an electronic tradingenvironment.CONTACT INFORMATIONContact Name Ahmad AweidahE-mail ahmad.aweidah@p-s-e.comWebsite www.p-s-e.comPAGE 74

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008PALESTINE SECURITIES EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 140.04 7.37 37.35 1.97Feb-08 78.33 3.92 23.56 1.18Mar-08 138.77 6.61 45.73 2.18Apr-08 234.39 10.65 57.14 2.60May-08 182.78 9.14 42.81 2.14Jun-08 122.33 5.56 37.10 1.69TOTAL 896.64 7.21 243.69 1.96BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 2,737.29 2,748.73 2,958.39 3,186.50 3,143.49 3,117.51Index 596.09 599.69 622.22 714.00 696.70 688.58PRACTICES & PROCEDURESTradingDaysSunday-ThursdayHours Pre-opening 9:45 - 10:00, Regular market 10:00 -12:00Market segmentation Regular market, odd lot market, sell-out market, offfloor transactionsSystemFully automated, depository link, remote access, datadissemination, WANMechanismsOrder-driven continuous auctionMarket-maker/Specialists NoInstrumentsStocksCurrencyJOD and US$Real time information Best bid/ask, last price, last volume, total volumeClearing & SettlementCentral Depository YesPeriod T+3RegisteredYesSettlementBook entryClearingNettingDVPYesClearing Institution Yes, wholly ownedRisk SharingNoMargin/LendingNo/yesCustodiansBanksTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationExemptedN/AExemptedPrivate companySelfExchange with Finance MinistryapprovalExchangeYesCentralized (except cash dividends)NoYesAllowedNo limitationsNo restrictionsPAGE 75

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008SARAJEVO STOCK EXCHANGEZlatan DedicGeneral ManagerIn its sixth year of operation the Sarajevo StockExchange (SASE) has accomplished excellentresults in trading of shares. There are severalexamples that confirm this, but the mostillustrative one is the total turnover in 2007EUR 651 million which is more than theturnover in 2006 and 2005 combined.In 2007, we have analyzed all investor’sobstacles and started removing them. Aboveall we wanted to adequately show investorsthat our capital market is worthy for them andoffers substantial returns on their investments.The access to more information was enabledwith new data available on the new CapitalMarket of the Federation of Bosnia andIn 2007, we have analyzed all investor’sobstacles and started removing them.Above all we wanted to adequately showinvestors that our capital market is worthyfor them and offers substation returns ontheir investments.Herzegovina web portal, a joint project of theSASE, Securities Commission and CentralRegistry. Our openness to investors drew theirattention and gave incentive and confidence tothe capital market in the Federation of Bosniaand Herzegovina.There were 4 mutual funds founded in 2007,with several others currently in preparation.Also we expect the pension reform to bringadditional demand to the market. We hopethat the adoption of the new Security MarketLaw expected for 2008 will give the marketmore options for further expansion. One morereason for greater investor’s interest in capitalmarket in the Federation of Bosnia andHerzegovina is the announcement ofinfrastructure projects especially in energy,telecommunication and road constructionsectors, and announcement for privatization ofcompanies who are the pillars of the Bosnianeconomy. All these factors will ensure successfrom 2007 will continue into 2008 where theSASE will again exceed all expectations.FUTURE OUTLOOKThe SASE expects the excellent results from2007 to continue into the next year togetherwith the accomplishment of greater efficiencyand transparency of the Capital Market in theFederation of Bosnia and Herzegovina. TheSASE future outlook for 2008 includes followingactivities:• Continuation of privatization of the Stateowned capital through the SASE.• Creation of the joint index of the SASE andBanja Luka Stock Exchange.• Issuance of the government bonds whichwould activate SASE trading platform for bonds.• Continuing to list strategic companiescurrently on the SASE Free Market to the SASEOfficial Market.• Creation of the SASE Official Market index.• Introduction of free-float methodology for allstock exchange indicators and statistics.• Development of a corporate governancecode with assistance from International FinanceCorporation (IFC) with the intent to increasecorporate culture of local issuers.• Attract new issuers through Initial PublicOffers.• Issuance of new publication titled InvestorsGuideCONTACT INFORMATIONContact Name Mr. Goran KahvedzicE-mail goran.kahvedzic@sase.baWebsite www.sase.baPAGE 76

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008SARAJEVO STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 21.39 1.02 1.59 0.08Feb-08 25.40 1.21 1.28 0.06Mar-08 13.82 0.69 0.96 0.05Apr-08 22.71 1.03 1.39 0.06May-08 13.99 0.70 1.16 0.06Jun-08 21.37 1.02 1.43 0.07TOTAL 118.68 0.94 7.80 0.06BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 10,727.60 10,598.62 9,318.32 9,626.29 10,172.10 9,225.64Index 5,568.79 5,336.38 4,259.39 4,499.06 4,656.10 4,171.97PRACTICES & PROCEDURESTradingDaysMonday thru ThursdayHours Monday thru Friday 9:00 -1:00Market segmentation The Free Market (OTC) lists 476 companiesOfficial Market lists 11 investment funds and 3companiesSystemElectronic trading system with remote access withfault tolerance and back-up facilities (Up to 2 secondresponse time), real time communication with backoffice, remote access, link with Central Depository,Dial Up, Leased Line and ISDNMechanismsCall Auction and Continuous TradingMarket-maker/Specialists NoInstrumentsStocksCurrencyLocalReal time information Best bid/ask, Last Price, Last Volume, Total Volume,Order BookClearing & SettlementCentral Depository YesPeriod T+3RegisteredYesSettlementBook entryClearingTransaction by transactionDVPFull DVPClearing Institution Central RegistryRisk SharingNoMargin/LendingNoCustodiansCentral Registry and Brokerage HousesTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationNoNoNoJoint Stock Company with SpecialStatusSelfRegulatory Institution(s) without theparticipation of the Exchange andby the Exchange, with theRegulatory Institution(s) approvalExchangeYes, electronic and continuousCentralizedBan on trading, Suspension ofofficial listingCompensation through legal orcontractual rightNo restrictionsNo limitationsNo restrictionsPAGE 77

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008STATE COMMODITY & RAW MATERIALS EXCHANGE OF TURKMENISTANThe exchange is one of the most important domestic economicinstitutions to date and acts as the main body for import andexport operations in the country as well as a government regulator.FUTURE OUTLOOKThe SASE expects the excellent results from2007 to continue into the next year togetherwith the accomplishment of greater efficiencyand transparency of the Capital Market in theFederation of Bosnia and Herzegovina. TheSASE future outlook for 2008 includes followingactivities:• Continuation of privatization of the Stateowned capital through the SASE.• Creation of the joint index of the SASE andBanja Luka Stock Exchange.• Issuance of the government bonds whichwould activate SASE trading platform for bonds.• Continuing to list strategic companiescurrently on the SASE Free Market to the SASEOfficial Market.• Creation of the SASE Official Market index.• Introduction of free-float methodology for allstock exchange indicators and statistics.• Development of a corporate governancecode with assistance from International FinanceCorporation (IFC) with the intent to increasecorporate culture of local issuers.• Attract new issuers through Initial PublicOffers.• Issuance of new publication titled InvestorsGuideCONTACT INFORMATIONContact Name Mr. Murad MuradovE-mail muradovma@exchange.gov.tmWebsite www.turkmenbusiness.orgPAGE 78

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008STATE COMMODITY & RAW MATERIALS EXCHANGE OF TURKMENISTANPRACTICES & PROCEDURESTradingDaysHoursMarket segmentationSystemMechanismsMarket-maker/SpecialistsInstrumentsCurrencyReal time informationClearing & SettlementCentral DepositoryPeriodRegisteredSettlementClearingDVPClearing InstitutionRisk SharingMargin/LendingCustodiansData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availableData not availablePAGE 79

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008TEHRAN STOCK EXCHANGEDr. Ali RahmaniManaging DirectorDuring the past two years of its operation,the newly demutualised TSE has madegreat efforts in launching the necessaryentities for market development.Based on the Securities Market Law, ratified in2005, and in order to found an orderly selfregulated market for trading the securities bothby brokers and traders, Tehran StockExchange Corporation (TSE) was establishedon 6 December 2006. The shareholders arecategorized into three main groups ofbrokerage companies, financial institutes andretail investors – legal and natural persons.During the past two years of its operation, thenewly demutualised TSE has made greatefforts in launching the necessary entities formarket development. The TSE appropriatelybenefits the available cooperation groundswith other participants in the Iranian capitalmarket to thrive the securities market so that itmight fulfill its principal ideal, which isincreasing the share of the capital market infinancing business activities and creatingvalue for the direct and indirect stakeholders.It has been highly endeavored to achieve atransparent, fair and efficient market. Listedcompanies' reporting improvement, increasingstock price daily fluctuation and trainingcourses have contributed market efficiencyand pricing, which considerably lowered theconcerns among market participants. Besides,in the current year (i.e. 2008), a new listingdirective at the TSE was designed and ratifiedto increase the listing quality. To list the stateownedcompanies, including issuers inprivatization plan, joint workgroups wereformed, which in conclusion, detected theproblems of share offering to the privatesector. Quality and quantity of disseminatedinformation in this year significantly improved.Securities and Exchange Organization (SEO)followed fundamental measures, such aslaunching Issuer's Information Network(Codal), training the senior financial directorsand on-time receiving of information toimprove the Corporations' Reporting System.The TSE has also introduced two projects:Investors' Relationship System and CorporateGovernance System.FUTURE OUTLOOK• Installing of the new trading software, AtosEuronext• Upholding the privatization plan throughstate-owned corporations' IPOs• Providing shorter settlement cycles and bookentry settlement systems to meet the currentinternational standards of securities markets• Providing diverse securities of high quality toraise funds (new products; e.g. Sukuk)• Preparing arrangements to provide newcalculation methods for indices• Planning to set up Iran Financial Center(I.F.C)CONTACT INFORMATIONContact Name Mr. M. E. JahandoostE-mail int@tsemail.comWebsite www.tse.irPAGE 80

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008TEHRAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 561.49 26.74 1,427.74 67.99Feb-08 472.10 24.85 1,095.30 57.65Mar-08 511.17 30.07 1,340.97 78.88Apr-08 2,112.02 100.57 4,625.64 220.27May-08 681.53 32.45 1,891.65 90.08Jun-08 1,686.86 88.78 4,671.88 245.89TOTAL 6,025.16 50.58 15,053.17 126.79BondsJan-08 0.88 0.04 0.01 0.00Feb-08 1.88 0.00 0.02 0.00Mar-08 0.62 0.00 0.01 0.00Apr-08 0.69 0.00 0.01 0.00May-08 0.55 0.00 0.01 0.00Jun-08 0.07 0.00 0.00 0.00TOTAL 4.68 0.01 0.04 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 50,250.89 49,514.82 51,815.72 50,235.42 54,767.48 63,143.54Index 36,918.76 35,715.20 36,337.01 36,262.78 39,023.46 43,371.91PRACTICES & PROCEDURESTradingDaysSaturday-WednesdayHours 9:00-12:30Market segmentation Main Board, Secondary BoardSystemAutomated Trading System (ATS) (order driven)MechanismsContinuous auctionMarket-maker/Specialists YesInstrumentsShares & Rights, Corporate Participation BondsCurrencyLocalReal time information bid/ask, last price, total volume, companyannouncementsClearing & SettlementCentral Depository Central Securities Depository of Iran (CSDI)Period T+3RegisteredYesSettlementBook entryClearingNettingDVPNoClearing Institution Yes, wholly ownedRisk SharingNoMargin/LendingNoCustodiansNoTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investors22.5% at sourceNoNoDemutualized, for-profitSelf-regulatory, should be approvedby Securities & ExchangeOrganization (SEO)YesYesYesYesYesYesRestricted for FPI and no restrictionfor FDIInvestment limitations Maximum share (10%)Repatriation3 yearsPAGE 81

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008TIRANA STOCK EXCHANGEThe year 2006 was characterized bydevelopments which improved theprocedural and legal infrastructure for thedevelopment of the TSE.Anila FurerajGeneral ManagerThe year 2006 was characterized bydevelopments which improved the proceduraland legal infrastructure for the development ofthe Tirana Stock Exchange (TSE). The politicalchanges, taking place in our country, haveopened new opportunities for the improvementof the economical climate, encouragement ofthe local and the foreign investment and thewar against informality; these factors will worktowards bringing about encouragement ofdevelopment in the capital markets in Albania.During this year the management andadministrative arms of the TSE werereorganized. In this aspect, at the beginning ofthis year, new members of TSE SupervisoryBoard were appointed by Minister of Finance,as the only shareholder of the company. TheSupervisory Board has also appointed a newGeneral Manager. The reorganization wasfollowed by the changing of the organizationscheme of the functioning of the Exchangeand the adaptation personnel numbers to bein line with its actual development conditions.All these changes were done for a bettermanagement of the work and to create betterconditions to transforming TSE in a realsecurities marketThe purpose of our work has been thebroadening of the ways for the development ofthe TSE and the taking of the further securesteps so as to transform the TSE into an activeExchange. For this reason, the TSE started thework of reviewing the strategy of thedevelopment of the TSE in accordance withthe actual conditions of market developmentsand in the setting of the 2005-2009Government Program. These strategies aim isto transform the TSE into a real securitiesmarket. At the same time, statistical analyseswere done in connection with the volume oftransactions made in the informal market ofstocks from anonymous companies. Throughthis analysis it was shown that the possibilityof channeling these transactions from theinformal market towards the organized marketof valuable papers, as necessary step, for thereduction of informality in the economy andthe activation of the TSE, was essential.We have also undertaken many other differentprojects with the various groups of interestaiming not only at their susceptibility but alsooffering our legal and technical assistance.During 2006 the complete internal regulatorybase of the functioning of the TSE has beenimproved, leaning on the guidelines given bythe FEAS according to the Book of Rules andrecommendations given by the consultinggroup, GMA Company.FUTURE OUTLOOKActivating the securities market as a commontrading platform for several financialinstruments, will be the strategic objective ofthe TSE during 2008. Achievement of such animportant goal shall be carried out throughpractical implementation of the strategicalternatives pointed out within the TSEDevelopment Strategy. The activity of the TSEduring 2008 will be mainly focused in:• The approval of the TSE DevelopmentStrategy in the Government’s Economic PolicyCommittee as well as the implementation of theAction Plan as an integral part of this strategy;• Working closely with and assisting in thecontinuance of domestic top level businesses,the TSE members, etc. to make them aware ofadvantages the securities market may offerCONTACT INFORMATIONthem as well as providing these stockholderswith necessary information, in order to be listedat the TSE,• Bilateral negotiations with AlbanianGovernment towards the inclusion of the TSE inthe privatization process of the state-ownedenterprises (SOEs). These negotiations willcover identification of potential strategic andnon-strategic state owned companies, whichcan be privatized through IPO,• Negotiations both with the AlbanianGovernment and the Ministry of Financetowards the assignment of the TSE, by MoF, asGovernment’s agent in organizing primaryauction for long-term public debt securities,• Negotiation and cooperation with both, MoFand Albanian Financial Supervisory Authoritytowards the compilation of legal and fiscalincentives, which are deemed necessary toencourage private companies to raise theircapital through IPOs and TSE listing,• Performance of a marketing campaign, in fullcompliance with the marketing programcompiled by the TSE with a final objective toattract domestic business at exchange listing;• In cooperation with AFS, carrying out of acontinued public education & informationcampaign regarding the securities market andadvantages that provides its use;• Improvement of information technology at theTSE in order to make possible providing of thismarket with an appropriate Electronic TradingSystem for securities;• Keeping fruitful cooperation with institutions inthe region, regarding the exchange ofexperiences and staff training, targeting furtherimprovement of human resources capacitywithin the filed of securities market.Contact Name Ms. Anila FurerajE-mail afureraj@tse.com.alWebsite www.tse.com.alPAGE 82

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008TIRANA STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-06 n/a n/a n/a n/aFeb-06 n/a n/a n/a n/aMar-06 n/a n/a n/a n/aApr-06 n/a n/a n/a n/aMay-06 n/a n/a n/a n/aJun-06 n/a n/a n/a n/aTOTAL n/a n/a n/a n/aBondsJan-06 n/a n/a n/a n/aFeb-06 n/a n/a n/a n/aMar-06 n/a n/a n/a n/aApr-06 n/a n/a n/a n/aMay-06 n/a n/a n/a n/aJun-06 n/a n/a n/a n/aTOTAL n/a n/a n/a n/aOtherJan-06 n/a n/a n/a n/aFeb-06 n/a n/a n/a n/aMar-06 n/a n/a n/a n/aApr-06 n/a n/a n/a n/aMay-06 n/a n/a n/a n/aJun-06 n/a n/a n/a n/aTOTAL n/a n/a n/a n/aJan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) n/a n/a n/a n/a n/a n/aIndex n/a n/a n/a n/a n/a n/a* The TSE is trading debt instruments only at this time, but there is no volume to-datePRACTICES & PROCEDURESTradingDaysTuesday-ThursdayHours 10:00-12:00Market segmentation T-bills, Bonds, SharesSystemWANMechanismsSecondary marketMarket-maker/Specialists NoInstrumentsT-bills, Bonds, SharesCurrencyLocalReal time information Best bid/askClearing & SettlementCentral Depository YesPeriodT+3 for all securitiesRegisteredYesSettlementBook entryClearingNettingDVPYes, full DVPClearing Institution NoRisk SharingYesMargin/LendingNoCustodiansNoTaxesCash Dividends Residents 10%, Non-Residents 15%Interest Income Residents 10%, Non-Residents 15%Capital GainsN/aStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationJoint Stock CompanySemi SROExchange w/ regulatory institutionsExchangeNoCentralizedYesNoAllowed, No restrictionsNo limitationsNo restrictionsPAGE 83

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008“TOSHKENT” REPUBLICAN STOCK EXCHANGEBakhtiyor KhudoyarovChairmanRatification of the executive law for floatinga great part of public institutions to theprivate sector is among the most significantdevelopments in the Iranian capital market.As a result of all of the hard work of the staff ofthe “Toshkent” Republican Stock Exchange(TRSE) in 2005, the TRSE has achieved certainpositive results. In year 2005, 5814transactions with the shares of 643 joint-stockcompanies and 9 transactions with corporatebonds have been carried out on the tradingplatforms of the TRSE.• Trade with corporate bonds accounted for1%;• Shares of the privatized state enterprisesaccounted for 30.5%;• Shares of the privatized state enterprisesobtained by foreign investors for the hardcurrency accounted for 1.2%;• IPOs and other additional issued shares ofthe joint-stock companies for national currencyas well as for the hard currency accounted for4.1%;• Shares in the secondary market accountedfor 38.7%; and• Shares in the secondary market obtained byforeign investors for hard currency accountedfor 24.5% of the total volume.Although in comparison with thecorresponding period of 2004, the tradingvolume of shares has increased slightly, thetrading volume of shares for hard currency hasincreased 7.4%. Our efforts about the increaseof the secondary market have been provingthemselves. In the year 2005 trade volume withshares in the secondary market increased15%.We expect that the further development of thesecondary market will keep this pace.Currently, there are securities of 700companies in circulation in the secondarymarket, which should considerably increasethe share of securities in the secondarymarket.In 2006 the TRSE plans to increase the volumeof trade with securities. Most importantly, wewill carry out technical modernization of thesystem of electronic exchange trades:1. Perfection of the technology of exchangetrades:First, the TRSE will create of a platform for thesecondary circulation of shares in thesecondary market, working on technologybased on simple auction. Second, the TRSEwill create a special platform on fulfillment oftransactions.2. Modernization by updating the equipment.The TRSE will complete modernization ofequipment in all branches and in the exchangeitself.3. Modernization of trading system of theTRSE.The TRSE will translate into a newtechnological platform the whole tradingsystem of the Stock Exchange and create auniform database. Further the TRSE willendeavor to open facilities for regional brokeroffices to access the trading system fromdistance and implement maintenance of aclosed network of data transmission for allregional branches.FUTURE OUTLOOKThe priority directions of the development of theTRSE in 2006 will become the opening of anadditional trade sections on transactions forshares of unlisted companies.Additionally, the TRSE is planning to changethe software system and bring it to standards inaccordance with Rules of the Stock Exchange,as well as prepare new, more complexsoftware, in particular:• development of the module on conclusion ofturnip-deals, based on technology of continualdouble auction;• modernization of software system, based ontechnologies of the simple auction; and• full modernization of software system of theTRSE, with transition on new technical platform.CONTACT INFORMATIONContact Name Mr. Gairat MamadazizovE-mail gairat@uzse.uzWebsite www.uzse.comPAGE 84

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008“TOSHKENT” REPUBLICAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 2.67 0.12 10.26 0.47Feb-08 7.29 0.35 22.34 1.06Mar-08 12.53 0.63 13.11 0.66Apr-08 5.98 0.27 11.75 0.53May-08 10.38 0.49 40.36 1.92Jun-08 12.20 0.58 12.42 0.59TOTAL 51.05 0.02 110.24 0.04BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.00 0.00 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 890.91 1,492.72 1,646.45 2,633.74 2,751.85 2,915.93Index 45.00 59.70 169.40 90.40 35.00 83.80PRACTICES & PROCEDURESTradingDaysMonday-FridayHours 10:00-12:00, 15:00-16:00Market segmentation First, secondSystemAutomated, depository link, remote reporting facilities,WANMechanismsPrimary market, call auctionMarket-maker/Specialists NoInstrumentsStocksCurrencyLocal and US$Real time information NoneClearing & SettlementCentral Depository YesPeriod T+5RegisteredRegistered, bearerSettlementBook entryClearingTransaction by transactionDVPNo, one day or more difference between paymentand deliveryClearing Institution Yes, partly ownedRisk SharingNoMargin/LendingNoCustodiansIndividuals, institutional investors, brokerage houses,banks, market makersTaxesCash Dividends 15%Interest Income 31%Capital Gains 4%Structure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationSpecial status within the lawNoRegulatory institution(s), theExchange and the marketparticipants jointly develop newrules or projectsShared responsibilityNo, electronicIndependent agentsYesNoYes, restrictedYes, limitedYes, restrictedPAGE 85

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008UKRAINIAN STOCK EXCHANGEValentin OskolskyChairman of the BoardTrading value of the Ukrainian Stock Exchange(USE) in 2007 amounted to US$ 16.8 million. Ifwe analyze trading structure by marketinstrument, we can see that trading value forderivatives increased to 15.5% from 0.05% in2006, but trading value for corporate bondsdecreased to 17.3% in 2007 from 53% in 2006.The most traded instrument was state-ownedshares.The USE activity throughout the year wasfocused on improvement of tradingtechnology, widening the number of marketinstruments and supplementing the marketinformation.The USE activity throughout the year wasfocused on improvement of tradingtechnology, widening the number of marketinstruments and supplementing the marketinformation.through the Securities Chair. Starting from2002 there has been a Student StockExchange at the USE. Every student has anopportunity to become an exchange specialistand then a broker. Through gaining theoreticaland practical knowledge and accumulatingexperience, students realize the importance ofcapital markets and can better make theirchoice of future professions.It is our belief that the USE has chosen astrategy that will gradually result intransparent, liquid, investment and anattractive capital market.The USE also provides educational activity.The USE is a co-founder of the Kiev SlavonicUniversity continued its work with students,FUTURE OUTLOOKPlans for the USE in 2008 include:• expansion through the System of ElectronicTrading (SELT USE) secondary securitiesturnover and trading the internal state loanbonds;• creation of the conditions and basis forformation and development of a derivativesmarket;• taking actions to attract new members tooperate in SELT USE;• participation in the privatization processesplanned to be implemented by the StatePrivatization Program and the Law of Ukraine“On State Budget of Ukraine for 2008”;• improvement of technologies for trading Stateownedshares of privatized companies;• promotion for the attraction of direct nationaland foreign investments to develop strategicallyimportant industry companies during the processof its privatization;• development of the electronic documentationturnover and electronic digital signatureaccording to new Ukrainian legislation;• development of Exchange information areas,expansion of publishing, scientific, methodicaland educational activities in order to preparespecialists for national capital market; and• strengthening the international cooperationwith foreign stock exchanges and internationalfinancial organizations.CONTACT INFORMATIONContact Name Mrs. Hanna YatsyukE-mail hanna.yatsyuk@ukrse.kiev.uaWebsite www.ukrse.kiev.uaPAGE 86

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008UKRAINIAN STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 0.10 0.05 2.52 1.26Feb-08 0.23 0.11 6.53 3.26Mar-08 0.03 0.01 0.40 0.20Apr-08 0.01 0.01 0.01 0.01May-08 0.01 0.01 0.01 0.01Jun-08 3.03 0.76 19.65 4.91TOTAL 3.39 0.16 29.12 1.61BondsJan-08 0.00 0.00 0.00 0.00Feb-08 0.00 0.00 0.00 0.00Mar-08 0.00 0.00 0.00 0.00Apr-08 0.99 0.50 0.08 0.04May-08 0.08 0.08 0.00 0.00Jun-08 0.00 0.00 0.00 0.00TOTAL 1.07 0.10 0.08 0.01OtherJan-08 4.52 1.13 0.00 0.00Feb-08 0.03 0.03 0.00 0.00Mar-08 0.03 0.01 0.00 0.00Apr-08 0.02 0.01 0.00 0.00May-08 0.00 0.00 0.00 0.00Jun-08 0.05 0.02 0.00 0.00TOTAL 4.65 0.20 0.01 0.00Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 206.69 206.29 224.63 242.90 252.62 278.21Index 0.00 0.00 0.00 0.00 0.00 0.00PRACTICES & PROCEDURESTradingDaysMonday-FridayHours 11:00-17:00Market segmentation Primary and secondary marketsSystemAutomated, depository link, data dissemination,reporting facilities, WANMechanismsSimple&double auctions, price fixingMarket-maker/Specialists NoInstrumentsStocks, bonds, optionsCurrencyLocalReal time information Last price, last volume, total volume, listed companyannouncementsClearing & SettlementCentral Depository YesPeriod T+5RegisteredYesSettlementPhysicallyClearingTransaction by transactionDVPYesClearing Institution YesRisk SharingNoMargin/LendingNo/yesCustodiansBanks and othersTaxesCash DividendsInterest IncomeCapital GainsStructure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionForeign ParticipationForeign investorsInvestment limitationsRepatriationN/AN/A30% local investorsNot-for-profit companySelfRegulatory institutions, theexchange and market participantsjointlyExchange, government institutionsNoCentralizedYesYesRestrictedNo limitationsNoPAGE 87

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008ZAGREB STOCK EXCHANGERoberto MotusicGeneral ManagerWe had a very successful year. Turnoverincreased, market capitalization rosesignificantly and number of trades almostdoubled.We had a very successful year. Turnoverincreased, market capitalization rosesignificantly and number of trades almostdoubled. We finished three major infrastructureprojects and implemented new OMX X-Streamtrading platform. Despite the global marketdepression we are looking forward to furtherqualitative market improvements. Three majortasks are: introduction of market makers;faster and easier Internet access to stockmarket trading and further work on theimplementation of new financial instruments(derivatives).Regional cooperation is a long term task thatwe would like to revitalize and put higher onour list of priorities for year 2008.FUTURE OUTLOOKThe last two years were extremely successfulfor the ZSE. In 2007 turnover rose aboveexpectations, market capitalization doubled,two largest Croatian companies were privatizedand listed with the exchange, domesticinvestors base became more significant andthe official stock index CROBEX broke “all timehigh” levels. At the end of the year a newmodern OMX trading platform has beenintroduced. In 2008 the ZSE will continue withtechnological improvements and use these forfurther market development. The main goal is towiden the range of financial products listed andtraded at the exchange and to improve marketliquidity.In order to achieve these targets in the firstquarter of 2008 the ZSE will introduce “marketmakers”. Furthermore, new trading platformswill be more open for order routing andextensive use of Internet technology.All of these technology steps are prerequisitesfor easier access of institutional and retailinvestors to the stock exchange trading.Redesign of official stock exchange web sitewill bring more market information to a broadrange of investors. New high-tech tools aresupposed to help investors to follow markettrends and company news more easily and in atimely manner.In 2008 the ZSE will continue to promotenational and regional market and attractinternational and regional investors. To achievethis the ZSE will make a special effort toenhance and intensify cooperation with theFederation and regional stock exchanges.CONTACT INFORMATIONContact Name Mr. Zeljko KardumE-mail zeljko.kardum@zse.hrWebsite www.zse.hrPAGE 88

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008ZAGREB STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJan-08 553.61 25.16 3.57 0.16Feb-08 384.01 18.29 3.12 0.15Mar-08 330.71 17.41 3.10 0.16Apr-08 448.33 20.38 3.62 0.16May-08 296.88 15.63 2.14 0.11Jun-08 213.02 10.65 1.62 0.08TOTAL 2,226.56 17.92 17.17 0.14BondsJan-08 650.35 29.56 1608.59 73.12Feb-08 337.21 16.06 1106.58 52.69Mar-08 272.53 14.34 709.40 37.34Apr-08 144.56 6.57 264.75 12.03May-08 105.41 5.55 226.98 11.95Jun-08 149.71 7.49 259.79 12.99TOTAL 1,659.77 13.26 4,176.09 33.35OtherJan-08 0.00 0.00 0.00 0.00Feb-08 0.28 0.01 0.89 0.04Mar-08 0.00 0.00 0.00 0.00Apr-08 0.18 0.01 0.56 0.03May-08 4.85 0.26 15.14 0.80Jun-08 0.00 0.00 0.00 0.00TOTAL 5.31 0.14 16.58 0.43Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08Market Capitalization (US$ millions) 67,130.90 63,023.60 60,955.90 51,860.50 52,511.50 53,732.80Index 4,497.18 4,232.27 3,845.09 3,792.72 3,988.12 3,587.60PRACTICES & PROCEDURESTradingDaysMonday-FridayHours 10:00-16:00Market segmentation Equity and Fixed Income (Official Market, RegularMarket, JDD Market, Parallel Market)SystemAutomated, remote access, remote login, WANMechanismsContinuous actionMarket-maker/Specialists NoInstrumentsStocks, bonds, certificates and commercial papersCurrencyLocalReal time information Best bid/ask, last price, last volume, total volume,order bookClearing & SettlementCentral Depository YesPeriod T+3RegisteredYesSettlementBook entryClearingNettingDVPYesClearing Institution YesRisk SharingYesMargin/LendingNoCustodiansBanksTaxesCash DividendsNoneInterest Income Individuals: 15%, 25% or 35%depending on the level of incomewith the exception of interest paidon deposits in banks, savingsbanks and savings&loanassociationsCorporations: Corporate tax rate is20%Capital Gains Individuals: 15%, 25% or 35%depending on the level of incomeCorporations: 20%Structure & RegulationsLegalRegulationSecurities marketregulationsTrading rulesSurveillanceCorporate actionsTrading halts regulationsInvestor protectionCommercial companySelfRegulatory institutions withoutexchangeExchangecontinuosIndependent agentsYesNoForeign ParticipationForeign investorsInvestment limitationsRepatriationAllowed, No restrictionsNo limitationsNo restrictionsPAGE 89

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008AFFILIATE MEMBER PROFILESCDA Central Depository of Armenia 91Central Registry Agency Inc. of Turkey 92Central Securities Depository of Iran 93Macedonian Central Securities Depository 94Misr For Clearing, Settlement & Central Depository 95Securities Depository Center (SDC) of Jordan 96Takasbank - ISE Settlement and Custody Bank, Inc. 97Tehran Securities Exchange Technology Management Company (TSETMC) 98PAGE 90

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008CDA CENTRAL DEPOSITORY OF ARMENIAAFFILIATE MEMBERThe securities market of Armenia, being inits nascent stage of development, stronglyemphasizes the issue of protectinginvestor's rights and legal interests.Vahan StepanyanCEOThe securities market of Armenia, being in itsnascent stage of development, stronglyemphasizes the issue of protecting investor'srights and legal interests. Past experiencehas proved the success of the CDA’s model,which implements the registry maintenance,depository and clearing/settlement functionsthrough a centralized institution. Thisadopted model significantly contributes tothe decrease of securities market institutionalrisks and protection of investors rights.I am pleased to report that we aligned all ourefforts to bring the CDA in line with theinternational standards from the governance,technological and legal/regulatoryviewpoints.Striving to Perform to HigherIndustry Standards withNASDAQ OMXImproving the protection of investor’s rightsand lawful interests is currently one of thepriorities for the development of the Armeniancapital market. In early 2008 becoming acompany 100% owned by the largest globalexchange operator NASDAQ OMX, theCentral Depository of Armenia jsc (CDA)strives to provide better and more tailor madeservices to its corporate and individualcustomers.Joining forces with the Armenian StockExchange jsc, which has also become a partof NASDAQ OMX Group, the CDA willcontinue increasing the efficiency of itsoperations and working to raise populationawareness about the securities market inArmenia.HistoryPrior to the establishment of the CentralDepository of Armenia cjsc, there was nocentralized registry operating in Armenia.Based on the Government decree no: 4,dated 10 January 1996 the "NationalCentralized Register" state-owned enterprisewas established. According to theGovernment decree of 8 April 1999 it wasreorganized into the Central Depository ofArmenia cjsc, which started to performactivities of a centralized depository, as wellas custodian operations.In August 2000, the new “Law on SecuritiesMarket Regulation” came into effect,according to which the Central Depository ofArmenia Self-Regulatory Organizationassumed the the exclusive powers of thecentralized principal custodian, securitiesregistrar, as well as the clearing andsettlement functions throughout the Republicof Armenia.Following legislative changes in late 2007, theCDA SRO was reorganized into an open jointstock company, and, like Armenian StockExchange jsc, is currently fully owned byNASDAQ OMX.Future OutlookPlans for the second half of 2008 includeintroduction of non-covered trade insecurities, as well as the establishment of aGuarantee Fund that will help better protectthe interest of investors. The CDA is currentlyalso working with the Central Bank of Armeniato design service provision procedures for thenew funded pension system that is planned tobe introduced in 2009.Primary Functions1. Register maintenance2. Custodian functions3. Clearing and settlement functionsRegulated byCentral Bank of ArmeniaOwnershipFully owned by NASDAQ OMX Group Inc.Legal StatusOpen joint stock company.Type of Commercial EntityFor profit.Form of SecuritiesDematerializedForm of Settlement and TransfersBook-entrySettlement PeriodExchange trades: T+0OTC (over the counter) trades: T+3Memberships to InternationalOrganizationsFederation of Eurasian Stock Exchanges(FEAS)European Central Securities DepositoriesAssociation (ECSDA)International Association of Stock Exchangesof the States of Commonwealth ofIndependent States (IAS CIS).* Please refer to page 34 for the Armenia country report.CONTACT INFORMATIONAddress Mher Mkrtchyan 5b, Yerevan, Republic of ArmeniaTel (374 10) 520978 Fax (374 10) 585549Contact Name Vahan Stepanyan E-mail depository@cda.am Website www.cda.amPAGE 91

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008CENTRAL REGISTRY AGENCY INC. OF TURKEYAFFILIATE MEMBERYakup ErgincanCEOThe dematerialization rate for publiclytraded shares have reached 99.84%,whereas nearly all (99.99%) of mutual fundcertificates are dematerialized at the end of2007.The electronic book-keeping system which wasintroduced to the Turkish capital market by CRAhas completed its second year in 2007. Sinceits establishment CRA’s main strategy has beenincreasing its technological investments toimprove the operational and proceduralinfrastructure for an efficient and safe settlementand custody system. This strategy provided awell reward and our in-house developedtechnological model has been awarded a meritprize by the TUBITAK-TTGV-TUSIAD (TheScientific and Technological Research Councilof Turkey-Technology Development Foundationof Turkey-Turkish Industrialists’ andBusinessmen’s Association) TechnologyAwards granted for the 7th time in 2007.2007 was a pivotal year for us due to the legallimitations imposed, according to theprovisional clause no. 6 of the Capital MarketsLaw, on the management of financial andmanagerial rights of physical shares which werenot dematerialized until the end of the year. Thedematerialization rate for publicly traded shareshave reached 99.84%, whereas nearly all(99.99%) of mutual fund certificates aredematerialized at the end of 2007. Non-publiclytraded shares have been dematerialized byinvestors up to 98% of those securities’ totalmarket value.Positive feedbacks from our participantsencouraged us to improve our service level withfurther developments in the system as the CRAcontinues to increase the variety of its productsand services. The types of securities eligible forcustody in CRA will be extended to includegovernment bonds and treasury bills in the nearfuture, a project which was started incooperation with the Central Bank of Turkey andTakasbank in the end of 2006. Thesedevelopments will certainly solidify thesignificance of CRA to the Turkish financialsystem.At the international level, as a member ofECSDA, CRA supports harmonization effortssuch as the European Code of Conduct forClearing and Settlement towards a safer andmore efficient European clearing and settlementinfrastructure. As a member of the MTC 43Mirror Committee we are actively involved inbringing ISO TC 68 international financialservices standards to the Turkish businessinfrastructure.In cooperation with the market actors and ourparticipants we will continue to increase boththe variety and quality of our services. I believeour recent efforts reflect CRA’s motivation toaccomplish that goal.General InformationCRA was established in accordance with theTurkish Capital Markets Law in 2001. CRA servesas the central depository for the followingsecurity types: equities, mutual fund certificates,exchange traded funds and corporate debtsecurities. CRA has also adapted its system toserve for Turkish government bonds and treasurybills for implementation concerning which a CMBdecision is awaited. All transactions regardingdematerialized capital market instruments (e.g.opening of investor accounts, pledgingsecurities, transfer of securities, transfer ofsecurities as collaterals, dematerializationoperations) are conducted by CRA participantsvia Central Registry Software, CDS, which isproprietary software developed in-house. InNovember of 2005 all stock certificates includingthe certificates formerly kept at Takasbank weredematerialized. Between April 2005 and March2006, all mutual fund certificates weredematerialized at the CRA platform. In August2006, after approximately 5 years, the firstcorporate bond in Turkish Capital Markets wasissued through CRA.CRA also manages and represents the InvestorProtection Fund. This involves, conducting all theformalities on behalf of the Fund as per theapplicable regulatory provisions andimplementing liquidation formalities ofintermediary institutions, which are subject togradual liquidation per CMB resolution.Form of SecuritiesDematerialized.Type of Commercial EntityFor-profit, user-owned joint stock company. Feestructure is subject to CMB approval.Regulated byCRA’s overall functions are subject to theoversight and approval of the CMB.Ownership30% Istanbul Stock Exchange (ISE)64.9% ISE Settlement and Custody Bank(Takasbank)5% The Association of Capital MarketIntermediary Institutions of Turkey (TSPAKB)0.1% Istanbul Gold Exchange (IGE)Memberships to InternationalOrganizationsEuropean Central Securities DepositoriesAssociation (ECSDA)International Securities Services Association(ISSA)Future OutlookFCRA is currently working on the followingprojects:• Enabling shareholders to participate in theissuers’ general assembly meetings remotely, byusing electronic signatures or by assigning aproxy on their behalf through the CDS.• Increasing the level of straight throughprocessing, especially for corporate actions, andfull synchronization of message formats withinternational (ISO TC 68) standards.• Increasing the report types available to ourmembers, including business intelligence reportsand investor behavior pattern analysis, whileproviding analytical tools to manage them.• Introduction of a web portal in order toenhance transparency and information access ofmarket participants.• Extension of the coverage of the InvestorProtection Fund to include all securities inaddition to shares within the context of theongoing alignment with the European Unionacquis.• Dematerialization of shares of thosecompanies which are not traded at the stockexchange but have the number of shareholdersexceeding a certain threshold so as to beconsidered as open to public.• Provision of depository services for warrantsand mortgage-backed securities.* Please refer to page 80 for the Turkey country report.CONTACT INFORMATIONAddress Askerocagi Cad. Suzer Plaza No: 15 Kat: 3 34367 Elmadag/IstanbulTel +90 (212) 334 57 00 Fax +90 (212) 334 57 57Contact Name Mr. Cagatay Duruk E-mail cagatay.duruk@mkk.com.tr Website www.mkk.com.trPAGE 148

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008CSDI CENTRAL SECURITIES DEPOSITORY OF IRANAFFILIATE MEMBERAlireza HajinorouziCEOOur objective is to guarantee the securityand efficiency of Iran’s stock marketthrough developing and improving thesettlement procedure of the securitiestrades via concentrating on increasing theefficiency and reducing the risk and costs.Objectives:To guarantee the security and efficiency ofIran’s stock market through developing andimproving the settlement procedure of thesecurities trades via concentrating onincreasing the efficiency and reducing therisk and costs.1- Establishing a modern system ofregistration, depository, settlement andclearing.2- Guaranteeing the settlement process ofsecurities trades in accordance with globalstandards.3- simplifying the process of transferring theownership of securities and reducing theclearing costs of the trades.4- Decreasing the risks related to tradessettlement to the lowest point, through riskmanagement tools.5- Establishing a pervasive database for thesecurities and shareholders of the companies.6- Performing the corporate actions,economically and efficiently.7- Reinforcing the investor’s trust throughincreasing the efficiency of trades Settlementand a transparent informing.8- Providing the possibility of mutualcooperation with global markets.9- Providing a suitable ground for increasingthe volume of trades in the market.Plans:A) Promoting and optimizing thedepository system1- Performing the executive preliminaries fordelivering the new depository software.2- Implementation of the delivery process,experimental installation and the finaltransference to the new depository system.3- Procurement of the required hardware forestablishing new depository system.4- Anticipating and providing backup systemsfor encountering probable risks.5- Training the human resources anddeveloping the technical knowledge of staffand members.6- Anticipating the required interfaces andstudying the conditions of transferring existinginformation to the new system.B) Reforming the methods and executiveprocesses1- Precise identifying and documentingcurrent procedure.2- Reviewing and reforming currentprocedures with the objective of shorteningthe office work, promoting the efficiency andreducing the costs.3- Reducing paper work and at lastproceeding towards an electronic Settlementsystem.4- Increasing the smoothness and safety ofthe existing processes through establishing aprecise and pervasive controlling system.(Using safety factors in published documents,increasing the automation, reviewingaccessibility levels to the system and humancontrols)5- Completing the shareholding informationfor performing corporate actions.C) Improving the clearing procedure andthe trades settlement1- Changing the method of Settlement fromthe current semi mechanized system to a fullymechanized and efficient system throughusing Real Time Gross Settlement (RTGS)system.2- Procuring required interfaces forcommunicating with the banking network ofIran.3- Choosing a settlement bank and signingrequired contracts with the bank provided thatthe settlement is performed through the bankpayment system.4- Concluding the design and executivepreliminaries of making a Settlementguarantee fund.5- Anticipating the required fields for makingthe risk management tools, operational e.g.short buy, pledge and lending/borrowingsecurities.6- Guaranteeing the clearing of trades andaccepting the role of CCP.7- Providing the required foregrounds forperforming corporate actions on behalf ofissuers.D) Amending regulations and requiredinstructionsE) Other activities1- Revising and improving the comprehensiveestablishment and organizing the office worksystem.2- Designing and using new productions andservices in order to be accountable to thegrowing demands of the market.* Please refer to page 128 for the Iran country report.CONTACT INFORMATIONContact Name Mr. Alireza Hajinorouzi E-mail info@csdiran.com, intl.affairs@csdiran.comWebsite www.csdiran.com Address 14, Azhari St., Hafez Ave., Tehran 1134844413Phone +9821 667 49 180 Fax +9821 667 49 257PAGE 93

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MACEDONIAN CENTRAL SECURITIES DEPOSITORY (MCSD)AFFILIATE MEMBERFor the Macedonian Central SecuritiesDepository, 2007 was an extremelysuccessful year with extraordinary turnover,compared to the previous years.Stevan SapceskiExecutive DirectorFor the Macedonian Central SecuritiesDepository (MCSD), 2007 was an extremelysuccessful year with extraordinary turnover,compared to the previous years. In 2008 theMCSD will focus on:• Development of new business servicesSince new financial instruments will beintroduced on Macedonian Capital Market,investors, especially foreign ones, we shall startseeking various information about their holdings.The MCSD will produce reports to help investorsto maintain their portfolios.• Development of procedures, rules, policiesand technological systems for Securitiesborrowing and lendingA new possibility shall be offered to the investorson the Macedonian Capital Market: the possibilityto sell securities that they have borrowed.According to this, an investor borrows securitiesby signing a contract. CSD rules and regulationson one side and Securities law on the other, shallbe adopted to make possibility to use this featureon Macedonian Capital Market.• Development of new procedures, rules,policies and technological systems for variouscorporate actionsThe MCSD system is able to perform a set ofstandard corporate actions, however new andexisting corporate actions will be widely offeredto the Issuers to make improvements incommunication between Issuers andshareholders.General InformationThe purpose of the Macedonian Central SecuritiesDepository (MCSD) is to establish central securitiesregister comprising all active shares, bonds andother financial instruments in Republic ofMacedonia. This will lead to better access anddistribution of information about the issuers andsecurities to:• Investors• Foreign investors• Holders of restrictive rights• Issuers• Brokers• Macedonian Stock Exchange (MSE)• Pledge Register• Other authorized institutions in accordance withthe law.Regulatory EnvironmentThe MCSD is Self Regulatory Organization, underauthority of Security Exchange Commission.ParticipantsAt present time, there are 22 participants, banksand brokerage houses.Services ProvidedThe MCSD is providing the following services to theparticipants in the operations, issuers and holderssecurities:• recording of the securities in the Depository;• notification of the issuers and holders of securitiesabout the condition on their accounts;• clearing and settlement of the liabilities arisingfrom the transactions with securities;• rendering services connected with the corporateactivities;• other services that arise from the ownership andtransactions with securities, arising from the scopeof its operations.* Please refer to page 98 for the Macedonian country report.Form of SecuritiesAll securities are registered and dematerialized.Depository ProceduresRecords are kept in the Depository of the issuedsecurities and ownership positions, rights of thesecurities holders, the unique identification of thesecurities and their holders, possible limitations inthe exercise of such rights, rights of third partiesconnected with the securities and other datareferring to such rights, transfer to the securitiesaccounts shall be made and other servicesconnected with keeping records of the securitiesshall be provided. All securities shall be recorded inthe Depository in a procedure, on conditions and ina manner determined with these Rules and with theguidelines of the Depository.ISIN is allocated to all securities upon theirregistration in the Depository. ISIN shall contain dataon the issuer, rights arising for the holders of thosesecurities and other elements of the securities. Theprocedure, conditions and manner of allocating ISINis determined by the guidelines of the Depository.The securities are recorded in special accounts withthe Depository. With the purpose of recording thesecurities, the Depository is opening accounts forthe issuers and holders of the securities.The opening and closing of the securities accounts,recording, changes and deletion of the ownershippositions in the accounts of the securities holders,as well as other actions connected with the changesoccurred in the accounts maintained in theDepository are performed by a sole accountoperator. The manner and procedure of openingand closing an account and the types of accountswith the Depository is prescribed within theguidelines of the Depository.Principles of Clearing & SettlementMain principle of clearing and settlement is deliveryversus payment.Settlement CycleSettlement cycle is usually T+3, but it is possible tosettle transactions from T+1, to T+nClearing & Settlement Procedures• CSD performs the clearing and settlement of thetransactions with securities that were concluded onthe MSE.• The clearing and the settlement of thetransactions are performed in accordance with theprinciple “delivery versus payment”, i.e. the transferof securities related to the transactions withsecurities is performed through a simultaneousexchange of securities and payment. The settlementis performed on gross basis.• In MCSD frame the subject of clearing andsettlement are all the transactions with securitiesconcluded on the MSE.• The MCSD performs the clearing and settlementof the transactions with securities based on the datareceived from the MSE on the trading day. The datareceived from the MSE contains elementsnecessary for clearing and settlement of thematched transactions.• After the MCSD receives the matched trades fromthe MSE, the transaction is obligatory for both sidesincluded in the stated transaction.• The transactions received from the MSE are finaland cannot be unilaterally canceled by theparticipant in the clearing (the broker). Only theMCSD is allowed, by request from the MSE and witha special purpose for correction of errors, toperform some changes or to cancel thetransactions.• Before the settlement, the participant in theclearing–the seller, is obliged to provide securitieson his/on his client the securities account, and theparticipant in the clearing–the buyer, is obliged toprovide cash on his account for cash settlement foreach transaction.CONTACT INFORMATIONContact Name Ms. Sofija Vidovic E-mail vidoviks@cdhv.org.mk Website www.cdhv.org.mkPAGE 94

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MISR FOR CLEARING, DEPOSITORY & REGISTRYAFFILIATE MEMBERSecure, stable and encouraging investmentenvironment is the goal of MCDR.Mohamed S. Abdel SalamChairman & Managing DirectorMCDR was established at the end of 1994 tocomplete the infra structure of the Egyptiancapital market. In time, MCDR has become thebiggest central registry firm among the majorand emerging markets in the world. MCDR’sstaff never spare any efforts to maintain thehighest standard of services provided to theEgyptian market. As a result of its qualifiedperformance, MCDR was awardedInternational Star Award for Quality WQC in theDiamond for the Quality standardscommitment applied through MCDR onNovember 26, 2007 in the Concorde LaFayette in Paris with the ISO in Management(QC100), the International Gold Star for Qualityin Geneva in 2001 for significant contributionto the business world, for high standing andprofessionalism demonstrated by prestigiousperformance, B.I.D. (Business InitiativeDirections) presented its special recognitionaward to MCDR. Also MCDR was granted thehighest level of efficiency, following the resultsof an assessment panel of depositorycompanies conducted by JPMorgan–Chase,with a score of 1.25 points on a scale of 1 to 3where depository that closely resemble thebest practice is rated 1, meet some of therequirements but not fully meet the preferredpractice rated 2 and finally depositories thatare deficient are rated 3.The assessment revealed that MCDR hasabided by all the rules and high standards setby the SEC in Rule 17f-5 which even havebeen developed to be more tough byamendments in Rule 17f-7 to secure Americanforeign investments. Secure, stable andencouraging investment environment is thegoal of MCDR. This is never enough as MCDRwill proceed its stable steps towards the top ofelite depositories.Role of the DepositoryMCDR is the sole Egyptian CSD providingclearing and settlement services to the Cairoand Alexandria Stock Exchanges (CASE).MCDR operates as both the depository andthe clearing house. It is a not for-profit privatecompany owned by the stock exchanges,local banks and its participants. It wasincorporated under the Capital Market Law No95 of 1992, commenced operations in October1996 and is currently governed by theDepository and Central Registry Law No 93 of2000. It is regulated by the Capital MarketsAuthority (CMA).Use of the central depository in the market forsettlement and safekeeping is compulsory bylaw, where securities in the depository are heldin certificated form. Equities are held via bookentry,with certificates immobilized in MCDR'svaults. All securities are treated as fungibleand may be transferred or pledged bybookkeeping entry without actual physicaldelivery.MCDR’s authorized capital is EGP 250 millionissued and paid capital is EGP 80 million.MCDR Main Activities & Services1. Clearing and settlement of operationsexecuted at CASE.2. Central depository and registry of all listedand unlisted securities3. Management of securities accounts forcustodian banks and issuers.4. Handling corporate actions (cash and stockdividends etc.) according to the issuers’assemblies’ decisions.5. Management of the Settlement GuaranteeFund to eliminate suspended movements dueto brokers’ defaults (securities and/or cash).6. Management of a pledge system for allsecurities lodged into the central depository.7. Repatriation of international investors’ funds.8. Customer servicing through the MCDR’sfront office, the call center, the Internet, theSMS and finally through direct phones orfaxes.Legal StatusPrivate Joint-Stock CompanyType of Commercial EntityNot for-profit companyRegulated byDepository and Registry law number 93of year 2000Form of SecuritiesImmobilized in the book entry formForm of SettlementNet cash settlement, gross securitiessettlementSettlement DatesT+0 Same Day Trading SettlementT+1 Treasury BondsT+2 Dematerialized securitiesT+4 Physical securities* Please refer to page 68 for the Egypt country report.CONTACT INFORMATIONContact Name Mohamed S. Abdel Salam E-mail m.abdsalam@mcsd.com.eg Website www.mcdr.com.egAddress 70 El-Gomhoria St., P.O. Box 1536 Attaba, Cairo, EgyptPhone +2022 5971 505-506-509 Fax +202 5971 670-523PAGE 95

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008SECURITIES DEPOSITORY CENTER (SDC) OF JORDANAFFILIATE MEMBERSamir JaradatChief Executive OfficerThe Securities Depository Center has madea qualitative leap in the Jordan CapitalMarket by establishing a national center forregistry, depository and clearing andsettlement of securities.The Securities Depository Center (SDC) hasmade a qualitative leap in the Jordan CapitalMarket by establishing a national center forregistry, depository and clearing andsettlement of securities. The SDC is an integralpart of a transparent, viable, fair, and efficientequities market in Jordan that enhance theconfidence of investors in securities andenable them to follow-up their investments withease by establishing a central registry to safekeepthe ownership of securities and reducerisks related to settlement of tradingtransactions executed through the market byimplementing by-laws, instructions andprocedures that are fair, fast and safe.The SDC provides a number of services toinvestors in securities, which include investoridentification and account set-up, statementsof accounts and ownership balances, placingand releasing pledges upon request and thefreezing of deposited securities upon theowner’s request. The SDC has designed andimplemented a state-of-the-art electronicsystem that provides a one-stop solution forregistration, depositing and clearing andsettlement of securities. The Securities CentralOperation Registry Processing & InformationOnline or SCORPIO system is bilingual andprovides a registry that maintains records oflegal ownership of shares.Role of the DepositoryThe Securities Depository Center of Jordan is apublic utility institution established in theHashemite Kingdom of Jordan by virtue of theSecurities Law. The SDC commenced operationin May 1999 and is the only entity in Jordan thatis legally empowered to oversee the registrationof securities, deposit of securities, transfer ofownership, safekeeping of securities andclearing and settlement of securitiestransactions.The SDC is one of the most importantinstitutions in Jordan’s capital market as it holdsthe ownership register of all public shareholdingcompanies where ownership registration is inthe beneficial owner name where nominee &street names does not apply.As a key component in the modernization of thecapital market, the SDC implemented a deliveryversus-payment(DVP) settlement protocol. DVP,a globally recommended settlementmethodology that ensures the simultaneousdelivery of securities against final payment offunds. The ownership is transferred on T+2 andbackdated to T, these transfers are final andirrevocable, and financial settlements arecurrently conducted via the Central Bank ofJordan’s Real Time Gross Settlement System(RTGS-JO) which is a central real time, grossfinal & irrevocable electronic settlement system,using SWIFT instructions to effect transfers withimmediate value.The SDC also developed the “Securities CentralOperation Registry Processing & InformationOnline (SCORPIO)” system. SCORPIO, an SDCdesignedand implemented system, is bilingualand it provides a complete solution for theregistration, deposit and clearing andsettlement.The SDC offers different services to investors insecurities including pledging services, providinginvestors with statements of their securitiesbalances that show the securities owned bythem and their distributions among members; inaddition to providing investors with the ability tofreeze their securities in the central registry.There are no restrictions on the remittance ofinvestment funds into or out of Jordan, allincome & capital gained from investment inJordan are exempted from tax; this includescash & stock dividends. However, (5%) appliesto interest gained from credit balances.Participation CriteriaThe SDC's members are public shareholdingcompanies, public issuers, brokers andcustodians.Eligible PledgeePledgee are not considered members in thatcapacityIssuersMembership is obligatory for publicshareholding companies by virtue of theSecurities Law.Size of Guarantee FundJOD 39.72 mn - US$ 56.42 mn as of 31December, 2007.Does the SDC act as a centralcounter partyNoMemberships in other InternationalOrganizationsThe International Organization of SecuritiesCommissions (IOSCO)Association of National Numbering Agencies(ANNA)Africa & Middle East Depositories Association(AMEDA)Federation of Euro-Stock Exchanges (FEAS)Union of Arab Stock ExchangesCentral Securities Depositories (CSD9)Association of Global CustodianThomas MurrayLegal StatusPublic utility institutionType of Commercial EntityNot for profitRegulated byJordan Securities CommissionForm of SecuritiesDematerialized no physical certificates beingissued in JordanForm of SettlementBook Entry at the SDCSettlement CycleT+2Turnaround Trades TradesAllowed provided the same broker in the samesettlement cycleNumberingISIN CODES complying with the InternationalStandard ISO-6166* Please refer to page 30 for the Jordan country report.CONTACT INFORMATIONContact Name Mr. Samir Jaradat E-mail info@sdc.com.jo Website www.sdc.com.joAddress The Securities Depository Center (SDC) 2nd Floor -Capital Market Building, Al-Mansour Bin Abi Amer StreetAl-Abdali Area, Al-Madina Al-Riyadiya District, Amman, The Hashemite Kingdom of JordanP.O.B. (212465) Amman 11121 JordanPAGE 96

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008TAKASBANK ISE SETTLEMENT AND CUSTODY BANK INC.AFFILIATE MEMBEREmin CatanaPresident & CEOOne of the greatest achievements ofTakasbank in 2007 was the commencementof the acceptance of instructions throughSWIFT integrated Real Time Gross Deliveryversus Payment Takasbank System.Being aware of its role and responsibility for theTurkish and international capital markets, Takasbankcontinues to develop new projects and each yearadds more instruments and mechanisms to create aproductive and reliable settlement and custodyenvironment and thus, to offer international marketplayers an environment that will ensure a stabletechnical and operational infrastructure,In 2007, Takasbank started to accept instructionsthrough SWIFT integrated Real Time Gross Deliveryversus Payment (RTG DvP) Takasbank System. Withthe realization of this project, the DvP settlementprocess is integrated with SWIFT system targeting toprovide T+1 pre-matching between the custodianbanks and brokerage houses giving service toforeign investors.During the course of the year 2008, theimplementation of SWIFT integrated RTG DvPsystem continued with great success. Responding tosystem users' requests, Takasbank will be working tointroduce other transactions to the SWIFT system aswell. With this system, which involves preliminaryelectronic confirmation, Takasbank expects to limitthe number of confirmation-related defaults inforeign institutional investors' transactions and toreduce the operational workload of brokeragehouses as well as settlement banks. The newsystem will also increase automation incommunication between SWIFT users andTakasbank and allow these users to provide servicesthat are more efficient to their customers. Takasbankis also planning to expand the scope of transactionsthat can be performed through the SWIFT system in2008 while introducing new applications for theRTGS delivery-versus payment system, in line withsystem users' requirements. The first field of thisimplementation expansion will be the announcementof corporate action information via SWIFT.In the framework of FEAS efforts, Takasbank sharedits accumulated experience and knowledge aboutthe clearing and settlement issues in Turkish capitalmarkets with its peers in FEAS region. In thiscontext, Takasbank and the Central SecuritiesDepository of the Islamic Republic of Iran (CSDI)signed a Memorandum of Understanding (MoU) inorder to establish a mutually beneficial relationshipbetween the two institutions. This agreement aims toserve the goal of improving performance andinternational competitiveness through mutualexchange of information, know-how and trainingactivities.Within the responsibility of its convenorship of FEASAffiliate Task Force and with the aim of betterunderstanding the needs and goals of affiliatemembers and to provide a more efficient as well asproductive working platform, Takasbank preparedboth a revenue/expense survey and a corporategovernance questionnaire for the ClearingInstitutions, CSDs and CCPs operating in the posttradearena and sent these questionnaires to thepost-trade institutions in the FEAS region. Within thiscontext, Takasbank is also preparing a leaflet whichwould gather the existing internationalrecommendations and best practices related tocorporate governance in securities settlementsystems to be distributed in the 14th GeneralAssembly of FEAS on 10-12 November 2008 at AbuDhabi. I believe that the implementation of thesebest practices about corporate governance wouldenhance the safety and efficiency of globalsettlement process within FEAS capital markets andthus, contribute to increasing volumes of crossborder transactions among FEAS markets.General InformationTakasbank is incorporated as a non-deposit takinginvestment bank and is authorized by the CapitalMarkets Board of Turkey to function as: the Clearingand Settlement Institution for the ISE markets, theClearing House for the Turkish DerivativesExchange, the National Numbering Agency of Turkeyand the Custodian for the Mutual Funds and PensionFunds incorporated in Turkey.Services Provided• Central clearing and settlement for the organizedmarkets of ISE and Turkish Derivatives Exchange(TurkDEX),• Cash settlement and transfer facilities (domesticand cross-border),• Cross-border settlement and custody services,• Real Time Gross DvP settlement (among brokersand custodians) for equities via integration withSWIFT system• Takasbank Money Market,• Securities Lending and Borrowing Market (SLB),• Cash Credits,• Allocation of ISIN for securities issued in TurkeyBrief HistoryTakasbank, started as a department within theIstanbul Stock Exchange (ISE) in 1988, and originallydealt with the provision of settlement services forsecurities traded by the members of the ISE. InJanuary 1992 , the operations of that departmentwere transferred to an independent company, theISE Settlement and Custody Co. Inc., which was setup under the shareholdership of the ISE and itsmembers. This company was then transformed intoa bank and renamed Takasbank (ISE Settlement andCustody Bank, Inc.) in 1996.Form of SecuritiesDematerializedForm of Settlement and Transfers:Book-entryLegal StatusJoint stock companySettlement PeriodEquities: T+2Bonds and Bills: T+0Derivatives:T+1Type of Commercial EntityPrivate sector for-profit companyDoes Takasbank Act as a CentralCounter Party?No for the ISE markets. (However, default procedureis applied for the settlement of the ISE markets).Yes for TurkDEXRegulated byCapital Markets BoardBanking Regulation and Supervision BoardCentral Bank of Turkey.Size of Guarantee Fund(As of August 2008)ISE Equities Market: US$ 40 millionISE Bonds and Bills Market: US$ 48 millionOwnershipIstanbul Stock Exchange (ISE): 32.62%Banks (19): 34.48%Brokerage Houses (67): 32.90%Board of Directors: 11 MembersIstanbul Stock Exchange: 4Banks: 3Brokerage Houses: 2Capital Markets Board: 1and the President and CEO of Takasbank.Memberships to International OrganizationsAssociation of National Numbering Agency (ANNA)International Securities Services Association (ISSA)Society for Worldwide Interbank Telecommunications(SWIFT)Association of European Central SecuritiesDepositories (ECSDA)Future OutlookIn 2008, Takasbank intends to:• Continue its efforts to become a CentralCounterpartyfor equities and establish a central collateralizationsystem• Providing access to the SWIFT system throughTakasbank network for non-SWIFT memberinstitutions ;• Establishment and implementation of a distributionand settlement system for investment fund units onthe integrated system with the CRA• Development and expansion of the scope ofInvestment Fund Custody System;• Contribute to the development of internationalstandards for securities and implementing thesestandards in Turkey.• Give-up process for TurkDEX transactions;• Creation of an electronic securities data base• Unbundling of Takasbank services and initiationof service/product based pricing system* Please refer to page 80 for the Turkey country report.CONTACT INFORMATIONContact Name Ms. Filiz Kaya E-mail international@takasbank.com.tr Website www.takasbank.com.trPAGE 97

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008TEHRAN SECURITIES EXCHANGE TECHNOLOGY MANAGEMENT COMPANY (TSETMC) AFFILIATE MEMBERMorteza KhazanedariManaging DirectorThe major project for TSETMC is toimplement a new trading solution for theTehran Stock Exchange (TSE) in the year2008.TSETMC’s activities for the year 2008 are:The major project at TSETMC is to implement anew trading solution for the Tehran StockExchange (TSE) in the year 2008. The tradingsolution was installed on the purchased hardwarein early April 2007. This Solution is due to comeonline in the winter of 2008 after finalization ofinternal and external User Acceptance Testing(UAT). TSETMC is also assisting the newlyestablished CSD Iran Company for theimplementation of a new post-trade solution.TSETMC has a very close relationship with CSDIran Company since all of the post-trade activitieswere the responsibility of TSETMC before theenactment of the Capital Market Act by theIranian Parliament in 2005. CSD Iran Company isalso an Affiliated Member of FEAS.During the implementation of the new core tradeand post-trade solutions, TSETMC is assistingmajor brokerage firms in Iran for theimplementation of Brokerage Solutions.The plan is to introduce financial and commodityderivatives markets in TSE and the newlyestablished Iranian Mercantile Exchange (IME) inthe near future. TSETMC is supporting theintroduction of these markets and also their tradeand post-trade processing. TSETMC is an activemember of a consortium with the responsibility toestablish the Iranian Petroleum Exchange.TSETMC is the main contributor in thedevelopment and implementation of internationalstandards in Iran. TSETMC is helping theimplementation of a DVP Model2 for TSE’s equitymarket. In addition, the new CSD Companywould become a CCP of the equity market by2010. TSETMC is involved with CSD Iran for theprovision of needed infrastructure and riskmanagement mechanisms.Other ProjectsFinancial Information Processing of Iran (FIPI)TSETMC started a new project titled "FinancialInformation Processing of Iran" (FIPI). The mainobjective of the project is to establish a DataWarehouse to gather and maintain all importantinformation and data in Iranian financial markets.Stored data and information are processed anddelivered via different mediums (such as a website,Decision Support Systems and Standard reports) tovarious users.Digital Signature CertificateTSETMC defined a new project with Iranian CommerceMinistry to become a Certified Authorization (CA) bodyfor the Iranian Capital Market. Iranian Ministry ofCommerce acts as a root CA in Iran and authorizedTSETMC to provide Digital Signature Certificate tocapital market's participants. Such certificate has a vitalrule in electronic commerce as both parties couldtransact digitally with very high level integrity, privacy,authentication and none-repudiation.General InformationTehran Stock Exchange Services Company (TSETMC)is a subsidiary of the Securities and Exchange (SEO) ofIran. SEO regulates and overseas the Iranian capitalmarket. TSETMC was established on June 1994 as anindependent company owned by Tehran StockExchange (TSE) and its members. With theimplementation of the new Capital Market Act by theIranian Parliament, SEO was established and theownership of TSETMC was transferred to SEO. TheTSETMC’s main function is to develop, maintain,operate, and promote systems for all stages of thetrade-cycle services in Iran.Specifically, TSETMC is responsible to:• maintain all hardware and software used for tradeand post trade activities• develop and enhance existing software applications• provide consultancy and technical advice to mainexchanges in Iran• Act as a financial information processor for theIranian financial market* Please refer to page 128 for the Iran country report.Services ProvidedTradingMaintain Automated Trading System (ATS)Disseminate trade and financial information tointerested partiesInformation and SupportingProvide operational servicesManage operational risksOthersProvide consultancyManage TSE data centersImplement specialized softwareBrief HistoryTSETMC started its operation as a subsidiary of theNational Informatics Corporation (NIC) of Iran in July1984. Originally, TSETMC developed, maintained andoperated the computerized system of TSE used fortrade and post-trade activities. In June 1994, TSETMCwas incorporated as an independent company underthe ownership of the TSE, its members, and NIC.Currently, Securities and Exchange (SEO) of Iran is thesole owners of TSETMC.Form of SecuritiesDematerializedForm of Settlement and Transfers:Book-entryLegal StatusPrivate Joint Stock CompanySettlement PeriodFor TSE Markets:Equities: T+3Corporate Bonds: T+1Type of Commercial EntityPrivate sector for-profit companyDoes TSETMC act as a central counter party?No.Regulated BySecurities and Exchange Organization of Iran(www.seo.ir)OwnershipOwned by the Securities and Exchange Organization(SEO) of IranMemberships to International OrganizationsAffiliate Member of the Federation of Euro-Asian StockExchanges (FEAS)Board of Directors: 3 MembersRepresentatives of the Securities and Exchange (SEO)of IranFuture OutlookFrom March 2008 to March 2009, TSETMC intends to:• Lead the implementation of a new trading solution• Assist CSD Iran in the implementation of a post-tradesolution• Assist brokerage firms for implementing totalbrokerage solutions• Lead efforts for implementation of Straight ThroughProcessing (STP)• Contribute in the introduction of new instruments• Assist in the creation of the Iranian PetroleumExchange• Perform studies for creation of a Lending andBorrowing market• Contribute to the development and implementation ofinternational standards• Initiate studies and efforts to introduce CCP at CSDIran• Release the first phase of Financial InformationProcessing project• Continuing the Digital Signature Certificate projectCONTACT INFORMATIONContact Name Mr. Houman Farajollahi E-mail houman.farajollahi@tsetmc.com Website www.tsetmc.comPAGE 98

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MEMBER LISTPAGE 99

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Abu Dhabi Stock ExchangeAddress: P.O. Box 54500 Abu Dhabi, U.A.E. Phone: (2) 627 7777 Fax: (2) 612 8787 E-mail: info@adsm.co.aeWeb Address: www.adx.ae Country Code: 971Company’s Name City Code Telephone Fax E-mail AddressAABAR PETROLEUM CO. 9712 626 44 66 626 82 28ABU DHABI AVIATION CO. 9712 5758000 5757775ABU DHABI CO FOR BUILDING MATERIALS (BILDCO) 9712 6455500 6455544ABU DHABI COMMERCIAL BANK 9712 6962222 677 64 99ABU DHABI ENERGY COMPANY (TAQA) 9712 6943662 6943774ABU DHABI ISLAMIC BANK 9712 634 30 00 6333316ABU DHABI NATIONAL HOTELS CO. 9712 4447228 4448495ABU DHABI NATIONAL INSURANCE CO. (ADNIC) 9712 6264000 6268600ABU DHABI SHIP BLDG (ADSB) 9712 55 10 800 5511067ABU DHABI TAKAFUL 9712 626 27 27 626 07 77AL BUHAIRA NATIONAL INSURANCE CO. 9716 568 40 00 574 88 55AL DHAFRA INSURANCE CO. 9712 6721444 6729833AL-AIN AHLIA INSURANCE CO. 9712 4459900 4456685ALDAR PROPERTIES 9712 6964444 6417504AL-KHAZNA INSURANCE CO. 9712 6767000 6768500AL-WATHBA NATIONAL INSURANCE CO. 9712 6770566 6776628ARKAN BUILDING MATERIALS 9712 24455888 24455282ASMAK 9716 7435727 7432256BANK OF SHARJAH 9716 569 44 11 568 33 77COMMERCIAL BANK INTERNATIONAL 9717 2227555 2227444COMMERCIAL INTERNATIONAL BANK / EGYPT (CIB) 202 747 22 92 / 3 573 15 41DANA GAS 9716 556 94 44 55 66 522EMIRATES DRIVING COMPANY 9712 551 05 44 551 02 27EMIRATES FOODSTUFF & MINERAL WATER (AGTHIA) 9712 4455221 4463644EMIRATES INSURANCE CO. 9712 6440400 6445227EMIRATES TELECOMMUNICATIONS-ETISALAT 9712 6283333 6317000FINANCE HOUSE 9712 621 99 99 619 40 99FIRST GULF BANK 9712 681 66 66 681 37 27FOODCO HOLDING CO. 9712 6731000 6732100FUJAIRAH BUILDING INDUSTRIES 9719 2222051 2227314FUJAIRAH CEMENT INDUSTRIES CO. 9719 222 31 11 222 77 18FUJAIRAH NATIONAL INSURANCE CO 9719 2233355 2224344FUJAIRAH TRADE CENTER 9719 2222661 2226212GULF CEMENT COMPANY 9717 2668222 2668038GULF MEDICAL PROJECTS COMPANY 9716 561 99 99 561 66 99GULF PHARMACEUTICAL INDUSTRIES (JULPHAR) 9717 2461461 2461462INTERNATIONAL FISH FARMING COMPANY 9716 743 57 27 743 22 56INVEST BANK 9716 569 44 40 569 42 12NATIONAL BANK OF ABU DHABI 9712 611 11 11 627 58 81NATIONAL BANK OF FUJAIRAH 9719 202 93 12 222 45 16NATIONAL BANK OF RAS AL KHAIMAH 9717 228 11 27 228 61 06NATIONAL BANK OF UMM AL QIWAN 9716 7066666 765 15 25NATIONAL CORPORATION FOR TOURISM & HOTELS 9712 4099777 4099778NATIONAL MARINE DREDGING CO. 9712 5516000 5516500OASIS INTERNATIONAL LEASING CO. 9712 6273880 6273990OMAN & EMIRATES INVESTMENT HOLDING CO. 99682 4489458 4489465PALESTINIAN TELECOMMUNICATION CO. (PALTEL) 9702 2405838 00970 92376227QATAR TELECOMMUNICATION CO. (Q-TEL) 974 4400525 4830112RAK CO. FOR WHITE CEMENT & CONSTRUCTION MATERIALS 9717 2668888 2668866RAK NATIONAL INSURANCE CO. 9717 227 30 00 228 85 00RAK PROPERTIES 9717 233 00 04 227 24 44RAS AL KHAIMAH POULTRY & FEEDING CO. 9717 2462222 2462220RAS AL-KHAIMAH CEMENT COMPANY 9717 2660111 2660006RAS AL-KHAIMAH CERAMICS 9717 2445046 2445270SHARJAH CEMENT & INDUSTRIAL DEV. CO. 9716 568 46 81 568 31 71SHARJAH INSURANCE COMPANY 9716 568 66 90 568 38 88SHARJAH ISLAMIC BANK 9716 568 10 00 568 01 01SOROUH REAL ESTATE 9712 444 00 06 444 00 66SUDANESE TELECOMMUNICATION CO. LTD 249183 770099 782322UMM AL QIWAIN CEMENT INDUSTRIES 9716 765 55 22 765 55 20UNION CEMENT COMPANY 9717 2668166 2668635UNION INSURANCE CO. 9716 7466996 7466997UNION NATIONAL BANK 9712 674 31 41 6773482UNITED ARAB BANK 9716 5075500 573 39 13UNITED INSURANCE CO. 9717 2351877 2353250PAGE 100

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Amman Stock ExchangeAddress: P.O. Box 212466, Amman 11121, Jordan Phone: (6) 566 4109 Fax: (6) 566 4071 E-mail: info@ase.com.joWeb Address: www.exchange.jo Country Code: 962Company’s Name City Code Telephone Fax E-mail AddressAHLI BROKERAGE COMPANY 11181 5624361 5624362 brokerage@jnb.com.joAJIAD FOR SECURITIES 11193 5622269 5622293 -AL WAMEEDH FOR FINANCIAL SERVICES AND INVESTMENT - 5681960 5681030 -AL-AMAL FINANCIAL INVESTMENTS CO. LTD. 11196 5671485 5667993 -AL-ARABI INVESTMENT GROUP 11814 5526491 5526492 mail@atlasinvest.netAL-AULA FINANCIAL INVESTMENTS 11193 5201450 5653564 -AL-AWAEL INTERNATIONAL SECURITIES 11196 5633222 - -AL-BILAD FOR SECURITIES AND INVESTMENT 11181 5105900 5105700 -ALEMAN FINANCIAL INVESTMENT 11953 5663173 5664988 nidbass@yahoo.comALFARES FINANCIAL INVESTMENTS 11194 5650340 5696464 -AL-HEKMA FINANCIAL SERVICES 11193 5654046 5654049 info@hekmah-fs.comALJAZEERA FOR FINANCIAL INVESTMENTS 11732 5651611 5651981 -AL-MAWARED FOR BROKERAGE 11195 5688085 5622405 -AL-NADWA FOR FINANCIAL SERVICES AND INVESTMENT 11193 5105213 - -ALNOUR FOR FINANCIAL INVESTMENTS - 5666690 5656520 -AL-OMANA'A PORTFOLIO AND INVESTMENT - 5549700 5549702 -AL-REDA FOR FINANCIAL SERVICES 11910 5699995 5699995 info@alreda-jordan.comALSAFWA FININCIAL INVESTMENTS - 5201230 5655639 -AL-SAHM INTERNATIONAL FOR INVESTMENT & BROKERAGE 11193 5691662 5691665 -AL-SALAM FOR FINANCIAL INVESTMENTS 1118 5820628 5820630 -AL-SHOROUQ FINANCIAL BROKERS 11193 5695512 5695551 alshorouqfb@gmail.comAL-WATANIEH FOR FINANCIAL SERVICES CO. 11190 5663851 5682803 watanieh@index.com.joAMAN FOR SECURITIES 11193 5662362 5662381 info@amansecurities.joAMMAN INVESTMENT & SECURITIES 11185 5669689 5672572 -ARAB CO-OPERATION FINANCIAL INVESTMENT CO. 11193 5629300 5629301 alie@abci.com.joARAB FALCON TRADING SECURITIES 11196 5682225 5623118 fifco@joinnet.com.joASIA STOCK BROKERAGE 11193 5673086 5676030 -BUSINESS WOMEN TRADING SECURITIES 11193 5828872 5828834 info@multaqaa.comCAPITAL INVESTMENTS 11194 5200330 5685508 -DELTA FINANCIAL INVESTMENTS 11193 02/7254664 02/7254660 -ELITE FINANCIAL SERVICES 11194 5680194 5686086 -EXCEL FOR FINANCIAL INVESTMENT 11194 5600923 5675951 -EXPERTS FINANCIAL SERVICES 11194 5661608 5663905 -FRIENDS FINANCIAL INVESTMENT & BROKERAGE 11193 5639088 5680298 -HORIZONS INVEST 11193 5690933 5626665 -IMCAN FOR FINANCIAL SERVICES 11194 5604222 5601444 info@imcan.joINDEMAJ FINANCIAL SERVICES 11194 5802930 5823819 -INDUSTRIAL DEVELOPMENT BANK 11118 4642216 4647821 idb@indevbank.com.joINTERNATIONAL BROKERAGE & FINANCIAL MARKETS 11185 5503300 5855362 -INTERNATIONAL FINANCIAL CENTER 11194 5674558 5696720 -INVESTMENT HOUSE FOR FINANCIAL SERVICES 11953 5685525 5685344 -ISTITHMAR FOR FINANCIAL SERVICES 11194 5610500 5610555 -JORDAN & GULF INVESTMENT 1110 5675617 5675617 jgfinance@wanadoo.joJORDAN EXPATRIATES FOR FINANCIAL BROKERAGE 11193 5653702 5653702 -JORDAN RIVER FINANCIAL INVESTMENT 11953 5560023 5530801 info@jrfic.comJORDANIAN SAUDI EMIRATES FINANCIAL INVESTMENT 11193 5620011 5620050 info@jescoonline.netKUWAIT & MIDDLE EAST FINANCIAL INVESTMENT-JO 11195 5502929 5531692 -LBDA' FOR FINANCIAL INVESTMENT 11193 5662440 5668910 -NATIONAL PORTFOLIO SECURITIES 11110 5673101 5688793 info@mahfaza.com.joOSOOL INVESTMENT AND FINANCIAL SERVICES 11181 5696377 5696367 -SAMIR & SAMEH BROS. FOR INVESTMENT 11118 5671546 5684476SANABEL ALKHAIR FOR FINANCIAL INVESTMENTS 11110 5653046 5653047 -SELWAN FINANCIAL BROKERS 11122 5651546 5651549 selwan@firstnet.com.joSHARECO BROKERAGE CO. 11831 5100700 5684788 shareco@nets.com.joSHARES HOUSE FOR FINANCIAL SECURITIES 11171 5694114 5694114 info@shareshouse.comSHUA'A FOR SECURITIES TRADING AND INVESTMENTS 11190 5623006 5623004 -SOCIETE GENERALE JORDAN - BROKERAGE 11118 5681651 5681251 sgbj@sgbj.com.joSUKOOK INVESTMENT & BROKERAGE 11194 5623997 5623998 -TADAWOL FOR SECURITIES & FINANCIAL SERVICES 11193 5543200 5543207TANMIA SECURITIES INC. 11190 5672460 5683559 info@tanmiainc.comTHE ARAB FINANCIAL INVESTMENT 11192 5692425 5692423 info@arabinvestco.comTHE BANKERS FOR BROKERAGE AND FINANCIAL INVEST - 5825380 5827590 -THE FINANCIAL INVESTMENT COMPANY FOR SHARESAND BONDS 11194 5671569 5699626 -TRANS JORDAN FOR FINANCIAL SERVICES 11121 5650287 5672980 money@go.com.joUMNIAH FOR FINANCIAL INVESTMENTS 11122 5699925 5699924 -UNION FINANCIAL BROKERAGE 11180 5675558 5606996 union.brokerage@wanadoo.joUNITED ARABIAN JORDANIAN FOR INVESTMENTAND BROKERAGE SERVICES 11196 5671578 5696156 -UNITED CO. FOR FINANCIAL INVESTMENT 11192 5679829 5865870 ufico@accessme.comUNIVERSAL HOUSE BROKERAGE 11180 5005080 5005088 -PAGE 101

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Armenian Stock ExchangeAddress: 5B M. Mkrtchian Street, Yerevan 375010, Republic of Armenia Phone: (10) 543321 Fax: (10) 543324 E-mail: info@armex.amWeb Address: www.armex.am Country Code: 374Company’s Name City Code Telephone Fax E-mail AddressALPHASECURITIES LTD 10 358-707 358-707 alfasecurities@mail.ruAMERIA INVEST CJSC 10 524-040 546-800 ib@ameria.amANELIK BANK CJSC 10 227-206 226-581 anelik@anelik.amAREXIMBANK CJSC 10 544-387 520-995 info@areximbank.amARMENIAN DEVELOPMENT BANK OJSC 10 591-400 591-405 info@armdb.comARMSWISSBANK CJSC 10 529-593 591-592 info@armswissbank.amARTSAKHBANK CJSC 71 4-34-12 7-12-49 artsakhbank@ktsurf.netCAPITAL ASSET MANAGEMENT CJSC 10 541-526 541-527 ecam@ecam.amCASCADE INVESTMENTS CJSC 10 520-432 583-089 info@cascadeinvmnts.comFUTURE CAPITAL MARKET LTD 10 273-357 273-357 fcm_company@yahoo.comPRIVATE INVEST CJSC 10 521-812 521-051 privat@arminco.comRENESA CJSC 10 548-383 548-383 info@renesa.amTONTON LTD 10 584-614 545-477 info@tontoninvest.comYEREVAN BROKER LTD 10 544-657Bahrain Stock ExchangeAddress: Hedaya Building 2, Government Avenue, Manama, Block: 305 Kingdom of Bahrain, P.O. Box 3203, Phone: (17) 261 260 Fax: (17) 256 362E-mail: info@bahrianstock.com Web Address: www.bahrainstock.com Country Code: 973Company’s Name City Code Telephone Fax E-mail AddressABC SECURITIES 17 543149 543758 -ABDULLA ZAIN AL-ABEDIN 17 246661 246661 -AHLI UNITED BANK 17 585824 580549 info@ahliunited.comAL AHLIA SECURITIES 17 207070 250800 -BBK BROKERAGE SERVICES 17 229993 216164 ecall_ebank@bbkonline.comGLOBAL INVESTMENT HOUSE 17 210011 210222 www.globalinv.netGULF SECURITIES 17 272579 258780 -INDOGULF FINANCIAL SERVICES CO. 17 227778 215231 -MUBASHER FINANCIAL SERVICES B.S.C 17 556139 556124 -NASSIR ABBAS KHOSROU 17 270130 271267 -SECURITIES & INVESTMENTS CO. 17 515000 530603 sico@batelco.com.bhTAIB SECURITIES CO. 17 549499 531213 taibdirect@taib.comU.G.B SECURITIES 17 533233 531953 info@ugbbah.comYOUSIF AL-AJAJI 17 261006 262948 ajaji001@yahoo.comBaku Interbank Currency ExchangeAddress: 57, Acad H. Aliyev Str., AZ1110 Baku, Azerbaijan Phone: (12) 465 6314 Fax: (12) 465 6516 E-mail: info@bbvb.orgWeb Address: www.bbvb.org Country Code: 994Company’s Name City Code Telephone Fax E-mail AddressAFBANK 12 499 16 17 499 10 66 afbank@bakinter.netAMRAHBANK 12 4978 862 4978 863 amrahbank@azeurotel.comANARBANK 12 4989 437 4984 235 office@anarbank.baku.azAQRARKREDIT NON BANK CREDIT ORGANIZATION 12 4380 530 498 15 17 asb@baku-az.netATABANK 12 497 34 96 4987 447 atabank@atabank.comATLANTBANK 12 497 69 86 4976 989 atlant@azdata.netATRA 12 4958 093 4981 274 atrabank@azdata.netAZAL 12 4986 056 4989 701 azalbank@azalbank.azAZDEMIRYOLBANK 12 4402 722 496 09 77 damir@azerdemiryolbank.comAZERBAIJAN CREDIT BANK 12 5.982.424 5982427 info@azkreditbank.comAZERIGAZBANK 12 4975 017 4989 615 agbbank@azeri.comAZERNEGLIYYATBANK 12 493 48 04 4934 804 azerneqliyyat@liderkart.comAZER-TURK BANK 12 4974 316 4983 702 atb@azertyrkbank.bizBANK AVRASIYA ASC 12 598 85 85 598 03 07 info@bankavrasiya.azBANK OF AZERBAIJAN 12 4980 247 4980 250 office@is-bankasi-azerbaycan.netBANK OF BAKU 12 4470 055 498 82 78 root@bankofbaku.comBIRLIKBANK 12 4416 775 441 61 19 info@birlikbank.baku.azCAPITAL INVESTMENT BANK 12 4934 949 4938 450 cibank@azersun.comCAPITALBANK 12 4936 630 4986 605 Afig.Khudayev@kapitalbank.azCAUCASIAN DEVELOPMENT BANK 12 4973 272 4971 222 office@tdb.baku.azDEBUTBANK 12 4964 551 4974 560 debutbank@azeronline.comDEKA-BANK 12 4981 157 4981 147 office@dekabank.comEUROBANK 12 4977 455 497 89 07 office@eurobank.azGUNAY BANK 12 4980 456 4981 439 gunaybank@azeri.comMUGAN 12 4983 411 4983 511 bank@mugan.baku.azNBC BANK 12 5666 856 498 94 77 info@nbcbank.azPAGE 102

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Baku Interbank Currency Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressNIKOYL 12 4972 972 4973 379 bank@nikoil.azOPEN JOINT-STOCK SOCIETY KOVSAR 12 4973 034 4973 029 bank@usal.baku.azPARA-BANK 12 4471 000 4930 882 office@parabank.azPASA BANK ASC 12 496 50 00 496 50 10 office@pashabank.azPOSTBANK 12 498 69 14 498 33 14 seymur@postbank.orgRABITABANK 12 4926 097 4971 101 rb@rabitabank.comRESPUBLIKA 12 498 08 00 498 08 80 info@bankrespublika.azROYAL BANK OF BAKU 12 498 65 88 498 13 19 info@royalbank.azSTANDART BANK 12 4971 070 4980 778 bank@bankÒڇ̉‡ ‰.comTEKHNIKABANK 12 465 36 13 493 08 41 info@texnikabank.comTHE AZERBAIJAN BANK OF MICROFINANCING 12 493 07 26 493 07 96 bank@mfba.azTHE INTERNATIONAL BANK OF THE AZERBAIJAN REPUBLIC 12 493 00 91 4989 128 IBAR@IBAR.AZTHE NATIONAL BANK OF THE AZERBAIJAN REPUBLIC 12 4931 122 4935 541 info@nba.azTURAN 12 497 25 92 4972 577 turanbank@azdata.netUNIBANK 12 4982 244 4980 953 bank@unibank.azUNITED CREDIT BANK 12 4900 641 490 05 22 ucb@ucb.azXALQ BANK 12 496 81 52 496 81 57 mail@xalqbank.azYAPI CREDIT BANK AZERBAIJAN LTD. 12 4977 795 4970 276 ÍÓcbank@ÍÓcbank.com.azZAMINBANK 12 498 81 05 493 41 90 info@zaminbank.azBaku Stock ExchangeAddress: 19, Bul-Bul Avenue A21000 Baku, Azerbaijan Phone: (12) 498 9820 Fax: (12) 493 7793 E-mail: info@bse.azWeb Address: www.bse.az Country Code: 994Company’s Name City Code Telephone Fax E-mail AddressADB BROKER LLC 12 440-24-29 496-09-77 damir@azerdemiryolbank.comATABANK OJSC 12 497-87-00 498-74-47 faig@atabank.comAZERBAIJAN INDUSTRIAL BANK OJSC 12 493-01-45 493-84-50 tariel.zamanov@asb.azAZERINTERTRADE LLC 12 598-25-71 s.intigam@ait.azAZERIGASBANK OJSC 12 497-50-17 498-96-15 f.veliyeva@azerigazbank.comAZERTURKBANK OJSC 12 497-43-17 498-37-02 kelkhan@azerturkbank.bizBOB BROKER LLC 12 447-00-55 498-82-78 ehbabayev@banofbaku.comINTERNATIONAL TRANSACTION SYSTEMS LLC 12 436-84-90 436-84-85 murtuzayev.s@gcc.azMARS INVESTMENT LLC 12 497-31-62 497-33-36 office@azinvestgroup.comRABITABANK OJSC 12 492-61-57 497-11-01 rb@rabitabank.comRESPUBLIKA INVEST LLC 12 598-08-00 598-08-80 teymurt@bankrespublika.azSTANDARD CAPITAL LLC 12 497-55-01 497-55-03 t.kalayev@standardcapital.azTEKHNIKA CAPITAL MANAGEMENT LLC 12 440-29-61 493-87-11 cafer.ibrahimli@texnikabank.azUNIBANK OJSC 12 498-22-44 498-09-53 fuad.akhmedov@unibank.azYAPI KREDI BANK AZERBAIJAN CJSC 12 497-77-95 497-02-76 aydin.huseynov@yapikredi.com.azBanja Luka Stock ExchangeAddress: Petra Kocica bb, 78 000 Banja Luka, Bosnia and Herzegovina, Phone: (51) 326 040 Fax: (51) 326 056 E-mail: blberza@blic.netWeb Address: www.blberza.com Country Code: 387Company’s Name City Code Telephone Fax E-mail AddressADVANTIS BROKER A.D. BANJA LUKA 51 348-900 348-901 tatjana.tomanic@advantisbroker.comAKCIJA BROKER A.D. BANJA LUKA 51 227-460 227-460 info@akcija-broker.comBALKAN INVESTMENT BANK A.D. BANJA LUKA 51 245-155 245-069 a.batinica@bib.baBOBAR BANKA A.D. BIJELJINA 55 211-552 218-388 ana.mirosavljevic@bobarbanka.comEQUIES INVESTMENTS A.D. BANJA LUKA 51 344-260 344-261 info@equis.baEUROBROKER A.D. BANJA LUKA 51 310-347 310-348 sasa.grbic@eurobroker.baFIMA A.D. BANJA LUKA 51 329-200 329-212 stopalovic@fima.baGRAND BROKER A.D. BANJA LUKA 55 211-799 211-798 grbroker@teol.netHYPO-ALPE-ADRIA BANK A.D. BANJA LUKA 51 336-530 336-535 bratoljub.radulovic@hypo-alpe-adria.comINTERFINANCE A.D. BANJA LUKA 51 231-340 231-347 pkovacevic@interfinance.baKBC SECURITIES A.D. BANJA LUKA 51 230-781 230-780 dijana.ostic@senzalbl.comMONET BROKER A.D. BANJA LUKA 51 345-600 345-601 draganab@monetbroker.comNLB RAZVOJNA BANKA A.D. BANJA LUKA 51 226-570 226-571 vladimir.burazor@nlbrazvojnabanka.comNOVA BANJALUCKA BANKA A.D. BANJA LUKA 51 243-392 243-267 nbbbroker@novablbanka.comNOVA BANKA A.D. BIJELJINA 51 241-923 241-925 boris.kacavenda@novabanka.comRAIFFEISEN A.D. BANJA LUKA 51 231-490 243-491 info@raiffeisencapital.baVOLKSBANK A.D. BANJA LUKA 51 241-165 241-135 borislav.trampa@volksbank-bl.baPAGE 103

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Belarusian Currency and Stock ExchangeAddress: 48a, Surganova Str., 220013 Minsk, Belarus Phone: (375) 17 209 41 03 Fax: ( 375) 17 209 41 10 E-mail: blusson@bcse.byWeb Address: www.bcse.by Country Code: 375Company’s Name City Code Telephone Fax E-mail AddressABSOLUTBANK CJSC 375-17 2370702 root@absolutbank.by, www.absolutbank.byAIGENIS, CJSC 375-17 2054041 info@aigenis.by, www.aigenis.byAKTSIYA, LTD 375-17 2377891 action2004@tut.byALFA INDUSTRIAL CAPITAL, FE 375-17 2066174 elena_b@alpha-invest.comALFA PROF-ACTIVE, LTD 375-17 2990084 alfaprof@gin.byASTANAEXIMBANK JSC 375-17 2895811 chubkova@aeib.by, www.aeb.byATLANT-INVEST, DEPOSITORY 375-0152 721844ATOM–BANK JSC 375-17 2198482 info@atombank.by, www.atombank.byBANK OF RECONVERSION AND DEVELOPMENT JSC 375-17 2035727 catherine@rrb.by, www.rrb.byBELAGROPROMBANK JSC 375-17 2185777 belapb@belapb.by, www.belapb.byBELARUSKY NARODNY BANK JSC 375-17 2801663 bnb@tut.by, www.bnb.byBELARUSSIAN INDUSTRIAL BANK JSC 375-17 2039578 bib@bib.by, www.bib.byBELGAZPROMBANK JSC 375-17 2067740 bank@bgpb.by, www.belgazprombank.byBELINVESTBANK JSC 375-17 2892812 info@belinvestbank.by, www.belinvestbank.byBELMEZHKOMINVEST, JSC 375-17 2013341BELPROMSTROIBANK JSC 375-17 2894606 inbox@bpsb.by, www.bpsb.byBELROSBANK CJSC 375-17 2897680 mailbox@belrosbank.by, www.belrosbank.byBELSWISSBANK UNITED STOCK COMPANY 375-17 2066933 info@bsb.by, www.bsb.byBELVNESHECONOMBANK JSC 375-17 2092944 bonds@bveb.minsk.by, www.bveb.byBROSTOK, CJSC 375-17 2135859 brostock@solo.byCAPITAL-ACTIVE, CJSC 375-0232 574357DENIM TRADING, UNITARY ENTERPRISE 375-17 236-9549 dima@altdenim.comDERZHAVAINVEST, JSC 375-17 203-8978 derzhava@telecom.byGENERAL INVESTMENT SYSTEM CJSC 375-17 294-0353 gsi@aport.ruGT–BANK (GOLDEN TALER BANK) 375-17 2266298 office@gtbank.by, www.gtbank.net, www.gtbank.byINTERNATIONAL RESERVE BANK JSC 375-17 2996900 info@irb.by, www.irb.byINTERTRUSTGROUP, JSC 375-17 2373896 info@it-g.ruINVALUE, CJSC 375-17 2064611 invalue@invalue.byITI–BANK (JOINT–STOCK COMMERCIAL INTERNATIONALTRADE AND INVESTEMENT BANK) 375-17 2006880 office@itibank.by, www.itibank.byKASKAD-93-INVEST, LTD 375-17 2985768 kaskad-invest@anitex.byLIDERINVEST, LTD 375-17 2208353 shutko@stock.nsys.byLOROBANK OJSC 375-17 2996901 lorobank@mail.ruMINSK TRANSIT BANK JSC 375-17 2132901 bank@mtb.minsk.by, www.mtb.byMOSCOW–MINSK FOREIGN BANK 375-17 2886301 mmb@mmbank.by, www.mmbank.byNATIONAL BANK OF THE REPUBLIC OF BELARUS 375-17 2192242 www.nbrb.byNORTHERN INVESTMENT BANK JSC 375-17 2996621 nordinvest@nib.bn.byPARITETBANK OJSC 375-17 2883248 info@paritetbank.by, www.paritetbank.byPRIORBANK JSC 375-17 2899087 info@priorbank.by, www.priorbank.byPROMREESTR, LTD 375-17 200-0272PROMTECHINVESTVEKSEL, UNITARY ENTERPRISE 375-17 2218909REESTR, LTD INVESTMENT COMPANY 375-02161 42862 reestr@tut.bySAVINGS BANK "BELARUSBANK" JSSB 375-17 2188431 info@belarus-bank.by, www.belarusbank.minsk.bySLAVNEFTEBANK, CJSC 375-17 2162387 snb@snbank.by, www.snbank.bySOMBELBANK JSC 375-17 2066569 info@sbb.by, www.sbb.bySOVMEDIA, UNITARY ENTERPRISE 375-17 2135472 sovmedia@tut.bySTOCK ALIANCE, LTD 375-17 2029647 fondoy_alians@mail.ruSTOCK HOUSE, CJSC 375-17 2949170SYNTHESIS INVEST GROUP, LTD 375-17 2112857 dkorn1972@mail.ruTECHNOBANK OJSC 375-17 2832727 shlyago@tb.by www.tb.byTRUSTBANK, PRIVATE JSC 375-17 2032467 samson@trustbank.byTRUST-WEST, LTD 375-0162 203207 trast-zapad@mail.ruWESTERN STOCK BUREAU, CJSC 375-162 230386 zfb@mail.ruZARS, CJSC 375-17 2064611PAGE 104

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Belgrade Stock ExchangeAddress: 1, Omladinskih Brigada Street, 11000, Belgrade, Serbia Phone: (11) 322 1599 Fax: (11) 138 242 E-mail: info@belex.co.yuWeb Address: www.belex.co.yu Country Code: 381Company’s Name City Code Telephone Fax E-mail AddressAAA SECURITY BROKER 11 30-32-137 2638-707 office@aaabroker.netAB INVEST 11 323 2977 323 2977 abinvest@eunet.yuAC-BROKER 11 202 77 00 202 77 00 info@ac-broker.co.yuAGROBANKA 11 2021-401 2021-152 ljiljanadob@agrobanka.co.yuALCO BROKER 11 305 0376 3548 305 abroker@abanka.co.yuALFA BROKER 11 311-6276 311-6276 office@serbianstocks.comALPHA BANK SRBIJA 11 3023 971 33 42 349 mgostiljac@jubanka.comAS FINANCIAL CENTER 11 262 2266 262 2266 office@asbroker.co.yuATHENA CAPITAL 11 2142-442 2142-332 office@athenacapital.co.yuATLAS BROKER 11 3248-405 3248-309 office@centrobroker.co.yuBANCA INTESA 11 201 1422 201 1297 broker@bancaintesabeograd.comBANKA POSTANSKA ·TEDIONICA 11 3024-329 3376-777 broker@posted.co.yuBELGRADE INDEPENDENT BROKER 11 322 3227 322 3227 office@bibroker.co.yuBEO MONET 11 30 36 059 30 33 563 beomonet@ikomline.netBEOPUBLIKUM BROKERSKA KUCA 11 334 5171 334 5080 publikum@infosky.netBONITET GRUPA 11 30 678 55 30 678 55 budacash@eunet.yuBROKER NIS 18 520 377 520 377 brokerni@infosky.netBROKER POINT 11 262 2439 624 460 office@brokerpoint.co.yuCACANSKA BANKA 32 320-657 348-146 jtlacinac@cacanskabanka.co.yuCACANSKI NEZAVISNI BROKERI 32 310-690 341-772 cnbca@sezampro.yuCITADEL SECURITIES 11 328 4036 628 165 office@citadel-securities.comCITY BROKER 11 3836-913 3836-915 firma@cbroker.co.yuCONFIDENCE 11 30 89 020 30 89 020 office@confidence.co.yuCONVEST 21 455 629 450 595 convest@eunet.yuCREDY BANKA 34 360 685 331 360 m.radojevic@credybanka.comDELTA BROKER 11 201 2690 201 2677 broker@deltayu.comDIL BROKER 11 33 47 757 324 5035 dilbroker@ptt.yuDUNAV STOCKBROKER 11 3223-764 3223-763 dunavstockbroker@dunavstockbroker.comEAST-WEST INVEST 11 3089 816 3089 429 ewistan@drenik.netECOTEL 11 303 0307 303 0308 office@ecotel.co.yuEMISSIO BROKER 11 316 5900 316 5900 emissio@beotel.yuENERGOBROKER 11 311 5261 311 5312 broker@energobroker.co.yuEURO FINEKS BROKER 11 309 6920 309 6920 fineks@eunet.yuEUROBANK EFG STEDIONICA 11 3027-538 3027-587 rada.laketa@eurobankefg.co.yuFIDELITY BROKER 21 47 23 224 47 23 224 fidelit@eunet.yuFIMA INTERNATIONAL 11 334 1066 334 0787 office@fimaint.co.yuFIMAKS BROKER 11 339 8768 339 8915 broker@fimaks.co.yuFIRST GLOBAL BROKERS 11 32 85 184 3282 398 info@fgb.co.yuGALENIKA BROKER 11 316 2260 219 6572 company@galenikabroker.co.yuGT BROKER 11 2607 713 2607 713 dragangt@eunet.yuHYPO ALPE-ADRIA-SECURITIES 11 222 6808 222 6896 aleksandar.zinaic@hypo-alpe-adria.co.yuI2R 11 472-8949 472-8949 i2r@eunet.yuILIRIKA INVESTMENTS 11 330 1000 330 1050 info@ilirika.co.yuIMTEL TRADE 11 301 6822 301 6822 office@imteltrade.comINTERCAPITAL SECURITIES 11 3111-420 222-31-05 dragan.milin@intercapital.co.yuINTERCITY BROKER 11 308 3130 308 3150 icb@eunet.yuINVEST BROKER 11 324 8650 303 5006 investbroker@beotel.yuITM MONET 11 361 5929 361 4148 itmmonet@beotel.yuJORGIC BROKER 11 311 7835 311 7840 jorgicb@ptt.yuJUBMES BROKER 11 311 0275 311 3851 broker@jubmes.co.yuKBC BROKER 11 301-56-54 301-56-58 office@hipobroker.co.yuKBC SECURITIES 11 2910-696 2910-696 office@kbcsecurities.co.yuKBK BROKER 11 2434 820 2434 820 kbkbrok@eunet.yuKOMERCIJALNA BANKA 11 324 0911 323 9201 danilo.vuksanovic@kombank.comLAIKI BANK 11 3306 407 3241 448 gordana.kamatovic@cs.laiki.comM&V INVESTMENTS 21 6612 788 6612 788 ns@mvi.co.yuMAKLER INVEST 11 334 5351 334 5351 office@maklerinvest.co.yuMAX-DILL 32 222 277 222 277 office@maxdill.co.yuMEDIOLANUM INVEST 11 367 0137 367 0137 veljamed@eunet.yuMERIDIAN INVEST 11 330 5876 330 5908 mebainv@meridian-invest.comMETALS BANKA 21 424 121 524 693 vikovacevic@metals-banka.co.yuMMK GROUP 18 521 951 521 925 mmkgroup@eunet.yuMOMENTUM SECURITIES 21 67-28-700 452-895 office@momentum.co.yuMULTIBROKER 11 334 1158 334 1158 multi@eunet.yuNBA BROKER 11 313 1286 146 691 nbabrok@eunet.yuOLIMPIA INVEST 11 301 7200 313 3115 olimpiainvest@yahoo.comPAGE 105

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Belgrade Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressPAN-BROKER 11 246 4231 2461 435 pan.brok@net.yuPLATFORMA 11 362 90 30 362 90 31 platforma@gmail.comPRIVREDNA BANKA 11 641 874 264 1894 office@pbbad.comPRIVREDNA BANKA PANCEVO 13 331-361 354-192 stanimirka.stankovic@pbp.co.yuPROFESSIONAL STOCK BROKER 11 383-75-99 344-69-27 psbroker@yahoo.comPROSPERA INVESTMENTS 11 3285-600 3285-601 iradovic@prosperainvestments.comRAIFFEISENBANK 11 220 71 71 220 71 70 aleksandar.malisic@raiffeisenbank.co.yuSAB MONET 11 382 1002 382 1002 sabmonet@yubc.netSBD BROKER 24 558 275 554 003 office@sbdbroker.co.yuSINTEZA INVEST GROUP 11 301 8740 3018 749 info@sinteza.netSOCIETE GENERALE YUGOSLAV BANK 11 311 1515 328 2230 sogeyu@eunet.yuSUMADIJA BROKER 34 303 011 303 021 sumbrok@eunet.yuSYNERGY CAPITAL 11 328 4825 262 2784 office@syn-cap.comTANDEM FINANCIAL 21 425 777 425 777 office@tandemfin.comTDK BROKER 32 340 610 340 610 tdkkbroker@yu1.netTEMA BROKER 21 443 809 472 1640 info@temabroker.co.yuTEZORO BROKER 11 2632 346 2632 057 office@tezorobroker.co.yuTRUST BROKER 21 67-921-80 679-21-84 info@trustbroker.co.yuTRZISTE NOVCA 11 361 2430 361 2286 info@tn.co.yuUNICREDIT BANK SRBIJA 11 3204-570 3204-693 broker@unicreditbank.co.yuVOJVODANSKA BANKA 21 488 6731 616 023 broker@voban.co.yuWESTERN BALKAN BROKER 11 344-6957 344-5812 office@wbb.co.yuBucharest Stock ExchangeAddress: 34-36 Carol I Boulevard, 14th Floor, Sector 2, Bucharest, 020922, Romania Phone: (21) 307 9502 Fax: (21) 307 9519 E-mail: bvb@bvb.roWeb Address: www.bvb.ro Country Code: 40Company’s Name City Code Telephone Fax E-mail AddressACTINVEST 268 470938 411387 actinvest@rdsbv.roACTIVE INTERNATIONAL 21 3076020 3076024 broker@active.roALPHA FINANCE ROMANIA 21 2092233 2315332 office@alphafinance.roBCR SECURITIES 21 2223703 2227404 opl@bcrsecurities.roBRD SECURITIES - GROUPE SOCIETE GENERALE 21 3014150 3014159 daniel.pocorea@brd.roBT SECURITIES 264 597980 431747 office@btsecurities.roBUCURESTI GLOBAL INVEST 21 3190251 3190253 contact@bgi.roCA IB SECURITIES 21 2064680 2064690 valerian.ionescu@ro.hvb-cee.comCARPATICA INVEST 269 217781 211398 carpaticainvest@carpaticainvest.roCENTRAL EUROPEAN INVESTMENTS 21 3191073 3191075 office@ceigroup.roCOMPANIA ROMANA DE INVESTITII INVESTCO 21 3361018 3373365 office@cri-investco.roCONFIDENT INVEST BUCURESTI 21 3202102 3202103 office@confidentinvest.roDELTA VALORI MOBILIARE 21 2552247 2554645 ssif_delta@shares.ro;DORINVEST 21 3129970 3129962 office@dorinvest.roEASTERN SECURITIES 21 3140892 3140245 adrian.caramiha@easternsecurities.roEFG EUROBANK SECURITIES 21 2062300 3167745 office@efgfinance.roEGNATIA SECURITIES 21 3135350 3135351 egnatiasecurities@rdsmail.roELDAINVEST 236 472113 473393 eldainv@xnet.ro; eldainvest@gmail.comEQUITY INVEST 21 3117930 3104362 office@equity.roESTINVEST 237 238901 221804 esin@estinvest.ro epure@estinvest.roETEBA ROMANIA 21 3167153 3167269 invest@eteba.roEURO INVEST VISION 21 2110137 2110531 euroinvestvision@eiv.roEUROSAVAM 244 0344401188 0344401188 eurosavam@ploiesti.rdsnet.roFINACO SECURITIES 21 6664870 6664870 finaoffice@yahoo.comFINANS SECURITIES - SOCIETATE DESERVICII DE INVESTITII FINANCIARE 21 3017250 3180965 office@finsec.roG.I.F. - GRUPUL DE INTERMEDIERE FINANCIARA 21 3112702 3126757 gif@rdsnet.ro; mihai.pangrate@gif.roGLOBAL VALORI MOBILIARE 21 2103441 2103411 office@globalsecurities.roGM INVEST 21 3273151 3273155 office@gminvest.roGOLDRING 265 269195 269195 goldring@goldring.roH B INVEST 268 542500 542503 hbinvest@easynet.roH&C SECURITIES 232 239019 233530 -HARINVEST 250 733898 733898 harinvest@onix.ro; office@harinvest.roHTI VALORI MOBILIARE 21 2532644 2522483 office@hti.roIEBA TRUST 21 3130102 3131595 office@iebatrust.roIFB FINWEST 257 281611 281611 ifb@ifbfinwest.ro office@ifbfinwest.roING BANK 21 2221600 2221401 office@ingbank.roINTERCAPITAL INVEST 21 2228731 2228731 office@intercapital.roINTERDEALER CAPITAL INVEST 264 433212 433212 interdealer@xnet.ro;INTERFINBROK CORPORATION 241 639071 547829 office@interfinbrok.roPAGE 106

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Bucharest Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressINTERVAM 21 3157010 3158222 intervam@intervam.comINVEST TRUST 251 415287 417658 office@investtrust.roKD CAPITAL MANAGEMENT 21 6500446 6500448 office@kd-capital.roMUNTENIA GLOBAL INVEST 21 3370947 3370947 office@rainvest.ro alex@rainvest.roNOVA INVEST 261 768875 768870 ssif@nova.roOLTENIA GRUP INVEST 251 410502 418215 office@olteniagrup.roPRIME TRANSACTION 21 3224614 3215981 office@primet.roRAIFFEISEN CAPITAL & INVESTMENT 21 3061233 2300684 office.rci@rzb.roROINVEST BUCOVINA 230 520133 520133 roinvest_bucovina@yahoo.comROMBELL SECURITIES 21 2320185 2320197 rombell@grivco.roROMCAPITAL 256 490121 490121 office@romcapital.roROMEXTERRA FINANCE 265 250132 250141 office@romexterra-finance.roS.S.I.F. ORIZONT VEST 259 415031 414990 orizontv@rdslink.roS.S.I.F. PIRAEUS SECURITIES ROMANIA 21 3050370 3050375 corona.radulescu@piraeusbank.roSC BANK LEUMI ROMANIA SA 21 3120368 3120498 dpc@eurombank.roSOCIETATEA DE SERVICII DE INVESTITIIFINANCIARE ROMINTRADE 268 410605 410496 410592 office@onlinebroker.roSSIF BROKER 264 433677 433677 staff@ssifbroker.roSSIF GEOFFREY INVEST 258 806600 806619 office@geoffreyinvest.ro info@geoffreyinvest.roSSIF MAXWELL RAND SECURITIES INTERNATIONAL 21 2106103 2106113 mrsi@mrsi.roSSIF MOBINVEST 259 467335 410894 ago@rdslink.roSUPER GOLD INVEST 248 213417 215862 sold@geostar.roSWISS CAPITAL 21 2227322 2226169 office@swisscapital.roTARGET CAPITAL 264 590776 590775 office@targetcapital.roTGH INVESTMENT 232 216562 212744 info@tgh.roTRANSILVANIA CAPITAL 266 206440 206442 transilvaniaoffice@rdsbv.roTREND 234 519346 519396 diana@svmtrend.roUNICAPITAL 21 2318990 2318991 office@unicapital.eunet.roUNICREDIT SECURITIES 21 3015170 3015172 gigi.dragnea@unicreditsecurities.roVALMOB INTERMEDIA 248 214661 210195 valmob@gic.roVANGUARD 21 3369325 3369233 office@vanguard.roVENTRUST INVESTMENT 265 262471 261752 office@ifcro.roVOLTINVEST 251 419342 419342 voltinvest@sifolt.roWBS ROMANIA 21 3104125 3104124 office@wbs.roWORLD ROM SECURITIES 21 3120084 3121590 office@worldrom.comBulgarian Stock ExchangeAddress: 10 Triushi Str. Floor 5, 1303 Sofia, Bulgaria, 1301, Sofia, Bulgaria Phone: (2) 937 0937 Fax: (2) 937 0946 E-mail: bse@bse-sofia.bgWeb Address: www.bse-sofia.bg Country Code: 359Company’s Name City Code Telephone Fax E-mail AddressCB "ALIANZ BULGARIA" 359 2 921 5480 980 2102 admin@bank.allianz.bgCB "BNP - PARIBAS BULGARIA" 359 2 921 8640 981 6991 toni.skakalova@bnpparibas.comCB "BULGARIAN-AMERICAN CREDIT BANK" 359 2 965 8358 944 5010 aboneva@baefinvest.comCB "CENTRAL COOPERATIVE BANK" 359 2 926 6288 988 8107 office@ccbank.bgCB "CORPORATE & COMERCIAL BANK" 359 2 980 9362 980 8948 sofia.gborisova@corpbank.bgCB "D COMMERCE BANK" 359 2 989 4444 989 4848 office@dbank.bgCB "DSK BANK" 359 2 985 57220 980 6477 ivelin.ivanov@dskbank.bgCB "ECONOMIC & INV. BANK" 359 2 981 6534 981 2526 nkostov@hq.eibank.bgCB "EMPORIKI BANK" 359 2 917 1711 917 1156 nadia.budinova@emporiki.bgCB "EUROBANK EFG BULGARIA" 359 2 816 6492 983 8104 pkitipov@postbank.bgCB "FIRST INVESTMENT BANK" 359 2 910 0100 980 5033 invest@fibank.bgCB "INERNATIONAL ASSET BANK" 359 2 812 0253 986 2879 feib@asico.netCB "ING BANK - SOFIA BRANCH" 359 2 917 6716 917 6579 emil.asparouchov@ingbank.comCB "INVESTBANK" 359 2 818 6129 980 7722 oganev@ibank.bgCB "MKB UNIONBANK" 359 2 915 3355 980 2367 unionbank@unionbank.bgCB "MUNICIPAL BANK" 359 2 981 9270 981 5147 p.matev@yhoo.comCB "PEB TEXIMBANK" 359 2 935 9362 335 136 jana_kol@abv.bgCB "PIRAEUS ÇANK BULGARIA" 359 2 969 0723 969 0790 eurobank@eurobank.bgCB "RAIFFEISENBANK - BULGARIA" 359 2 919 85452 980 7479 hristo.durev@rbb-sofia.raiffeisen.atCB "TOKUDA CREDIT EXPRESS BANK" 359 2 932 9133 981 5378 g.evtimov@tcebank.comCB "UNICREDIT BULBANK" 359 2 923 2596 988 4636 borislava.dimitrova@unicreditbulbank.bgCB "UNITED BULGARIAN BANK" 359 2 811 3753 988 0811 dimitrova_k@ubb.bgFINANCIAL HOUSE "EVER" 359 2 873 7678 873 4926 ever@ever.bgFINANCIAL HOUSE "FINA-S" 359 2 818 5520 955 5989 ceo@fina-s.bol.bgINV. INTERMEDIARY "ABV INVESTMENTS" 359 2 601 594 955 5925 abvinvest@mnet.bgINV. INTERMEDIARY "ARGO INVEST" 359 2 931 0361 931 0361 argoinv@mail.bia-bg.comPAGE 107

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Egyptian Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressAL MANAR FOR STOCK EXCHANGE 2 2396 1905 2396 1907AL ROWAD SECURITIES BROKERAGE SAE 2 3749 7600 3335 8978AL SHARK EL AWSAT FOR SECURITIES BROKERAGE 2 3303 5613 3303 5689 sh_elkhodry20@yahoo.comAL SHOROUK BROKERAGE 2 3578 1177 3578 1166 alshorouk@link.com.egALEXANDRIA BROKERAGE CO. 3 2484 0655 2484 8926AMAN SECURITIES COMPANY 2 3794 2883 3794 3232 amanbrok@yahoo.comAMWAL FOR TRADING SECURITIES 2 3736 2150 3736 2150ARABIA ONLINE COMPANY FOR STOCKBROKERS 2 2414 0025 2418 0666 arabia_brokers@hotmail.comBAB EL MOLOUQ SECURITIES 3 486 0800 485 9551 bab_ el_ molouq@mist-nBANKERS GROUP FOR BOOKKEEPER & BROKERAGE 2 2395 8382 2395 8384 ramzytolba@hotmail.coBARAKA FOR SECURITIES BROKERAGE 2 2395 6111 2392 1478 baraka@linknet.comBLOOM MISR FOR SECURITIES TRADING 2 3335 7054 3761 7680BROKERS STOCK EXCHANGE 3 2485 6128 2485 6128 brokers_com@yahoo.comCAIRO BROKERAGE 2 2391 0151 2395 8048CAIRO CAPITAL SECURITIES CO. 2 3797 4333 3797 4344CAIRO INTERNATIONAL SECURITIES EXCHANGE 2 2287 9903 2287 9904 cise@hotmail.comCAIRO NATIONAL CO. SECURITIES NEGOTIATION 2 3760 9394 3760 9438 cnrs@mist-net.comCAPITAL SECURITIES BROKERAGE 2 3762 7481 3335 7144 csb@gega.netCITY STARS FOR SECURITIES TRADING 2 2395 7809 2395 7809CITY TRADE FOR SECURITIES TRADING 2 2395 4880 2395 8384COMMERCIAL INTERNATIONAL BROKERAGE CO. 2 3338 3906 3761 8379 helguindy@cibcegypt.comCORRECT LINE BROKERAGE & STOCK EXCHANGE 2 3338 0568 3338 0568 correctline2003@hotmail.comCOUNSEL INC. 2 3792 1100 3792 1300 counselinc@consultant.comDELTA SECURITIES EGYPT 2 3347 2120 3347 2180 info@delta-securities.comDYNAMIC SECURITIES TRADING CO. 2 3344 4919 3305 3423 info@d-securities.comEGYPT BROKERAGE 2 3748 1816 2575 9815 gfm.01014@mcsd.com.egEGYPT STICKS SECURITIES 2 3303 3480 3303 3485EGYPT TRUST SECURITIES 2 2395 2515 2395 2515 e_trust@hotmail.comEGYPTIAN AMERICAN CO. FOR BROKERAGE 2 3762 5811 3762 5817 eab1091@hotmail.cimEGYPTIAN EMARITES SECURITIES CO. 2 3335 0009 3338 9521EGYPTIAN GROUP FOR SECURITIES 2 3792 0183 3792 0183 egsecurities@hotmail.comEGYPTIAN KUWAITI SECURITIES CO. 2 2579 8551 2579 8554 egku181@hotmail.comEL ALAMIA FOR BROKERAGE 2 2393 5874 2393 5874 alamia-b@internetegypt.comEL AMAL STOCK BROKERAGE COMPANY 3 2545 8947 2545 8947EL ARAABIA SECURITIES2 2 2392 4345 2393 3677EL DAWLIA COMPANY FOR SECURITIES 3 2486 0505 2484 4457EL ETEHAD BROKERAGE COMPANY 2 2395 7265 2395 4839EL FATH STOCKBROKERS 2 3794 4712 3794 6216EL GAWHARA SECURITIES 2 3776 9293 3572 8520EL GEZIERA FOR SECURITIES TRADING 2 2578 0931 2578 0933EL GIZA FOR SECURITIES TRADING 2 2573 2575 2417 2295 gizabk@link.netEL HORREYA SECURITIES BROKERAGE CO. 2 2390 4940 2395 2172 horreya105@hotmail.comEL KARNAK STOCK BROKERAGE 2 23937 7715 2393 7715 elkarnak@yahoo.comEL KHEIR FOR CIRCULATING & KEEPING SECURITIES 3 2483 6966 2480 3767 elkhair.comp@maileitEL KINANAH BROKERAGE SECURITIES CO. 2 2395 5053 2395 5046 info_kinanah.com.egEL MAHROUSA FOR SECURITIES TRADING 3 2486 8267 2487 1490 mahrousa101@hotmail.comEL MEDINA SECURITIES 2 25740998EL MOKATTAM SECURITIES BROKERAGE 2 2575 6903 2395 5614 gfm.01086@mcsd.com.egEL NOUR SECURITIES 2 3336 8780 3336 8783 alnoursecurities@hotmail.comEL NOURAN FOR SECURITIES TRADING 2 2395 8081 2395 8081EL OMANAA EL MOTAHEDEENFOR BOOKKEEPING & BROKERAGE 3 2484 5088 2484 4712 gfm_02019@mcsd.com.EL SAFA FOR SECURITIES BROKERAGE 3 2487 4030 2487 4030EL SALAM CO. FOR BROKERAGE 2 2391 9215 2392 8162 salambrk@arabia.comEL TADAMON EL ARABI BROKERAGE CO. 2 3338 5466 3335 3990 tadamonar@link.netEL WASEET ELMOBASHER SECURITIES 2 3335 6522 3748 6644FARANA SECURITIES TRADING 2 3748 1484 3748 1484 gfm_01022@mcsd.com.egFIRST BROKERAGE 2 3336 2373 3336 2373FORTUNE SECURITIES CO. 2 3336 8129 3336 2373 fortune@link.com.egGLOBAL CAPITAL SECURITIES 2 2418 7750 2415 7313GOLDEN HAND FOR SECURITIES BROKERAGEAND BOOKKEEPING CO. 2 2392 4570 2395 3796 golden_hand98@hotmail.comGOLDEN SHARE STOCKS 2 2418 3341 2418 3329GOLDEN WAY SECURITIES 2 3338 4171 3338 6533 goldenway@golden-way.netGRAND INVESTMENT FOR TRADING SECURITIES 2 3302 1055 3304 6459GUARANTEE FOR SECURITIES EXCHANGE 2 2392 6578 2392 4255 gurantee_1136@yahoo.comGULF FOR SECURITIES EXCHANGE 3 2541 1756 2543 6601H A FOR TRADING SECURITIES 2 3302 5078 3302 5181PAGE 109

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Egyptian Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressHC BROKERAGE 2 3749 6009 3749 6055 hcgroup@hc-si.comHELWAN BROKERAGE & BOOKKEEPING 2 2554 8838 2554 8838 helwan_co@hotmail.comHERMES FOR SECURITIES BROKERAGE 2 3338 8851 3338 5400HONEST FOR BROKERAGE & BOOKKEEPING 2 25199 0111 2519 0666HORISON FOR TRADING SECURITIES 2 2578 0911 2578 0912HORUS FOR BROKERAGE 2 3588 9410 3588 9410 horas2003_8@hotmail.comHSBC SECURITIES EGYPT 2 3738 0145 3738 0028 shereenghattass@hsbc.comINTERNATIONAL BROKERAGE GROUP 2 590 5184 590 5195 lbggroup@egypto line.comINTERNATIONAL FOR SECURITIES 2 2418 3340 2418 6272 ›nt_for_sec@hotmail.comLEADERS FOR BROKERAGE 2 1 6662 3347 2266LEPON SECURITIES BROKERAGE & BOOKKEEPING 2 2391 4707 2391 4607 m_saleh2003@yahoo.comLUXOR SECURITIES 2 2592 0634 2592 9071MAADI CO. FOR STOCK DEALING 2 3760 0261 3760 0261 maadi@mist-net.netMARWA BROKERAGE CO. 2 2574 0074 2578 3855 gfm.01051@mcsd.com.egMEDITERRANEAN CO. FOR BROKERAGE SECURITIES 2 2576 7187 2576 7879 badrello@link.netMEGA INVESTMENT FOR TRADING SECURITIES 2 3748 9888 3748 8820METRO COMPANY FOR BOOKKEEPING & STOCK DEALING 2 2526 0445 2526 0447 info@metrobrokerage.comMINA BROKERS STOCK EXCHANGE 2 2417 2930 2417 2930MIRACLE FOR SECURITIES TRANSACTIONS CO. 2 2392 1378 2392 1377 miracle_securities@hotmail.comMISR INTERNATIONAL FOR TRADING SECURITIES 3 2484 8138 2484 8265 mis@investiaco.comNAEEM INVESTMENTS SECURITIES 3 3303 4244 3346 7879 tahio teem@hotmail.comNAMAA FOR TRADING SECURITIES 2 3837 8346 3837 8346NEW PRINT FOR TRADING SECURITIES 2 3335 9045 3338 6327NILE ONE BROKERAGES FOR SECURITIES TRANSACTIONS CO. 2 2526 0445 2526 0447OBLYSK FOR TRADING SECURITIES 2 3736 2237 3736 2239OKAZ STOCKBROKERS & INVESTMENT CONSULTANTS 2 3589 5321 3589 1499 okaz@okaz-stockbrokers.comOPTIMA SECURITIES BROKERAGE 2 2578 4725 2578 4726 optimabrokrage.comOROBA STOCK EXCHANGE CORPORATION 2 3792 0204 3792 0390 oroba@link.netOSOUL E.S.B BROKERAGE CO. 2 2413 9100 2417 2295PHARAONIC BROKERAGE CO. 2 2393 5200 2390 1399 pharonic_b@hotmail.comPHAROUS SECURITIES 2 3736 8550 3736 1410PIONEERS FOR SECURITIES 2 2392 2461 2272 6553 pioneers_brokers@usa.netPREMIERE BROKERAGE CO. 2 3336 9671 3762 7584PRIME SECURITIES 2 3338 1526 3338 1993 prime@primeegypt.comPRIZMA SECURITIES COMPANY 2 3338 1810 3338 1813PROFIT FOR SECURITIES 2 2390 3843 2390 4891 profit_securities@yahoo.comQUEEN FOR BROKERAGE & STOCK EXCHANGE 2 2575 3652 2575 3931 queenq@hotmail.comROOTS STOCK BROKERAGE HOUSE 2 2395 3041 2395 2799SAFIR INTERNATIONAL FOR STOCKBROKERS 2 2639 7093 2639 5081 safir net@inteotch.comSAUDI CRESCENT FOR TRADING SECURITIES 2 2395 9752 2395 9659SAUDI EGYPTIAN FOR TRADING SECURITIES 2 2460 5577 2460 5577SIGMA BROKERAGE CO. 2 3335 7575 3335 0066SOLIDARE SECUIRITIES 2 2290 3116 2290 3115STRATEGIC SECURITIES GROUP 2 3304 1260 3304 1290 ssgroup@link.netSWISS GROUP FOR SECURITIES BROKERAGE 2 2450 3150 2451 2030TADAWOUL FOR TRADING SECURITIES 2 2519 2703 2519 2778TAKAMOL SECURITIES BROKERAGE CO. 3 2485 4500 2485 4500TEAM SECURITIES 3 484 4677 484 8926THREE WAY FOR STOCK EXCHANGES BROKERAGE 2 3792 5045 3792 5045 gfm_01116@mesd.com.egTIBA BROKERAGE CO. 2 2390 5906 2390 5906 tiba4@excite.comTOP FOR BROKERAGE 2 2623 6941 2623 6941 top_ 4_ brokerage@yahoo.comTREND FOR TRADING SECURITIES 2 2392 2012 2392 2407TRIPLE A SECURITIES 2 2574 5427 2579 7442TROPICANA FOR BROKERAGE AND BOOKKEEPING 2 2395 0014 2395 0014 tropicana@mbox.link.com.egTRUST GROUP FOR SECURITIES 2 3792 4026 3792 5884 trust@trust.com.egTYCOON FOR BROKERAGE & BOOKKEEPING 2 2690 8078 2690 8078 sadany2@yahoo.comUNITED BROKERAGE CORPORATION & BOOKKEEPING 2 3774 4968 3569 9108 u.b.c@l›nk.netUNITED ECONOMIC GROUP 2 3337 5901 3337 5860UNIVERSAL BROKERAGE CO. 2 2528 0771WALL STREET SECURITIES 2 3748 7505 3336 4379 wallstr2000@yahoo.comWATANIA BROKERS 3 2484 3527 2484 3527WEDIAN SECURITIES STOCK BROKERAGE AND BOOKKEEPING 2 2393 8930 2393 9235 gfm_01082@mcsd.com.egYASMINE BROKERAGE CO. 3 2485 8111 2484 4216 yasmbrok@yahoo.comPAGE 110

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Georgian Stock ExchangeAddress: 74a Chavchavadze Avenue Tbilisi 0162 Georgia Phone: (32) 220 718 Fax: (32) 251 876 E-mail: info@gse.geWeb Address: www.gse.ge Country Code: 995Company’s Name City Code Telephone Fax E-mail AddressAICBERGI 32 914 847 aicbergi@mail.ruBONA 32 230 074 227 447 bona@orbeli.geCARTU BROKER 32 230 021 251 410 cartubroker@cartubank.geCAUCASUS CAPITAL GROUP 32 291 457 info@capital,geCAUCASUS FINANCIAL SERVICES 32 559 900 559 903 zviad.chachanidze@caucasusfinancial.comDBL CAPITAL 32 377 724 378 724 archilmgeladze@dblcapital.geDELPHO 32 330906 330906GALT & TAGGART SECURITIES 32 235 800 235 804 ikirtava@galtandtaggart.geGEORGIAN INVESTMENT GROUP 32 225 907 225 907 d.aslanishvili@investgroup.geGEORGIAN INVESTMENT GROUP + 32 914 999 252 815 n.tandashvili@investgroup.geGEORGIAN STOCK COMPANY 32 987 109 999 007 forex@vtb.com.geKABARJINA 32 250 052 slg73@mail.ruODEN 32 294 621 info@gfso.gePRIMA BROKER 32 92 15 54 932 710 zura44@rambler.ruPUBLIC INVESTMENT MANAGEMENT COMPANY 32 555 505 912 269 m.lortkipanidze@peobge.comTBC BROKER 32 222 537 27 27 33 gtsikaridze@tbcbank.com.geTBILINTERCAPITAL 32 433 095 tic@wanex.netIraq Stock ExchangeAddress: P.O. Box, 3607 AlAlwiya, Iraq Phone: (790) 148 6733 Fax: (1) 717 4461 E-mail: info-isx@isx-iq.netWeb Address: www.isx-iq.net Country Code: 964Company’s Name City Code Telephone Fax E-mail AddressAHLIYA INSURANCEAL- AMEEN ESTATE INVESTMENTAL- EKHA'A FOR AGRICULTURALAL -HILAL INDUSTRIESAL- ITHMAR AGRICULTURALAL -KHAZER FOR CONSTRUCTION MATERIALSAL- KINDI FOR VETERINARY VACCINESAL-AHLYIA FOR AGRICULTURAL PRODUCTIONAL-AMEEN FINANCIAL INVESTMENTAL-AMEEN INSURANCEAL-AYAIM FOR FINANCIAL INVESTMENTAL-BADIA GENERAL TRANSAL-BATEK FOR FINANCIAL INVESTMENTAL-ESHA'A FOR AGRICULTURAL PRODUCTIONAL-HADHAR FOR MARBLE EXTRACTIONAL-HAMRAA INSURANCEAL-KHAIMA FINANICAL INVESTMENTAL-KHEIR FINANCIAL INVESTMENTALKOULD FOR AGRICULTURAL&FREEZING STOREAL-MA'MUN FOR GENERAL TRADINGAL-MANSOUR HOTELAL-MANSOUR PHARMACEUTICALS INDUSTRIESAL-MANSOURIA FOR TOURIST INVESTMENTAL-NUKHBA FOR CONSTRUCTIONAL-QUM'A FOR FINANICAL INVESTMENTALRAFIDAIN CARBONATED DRINKSALRAFIDAIN FOR TRADEAL-SADEER HOTELAL-THERAR FOR AGRICULTURAL PRODUCTIONAL-WIAIM FINANCIAL INVESTMENTAL-ZAWRAA FOR FINANICAL INVESTMENTAMUSEMENT TOWNARABIAN AERATED WATERASHOUR HOTELASHUR INTERNATIONAL BANKBABEL CINEMA&TELEVISION PRODUCTIONBABIL FOR ANIMAL PRODUCTIONBABYLON BANKBABYLON HOTELBAGHDAD FOR PACKING MATERIALSBAGHDAD HOTELBAGHDAD MOTOR CARS SERVICINGPAGE 111

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Iraq Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressBAGHDAD PASSENGERS TRANSPORTBAGHDAD SOFT DRINKSBANK OF BAGHDADBASRAH INTERNATIONAL BANKBASRAH PEARL SHIPPINGCOMMERCIAL BANK OF IRAQCREDIT BANK OF IRAQDAR ESSALAAM INSURANCEDAR ESSALAAM INVESTMENT BANKEASTERN BREWERYECONOMY BANK FOR INVESTMENTELECTRONIC INDUSTRIESFALLUJAH CONSTRUCTION MATERIALSGULF COMMERCIAL BANKINVESTMENT BANK OF IRAQIRAQI AGRICULTURAL PRODUCTS MARKETINGIRAQI BOTTLING AND CANNINGIRAQI CARTON MANUFACTURIESIRAQI DATE PROCESSING AND MARKETINGIRAQI ENGINEERING WORKSIRAQI FOR GENERAL TRANSPORTATIONIRAQI FOR PRODUCTION AND MARKETING MEATIRAQI FOR SEED PRODUCTIONIRAQI FOR TUFTED CARPETSIRAQI ISLAMIC BANKIRAQI LAND TRANSPORTIRAQI MIDDLE EAST INVESTMENT BANKISHTAR HOTELSKARBALA INDUSTRYKHARKH TOUR AMUZEMENT CITYKHUBAB FOR GENERAL CONSTRUCTIONKURDISTAN INTERNATIONAL BANKMAMOURA REALESTATE INVESTMENTMESOPOTAMIA INVESTMENTMESSAN FOR FOOD INDUSTERIESMETALLIC INDUSTRIES AND BICYCLESMIDDLE EAST FOR PRODUCTION- FISHMODERN CHIMICAL INDUSTRIESMODERN CONSTRUCTION MATERIAL INDUSTRYMODERN FOR ANIMAL PRODUCTIONMODERN PAINT INDUSTRIESMODERN SEWINGMOSUL BANK FOR DEVELOPMENTMOSUL FOR FUNFAIRSNATIONAL BANK OF IRAQNATIONAL CHEMICAL &PLASTIC INDUSTRIESNATIONAL FOR FOOD INDUSTRIESNATIONAL FOR PRODUCTION FISHNATIONAL FOR TOURIST INVESTMENTSNATIONAL HOUSEHOLD FURNITURE INDUSTRYNINEVEH FOOD INDUSTRIESNORTH BANKNORTH SOFT DRINKSNORTHERN SOFT DRINKSPALESTINE HOTELREADY MADE CLOTHESSUMER COMMERICAL BANKTHE LIGHT INDUSTRIESTOURIST VILIAGE OF MOSUL DAMUNION BANK OF IRAQUNITED BANK FOR INVESTMENTWARKA BANK FOR INVESTMENTPAGE 112

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Istanbul Stock ExchangeAddress: IMKB Building, Resitpasa Mah., Tuncay Artun Cad., Emirgan, 34467 Istanbul, Turkey Phone: (212) 298 2100 Fax: (212) 298 2500E-mail: dis@imkb.gov.tr Web Address: www.ise.org Country Code: 90Company’s Name City Code Telephone Fax E-mail AddressISE MEMBERS Area Code Phone FaxABN AMRO BANK N.V. MERKEZI AMSTERDAM IST. SB. 212 3594040 3595050ACAR YATIRIM MENKUL DEGERLER A.S. 212 2162661 2660543ADABANK A.S. 212 2726420 2726446AK YATIRIM MENKUL DEGERLER A.S. 212 3349494 2491287AKBANK T.A.S. 212 3855555 2697383AKDENIZ MENKUL DEGERLER TIC.A.S. 212 2331102 2344101ALAN YATIRIM MENKUL DEGERLER A.S. 212 3812000 3812020ALFA MENKUL DEGERLER A.S. 212 2774910 2770120ALTAY YATIRIM MENKUL DEGERLER A.S. 212 2295980 2250135ALTERNATIF YATIRIM A.S. 212 3155800 2313842ALTERNATIFBANK A.S. 212 3156500 2257615ANADOLU YATIRIM MENKUL KIYMETLER A.S. 212 3687700 2333318ANADOLUBANK A.S. 212 2969811 2965715ARAP TURK BANKASI A.S. 212 2250500 2249687ARTI MENKUL KIYMETLER A.S. 216 5177245 5177246ATA YATIRIM MENKUL KIYMETLER A.S. 212 3106200 3106210ATAONLINE MENKUL KIYMETLER A.S. 212 3106060 2590764AYBORSA MENKUL DEGERLER TIC.A.S. 212 2200930 2203851B.A.B. MENKUL DEGERLER TICARETI A.S. 212 2344428 2962834BAHAR MENKUL DEGERLER TICARETI A.S. 216 3362953 3478980BANKPOZITIF KREDI VE KALKINMA BANKASI A.S. 216 5382525 5384241BASKENT MENKUL DEGERLER VE YATIRIM A.S. 212 2912121 2190535BGC PARTNERS MENKUL DEGERLER A.S. 212 3394200 3531301BIRLESIK FON BANKASI A.S. 212 3401000 3401339BIZIM MENKUL DEGERLER A.S. 216 4441263 4529093CAGDAS MENKUL DEGERLER A.S. 212 2364510 2364520CALIK YATIRIM BANKASI A.S. 212 3391414 3391444CALYON YATIRIM BANKASI TURK A.S. 212 3393700 2826301CAMIS MENKUL DEGERLER A.S. 212 3503002 3505150CENSA MENKUL DEGERLER A.S. 212 3460300 3460333CITI MENKUL DEGERLER A.S. 212 3850101 3850199CITIBANK A.S. 212 2887700 2887760CREDIT AGRICOLE CHEUVREUX MENKUL DEGERLER A.S. 212 3711900 3711901CREDIT SUISSE ISTANBUL MENKUL DEGERLER A.S. 212 3490400 3490409DARUMA MENKUL DEGERLER A.S. 212 3706060 3706000DEGER MENKUL DEGERLER A.S. 212 2864800 2864818DEHA MENKUL KIYMETLER A.S. 212 2527190 2527198DELTA MENKUL DEGERLER A.S. 212 3100800 2366567DENIZ TUREV MENKUL DEGERLER A.S. 212 3364296 2118316DENIZ YATIRIM MENKUL KIYMETLER A.S. 212 2753500 2125412DENIZBANK A.S. 212 3550800 2672724DEUTSCHE BANK A.S. 212 3170100 3170105DEUTSCHE SECURITIES MENKUL DEGERLER A.S. 212 2522000 2933490DILER YATIRIM BANKASI A.S. 212 2536630 2563040DUNYA MENKUL DEGERLER A.S. 212 5128434 5272337ECZACIBASI MENKUL DEGERLER A.S. 212 3195999 3195790EFG ISTANBUL MENKUL DEGERLER A.S. 212 3172727 3172726EGEMEN MENKUL KIYMETLER A.S. 232 4894530 4896130EKINCILER YATIRIM MENKUL DEG.A.S. 212 2662766 2661607EKSPRES YATIRIM VE MENKUL DEGERLER A.S. 212 3365100 3365101ENTEZ MENKUL DEGERLER TICARETI A.S. 216 3477035 3466343ETI MENKUL KIYMETLER A.S. 212 3213838 2949393EURO YATIRIM MENKUL DEGERLER A.S. 212 3540700 3562076EUROBANK TEKFEN A.S. 212 3570707 3570808EVGIN YATIRIM MENKUL DEGERLER TICARETI A.S. 212 2701046 2828820FINANS YATIRIM MENKUL DEGERLER A.S. 212 2821700 2822250FINANSBANK A.S. 212 3185000 3185578FORTIS BANK A.S. 212 2744280 2115879FORTIS YATIRIM MENKUL DEGERLER A.S. 212 3580770 3580778GALATA MENKUL DEGERLER A.S. 212 3933900 2931010GARANTI YATIRIM MENKUL KIYMETLER A.S. 212 3182838 2178470GEDIK YATIRIM MENKUL DEGERLER A.S. 216 4530000 4530101GFC GENERAL FINANS MENKUL DEGERLER A.S. 212 2331010 2968575GLOBAL MENKUL DEGERLER A.S. 212 2445566 2445567GSD YATIRIM BANKASI A.S. 216 5879000 4899781GUNEY MENKUL DEGERLER A.S. 212 4413300 4413388GUVEN MENKUL DEGERLER A.S. 212 2123270 2885038PAGE 113

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Istanbul Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressHAK MENKUL KIYMETLER A.S. 212 2968484 2329823HALK YATIRIM MENKUL DEGERLER A.S. 212 3930303 2929946HEDEF MENKUL DEGERLER A.S. 212 3102700 2278333HSBC BANK A.S. 212 3764000 2674794HSBC YATIRIM MENKUL DEGERLER A.S. 212 3764600 3362472INFO YATIRIM A.S. 212 3192600 3248428ING BANK A.S. 212 3351000 2866100IS YATIRIM MENKUL DEGERLER A.S. 212 3502000 3502001JPMORGAN CHASE BANK MERKEZI NEW YORKISTANBUL-TURKIYE SB. 212 3198500 3198664K MENKUL KIYMETLER A.S. 212 2756060 2740991KALKINMA YATIRIM MENKUL DEGERLER A.S. 212 2133005 2119702KAPITAL MENKUL DEGERLER A.S. 212 3300333 3300369KARE YATIRIM MENKUL DEGERLER A.S. 212 2844188 3240539LEHMAN BROTHERS MENKUL DEGERLER A.S. 212 3859700 3859785MARBAS MENKUL DEGERLER A.S. 212 2863000 2863050MED MENKUL DEGERLER A.S. 212 2745444 2744656MEKSA YATIRIM MENKUL DEGERLER A.S. 212 3850900 3441121MERKEZ MENKUL DEGERLER A.S. 312 3116665 3113397MERRILL LYNCH MENKUL DEGERLER A.S. 212 3199669 3199512MERRILL LYNCH YATIRIM BANK A.S. 212 3199500 3199511METRO YATIRIM MENKUL DEGERLER A.S. 212 3440900 3440913MILLENNIUM BANK A.S. 212 3153535 2331968MORGAN STANLEY MENKUL DEGERLER A.S. 212 3390000 3390043NUROL MENKUL KIYMETLER A.S. 212 2868000 2868001NUROL YATIRIM BANKASI A.S. 212 2868000 2868001ONCU MENKUL DEGERLER A.S. 212 2518380 2519012ONER MENKUL KIYMETLER A.S. 212 2344062 2259892ORION INVESTMENT MENKUL DEGERLER A.S. 212 3199800 3441577OYAK YATIRIM MENKUL DEGERLER A.S. 212 3191200 3510599PAY MENKUL DEGERLER A.S. 212 2751708 2750185PIRAMIT MENKUL KIYMETLER A.S. 212 2939500 2939560POLEN MENKUL DEGERLER A.S. 212 2525500 2522005POZITIF MENKUL DEGERLER A.S. 216 6813030 6813001PRIM MENKUL DEGERLER A.S. 212 2838888 2838890RAYMOND JAMES YATIRIM MENKUL KIY. A.S. 212 3492000 3492001SAN MENKUL DEGERLER A.S. 212 2433500 2491332SANKO MENKUL DEGERLER A.S. 212 4100500 4100505SARDIS MENKUL DEGERLER A.S. 212 3283750 3283755SAYILGAN MENKUL DEGERLER TICARETI A.S. 212 5204242 5135209SEKER YATIRIM MENKUL DEGERLER A.S. 212 3343333 3343334SEKERBANK T.A.S. 212 3197000 3197079SOCIETE GENERALE PARIS MRK. FRANSA IST. TR. MRK. SB. 212 2821942 2821844SOYMEN MENKUL KIYMETLER A.S. 312 4688750 4688101STANDARD UNLU MENKUL DEGERLER A.S. 212 3673636 3461040STRATEJI MENKUL DEGERLER A.S. 212 3547900 2884811T.C ZIRAAT BANKASI GEN. MD.SERMAYE PIYASALARI MD. 212 2765960 5843140T.GARANTI BANKASI A.S. 212 3181818 3181880T.HALK BANKASI A.S. 212 3930600 3930596T.IHRACAT KREDI BANKASI A.S. (EXIMBANK A.S.) 312 4171300 4257896T.IS BANKASI A.S. 212 3160000 3160900T.KALKINMA BANKASI A.S. 312 2318400 2313125T.SINAI KALKINMA BANKASI A.S. 212 3345050 3345234T.VAKIFLAR BANKASI T.A.O. 312 4557575 4557690TACIRLER MENKUL DEGERLER A.S. 212 3554646 2820998TAIB YATIRIM BANK A.S. 212 3475454 3470111TAIB YATIRIM MENKUL DEGERLER A.S. 212 3451191 3451192TAKSIM YATIRIM A.S. 212 2517116 2497483TEB YATIRIM MENKUL DEGERLER A.S. 212 3451111 3450714TEKSTIL BANKASI A.S. 212 3355335 3281328TEKSTIL MENKUL DEGERLER A.S. 212 2762727 2762900TERA MENKUL DEGERLER A.S. 212 2906990 2906995TICARET YATIRIM MENKUL DEGERLER A.S. 212 2515121 2514921TOROS MENKUL KIYMETLER TICARETI A.S. 212 2315252 2313849TURK EKONOMI BANKASI A.S. 212 2512121 2496568TURKISH BANK A.S. 212 2250330 2250353TURKISH YATIRIM A.S. 212 3151000 3151001TURKLAND BANK A.S. 212 3683434 3683535UBS MENKUL DEGERLER A.S. 212 3192000 3192015ULUS MENKUL DEGERLER A.S. 212 2573232 2578631PAGE 114

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Istanbul Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressUNICORN CAPITAL MENKUL DEGERLER A.S. 212 2364141 2363918UNIVERSAL MENKUL DEGERLER A.S. 212 3516100 3516191VAKIF YATIRIM MENKUL DEGERLER A.S. 212 3523577 3523620WESTLB AG MERKEZI DUSSELDORF IST. MRK. SB. 212 3392500 2830460YAPI KREDI YATIRIM MENKUL DEGERLER A.S. 212 2801030 3252245YAPI VE KREDI BANKASI A.S. 212 3397000 3396000YATIRIM FINANSMAN MENKUL DEGERLER A.S. 212 3176900 2821550ZIRAAT YATIRIM VE MENKUL DEGERLER A.S. 212 3669898 2851661Karachi Stock ExchangeAddress: K.S.E. Building, Stock Exchange Rd., Offl. I. Chundrigar Road, Karachi-74000, Pakistan Phone: (21) 111-001-122 Fax: (21) 241 0825E-mail: info@kse.com.pk Web Address: www.kse.com.pk Country Code: 92Company’s Name City Code Telephone Fax E-mail AddressA. LATIF NOORANI 021 2410240 2428776A. SATTAR MOTIWALA SECURITIES (PVT.) LTD 021 2446230A.A.K. SECURITIE (PRIVATE) LIMITED 021 2413087A.H.K.D. SECURITIES (PVT.) LIMITED 021 2444499A.R.SECURITIES (PVT.) LIMITED 021 2473620 2473624AAG SECURITIES (PVT) LIMITED 021 2429382AAU SECURITIES (PRIVATE) LIMITED 021 2412280AAZEB SECURITIES (PRIVATE) LIMITED 021 5670751 5670756ABA ALI HABIB 021 2412491 2413822ABBASI SECURITIES (SMC-PVT) LIMITED 021 2423785 2418823 aijaz_abbasi@hotmail.comABID ALI HABIB 021 2422118 2413822 abaalihabib@yahoo.comACE SECURITIES (PRIVATE) LIMITED 021 5363439 5363438ADAM HAJI MOHAMMAD SECURITIES (PRIVATE) LTD. 021 4937808ADAM SECURITIES (PVT.) LTD 021 2420909 2437380AFROZ ALI MERCHANT 021 2417434AKD SECURITIES LIMITED 021 111-253-111 5867992AKHAI SECURITIES (PVT.) LIMITED 021 2418672-74AKY SECURITIES (PRIVATE) LIMITED 021 2439867-69 2439870 shares@akystocks.comAL HABIB CAPITAL MARKETS (PVT.) LIMITED 021 2417840 2417822AL-ASAR SECURITIES (PVT.) LIMITED 021 2436786 2432086ALFA ADHI SECURITIES (PVT.) LTD. 021 2422550 2425669 info@alfa-tec.comALFALAH SECURITIES (PRIVATE) LIMITED 021 2422359111-777 2422358 smemon@alfalahsec.comAL-HOQANI SECURITIES &INVESTMENT CORPORATION (PVT) LTD. 021 2460931-6 2460937ALI HUSAIN RAJABALI LIMITED 021 2417601-3 2420485 ahrl@cyber.net.pkAL-MAL SECURITIES & SERVICES LTD. 021 5611537 5611357 al-mal@cyber.net.pkALTAF ADAM SECURITIES (PRIVATE) LIMITED 021 2446875-6 2440242 altafadam001@hotmail.comAMBER HAROON SAIGOL 021 5670001 5870507 amber@saigol.comAMIN TAI SECURITIES (PRIVATE) LIMITED 021 2429505-8 2423469AMPLE SECURITIES (PVT.) LIMITED 021 2446796 2412412AMZ SECURITIES (PRIVATE) LIMITED 021 2418491-3 2418495 info@amzsecurities.comAPEX CAPITAL SECURITIES (PRIVATE) LTD. 021 2472390 2472397ARIF HABIB LIMITED 021 2415213-5 2429653 ahsl@cyber.net.pkASHFAQ ASHRAF SECURITIES (PRIVATE) LIMITED 021 2444209 2462600ASIAN SECURITIES LIMITED 021 2426649, 5870404 asian@khi.comsats.net.pkATLAS CAPITAL MARKETS (PVT.) LIMITED 021 111-226-100 5870543 aibkhi@atlasbank.com.pkAZEE SECURITIES (PRIVATE) LIMITED 021 2411698 2410708 goldencapital@mail.comAZIZ A. DAWOOD 021 2473955 2566929AZIZ FIDAHUSEIN & CO. (PVT.) LIMITED 021 2410091-4 2415042 azizsarfaraz@hotmail.comB&B SECURITIES (PVT.) LTD. 021 2410857BAGASRA SECURITIES (PRIVATE) LIMITED 021 2429708 2429709 info@bagasra.netBAWA SECURITIES (PVT.) LIMITED 021 2418253 2410313 mhbawa@cyber.net.pkBHAYANI SECURITIES (PRIVATE) LIMITED 021 2429774-7 2421755 kabsec@cyber.net.pkBMA CAPITAL MANAGEMENT LIMITED 021 111-262-262 2437094CAPITAL ONE EQUITIES LIMITED 021 2412295 2410470CASSIM INVESTMENTS (PRIVATE) LIMITED 021 2421626 2414742CLIKTRADE LIMITED 021 5379611-2 5379669 info@cliktrade.comCONCORDIA SECURITIES (PVT) LTD. 021 2424526 2434832CONTINENTAL CAPITAL MANAGEMENT (PVT) LTD 021 2446723 2446724CREATIVE CAPITAL SECURITIES (PRIVATE) LIMITED 021 2446131-35 2446130 nadysf@cyber.net.pkCROSBY SECURITIES PAKISTAN (PRIVATE) LIMITED 021 5611883-5 5611886D.J.M. SECURITIES (PVT.) LIMITED 021 2441193 2443541DALAL SECURITIES (PVT.) LIMITED 021 2467054-61 2467062 msdalal@cyber.net.pkPAGE 115

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Karachi Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressDARSON SECURITIES (PRIVATE) LIMITED 021 2471083 2471088 darson50@hotmail.comDATTOO SECURITIES (PRIVATE) LIMITED 021 2419713 2439236 sajjad_d@cyber.net.pkDAWOOD EQUITIES LIMITED 021 2271908 2271912-3DAWOOD MOHAMMED 021 2413931EASTERN CAPITAL LIMITED 021 5863801-10 5872206 info@ecl.comELIXIR SECURITIES PAKISTAN (PRIVATE) LIMITED 021 2401021-28 2420527 info@elixirsec.comESCORTS INVESTMENT BANK LIMITED 021 6371931-34 6312022 ceo@escortsbank.netFAIRTRADE CAPITAL SECURITIES (PRIVATE) LIMITED 021 2429042-46 2428552FAWAD YUSUF SECURITIES (PRIVATE) LIMITED 021 2444554-5 2428464 fysec@yahoo.comFDM CAPITAL SECURITIES (PVT.) LIMITED 021 2427174-6 2430302FIRST CAPITAL EQUITIES LIMITED 021 2425698 2425329FIRST CHOICE SECURITIES LIMITED 021 111-611-611 5660752FIRST EQUITY MODARABA 021 5672815-8 5686116FIRST NATIONAL EQUITIES LIMITED 021 111-000-363 5395953 mticek@yahoo.comFORT SECURITIES (PRIVATE) LIMITED 021 5683148 5684768 nmuqeet@elixirsec.omFORTUNE SECURITIES LIMITED 021 5309101-09 5309156 fslkse@yahoo.comFOUNDATION SECURITIES (PRIVATE) LIMITED 021 5612290-94 5612262 info@fs.com.pkFRIENDLY SECURITIES (PVT.) LIMITED 021 24421742 2442189 fsl@sat.net.pkGAZIPURA SECURITIES & SERVICES (SMC-PVT) LTD. 021 2418903 2422893 bsgkse@sat.net.pkGHORY'S SECURITIES (PRIVATE) LIMITED 021 2420005-7 2427269 ghorry@cyber.net.pkGLOBAL SECURITIES PAKISTAN LIMITED 021 2457500 2418061GMI CAPITAL SECURITIES (PRIVATE) LIMITED 021 2417628 2437135 gmismail-131@yahoo.comGROWTH SECURITIES (PRIVATE) LIMITED 021 2463002-4 2463005H & H SECURITIES (PRIVATE) LIMITED 021 4939854H. M. IDREES H. ADAM 021 2425001H. M. YOUNUS JANMOHAMMED 021 2419885H.H.K. SECURITIES (PVT.) LIMITED 021 111-633-633HAJI GHANI HAJI USMAN 021 2470220-29 2470090-96HAROON SULEMAN 021 2412622HH MISBAH SECURITIES (PRIVATE) LIMITED 021 2429106 2429106 hh_misbahsecurities@hotmail.comHUM SECURITIES LIMITED 021 2413358 2418973HUSSAIN EBRAHIM (LATE) 021 2417601-5 ahrt@cyber.net.pkI.I. KODVAVI SECURITIES (PRIVATE) LTD. 021 2446651-4 2446655 uk143@hotmail.comIGI FINEX SECURITIES LIMITED 021 2429601-6 2429607 fsl@finexsecurities.comINTERMARKET SECURITIES (PVT.) LIMITED 021 2428765-69 2427388INTERNATIONAL INVESTMENT COMPANY (PVT) LTD. 021 2419438INVEST & FINANCE SECURITIES LIMITED 021 2276932-35 2276969 info@investfinance.com.pkINVEST CAPITAL & SECURITIES (PVT) LTD. 021 5215226-28 5215200 research@investcapital.comINVESTEC SECURITIES LIMITED, (UNDER SUSPENSION) 021 2444428-31 2444432INVESTMENT MANAGERS SECURITIES (PRIVATE) LTD. 021 5303145 5303152 info@imsecurities.comINVISOR SECURITIES (PRIVATE) LIMITED 021 5611492-5 5611532 jawad.ajmad@invisorsec.comIQBAL USMAN KODVAVI SECURITIES (PVT.)LTD. 021 2424144 2429802 iuksec@hotmail.comIRFAN MAZHAR SECURITIES (PVT.) LIMITED 021 2446155 2446157ISMAIL ABDUL SHAKOOR SECURITIES (PVT.) LIMITED 021 2424057 2424043ISMAIL IQBAL SECURITIES (PVT.) LTD. 021 2470998 2470126 info@ismailiqbal.comJ.P. MORGAN PAKISTAN BROKING (PRIVATE) LTD. 021 5610861 5610121JAHANGIR SIDDIQUI & CO. LTD. 021 2799005 2800167 info@jahangirsiddiqui.comJAN MOHAMMED A. LATIF NINI & SONS (PVT) LTD 021 2411284-5 2420277 tufaily@cyber.net.pkJAVED OMER VOHRA & CO. LTD. 021 2410849 2415709 javcoltd@hotmail.comJAWED ZAKARIA GULABI SECURITIES (PRIVATE) LTD 021 2411492JS GLOBAL CAPITAL LIMITED 021 2799005 2800167KAI SECURITIES (PRIVATE) LIMITED 021 2446581 2446585KASB SECURITIES LIMITED 021 111-222-000 2630202 kasbho@kasb.comKHANANI SECURITIES (PRIVATE) LIMITED 021 2421752KHOJA'S CAPITAL MANAGEMENT (PVT) LIMITED 021 5308301-9 5363170KIF CAPITAL SECURITIES (PRIVATE) LIMITED 021 111-467-467 2427388KOSMOPOLITAN SECURITIES (PRIVATE) LIMITED 021 2446035 2416951LAKHANI SECURITIES (PRIVATE) LIMITED 021 2413741 2423467LATIF SULEMAN SECURITIES (PRIVATE) LIMITED 021 2431957 2433767LIVE SECURITIES (PRIVATE) LIMITED 021 2417346-49 2419649 live@livesecurities.comM H SECURITIES (PRIVATE) LIMITED 021 2432375 2414049 mhak_sec@hotmail.comM.A.N. SECURITIES (PVT.) LIMITED 021 2410240M.B.J. SECURITIES (PVT.) LIMITED 021 2412265M.J. MEMON SECURITIES (PRIVATE) LIMITED 021 2436948 2433748 ikbalg@cyber.net.pkM.R.A. SECURITIES (PVT.) LIMITED 021 2419138 2417729MAC SECURITIES (PRIVATE) LIMITED 021 2446550 2446559 mac_securities@yahoo.comMAK SECURITIES (PRIVATE) LIMITED 021 111-633-633 2432368 info@kapadia.com.pkMALIK KHAN AWAN 021 2415263MANNOO CAPITAL (PRIVATE) LIMITED 021 2419393MARS SECURITIES (PVT) LTD. 021 2446441 2446441PAGE 116

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Karachi Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressMAS CAPITAL SECURITIES (PVT.) LTD. 021 2446593-94 2437194 asifsultan@cyber.net.pkMASHRIQ SECURITIES (PRIVATE) LIMITED 021 2410301MASONS SECURITIES (PVT.) LIMITED 021 2416629 saleem_shakoor@hotmail.comMAYARI SECURITIES (PRIVATE) LIMITED 021 2416665 2400337 zms_mayari@cyber.net.pkMAZHAR HUSSAIN SECURITIES (PVT) LIMITED 021 2410456 2417414 khisales@mzhsecurities.comMEMON SECURITIES (PRIVATE) LIMITED 021 2417511 2427841 amin_memon@hotmail.comMILLENNIUM CAPITAL MANAGEMENT (PVT.) LIMITED 021 (051) 2802271 051-2277307MOHAMMED ANIS ISMAIL 021 2429277-81MOHAMMED FAROOQUE HAJI ABDULLAH 021 2425147 2429825MOHAMMED SIDDIQ AKBANI 021 5374017-18MOHAMMED TARIQ MOTI 021 2413024MOONACO SECURITIES (PRIVATE) LIMITED 021 2427740 2421176 moonaco@moonacokhi.comMOOSA, NOOR MOHAMMED, SHAHZADA & CO. (PVT) LTD. 021 2441991-3 2444115MOOSANI SECURITIES (PVT) LIMITED 021 2400871-5 2416004 info@moosani.comMOTIWALA SECURITIES (PVT.) LTD. 021 2401933-35 2429375 themotiwala.comMSMANIAR FINANCIALS (PRIVATE) LIMITED 021 2427414 2437050MUHAMMAD ANAF KAPADIA SECURITIES (SMC-PVT) LTD. 021 111-633-633 2432368 anaf@kapadia.com.pkMUHAMMAD AYUB YOUNUS SECURITIES (PVT) LTD 021 2470245MUHAMMAD BASHIR KASMANI SECURITIES (PRIVATE) LTD. 021 2411460MUHAMMAD HUSSAIN ISMAIL SECURITIES (PRIVATE LTD 021 2417326MUHAMMAD MUNIR MUHAMMADAHMED KHANANI SECURITIES (PVT) LTD. 021 2443434 2443434 info@munirkhanani.comMUHAMMAD SHAHID DURVESH 021 2416059MUHAMMED ASHFAQ HUSSAIN 021 2427814 mahussain@cyber.net.pkMUHAMMED SALIM KASMANI SECURITIES (PRIVATE) LTD. 021 2411460MULTILINE SECURITIES (PVT.) LTD. 021 2440192-4 2440191MUNAF SATTAR SECURITIES (PRIVATE) LIMITED 021 2422306 2429078 ms-hoff@hotmail.comMYTP SECURITIES (PRIVATE) LIMITED 021 2416647N.U.A. SECURITIES (PRIVATE) LIMITED 021 2415739 2460913 info@ashrafi.com.pkNAVEED H.M. IDREES 021 2433830NINI SECURITIES (SMC-PRIVATE) LIMITED 021 2411284NOMAN ABID & COMPANY LIMITED 021 5693580-2 5680206 nomanabid.org.pkORIENTAL SECURITIES (PRIVATE) LIMITED 021 2446741-44 2446750ORIX INVESTMENT BANK PAKISTAN LIMITED 021 5861266 5868862 asif@orixbank.comPAK MEEZAN SECURITIES (PVT.) LIMITED 021 2446293 2446712PARDESI SECURITIES (PRIVATE) LIMITED 021 2428973-4 2416450PATEL SECURITIES (PRIVATE) LIMITED 021 2416647PEARL CAPITAL MANAGEMENT (PRIVATE) LIMITED 021 5884601 5312510PRIME SECURITIES (PVT.) LIMITED 021 2437334-36 2437336PRUDENTIAL SECURITIES LIMITED 021 2401660-3 2428192R.F.R. SECURITIES (PRIVATE) LIMITED 021 2413087R.T. SECURITIES (PVT.) LIMITED 021 111-267-111 5835958RAFI SECURITIES (PRIVATE) LIMITED 021 111-159-111 2439631 info@rafionline.comRAYOMUND JAL H.P. BYRAMJI 021 2443582 2436659 gogo@cyber.net.pkS. NASIR HUSSAIN 021 2636000 2636325SAAO CAPITAL (PRIVATE) LIMITED 021 22466922SAKARWALA CAPITAL SECURITIES (PVT.) LTD. 021 2411998 2428303 rsebrok@pk.netsolir.comSALIM SOZER SECURITIES (PRIVATE) LIMITED 021 2411564 2417306 salimsozer@hotmail.comSALMAN SERVICES (PVT) LIMITED 021 2425570 2425570 salmanmasujd_fca@yahoo.comSATTAR CHINOY SECURITIES (PVT.) LIMITED 021 2429715 chinoy@gerrys.netSAYA SECURITIES (PRIVATE) LIMITED 021 2417393 2427664SAZ CAPITAL SECURITIES (PVT.) LTD. 021 2437195-8 2437194SCHON CAPITAL MARKETS LIMITED 021 2636000 (10 Lines) 2636325SECURITY INVESTMENT BANK LIMITED 021 2418410-13 2418414 sibl@cyber.net.pkSEVEN STAR SECURITIES (PRIVATE) LIMITED 021 2441100 2428488SHAHID ALI HABIB SECURITIES (PVT.) LIMITED 021 2446682 2471688SHEHZAD CHAMDIA SECURITIES (PVT.) LIMITED 021 2462547-49 2462546 info@shehzadchamdia.com.pkSHERMAN SECURITIES (PVT.) LIMITED 021 2426002-5 2417472SIDDIQ MOTI 021 2415484 2446536 siddiqmoti@hotmail.comSIRAJUDDIN CASSIM (PRIVATE) LIMITED 021 2415459SNM SECURITIES (PVT.) LIMITED 021 2467201-19 2467200STANDARD CAPITAL SECURITIES (PRIVATE) LIMITED 021 2432367 2421639 scs@cyber.net.pkSURMAWALA SECURITIES (PRIVATE) LIMITED 021 2413346 2446851 mjs_kse035@hotmail.comTARIQ VOHRA SECURITIES (PRIVATE) LIMITED 021 2423278TAURUS SECURITIES LIMITED 021 2423772TEWFIQ MOHAMMED AMIN FIKREE 021 2423113 2432097TIME SECURITIES (PVT.) LIMITED 021 2439857-61 timekse@hotmail.comTRADE-IN-SECURITIES (PRIVATE) LIMITED 021 2416321 2426180TS SECURITIES (PRIVATE) LIMITED 021 2429124-5 2412337 tshafiq@cyber.net.pkUNITED CAPITAL SECURITIES (PVT.) LIMITED 021 4316645 4322365 info@unitedcapital.com.pkWE FINANCIAL SERVICES LIMITED 021 2429288-9 2429292 info@we.com.pkWORLDWIDE SECURITIES (PVT.) LIMITED 021 2472067 2472071PAGE 117

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Karachi Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressY.H. SECURITIES (PVT.) LIMITED 021 2446100 2446100Z.A. GHAFFAR SECURITIES (PRIVATE) LIMITED 021 2419326ZAFAR MOTI CAPITAL SECURITIES (PVT.) LTD. 021 2410307 2446536ZHV SECURITIES (PRIVATE) LIMITED 021 2428184 amzhv@super.net.pkZILLION CAPITAL SECURITIES (PVT.) LTD. 021 111-047-047 2429073 info@mail.zcs.com.pkZUBEDA ABDUL SATTAR 021 2422306Kazakhstan Stock ExchangeAddress: 67 Aiteke bi, 050000, Almaty, Republic of Kazakhstan Phone: (327) 272 98 98 Fax: (327) 272 09 25 E-mail: info@kase.kz, kase@kase.kzWeb Address: www.kase.kz Country Code: 7Company’s Name City Code Telephone Fax E-mail AddressABN AMRO SECURITIES KAZAKHSTAN 727 2581 505 2581 506ABS SECURITIES 727 2717 851 2717 851ACCUMULATIVE PENSION FUND "GNPF" 727 2503 836 2509 135 gnpf@gnpf.kzACCUMULATIVE PENSION FUND KAZAKHMYS 3102 74 42 45 72 33 14 fond@kazmys.kzACCUMULATIVE PENSION FUND OFHALYK BANK OF KAZAKHSTAN 727 2397 028 2730 227 npfnbk00k@halykbank.kzAFC CAPITAL 727 2720 828 2720 827AFFILIATED BANK "ABN AMRO BANK KAZAKHSTAN" 727 250 73 02 264 76 27 aabk@kz.abnamro.comAFFILIATED BANK "ALFA-BANK" 727 292 00 12 250 78 03 infokz@alfabank.kzAFFILIATED BANK "BANK OF CHINA IN KAZAKHSTAN" 727 258 55 10 258 55 17 boc@itte.kzAIM CAPITAL 727 2444 333 2444 333ALEM MANAGEMENT COMPANY 727 2668 250 2668 248 info@alemkz.kzALFA TRUST 727 2915 291 2597 194 alfatrust@alfatrust.kzALIBI SECURITIES 727 2694 731 2694 725 asse_o@alibisecurities.kzALLIANCE BANK 727 250 03 00 259 67 87 almt@alb.kzALMATY FINANCIAL CENTER 727 272 64 80 272 63 50 afc@almatyfc.kzALMATY INVESTMENT MANAGEMENT 727 2444 333 2445 153 aim@aim.kzALMEX ASSET MANAGEMENT 727 2442 333 2442 441 mail@aam.kzASIA BROKER SERVICES 727 2717 851 2717 873 zeinap@bk.kzASTANA-FINANCE 7172 592 252 591 051 af@af.kzASYL-INVEST 727 2630 415 2630 415 anara@asyl.kzATF FINANCE 727 2583 117 2441 410ATFBANK 727 258 30 81 258 30 32 info@atfbank.kzBANK "KASPIYSKIY" 727 250 18 20 250 95 96 office@bc.kzBANK CENTRECREDIT 727 2584 158 259 86 22 info@centercredit.kzBANK TURANALEM 727 250 51 24 250 02 24 post@bta.kzBCC INVEST 727 2443 232 2443 231 info@bcc-invest.kzBCC SECURITIES 727 2443 232 2443 231BROKAGE COMPANY ASTANA-FINANCE 727 2446 046 2596 177CAIFC COMPANY 727 3110 137 3110 144 caifc@caifc.kzCAPITALIST SECURITIES 727 2509 737 2509 739CENTRAS FINANCIAL 727 2598 877 2598 877CENTRAS SECURITIES 727 259 88 77 259 88 87 mail@centras.comCITIBANK KAZAKHSTAN 727 298 03 91 298 03 99 citybank.kazakhstan@citigroup.comDB SECURITIS (KAZAKHSTAN) 727 267 10 60 258 16 42 temirlan.omarzhanov@db.comDELTA BANK 7292 2448 555 2448 557 office@deltabank.kzDEMIR KAZAKHSTAN BANK 727 250 85 50 250 85 25 demirbank@demirbank.kzDEVELOPMENT BANK OF KAZAKHSTAN 7172 792 679 792 638 info@kdb.kzEURASIA CAPITAL 727 3334 020 3334 669 info@ecap.kzEURASIAN BANK 727 250 86 07 250 86 54 info@eurasian-bank.kzEXIMBANK KAZAKHSTAN 727 2663 093 2663 910 postmail@eximbank.kzFINANCE COMPANY GREENWICH CAPITAL MANAGEMENT 727 273 98 20 2735 373 greenwich@tenir.comFINANCIAL COMPANY ALLIANCE CAPITAL 727 258 24 16 258 24 15 alc@alc.kzFIRST BROKERAGE HOUSE 727 2717 851 250 61 32 pbd@temirbank.kzFIRST INVESTMENT 727 258 70 79 258 29 36 fs@fs.kzGENERAL ASSET MANAGEMENT 727 291 86 13 293 84 83 gam@gam.kzGLOBAL SECURITIES (KAZAKHSTAN) 727 258 28 88 258 16 61 postmaster@global.almaty.kzGLOTUR INVEST 727 2980 876 2598 881GRANTUM ASSET MANAGEMENT 727 244 57 44 261 12 59 irina.kim@grantum.kzHALYK CAPITAL 727 2590 260 2590 022HALYK FINANCE 727 259 00 28 259 05 93 halykfinance@halykbank.kzHALYK SAVING BANK OF KAZAKHSTAN 727 2590 350 2590 238 halykbank@halykbank.kzHOUSE CONSTRUCTION SAVINGS BANK OF KAZAKHSTAN 727 2793 511 272 34 99 duganova_g@hcsbk.kzIFG KONTINENT 727 2446 929 2446 932 zoom-s@mail.ruINFORMATIONAL-DISCOUNT CENTRE OF THE PROPERTYAND PRIVATIZATION COMMITTEE OFTHE MINISTRY OF FINANCE 717 2320 374 2322 397 broker@gosreestr.kzINTERNATIONAL BANK "ALMA-ATA" 727 250 73 39 503 749 iba-bank@iba.kzINVESTMENT FINANCIAL HOUSE "RESMI" 727 266 71 77 266 70 77 rgs@resmi.kzPAGE 118

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Kazakhstan Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressKAZAKHSTAN FINSERVICE 727 2726 211 2726 001KAZAKHSTAN INNOVATIONAL COMMERCIAL BANK 727 292 60 08 292 01 44 mail@kazincombank.kzKAZAKHSTAN-ZIRAAT INTERNATIONAL BANK 727 250 60 80 250 60 82 kzibank@kzibank.comKAZEXPORTASTYK-SECURITIES 7142 511 151 548 544 astyk@hotbox.ruKAZINVESTBANK 727 259 88 59 2598 658 info@kib.kzKAZKOMERTS INVEST RFCA 727 261 00 00 2443 838 info@kki.kzKAZKOMMERTS INVEST 727 261 00 00 2443 838 info@kki.kzKAZKOMMERTS RFCA 727 2588 493 2588 495KAZKOMMERTS SECURITIES 727 258 84 93 258 84 95 enquiry@kazks.kzKAZKOMMERTSBANK 727 258 52 25 2509 507 service@kkb.kzKAZPOST 727 259 06 43 259 06 47 kazpost@kazpost.kzKG SECURITIES 7212 410 321 410 332 kgsecurities@nursat.kzLARIBA-BANK 727 2583 473 249 64 21 lariba@lariba.kzMAG CAPITAL 727 2445 113 2445 113MAG FINANCE 727 3111 018 3111 018 magfinance@mail.ruMANAGEMENT COMPANY INVESTMENT RESOURCES 727 267 12 89 267 12 90MONEY EXPERTS 727 2502 640 2502 013 info@moneyexperts.kzNATIONAL BANK OF KAZAKHSTAN 727 2596 800 2509 456 securities@nationalbank.kzNOMAD FINANCE 727 2726 966 2726 966 nomad_finance@mail.kzNURBANK 727 250 00 00 250 67 03 bank@nurbank.kzOPEN ACCUMULATIVE PENSION FUND OTAN 727 2503 040 2501 374 info@pf-otan.kzORDA CAPITAL 7252 545 236 545236 info_kapital@mail.ruPENSION ASSETS INVESTMENT MANAGEMENTCOMPANY "BAILYK ASSET MANAGEMENT" 727 250 73 81 250 73 82 support@bailyk.kzPENSION ASSETS INVESTMENT MANAGEMENTCOMPANY "PREMIER ASSET MANAGEMENT" 727 2667 177 2667 077 office@kupa.resmi.kzPENSION ASSETS INVESTMENT MANAGEMENTCOMPANY "ZHETUSY" 727 2442 661 2694 347 zhetysu@mail.online.kzPRIME FINANCIAL SOLUTIONS 727 3111 030 3111 031 info@primefina.kzRBNT SECURITIES 727 2686 516 2456 242 rbnt@rbnt.kzREAL-INVEST.KZ 727 295 21 06 295 21 08 postmaster@realinvest.kzREAL-INVEST RFCA 727 2952 106 2952 108RENESSANCE CAPITAL INVESTMENTS KAZAKHSTAN 727 2441 544 2441 545RESMI INVESTMENT HOUSE ALMATY 727 2667 177 2667 400SENIM-BANK 727 268 10 51 268 18 56 senimbank@itte.kzSEVEN RIVERS CAPITAL 727 2739 081 2734 978 info@src.kzSMART GROUP 727 2644 899 2954 375 info@smartgroup.kzSUBSIDIARY BANK "HSBC BANK KAZAKHSTAN" 727 259 69 70 259 69 02 info@hsbc.kzTCESNABANK 7172 770 201 770 195 tsb@tsb.kzTEMIRBANK 727 2587 873 250 77 85 board@temirbank.kzTEXAKABANK 727 250 00 87 250 00 63 post@texakabank.kzTOP INVEST 727 2378 400 2378 399 sabira@thorinvest.kzTSESNA CAPITAL 727 2584 865 2584 865 info@tscapital.kzTURANALEM SECURITIES 727 299 10 50 299 10 25 info@tas.kzUNICORN IFC 727 2635 757 2635 761 info@unic.kzVERNY CAPITAL 727 2952 630 2952 637 info@verny-capital.kzVISOR CAPITAL 727 277 77 17 277 77 18 ssk@visocap.comVISOR INVESTMENT SOLUTIONS 727 259 88 44 259 88 33 visor@visor.kzVOSTOK CAPITAL 727 2500 834 2500 834 office@vcapital.kzKyrgyz Stock ExchangeAddress: 172 Moskovskaya St., 720010 Bishkek, Kyrgyz Republic Phone: (312) 665 059 Fax: (312) 661 595 E-mail: kse@kse.kgWeb Address: www.kse.kg Country Code: 996Company’s Name City Code Telephone Fax E-mail AddressAALAM 312 284 530 284 610 aalam@imfiko.bishkek.suARABEL 312 540 540ASKO & CO. 312 544 242 544 216 anara@kse.kgATO FINANCE 312 652 234 240 922 ansari76@mail.ruBBB 312 663 507 bbb_123@mail.ruBNC CAPITAL MANAGEMENT 312 663 660 667 211 bnc@elcat.kgCAPITAL 312 663 660 663 543 capital@elcat.kgCHUIINVEST 313 333 747 333 747 aip46@yandex.ruGLOBAL FINANCE 312 626 544 626 544 global_finance@mail.ruJS HALYK BANK KYRGYZSTAN 312 218 932 218 955 kairat@kairatbank.kgKAZINVEST 312 443 450 443 470 kazinvest@mail.ruKLS SECURITIES 555 928 206NIET-ARAKET 312 910 122 910 223 naraket@infotel.kgSENTI 312 219 946 610 025 senti@infotel.kgPAGE 119

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Lahore Stock ExchangeAddress: 19, Khayaban-e-Aiwan-e-Iqbal, Lahore-54000, Pakistan Phone: (42) 636 8000 Fax: (42) 636 8485 E-mail: secretary@lahorestock.comWeb Address: www.lahorestock.com Country Code: 92Company’s Name City Code Telephone Fax E-mail Address128 SECURITIES (PVT) LTD. 42 573 1747 5734501 128@lahorestock.comA. S. SECURITIES (PVT) LTD. 42 631 4551-3 631 4558 as_securities@hotmail.comABBASI & COMPANY (PVT) LTD. 42 732 0707 628 2727 info@abbasiandcompany.comABID INVESTMENTS (PVT) LTD. 42 575 6161-65 575 3399ABM SECURITIES (PVT) LTD. 42 631 0555-56 631 0557 abm_securities@yahoo.comADAM SECURITIES (PVT) LTD. 21 241 3580 243 7380 majeed_adnan@hotmail.comADEEL & NADEEM SECURITIES (PVT) LTD. 42 578 1601-5 578 1660 ansecurities123@yahoo.comADEEL ZAFAR SECURITIES (PVT) LTD. 42 636 8222 631 6204 az_063@hotmail.co.ukADHI SECURITIES (PVT) LTD. 42 636 9729-32 636 9728 adhisecurities@beconet.comAFIC SECURITIES (PVT) LTD. 42 630 0101-3 630 0104 sajid717@hotmail.comAHMAD KULI KHAN KHATTAK 21 256 3138 256 4458AL-HAMAD INVESTMENT & SECURITIES (PVT) LTD. 42 630 0277-81 630 0282 alhamd_inv_sec@hotmail.comAL-HAQ SECURITIES (PVT) LTD. 42 636 2010 636 8782 alhaqsecurities@hotmail.comAL-HOQANI SECURITIES & INVESTMENT CORP (PVT) LTD. 21 227 5353-56 227 5357ALI USMAN STOCK BROKERAGE (PVT) LTD. 42 111-254-254 636 8884 aliusman@ausbonline.comALLIED BANK LTD. 42 631 1428 631 1418ALLIED SECURITIES (PVT) LTD. 42 589 4525-26 589 4527ALTAF ADAM SECURITIES (PVT) LTD. 21 242 9541-43 242 9540 altafadam001@yahoo.comAMCAP SECURITIES (PVT) LTD. 42 578 7560 578 7562 info@amcapsecurities.comAMER SECURITIES (PVT) LTD. 42 630 9687-89 630 9690 shahidmalikus@hotmail.comARIF HABIB LTD. 21 241 5213-15 241 6072 samad.habib@arifhabib.com.pkARIF LATIF 42 631 1611-14 636 0613 ariflatifmlse@hotmail.comARIF MAJID CHAUDHRY 42 631 0402 631 0401 safina20@hotmail.comATLAS CAPITAL MARKETS (PVT) LTD. 42 799 2284-86 799 2233 inf@fortricemills.comBMS CAPITAL (PVT) LTD. 42 567 1305 568 1296 bmscapital@gmail.comBRIDGE SECURITES (PVT) LTD. 42 628 0884-5 628 0886 bridgesecurities110@hotmail.comBRIGHT SECURITIES (PVT) LTD. 42 111-253-111 628 0745 ehsan.ahmad@akdtrade.comCAPITAL VISION SECURITIES (PVT) LTD. 42 637 2456 636 8466 cvs505@yahoo.comDARSON SECURITIES (PVT) LTD. 42 631 7111 631 4293 info@darsononline.comDOSSLANI'S SECURITIES (PVT) LTD. 42 637 5046-49 636 7999 dsbrokerage@msn.comDR ARSALAN RAZAQUE SECURITIES (SMC-PVT) LTD. 42 588 4071 583 8683 arslanr@yahool.comEQUITY MASTER SECURITIES (PVT) LTD. 42 628 0875-9 628 0880ESCORTS CAPITAL LTD. 42 637 1931-34 637 5950 mailmanager@escortsbank.netF.M. SECURITIES (PVT) LTD. 42 636 8522-44 fakhar_23@hotmail.comFAIRWAY SECURITIES (PVT) LTD. 42 587 8940 587 8941 info@fairway.com.pkFINANCIAL HARBOUR (PVT) LTD. 42 300 843 2358FIRST PAKISTAN SECURITIES LTD. 42 631 1375 584 3730 info@fpsl.com.pkFIRST PUNJAB MODARABA 42 630 8702 630 8703 www.punjabmodaraba.com.pkFLOAT SECURITIES (PVT) LTD. 42 584 4649 someone@super.net.pkFORT INVESTMENTS (PVT) LTD. 42 575 6161-65 575 3399GPH SECURITIES (PVT) LTD. 42 631 0715-16 766 2939GUARDIAN SECURITES (PVT) LTD. 42 591 3065-6 585 7656 info@guardiansecurities.com.pkGUL DHAMI SECURITIES (PVT) LTD. 42 636 8401-09 guldhami@hotmail.comGULREZ SECURITIES (PVT) LTD. 42 630 9851-54 630 9855 gulrezrashid@hotmail.comH. HATIM H. KARIM 21 921 7084-86 921 2374H.H. MISBAH SECURITIES (PVT) LTD. 21 242 9102-06 242 6938 hh_misbahsecurities@hotmail.comH.S.Z. SECURITIES (PVT) LTD. 42 630 9439-40 630 9438 h.s.z_sec@yahoo.comHABIB ULLAH SHEIKH (PVT) LTD. 42 631 1383-7 636 8220 064@lahorestock.comHAJI ABDUL SATTAR SECURITIES (PVT) LTD. 42 636 8963 721 2072HAMEED MUKHTAR CHAUDHRY 42 6375470-71 636 9088HARVEST SMARTREND SECURITIES (PVT) LTD. 42 111-800-000 6314 1038 hss101@nexlinks.net.pkHORIZON SECURITIES (SMC-PVT) LTD. 42 668 4093 667 3719 imran@horizonpak.comHUMAYUN SAEED SHEIKH 42 630 4904 636 8679 humslse@yahoo.comIFTIKHAR AHMAD MALIK 42 571 6134-36 571 1530 hisvil@brain.net.pkIGI FINEX SECURITIES LTD. 21 568 7494 568 4087 www.finexsecurities.comILYAS SECURITIES (SMC-PVT) LTD. 42 111-135-135 758 6042INFINITE SECURITIES LIMITED 42 575 9621 571 0312INNOVATIVE HOUSING FINANCE LIMITED 42 723 5081-82 735 8817INVEST & FINANCE SECURITIES LTD. 42 578 7732-6 578 7737 info@investfinance.com.pkJAMSHAID & HASSAN SECURITIES (PVT) LTD. 42 637 1901-3 631 0154 www.jandhsec.comJAVAID IQBAL SECURITIES (PVT) LTD. 42 636 9112-6 636 9117 Javediqbal@jis_lse.comJAVED AHMED SECURITIES (SMC-PVT) LTD. 42 575 9621 571 0312K.H.S. SECURITIES (PVT) LTD. 42 636 8436 636 8919 info@khssecurities.comKHALID JAVED SECURITIES (PVT) LTD. 42 630 7680-83 636 9143 jgs410@hotmail.comKHAWAJA IMTIAZ AHMED 42 575 6953 571 0604KHAWAJA SECURITIES (PVT) LTD. 42 630 8717 631 0757 usmankhawaja@hotmail.comKSR STOCK BROKERAGE (PVT) LTD 42 6316611-4 637 1868 ksr608@hotmail.comM.R.A SECURITIES (PVT) LTD. 21 243 3090 241 7729 owais@hotmail.comPAGE 120

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Lahore Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressM.R.SECURITIES (SMC-PVT) LTD. 42 631 2222 636 8303 info@mrsecurities.com.pkMAAN SECURITIES (PVT) LTD. 42 6308000-2 631 5558 maansecurities@yahoo.comMAHA SECURITIES (PVT) LTD. 42 6360526-8 6368526 info@mahasecurities.comMALIK HAMID ALI NOON 42 630 1803 630 1803 noon@hotmail.comMAXIMUS SECURITIES (PVT) LTD. 42 6315772-4 630 9216 maximus_sec@hotmail.comMAZHAR HUSSAIN SECURITIES (PVT) LTD. 42 627 8787 631 7329 ashad_lhr2003@yahoo.comMGM SECURITIES (PVT) LTD. 42 6279181-82 637 2475 mgmsecurities@yahoo.comMIAN ASIF MAQBOOL SUKHERA 42 6305663-5 631 3803 lse002@hotmail.comMIAN KHALID BASHIR 42 6312569-7 631 2567MIAN MUHAMMAD SAEED (DECEASED)MIAN NUSRAT-UD-DIN 42 6313995-6 627 9204 mnd051@hotmail.comMIAN SAJID MASOOD (ENGR.) 42 6313981-84 631 3985 mcm087@hotmail.comMIAN SHAUKAT SHAFI 42 568 5231 568 3662 shaukatshafi@fascom.comMIAN TAJAMMAL HUSSAIN 42 724 4181 724 2839 mthlhr@brain.net.pkMILLENNIUM BROKERAGE (SMC-PVT) LTD. 42 6280771-6 630 8333 milleniumbrokerage@gmail.comMIRZA YASIN MAHMOOD 21 586 9398MONEYLINE SECURITIES (PVT) LTD. 42 627 9141-43 627 9144 moneyline_of_lse@hotmail.comMOOSANI SECURITIES (PVT) LTD. 21 240 0871-75 241 6004 www.moosani.comMSA SECURITIES& SERVICES (SMC-PVT) LTD. 21 241 8903 242 2893 msancel@yahoo.comMTM SECURITIES (PVT) LTD. 42 636 9991-8 627 9101 info@mtmsecurities.comMUHAMMAD AMER RIAZ 42 631 0441 631 3960 Amerriaz676@hotmail.comMUHAMMAD AYUB CHAUDHRY 42 636 8322 636 9096 mayub7862000@hotmail.comMUHAMMAD IQBAL KHAWAJA 42 637 6808 631 5803MUHAMMAD JAVED 21 11126 3263 263 1021 jdkki@hotmail.comMUHAMMAD SALEEM SAIGOL 42 575 7251 575 7250MUHAMMAD SHABBIR MALIK 42 766 8188 766 2303MUHAMMAD TAUQIR MALIK 42 631 1401-4 636 0438 malik_tauqir@hotmail.comMUHAMMAD YOUSAF RAO 21 221 2882-89 221 2890 hnhexchange@hotmail.comMUMTAZ ENTERPRISES (PVT) LTD. 21 241 2145-46 241 6104 mumtaz_ent@cyber.net.pk.MZ SECURITIES (PVT) LTD. 21 241 2212 247 2235 mzsecurities@cyber.net.pkN.H. SECURITIES (PVT) LTD. 42 723 5084-87 723 5083 hcc@orbit.net.pkNAJAM RIAZ GHAURI 42 637 1138-41 636 7976 najamriazghauri@hotmail.comNASIR ALI SHAH BUKHARI 42 111 22 2000 11122 2001 nasb@kasb.comNAVEED USMAN ENGR. 42 576 2494 naveedusman@hotmail.comNAYYAR SHEIKH SECURITIES (PVT) LTD. 42 631 6116-8 631 6448 nsspvt@yahoo.comNETWORTH SECURITIES LTD. 42 630 7701-4 630 7705 networth@lhr.comsats.net.pkNIZAM SECURITIES (PVT) LTD. 21 438 4165 438 4162ORIX INVESTMENT BANK PAKISTAN LTD. 21 530 3515-17 582 1916 oiblhr@orixbank.comPEARL BROKERAGE (PVT) LTD. 42 628 0932 628 0931 info@pearlbrokerage.bizPERVEZ AHMED SECURITIES LTD. 42 575 9621 571 0312PLUS SECURITIES (PVT) LTD. 41 254 0956-59 262 9967 www.plus@psl.org.pkPROGRESSIVE SECURITIES (PVT) LTD. 42 631 7049 631 7048 pspl056@hotmail.comPRUDENTIAL SECURITIES LTD. 42 637 5466 637 5980 pslpakistan@hotmail.comQASIM MAHMOOD SECURITIES (SMC-PVT) LTD. 42 637 2747-50 casseem@lycos.comQF SECURITIES (PVT) LTD. 42 663 9929 663 9753R. F. J. EQUITY (PVT) LTD. 21 241 2265-66 241 6791 shakoo@khi.compol.comR.S. EQUITIES (PVT) LTD. 42 574 7905 574 7904RAHAT SECURITIES LTD. 42 111-001-010 631 4253 info@rahatonline.comRAVI SECURITIES (PVT) LTD. 42 542 3378 542 3378RUC SECURITIES (PVT) LTD. 42 668 1792S. D. MIRZA SECURITIES (PVT) LTD. 42 636 8748 636 9108 sdmirz@hotmail.comS. Z. SECURITIES (PVT) LTD. 42 627 8973 631 5969 s.z. securities@hotmail.comSAFE SECURITIES (PVT) LTD. 42 636 8651-3 6368658 safesecurities@yahoo.comSALIHA HAROON 42 631 1372-74 631 0245SALMAN MAJEED SECURITIES (SMC-PVT) LTD. 42 541 8401 5417638 smgc01@hotmail.comSAT SECURITIES (PVT) LTD. 42 574 9703-06 574 9704 sat@wol.net.pk.SEEMA MUBASHIR 42 765 5578-79SETHI SECURIITIES (SMC-PVT) LTD. 42 636 5756 636 8113 ilyas_sethi068@hotmail.comSHAFFI SECURITIES (PVT) LTD. 42 631 4732 631 4730 shaffisec@hotmail.comSHAHID HASSAN AWAN (SUSPENDED)SHAHID IQBAL 42 760 4184SHAHID NAUMAN RANA (SUSPENDED)SHEIKH MUHAMMAD IQBAL 586 2168SHEWANI SECURITIES (PVT) LTD. 42 630 7841SLAS SECURITIES (SMC-PVT) LTD. 42 583 1644SOHAIL RAZA MOOSANI (SMC-PVT) LTD. 21 240 0871 241 6004 info@moosani.comSONIA NISARSTOCK MASTER SECURITIES (PVT) LTD. 42 6316454-7 631 6458 sms@stockmaster.com.pkSWITCH SECURITIES (PVT) LTD. 42 631 7124 586 0497 info@switch.com.pkSYED SARMAD MAQSOOD (SUSPENDED)TARIQ MAJID CHAUDHRY 42 628 0806-9 628 0810PAGE 121

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Lahore Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressTECHNO FUNDAMENTAL SECURITIES (PVT) LTD. 42 631 7351 631 7350 tfs_516@hotmail.comTRUST INVESTEMENT BANK LTD. 21 240 4714 240 4720 info@trustbank.com.pkTRUST SECURITIES & BROKERAGE LTD. 42 637 3041-43 637 3040 tsbl@brain.net.pkUNION SECURITIES (PVT) LTD. 42 300 429 4942 aiafafu@hotmail.comUNIVERSAL EQUITIES (PVT) LTD. 42 591 1454VALUE STOCK SECURITIES (PVT) LTD. 42 111-111-255 577 0190 kamran@valuestock.pkWASI SECURITIES (SMC-PVT) LTD. 42 636 7935-36 636 0067 wasi@wasisecurities.comY.S. SECURITIES & SERVICES (PVT) LTD. 42 636 8772 631 0186 ysspakistan@hotmail.comYASIR MAHMOOD SECURITIES (PVT) LTD. 42 631 4141 631 4488 info@invest.pkZAFAR MOTI 21 241 0307 244 6536 zafarmoti@hotmail.comZAFAR SECURITIES (PVT) LTD. 42 578 9500-03 578 9595 info@zafarstocks.comZAHID ALI HABIB 21 2429664-67 2413822 aahkse162@yahoo.comMacedonian Stock ExchangeAddress: Mito Hadzivasilev Jasmin 20, 1000 Skopje, Republic of Macedonia Phone: (2) 312 2055 Fax: (2) 312 2069 E-mail: mse@mse.org.mkWeb Address: www.mse.com.mk Country Code: 389Company’s Name City Code Telephone Fax E-mail AddressALTA VISTA BROKER 2 3 217 103 3217103 info@altavistabroker.com.mkAUCTOR BROKERI 2 3248 980 3246 570 info@auctor.com.mkBITOLA BROKER 47 258 830 258 840 bbbroker@mt.net.mkBRO-DIL 2 329 8850 311 8670 darko@bro-deal.com.mkDINEV BROKER 2 3217 617 3217 926 dinevbroker@yahoo.comEURO BROKER 2 321 5198 322 3397 eurobroker@mt.net.mkFERSPED-BROKER 2 321 9333 221 9478 broker@fersped.com.mkILIRIKA INVESTMENTS 2 329 6853 3213785 contact@ilirika.com.mkINOVO BROKER 2 3120 941 3120941 office@innovobroker.comINVESTBROKER 2 311 0280 311 0290 investbroker@investbroker.com.mkKBC SEKJURITIS SKOPJE AD SKOPJE 2 3239 605 3223 088 office@kbcsicurities.com.mkKOMERCIJALNA BANKA 2 321 8217 321 8222 tatjana.grncarova@kbnet.com.mkNLB TUTUNSKABROKER 2 329 0931 313 3305 tutbrok@mt.net.mkOHRIDSKA BANKA 2 321 6250 322 2920 igor.razmoski@ob.com.mkPOSTEL BROKER 2 322 4300 322 4300 palevski@postbank.com.mkPUBLIKUM 2 3232 352 3232 353 kontakt@publikum.com.mkSILEKS BANKA 2 324 9360 324 9303 dhv@sileksbanka.com.mkSTOPANSKA BANKA 2 329 5420 329 5551 broker@stb.com.mkTTK BANKA 47 226 360 203 692 tkbbroker@mt.net.mkUNIVERZALNA INVESTICIONA BANKA 2 321 0911 321 0950 zvonko.stankovski@unibank.com.mkVIP BROKER 2 3298 385 3217 160 contact@vipbroker.com.mkMoldovan Stock ExchangeAddress: 73 Stefan cel Mare Blvd., Chisinau 2001, Moldova Phone: (22) 277 594 Fax: (22) 277 356 E-mail: silvia@moldse.mdWeb Address: www.moldse.md Country Code: 373Company’s Name City Code Telephone Fax E-mail AddressAD-MANAGER 22 227-484 278-060 hvorostovscaia@unibank.mdBANCA DE ECONOMI 22 218-026 218-006 angela.toderita@bem.mdBANCA DE FINANTE SI COMERT 22 220-080 237-308 kuznetsova_v@fincombank.comBANCA SOCIALA 22 220-070 224-230 paladi@socbank.mdBROKWEST 22 256-016 256-017 brokwest@yahoo.comDAAC PROM 22 743 314 746 397 nadea.ganya@daac-prom.comDAAC-INVEST 22 220-677 746-397 invest@daac.mdENERGBANK 22 276 033 544-378 martino@energbank.comEUROCREDITBANK 22 500 128 548-827 igoro@eurocreditbank.mdEXIMBANK 22 549 828 546 234 rcraciun@eximbank.comFINCOM 22 541 917 272-564 investitii@mail.mdGEST-CAPITAL-MF 22 270-965 gestcapital@rambler.ruINVESTPRIVATBANK 22 279 523 540-510 burlea@ipb.mdIUVENTUS-DS 22 270-035 271 337 ghenadie@inteligent.orgM-INVEST 22 260-463 546-276 M_invest@rambler.ruMOBIASBANCA 22 256-449 541-935 vm@mobiasbanca.mdMOLDINDCONBANK 22 576-835 279-195 martino@micb.mdMOLDOVA-AGROINBANK 22 220 671 226 162 lungu@maib.mdOLDEX 22 270 024 542 966 oldex95@yandex.ruPASSIM 22 555 579 522 049 moscovciuc@rambler.ruPROAJIOC 22 507 085 507 085 Proajioc@mail.ruUNIBANK 22 253-923 220 530 iovu@unibank.mdVAL-INVEST 22 449-113 449-697 info@val.moldline.netVICTORIABANK 22 576-350 233 089 nparaschiv@victoriabank.mdPAGE 122

FEDERATION OF EURO-ASIAN STOCK EXCHANGESSEMI ANNUAL REPORT OCTOBER 2008Mongolian Stock ExchangeAddress: Sukhbaatar Sq.-2, Ulaanbaatar, Mongolia Phone: (11) 310 501 Fax: (11) 325 170 E-mail: mse@mongol.netWeb Address: www.mse.mn Country Code: 976Company’s Name City Code Telephone Fax E-mail AddressAJNAI INVEST 345757ALTAN KHOROMSOG 450899ALTAN SAN 311558ARGAI BEST 327026 ganaa3232@yahoo.comBATS 326042BATS INVEST 320773BDSEC 321763, 313108 info@bdsec.mnBULGAN BROKERAGE 322708 gbrsn@yahoo.comBUMBAT ALTAI 22166CCPinfo@ccp.mn.www.ccp.mnDARKHAN BORKERAGE 27831 dar_broker@yahoo.comDELGER KHANGAI SECURITIES 689254ERDENESTFRONTIER 70119999 m@irisasia.comGENDEX 636335, 632903GLOBAL ASSET 320889KHANSH INVEST 325849 hansh_invest2004@yahoo.comMASDAQ - selbro@yahoo.comMERGEN SANAA 451626MONGOL SECURITIES 462130MONSECURITIES 323090 monsec182004@yahoo.comMUNKHUDNIKISANARsunar@yahoo.comTAVAN BOGD 351210, 22093 tavanbogd@mail.mnTULGAT CHANDMANIUNDURKHAANWORLDKEY 330594 worldkey@yahoo.comZERGED 367609Montenegro Securities MarketAddress: Cetinjski put, Zgrada Vektre 2A, 81000 Podgorica, Montenegro Phone: 81 235 051 Fax: 81 235 051 E-mail: mberza@cg.yuWeb Address: www.montenegroberza.com Country Code: 381Company’s Name City Code Telephone Fax E-mail Address3M BROKER CO. PODGORICA 81 210 685 210 688 3mbroker@cg.yuANGLO BROKER CO. PODGORICA 81 665 695 667 307 officer@anglobroker.comBASILLEUS BROKER CO. PODGORICA 81 664 310 664 310 basilleusbroker@gmail.comCG BROKER CO. PODGORICA 8 230 490 230 497 cgbroker@cg.yuENERGO BROKER CO. PODGORICA 81 215 230 215 231 enrgobroker@cg.yuFIRST FINANCIAL BROKER BROKER-DEALER CO. PODGORICA 81 665 780 665 784 ffs@cg.yuGLOBAL BROKER-DEALER CO. PODGORICA 81 667 280 667 281 info@global-montenegro.comHOLDER BROKER CO. PODGORICA 81 408 105 408 108 hbroker@cg.yuHYPO ALPE ADRIA BROKER-DEALER CO. PODGORICA 81 408 691 408 690 broker-dealer@hypo-alpe-adria.cg.yuIN BROKER CO. NIKSIC 83 200 220 200 221INVEST BANKA MONTENEGRO CO. PODGORICA 81 407 900 407 956 info@invest-banka.comINVEST BROKER CO. PODGORICA 81 210 335 210 335 office@invest-broker.cg.yuMARKET BROKER CO. BIJELO POLJE 84 430 360 430 363 marketbroker@cg.yuMB BROKER CO. PODGORICA 81 210 655 210 685 mbbroker@cg.yuMIK BROKER CO. PODGORICA 81 665 871 665 872 mikbroker@cg.yuMONETA BROKER - DEALER CO. PODGORICA 81 205 455 205 456 info@moneta.cg.yuMONTE ADRIA BROKER - DEALER CO. PODGORICA 81 231 305 210 640 montadria@cg.yuMONTE BROKER CO. BERANE 87 230 514 230 515 montebroker@cg.yuMV BROKER CO. NIKSIC 83 212 036 212 822 mvbroker@cg.yuNARODNI BROKER CO. PODGORICA 81 662 622 662 622NK BROKER CO. NIKSIC 83 220 044 220 045 nk_broker@cg.yuNOBL BROKER CO. PODGORICA 81 235 146 235 179 office@noblbroker.cg.yuNOVE BROKER CO. PODGORICA 81 664 100 667 711 novebroker@cg.yuONYX BROKER CO. BUDVA 86 451 816 402 416 onyxbr@cg.yuPARTNER BROKER CO. PODGORICA 81 232 255 232 266 partnetbroker@cg.yuPODGORIâKI BROKER CO. PODGORICA 81 205 365 205 366 pgbroker@cg.yuSENZAL BROKER CO. PODGORICA 81 238 410 238 390 office@senzal.cg.yuVIP BROKER CO. PODGORICA 81 205 345 205 346 info@vipbroker.netWALL STREET BROKER CO. BUDVA 86 455 097 451 004 wsbroker@cg.yuWORLD BROKER-DEALER CO. PODGORICA 81 667 225 667 226 info@world-broker.euPAGE 123

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008Muscat Securities MarketAddress: P.O. Box 3265, Ruwi, Postal Code 112 Oman Phone: 2481-2607 Fax: 2481-5776 E-mail: msm.info.news@msm.gov.omWeb Address: www.msm.gov.om Country Code: 968Company’s Name City Code Telephone Fax E-mail AddressAL AMIN SECURITIES 248 13738 15507 al-amin@omantel.net.omAL MADINA FINANCIAL & INVESTMENT SERVICES 248 10859 10772 madinah@omantel.net.omAL SHUROOQ SECURITIES 247 89113 88882 sisco@omantel.net.omBANK MUSCAT 247 80139 98220 aymanj@bankmuscat.comFINANCIAL CORPORATION 248 116655 16611 fincorp@fincorp.orgFINANCIAL SERVICES 248 17208 17205 finserv@omantel.net.omGLOBAL FINANCIAL SERVICES 247 00667 00662 gfioman@omantel.net.omGULF INVESTMENTS SERVICES 247 90614 90612 gisoman@omantel.net.omINTERNATIOMAL FINANCIAL SERVICES 247 95186 95188 intfn@omantel.net.omNATIONAL BANK OF OMAN 248 11491 98647 nboinvest@nbo.co.omNATIONAL SECURITIES CO. 245 71340 68737 nscoman@omantel.net.omOMAN ARAB BANK 247 97428 93953 bataineh@omantel.net.omQ INVEST 248 15580 17483 qurumfin@omantel.net.omUNITED SECURITIES 247 88647 88671 info@usoman.comVISION INVESTMENT SERVICES 248 12860 08088 visoman@omantel.net.omPalestine Securities ExchangeAddress: Al Qasr Bldg., Rafidia, P.O. Box 128, Nablus, Palestine Phone: (9) 234 55 55 Fax: (9) 234 13 44 E-mail: pse@p-s-e.comWeb Address: www.p-s-e.com Country Code: 970 or 972Company’s Name City Code Telephone Fax E-mail AddressAL-WASATA SECURITIES COMPANY 8 2886050 2886055 info@alwasata.psAL-WATANIEH SECURITIES COMPANY 2 298 0420 298 7277 watanieh@palnet.comGLOBAL SECURITIES COMPANY 9 238 7880 238 5060 elalmiaco@yahoo.comJORDAN & PALESTINE FINANCIAL INVESTMENT COMPANY 2 298 7778 298 7779 jopfico@palnet.comLOTUS FINANCIAL INVESTMENTS CO. 2 297 1729 297 1727 info@lotus-invest.psNAWRAS FOR FINANCIAL INVESTMENTS COMPANY 2 2746560 2746570 info@nawras.psSAHEM TRADING & INVESTMENTS COMPANY 2 296 5710 296 5713 sahem@sahem-inv.comTARGET INVESTMENT & SECURITIES COMPANY 9 238 6111 238 6119 info@targetinvest.psUNITED SECURITIES COMPANY 2 240 3090 240 3091 info@unite.psSarajevo Stock ExchangeAddress: Fra Andela Zvizdovica 1A / X, 71000 Sarajevo, Bosnia and Herzegovina Phone: (33) 251 462 Fax: (33) 251 478 E-mail: contact@sase.baWeb Address: www.sase.ba Country Code: 387Company’s Name City Code Telephone Fax E-mail AddressAA KAPITAL BROKERS BIHAC 37 228 308 228 272 info@aakapitalbrokers.baAUCTOR BH MOSTAR 36 355 680 355 689 auctor@auctor.baAW BROKER SARAJEVO 33 766 666 766 725 info@aw-broker.baBOND INVEST MOSTAR 36 334 140 316 612 bond.invest@tel.net.baEBROKERS SARAJEVO 33 714 370 714 371 info@ebrokers.baEUROHAUS SARAJEVO 33 720 900 710 611 info@eurohaus.baFIMA INTERNATIONAL SARAJEVO 33 710 840 710 842 info@fima.baHYPO ALPE ADRIA VRIJEDNOSNICE SARAJEVO 33 755 736 755 790 vrijednosnice.bih@hypo-alpe-adria.comICM SARAJEVO 33 561 600 561 601 info@icm.baKVANTUM SARAJEVO 33 560 020 560 021 info@kvantum.baMARKET BULL SARAJEVO 33 557 915 557 926 info@marketbull.baNBC SARAJEVO 33 555 185 555 186 info@nbc-bih.comPALISAEN SARAJEVO 33 776 171 776 173 info@palisaen.baPREMIUM BROKER TUZLA 35 362 330 279 434 info@premium-broker.baRAIFFEISEN BROKERS SARAJEVO 33 296 546 296 553 info@rbr.baSEE INVESTMENT SOLUTIONS SARAJEVO 33 275 650 275 651 info@seeinvestments.baUNIBROKER SARAJEVO 33 561 660 561 661 info@unibroker.baVGT BROKER VISOKO 32 730 540 730 541 vgt@vgt-broker.comTehran Stock ExchangeAddress: 228, Hafez Avenue, P.O Box 11355-399, IR-11389 Tehran, Iran Phone: (21) 6671 8385 Fax: (21) 6671 0111 E-mail: Int@tse.irWeb Address: www.tse.ir - www.irbourse.com (Persian Website) Country Code: 98Company’s Name City Code Telephone Fax E-mail AddressABAN 21 66730226 6671 5666 info@ababroker.comAGAH 21 66726505 6670 6487 info@agah_broker.comAMIN SAHM 21 6672 6505 6670 6487 aminsahm@aminsahmbroker.comANDISHE BARTAR 21 8870 6042 8872 1100 info@andishevartar.comAPADANA 21 8873 2873 8874 1582 info@apadanabrokering.comPAGE 124

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI SEMI ANNUAL ANNUAL REPORT REPORT OCTOBER APRIL 2008 2007Tehran Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressARMAN TADBIR NAGHSHE JAHAN 811 9512063 6615 973 info@armantadbir.comARMOON BOURSE 21 8871 8056 8871 8056 s-ajami@armoonbourse.comARYA BOURS 21 6674 5965 6673 3389 aryabours@yahoo.comARYA NOVIN 21 8882 8252 8832 3530ASEL 21 8870 1890 8871 5847 zamanfar@yahoo.comATI SAMAN 21 2203 7644 2203 7645ATI SAZ 21 6673 3539 6674 3665 nhianani@yahoo.comATIEH 21 6671 6285 6671 0285 atiehsotockbrokerage@yahoo.comBADREH SAHAM 21 8871 1083 8870 1256BAHMAN 21 8871 4799 8872 4241 info@bahmanbroker.comBANK EGHTESSAD NOVIN 21 6674 4240 6674 3848 barzani@novinbourse.comBANK KARAFARIN 21 8875 0064 8875 9314 m.amindavar@karafarinbank.comBANK KESHAVARZI 21 8872 9480 8872 9481 kharazi@agribourse.comBANK MASKAN 21 8872 0383 8872 0384 mail@maskanbr.comBANK MELLAT 21 6671 4993 6671 4995 mellatbroker@yahoo.comBANK MELLI IRAN 21 8870 9693 8872 2189 rouhi@bmibourse.comBANK REFAH KARGARAN 21 8880 8790 8880 8793 refahbroker@yahoo.comBANK SADERAT IRAN 21 8872 6157 8872 6158 saderatbankbroker@yahoo.comBANK SAMAN 21 8877 4669 8877 0240 kstocks@afranet.comBANK SANAT VA MADAN 21 6670 2868 6672 9173 info@sanatomadan.comBANK SEPAH 21 8872 6057 8872 6058 info@sepahbourse.comBANK TEJARAT 21 8872 0296 8855 5338 bt_broker@yahoo.comBANK TOWSE-E SADERAT IRAN 21 8872 7690 8872 7692 broker@edbi.comBAZARE SAHAM 21 2225 4129 2225 4127 yahyayan@bazarsaham.comBEHGOZIN 21 6671 8408 66671 8408 info@behbroker.comBIMEH IRAN 21 8897 3529 8896 4040 bimehbroker@yahoo.co.ukBOURSIRAN 21 8883 2860 8884 3879 boorsiran@yahoo.comDONYAYE KHOBREH 21 6672 4001 6672 4002 dkhobreh@yahoo.comDONYAYE NOVIN 21 6670 5889 6670 6743EBRAZ 21 6672 5132 6672 5133 info@ebrazbourse.comETEMAD SOROUSH 21 etemadsoroush@yahoo.comETMINAN SAHM 21 6672 8080 6672 8081 etminansahm@yahoo.comGANJINEYE SAHAM 21 6672 4916 6673 8073 sadat@ganjinehbourse.comGOLCHIN 21 6674 3713 6672 4809 golchinbroker@yahoo.comHAFEZ 21 8875 4916 8875 4918 tehran@hafezbourse.comHESABDARAN 511 88458031 88458031IMEN BOURSE 21 6674 0877 6670 5293 imenbooors1@yahoo.comIRAN SAHM 21 8887 3236 8879 7940 iran-sahm@yahoo.comISATIS POYA 21 6674 5560 6674 5864 isatispooya@yahoo.comJAHAN SAHM 21 6672 6500 6672 6650KARAMAD 21 6672 4875 6672 4843 info@karamabroker.comKHOBREGAN SAHAM 21 6671 7760 6671 8492 info@khobregan.comKIMIA SAHM 21 6672 4997 6670 5483 kimiabroker@yahoo.comMAHAKE SAHAME SANAYEH 21 6672 5706 6672 5708 mahaksaham@gmail.comMEHR AFARIN 21 6674 4680 6674 4681 mehr_saham@yahoo.comMEYAR SAHAM 21 6673 6661 6672 2502 brijaniyan@meeyarbroker.irMOEIN SAHM 21 6671 6945 6672 4978 moinsahm@yahoo.comMOFID 21 8 1900 6672 6499 info@mofidbourse.comMOSHAVERAN SAHAM 21 8870 1363 8870 1398 info@tehranstock.comNAHAYAT NAGAR 21 6673 9101 6671 9253 f.abdollahzadeh@gmail.comNOANDISHAN BAZAR SARMAYEH 21 8873 9378 8876 2975 info@noandishan.comOMID SAHM 21 8884 2738 88842738 omidsahm@yahoo.comOMRAN 21 6672 4809 6671 8901ORDIBEHESHTE IRANIYAN 21 8873 7367 8873 6260 info@oibroker.comPARS BEYNOLMELAL 511 7684387 7684387PARS GOSTAR KHOBREinfo@parsbourse.comPARS NEMOUDGAR 21 6671 4952 6671 4955 info@parsnem.comPARSIYANinfo@pim_co.comPISHGAMANE BAZAR NOVIN 21 6672 4891PISHTAZAN TAMADON PARS 711 2317680 8852 4235 info@ptparsbroker.comRAHBORD SARMAYEGOZARI 21 6672 5124 6672 5125 info@rahbord-investment.comRAHNAMAYE SARMAYEGOZARAN 21 6672 3355 6672 6011 rahnamabourse@yahoo.comRAZAVI 21 8887 2053 8867 7987 info@razavibroker.comROSHD PAYDAR 21 6671-9604 6671-5869 info@roshdbroker.comSAHAM BAREZ 21 6673 1315 6671 5372 clients@sahambarez.comSAHAM GOSTARAN SHARG 21 6672 4987 6672 7235 info@sahamgostaran.comSAHAM PAJOOHAN SHAYAN 21 6671 7751 6673 5361 shayanbroker_co@yahoo.comSAHAM POUYA 21 6671 8062 6672 4120SAHM ANDISH 21 6672 8273 6672 9041 sahmandish@yahoo.comSAHM ASHENA 21 6672 4908 6671 6891 info@abco.irPAGE 125

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008Tehran Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressSAHM AZIN 21 8873 1215 8851 5748 sahmazeen@yahoo.comSAHM YAR 21 8871 0357 8871 0357 sahamyar@yahoo.comSARMAYEGOZARI MELLI IRAN 21 8891 9679 8891 9670 kargozari@nici.irSARMAYEH VA DANESH 21 6671 6428 6674 3087 info@ckbrokerSHAKHES SAHAM 21 8879 7885 8879 7884 shakhes_saham@yahoo.comSIMABGOOUN 21 6672 4995 6670 1411 info@simabbroker.comTADBIRGAR SARMAYE 21 8888 2265 8888 2290 info@tadbirgar.comTADBIRGARAN FARDA 21 8852 5580 8852 5581 info@tadbirbroker.comTAHLILGARANE BASIR 21 6674 8990 6674 8991TORBATI 21 6670 5889TOWSE-E SAHANDsahanddevelopment@iss2000.netTOWSE-E SARMAYE DONYA 21 6672 9121 6672 9122 info@tsd-broker.comTirana Stock ExchangeAddress: Rr. Dora D'lstria, Nr 2, Tirana, Albania Phone: (4) 265 058 Fax: (4) 271 850 E-mail: tseinfo@abcom-al.comWeb Address: www.tse.com.al Country Code: 355Company’s Name City Code Telephone Fax E-mail AddressBALLKAN GROUP 01 4 272 722 g_ramaj@hotmail.comITALO-ALBANIAN BANK (BIA) 4 233 966 225 700 biatia@adanet.com.alKAPITAL INVEST 4 280 201 280202 lirim.muharemi@kapital-invest.euNATIONAL COMMERCIAL BANK (BKT) 4 228 743 237 570 info@bkt.com.alRAIFFEISEN BANK 4 274 910 227 262 info@raiffeisen.alTRIUMF GROUP 4 256 081 256 081 triumfgrupbk@yahoo.com“Toshkent” Republican Stock ExchangeAddress: 10, Bukhoro St., Tashkent 700047, Republic of Uzbekistan Phone: (71) 136 0740 Fax: (71) 133 3231 E-mail: info@uzse.uzWeb Address: www.uzse.uz Country Code: 998Company’s Name City Code Telephone Fax E-mail AddressGALLABANK 71 136 1617 133 4225IPOTEKA BANK 71 136 0388 133 3089PAKHTABANK 71 173 2551 120 8808UZSANOAT QURILISH BANK 71 120 4534 120 4534Ukrainian Stock ExchangeAddress:10 Rylsky Provulok, 01025 Kiev, Ukraine Phone: (44) 279 4158 Fax: (44) 278 5140 E-mail: use@ukrse.kiev.uaWeb Address: www.ukrse.kiev.ua Country Code: 380Company’s Name City Code Telephone Fax E-mail AddressA.I.S.T. INVEST 44 244 9758 244 9758ABSOLUT INVESTMENTS 0322 97 0989 39 5334 jurist@kubok.com.uaAGENCY FOR SECURITIES "KREDO-INVEST" 61 231 49 09 286 15 51AGENCY OF CORPORATE INVESTMENTS 44 2489186 2489160AJKO 522 235 583 236 398AUTOZAZ BANK 612 172 966 172 961 nva@avtozazbank.comAVAL BANK 44 290 8888 490 8938 tshovkun@aval.uaAVEST BROK 057 720 5945 703 4309AVTOMOBILNAYA FONDOVAYA COMPANY 57 7140 014 7140 014 konivtsova_ol@ais.com.uaAYAKS 572 940 951 943 772 ayax1@ua.fmBANK NRB 44 247 43 22 247 43 23BANK OF REGIONAL DEVELOPMENT 44 494 4847 494 4847 krv@brr.com.uaBRIAR 352 55 00 07 55 00 05BROKBUSINESSBANK 44 206 2959 459 6747 bank@bankbb.comBROKERAGE COMPANY - STOCK MARKETS COMPANY 57 719 41 51 758 79 12BROKERAGE COMPANY "STANISLAV D" 342 554 222 554 222BROOKS 562 341 877 341 271 bod@fargo.com.uaBUL-SPRED 472 54 06 85 54 06 85CAPITAL MANAGEMENT GROUP 629 343 093 412 853 roman@adk.ruCAPITAL MARKET 57 7198 021 7198 021 shophul@ais.com.uaCOMMERCIAL BANK "UKRAINIAN FINANCIAL GROUP" 44 251 8380 251 8353 cb@ufg-bank.com.uaCOMMERCIAL BANK "VOLODYMYRSKYY" 542 21 54 00 21 54 23DEMARK BANK 4622 164 686 178 055 invest@demark.cn.uaDIKOM 62 337 0773 332 2595 sekretar@dikom.donetsk.uaEAST-EUROPEAN BANK 44 205 4270 205 4270 tfo@eebank.com.uaEAST-EUROPEAN INVESTMENT-INNOVATION CO. 44 229 4088 229 4088 ceiik@mail.ruELIT-BROCK 57 759 06 91 759 06 91ENERGOPROEKT 44 456 3479 456 3479 ua_servic@ua.fmPAGE 126

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI SEMI ANNUAL ANNUAL REPORT REPORT OCTOBER APRIL 2008 2007Ukrainian Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressEUROPEAN BANK 572 282 287 282 006 bank@euro.kharkov.uaFAGOT 44 451 5698 451 5698 klondik@list.ruFINKOM TRADING 564 260 905 260 905 kulakov@finfox.com.uaFINANCE COMERZ 57 757 8335 757 8336 veb@lintec.net.uaFINANCIAL COMPANY "KUB" 44 296 5228 296 5228 office@kub.com.uaFINANCIAL COMPANY "STOLICHNYY CAPITAL" 44 235 3243 234 8161 broker-stk@skapital.kiev.uaFINANCIAL GROUP "FONDOVI TECHNOLOGII" 44 417 20 70 417 20 70FINANCOVA COMPANIA "STOCKS" 44 537 43 80 566 93 74 info@stocks.com.uaFINANSY TA CREDYT BANK 44 490 6870 484 2571 common@fc.kiev.uaFLAYTON 482 250 202 250 202 kiyanitsa@ukr.netFONDOVA COMPANIA "DALIZ-FINANCE" 44 285 75 47 285 75 47FONDOVA COMPANIA "EKSPERT" 44 455 6853 240 9783 ekspert@zeoz.netFONDOVA COMPANIA "FAVORIT" 44 458 05 45 458 05 45 favorit@visti.comFONDOVA COMPANIA "OPTSION" 44 486 86 12 455 68 53FONDOVA GRUPA 44 462 0325 462 0319 stockgrp@i.kiev.uaFONDOVA SPILKA 44 538 0979 538 0979 fondova_spilka@ukr.netFONDOVYY AGENT "AVISTA" 44 501 48 33 501 48 33GELIKON 4622 710 15 710 15GENERAL INVESTMENT CO. 44 455 6766 464 5961 gic@i.kiev.uaGENERAL INVESTMENTS 572 282 264 282 266 globalin@utel.net.uaGOLDEN GATE BUSINESS 44 201 2020 201 2023 inbox@iukr.com.uaINDEX-STOCKS 571 7578 145 7578 146 promeko@list.ruINDUSTRIALNO-EXPORTNYY BANK 44 494 1506 494 1506 babich@lindex.com.uaINVEST TRADE 44 416 7113 416 1559 mail@abiter-pro.orgINVESTMENT COMPANY "STANDARD-INVEST" 44 286 24 73 286 24 73ITT INVEST 44 246 6841 277 2112 office@itt-invest.kiev.uaJEROM SECURITIES 44 206 5450 206 5450JOINT-STOCK COMMERSIAL PROMINVEST BANK 44 229 8303 229 1456 piboo@courier.pfts.comKOMEX SECURITIES 44 220 9588 227 7022 natasha@comex.com.uaKOMFORT-SECURITIES 44 590 29 52 590 29 50KONKORD CAPITAL LTD. 44 207 50 30 207 50 31KROK-MT 3422 40 056 76 261 krok-mt@il.if.uaKYIV-DILER 44 529 24 51 592 84 15LEGBANK 44 227 9570 227 9519 vsi@legbank.kiev.uaLVIVSKI SECURITIES 322 970 668 970 668 safin@utel.net.uaMAST 057 7140 643 7140 956 yulia@mast.kharkov.uaMORSKYY BANK 692 458 570 458 570 root@ambank.sebabtopol.uaMORTRANSBANK 482 301 300 301 301 office@mtb.com.uaMRIYA 44 244 6199 216 6543 postmaster@mriya.comMRIYA-FINANCE 44 265 0841 265 0841 ›nna@kcp.kiev.uaNADRA 44 238 8477 205 3011 info@nadrabank.kiev.uaNPK INVEST 57 7005 011 7005 012 npkinvest@vlink.kharkov.uaONIKS-IVA 3422 311 55 323 20 princom@com.if.uaPKTB-SECURITIES 44 496 0115 496 0115 fctb@fctb.com.uaPLANETA BROK LTD. 44 20612 96 206 12 93POLIKOMBANK 462(2) 74 895 101 513 fond@poli.com.uaPRIVATBANK 562 390 718 680 514 slava.derishev@pbank.com.uaRENESSANS CAPITAL UKRAINE 44 230 9318 230 9319 custodu@comex.kiev.uaRIELT INVEST GROUP 44 272 42 64 272 42 64RIKA-BROKER 44 416 8352 416 8352 rekabroo@courier.pfts.comRINKOM INVEST 44 544 5647 544 5647 sb@rin.com.uaSEB BANK 44 238 67 67 234 63 50SECURITIES TRADER "EAST-MAKLER" 57(2) 712 1848 219 9761 studik@east.kharkov.uaSELYANSKA INVESTMENT CO. 44 246 4897 234 6037 sincom00@courier.pfts.comSEVASTOPOLSKYY DEPOSITORY 692 48 81 56 48 81 56SIGMA FéND 572 141 180 141 188 office@fsigma.kharkov.uaSIRIUSSECURITIES 532 508 921 508 921 bk_sirius@mail.ruSOFIYA SECURITIES 44 244 2887 244 2996 sofiaoo@mail.ruSTATE OSCHADNY BANK OF UKRAINE 44 247 8450 247 8515 butko@oschadnybank.comSTOCK 564 260 807 261 561 stock@alba.dp.uaSTOCKTRADER 342(2) 43 033 785 328 strader@ivfukrpack.netSTOIK 57 757 4527 712 3386 stoik@vi.kharkov.uaSTOLICHNA FONDOVA CO. 44 249 3697 249 3697SYNTEZ 44 461 7930 228 6400 bmw@syntez.kiev.uaTAVRIKA BANK 692 2055 983 2055 983 turicheva@tavrika.kiev.uaTECHNOTERN INVEST 352 229 086 235 579 invest@tehnotern.com.uaTEKT-BROK 44 201 6391 201 6392 office@tekt.com.uaTRADEINVEST 44 290 5150 249 3697TRANSFERBUTIK 44 272 1748 272 1708 boutigue@skif.com.uaTRICK LTD. 512 471 991 471 991UKRAINIAN BANK FOR RECONSTRUCTION & DEVELOPMENT 44 585 24 28 585 28 42PAGE 127

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008Ukrainian Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressUKRAINIAN DEPOSITORY CO. 44 451 4447 451 4447 tamara@urc.kiev.uaUKRAYINSKA KONZESIYNA COMPANY LTD. 44 244 3222 244 0715 ucc@ucc.kiev.uaUKRAYINSKI SECURITIES 44 253 6863 206 3022 atucp@atucp.kiev.uaUKRAYINSKY KOMUNALNY BANK 642 553 529 420 106 layner@ukr.netUKRAYINSKY PROMYSLOVY BANK 44 537 5154 537 5154 salla@ukrprombank.kiev.uaUKRINBANK 44 247 2182 247 2134 chuchko@ukrinbank.comUKRINVEST 352 235 366 239 9777 ukrinvest@ua.fmUKRSOTSBANK 44 238 3243 269 1307 ›nfo@ukrsotsbank.comUNIVERSAL FONDOVY 44 268 5696 268 5696 kons_office@.ukr.netVABANK 44 490 0662 216 0033 fom@vabank.com.uaVALENTA INVESTMENTS 44 272 14 86 272 14 86VASH VYBOR 652 546 613 546 613 vibor@ip-ua.comVEST STOCK 312 612 181 619 277 weststock@utel.net.uaZDOBUTOKINVEST 44 451 2815 451 2816 dobutok-invest@ukr.netZagreb Stock ExchangeAddress: I. Lucica 2a/22 HR-10000 Zagreb, Croatia Phone: (1) 468 6800 Fax: (1) 467 7680 E-mail: info@zse.hrWeb Address: www.zse.hr Country Code: 385Company’s Name City Code Telephone Fax E-mail AddressABACUS BROKERI D.D. 1 482 5790 487 7651 pbrkic@abacus-brokeri.hrANTEA BROKERI D.O.O. 1 231 9715 232 0110 antea.brokeri@zg.t-com.hrAPEX VRIJEDNOSNICE D.O.O. 1 6386211 6386215 anita.krizanec@apex-securities.hrARGUS VRIJEDNOSNICE D.O.O. 1 099/2146382AUCTOR D.O.O. 1 480 7600 480 7622 dunja.babic@auctor.hrCBB VRIJEDNOSNICE D.O.O. 42 314 258 313 132 mladen@cbb.hrCENTAR BANKA D.D. 1 487 7444 488 0375 frenko@centarbanka.hrCOMPLETE LINE D.O.O. 44 523 062 524 116 home@comlinebrokers.comCREDOS D.O.O. 1 236 3431 236 3433 suzana@credos.hrCROBA VRIJEDNOSNICE D.O.O. 1 239 1605 239 1669 nada.ruzic@croatiabanka.hrDIONICA BROD 35 447 750 443 343 dionica-brod@sb.t-com.hrEA SISTEM D.O.O. 47 415 341 415 891 ea.sistem@ka.t-com.hrERA KAPITAL D.O.O. 1 6391700 639 1705 ante.gaspar@erakapital.hrERSTE VRIJEDNOSNI PAPIRI D.O.O. 62 37 2819 37 2801 mhresic@erstebank.comFIMA-VRIJEDNOSNICE D.O.O. 42 390 937 390 989 nkaic@fima.comFINTRADE D.O.O. 21 344 454 270 670 dsliskovic@fintrade.hrHITA VRIJEDNOSNICE 1 480 7750 480 7770 ivan@hita.hrHRVATSKA PO·TANSKA BANKA D.D. 1 488 8222 481 3111 marinko.papuga@hpb.hrHYPO ALPE ADRIA BANK D.D. 1 603 5380 603 5110 goran.duran@hypo-alpe-adria.comI.C.F D.O.O. 1 600 5600 600 5601 ratko.bajakic@icf.hrILIRIKA VRIJEDNOSNI PAPIR D.O.O. 1 480 8057 480 8030 dalibor.rakusa@ilirika.hrINTERFINANCE D.O.O. 1 238 1000 238 1020 dfuduric@interfinance.hrINTERKAPITAL VRIJEDNOSNI PAPIRI D.O.O. 1 482 5850 481 2338 daniel.nevidal@intercapital.hrINVESTCO VRIJEDNOSNICE D.O.O. 1 481 1777 492 0711 ljiljana.blazev@investco.hrISTARSKA KREDITNA BANKA D.D. 52 702 340 702 388 klaudija.paljuh@ikb.hrKARLOVACKA BANKA D.D. 47 614 315 614 306 davorka.vidakovic@kaba.hrKD UPRAVLJANJE IMOVINOM 1 627 4403 627 4408 zvonimir.maric@kd-group.hrMOMENTUM BROKERI D.O.O. 1 6396671 /672 6396680 vilim.klemen@zg.htnet.hrOTP BANKA 62 201 707/ 710 201 711/ 712 krste.cveljo@otpbanka.hrPARTNER KAPITAL 1 460 2361 460 2365 drago.zabic@partner-kapital.hrPODRAVSKA BANKA D.D. 48 655 260 655 261 brokeri@poba.hrPRIVREDNA BANKA ZAGREB D.D. 1 489 1332 636 0771 ines.gudelj@pbz.hrPRVA GENERACIJA D.O.O. 1 461 2055 461 9761 prva-generacija@prva-generacija.hrRAIFFEISENBANK AUSTRIA D.D. 1 469 5072 456 0772 brokeri@rba.hr goran.nusinovic@rba.hrRAST D.O.O. 42 658910 658 901 rast@rast.hrSOCIETE GENERALE - SPLITSKA BANKA D.D. 21 304621 304 607 brokeri@splitskabanka.hrSTED-KAPITAL D.O.O. 1 630 6639 618 7531 sted-kapital@stedbanka.hrTO ONE BROKERI D.D. 1 492 4790 492 4700 josip.galinec@to-one.comTRCIN VRIJEDNOSNICE D.O.O. 1 492 0350 481 3090 trcin-vrijednosnice@zg.t-com.hrUTILIS D.O.O. 40 310114 312 726 utilis@ck.t-com.hrVOLKSBANK D.D. 1 480 1226 480 1233 eduard.plejic@volksbank.hrZAGREBACKA BANKA D.D. 1 4801544 480 1706 jurica.jednacak@zaba.hrPAGE 128