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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