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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