JUNE 2013 - FEAS

JUNE 2013

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013TABLE OF CONTENTSFederation of Euro-Asian Stock Exchanges 3Is Investment 12Finans Asset Management 14Tayburn 16Stock Exchange ProfilesAbu Dhabi Securities Exchange 18Amman Stock Exchange 20Bahrain Bourse 22Baku Interbank Currency Exchange 24Baku Stock Exchange 26Banja Luka Stock Exchange 28Belarusian Currency and Stock Exchange 29Belgrade Stock Exchange 31Bucharest Stock Exchange 33Bulgarian Stock Exchange 37Damascus Securities Exchange 39Egyptian Exchange 40Eurasian Trade System Commodity Exchange 42Georgian Stock Exchange 44Iraq Stock Exchange 46Istanbul Gold Exchange 49İstanbul Menkul Kıymetler Borsası 51Karachi Stock Exchange 53Kazakhstan Stock Exchange 55Kyrgyz Stock Exchange 58Lahore Stock Exchange 60Macedonian Stock Exchange 62Moldova Stock Exchange 65Mongolian Stock Exchange 67Montenegro Stock Exchange 69Muscat Securities Market 71NASDAQ OMX Armenia 73Palestine Exchange 75Sarajevo Stock Exchange 77Swiss Futures Options Associations 79Tehran Stock Exchange 81Tirana Stock Exchange 83“Toshkent” Republican Stock Exchange 85Turkish Derivatives Exchange (TurkDEX) 87Zagreb Stock Exchange 89Affiliate Member ProfilesMacedonian Central Securities Depository 92Merkezi Kayıt Kuruluşu 93National Depository Center of Azerbaijan 94Securities Depository Center (SDC) of Jordan 95Takasbank - Ise Settlement and Custody Bank, Inc. 96The Association of Capital Market Intermediary Institutions of Turkey (TSPAKB) 97The South Asian Federation Of Exchanges (SAFE) 98Borsa Istanbul Building, Emirgan 34467 Istanbul, TurkeyTel: (90 212) 298 2160Mobile: (90) 530 035 6905Fax: (90 212) 298 2209E-mail: secretariat@feas.orgWeb address: www.feas.orgContacts: Mr. Mustafa Baltaci, Secretary GeneralMs. Ege Adalioglu, Deputy Secretary GeneralThe Federation of Euro-Asian Stock Exchanges Annual ReportJune 2013 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: TayburnAlthough 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 ANNUAL REPORT JUNE 2013Established on 16 May 1995, the Federation of Euro-Asian StockExchanges (FEAS) today has 34 stock exchange members and16 affiliate members in 30 countries.MEMBERSAbu Dhabi Securities ExchangeAmman Stock ExchangeBahrain BourseBaku Interbank Currency ExchangeBaku Stock ExchangeBanja Luka Stock ExchangeBelarusian Currency and Stock ExchangeBelgrade Stock ExchangeBucharest Stock ExchangeBulgarian Stock ExchangeDamascus Securities ExchangeEgyptian ExchangeEurasian Trade System Commodity Exchange (ETS)Georgian Stock ExchangeIraq Stock ExchangeIstanbul Gold Exchangeİstanbul Menkul Kıymetler Borsası*Karachi Stock ExchangeKazakhstan Stock ExchangeKyrgyz Stock ExchangeLahore Stock ExchangeMacedonian Stock ExchangeMoldova Stock ExchangeMongolian Stock ExchangeMontenegro Stock ExchangeMuscat Securities MarketNASDAQ OMX ArmeniaPalestine ExchangeSarajevo Stock ExchangeTehran Stock ExchangeTirana Stock Exchange“Toshkent” Republican Stock ExchangeTurkish Derivatives Exchange (TurkDEX)Zagreb Stock ExchangeAFFILIATE MEMBERSAssociation of Certified Capital Market Professionals (ACCMP)Association of Futures Markets (AFM)Central Securities Depository of IranMacedonian Central Securities DepositoryMerkezi Kayıt KuruluşuMisr for Clearing, Settlement & Central DepositoryMSM Brokers Association, OmanNational Depository Center of AzerbaijanSecurities and Exchange Brokers Association of Iran (SEBA)Securities Depository Center (SDC) of JordanTakasbank - ISE Settlement and Custody Bank, Inc.Tehran Securities Exchange Technology Management Company (TSETMC)The Association of Capital Market Intermediary Institutions of Turkey (TSPAKB)Arab Federation of Exchanges (AFE)Swiss Futures and Options Association (SFOA)The South Asian Federation of Exchanges (SAFE)* The name of Istanbul Stock Exchange has been changed to Borsa Istanbul as of April 3, 2013 but as this Report was conducted, the name was still İstanbul Menkul Kıymetler Borsası.PAGE 2

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FEDERATION OF EURO-ASIAN STOCK EXCHANGESİbrahim TurhanChairperson of FEASAs we close our 16th year, we look to thefuture with a renewed sense of purposeand a detailed strategy for achieving ourgoals.The effects of Global Financial Crisis havecontinued throughout the whole World during2012. The world economy has expanded by3.2% corresponding to a slowdown whencompared to 4.4% growth in 2011. The globaleconomy is expected to grow by 3.3% and4.0% in 2013 and 2014, respectively. Whilethe growth in advanced economies has been1.2%, emerging and developed markets hasgrown by 5.1%. The expectations regarding theadvanced economies reflects the relative weakrecovery, namely the growth is expected to bearound 1.2% and 2.2% in 2013 and 2014. Onthe other hand, the momentum within emergingmarkets seems to continue with expectedoutput increase of 5.3% in 2013 and 5.7% in2014 according to IMF predictions. In the shortrun,risks associated with Euro-area appear tocontinue. On the other hand, in the mediumand long term, the strategies of central banksto cease excessive liquidity injections and fiscalpolicies that would appropriately reduce publicdebt will be main dominant factors that aregoing to shape future performance of the Worldeconomy.In terms of capital markets, according to theWFE data, the volume of equity transactions inmember exchanges has decreased by 22.5%with a total amount of US$ 49 Trillion. Thevolume of derivatives transactions dwindledas well by 20%. The total volume of equityand interest rates contracts has been 14.9billion during 2012. The downward trend involume can also be observed in terms of ETFs,securitized derivatives, and bonds transactions.Given this remarkable decline in the volumesworldwide, the interactions among stockexchanges became much more crucial. In thisrespect, FEAS initiative is one of the leadingmodels integrated markets creating a commonshield for economic turbulences while tradingthe mutually beneficial products.In its eighteenth year of operation, FEASaccomplished some noteworthy events suchas the first Summit which has been hostedby Borsa Istanbul on May 20 just beforethe Working Committee Meeting. Severalmembers presented their countries’ investmentopportunities towards the Foreign and localinvestors in the audience.During 2012, FEAS continued the On-SiteTraining Program where 10 member exchangeshave applied to send their colleagues for atwo-week program, hosted by Tehran StockExchange. Also, the First Executive BoardMeeting and Working Committee Meeting heldin Istanbul, Turkey in May, together with theWorking Committee; FEAS General AssemblyMeeting and Executive Committee Meeting washeld in Sofia, Bulgaria on September 2012.I also would like to take this opportunityto extend my heartfelt thanks for theircontributions to Finans Asset Management, IsInvestment, and Tayburn Kurumsal, for makingthis publication possible.The future outlook for our markets seems todepict that our member markets continueto provide competitive and viable financingoptions to both government and privatesectors, while enhancing operations throughtechnology and expanding the services offeredto market participants. We surely continue tofocus on the areas of increased transparencythrough investing in infrastructure anddeveloping regulations to promote strongerenvironmental social governance. The effortsof all our Task Force Members will surelyplay a vital role in achieving our objectivesthrough their commitment and hard work andthe Secretariat for maintaining our cohesiveorganization. As we close our 16th year, welook to the future with a renewed sense ofpurpose and a detailed strategy for achievingour goals.PAGE 3

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FEDERATION OF EURO-ASIAN STOCK EXCHANGESORGANIZATIONThe Federation of Euro-Asian Stock Exchanges(FEAS) was established with its head quartersin Istanbul on 16 May 1995 with 12 foundingmembers, and it has grown to 34 membersand 16 affiliate members in 30 countries as anot-for-profit organization. Membership in theFederation is open to exchanges in Europe andAsia as affiliate membership is available for posttrade institutions and dealer associations in thesame region.The governing body of FEAS is the GeneralAssembly, comprised of all 34 memberexchanges and 13 affiliate members. TheAssembly meets once annually in a membercountry to discuss major issues concerning theoperations of FEAS. The purpose of the meetingis to decide upon changes in the Charter andby laws, its annual budget and to approve itsactivity and financial reports as well as the AuditReport. The Executive Board, made up of 11members, is responsible for the development ofFederation policies, making major administrativedecisions, as mandated by the GeneralAssembly, approving the content and scopeof tasks assigned to the Working Committee,and making recommendations to the GeneralAssembly.The administration of the Federation is entrustedto the Secretary General, who is appointedby the General Assembly and whose office issituated at the headquarters of the Federation.Secretary General reports directly to theChairperson.MISSION STATEMENTThe mission of FEAS is to help create fair,efficient and transparent market environmentsamong FEAS members and in their operatingregions.FEAS aims to minimize barriers to trade throughthe adoption of best practices for listing, tradingand settlement. Federation also supportspromoting linkages among members for crossbordertrading.In accordance with the Mission Statement,5-year Strategic Objectives are set up to ensurecompliance with the long term mission of theFederation. These objectives are:Objective I: Promote good “corporategovernance” for exchanges, brokeragecompanies and listed companies. Facilitatetimely disclosure of material events to achievetransparency through effective dissemination ofinformation.Objective II: Encourage convergence amongFEAS Members in their: listing requirements,trading rules technical infrastructure andsettlement cycle.Objective III: Promote mechanisms for reliable,transparent and uninterrupted securities tradingand settlement.Objective IV: Create greater recognitionand visibility for the region’s securities andinvestment opportunities both locally andinternationally.Objective V: Encourage the listing of“investment grade” securities in the respectivehome markets of the Region.Objective VI: Encourage foreign investorparticipation in Member MarketsObjective VII: Promote linkages amongthe Region’s: intermediaries, data vendors,settlement and custody institutions, exchanges;and also encourage cooperation amongRegion’s Regulators.Objective VIII: Promote and encourageresearch activities and training for FEASMembers and their personnel.Objective IX: Assist Members of FEAS toincrease financial literacy through publicawareness.FEAS PROJECTS AND ACTIVITIESThis section highlights the summary ofcontinuing programs and the activities of theTask Forces during 2012.FEAS ONSITE TRAINING PROGRAMThe Federation of Euro-Asian Stock Exchanges(FEAS) launched an onsite training programin cooperation with its members in Turkey. Theprimary objective of the program is to provideparticipants with hands-on experience in peerinstitutions after a week long training program.The training will enable the participants to gaininsight and perspective on different levels ofthe securities working environment. Further, theparticipants will be able to mingle with eachother in exchanging views and ideas. Traineeswill be assigned mentors by the sponsorsduring the hands-on practice.At the end of the program, the mentor willconduct a report documenting the participant’sactivities and commitment whereas the fellowwill be asked to write a detailed report reflectingthe value-addedness and relevance of theprogram. Each participant will be awardedwith a certificate signed both by FEAS and thesponsoring institution.The first group of 10 different members weretrained in Istanbul in December 2011, whereIMKB hosted and sponsored the Onsite training.The second group of 10 different members weretrained in Tehran on November 2012, whereTehran Stock Exchange hosted and sponsoredthe program.It has been decided during the Executive BoardMeeting that, the third Onsite Training Programwill be hosted by Egyptian Exchange in Egypt inSeptember 2013.CONTACT INFORMATIONAs seen in the photo (from right to left)Ms. Ege Adalioglu, Deputy Secretary General - egea@feas.orgMr. Mustafa Baltaci, Secretary General - mustafa.baltaci@feas.orgMs. Aydan Bal, Coordinator - aydanb@feas.orgE-mail secretariat@feas.orgWebsite www.feas.orgFEAS regionPAGE 4

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FEDERATION OF EURO-ASIAN STOCK EXCHANGESBILATERAL INITIATIVES PROGRAMThe Federation supports a fully funded bilateralvisits Program to facilitate visits of personnel ofFEAS members with each other for the purposeof exchange of information and experience onspecific topics of interest to both parties. Almostall Federation members have now participatedin this program, which continues during 2012.In 2012, 12 bilateral trainings have beensuccessfully completed.FEAS INDICESThree indexes were launched in June 2009;a composite, and two regional sub-indexes.The Dow Jones FEAS Indexes are designed tounderlie index-linked investment products suchas funds and structured products. Dow JonesFEAS Composite Index currently includes anumber of component stocks in 11 memberexchanges. In November 2011 a blue chipinvestable index was launched called the Titans50. The index universe is defined as all stocksin the Dow Jones FEAS Composite Index.Exchanges represented in the index are: AbuDhabi (UAE), Almaty (Kazakhastan), Amman(Jordan), Banja Luka (Bosnia and Herzegovina),Belgrade (Serbia), Bucharest (Romania), Cairo(Egypt), Istanbul (Turkey), Karachi (Pakistan),Manama (Kingdom of Bahrain), Muscat (Oman),Nablus (Palestine), Sarajevo (Bosnia andHerzegovina), Skopje (Republic of Macedonia),Sofia (Bulgaria) and Zagreb (Croatia). The 50Blue Chip companies which are in the indexwere selected based on a ranking which iscalculated by weighting each stock’s floatadjustedmarket capitalization at 60%, sales/revenue at 20% and net income at 20%. The top50 stocks by final rank are selected as indexcomponents.REVENUE AND EXPENSE REPORTIn line with the decisions of the 17th GeneralAssembly, the FEAS Secretariat conductedthe revenue and expense survey again in 2012covering the financials of 2007 and 2011. TheR&E Report of 2008-2012 will be conductedduring the General Assembly in November2013.WORKING COMMITTEEIn 2012, members convened twice to holdworking committee meetings. During themeetings in Istanbul on May 25, 2012reports were presented by the task forcesincluding Rules and Regulations and DealersAssociations Task Forces. Updates were alsoprovided by the Secretariat on the status of theFEAS Publications, FEAS Marketing Exhibitiontaking place during the WC and FEAS HistoryMovie updates, Bilateral visits, Draft FinancialReport 2012, FEAS Index and Calendar ofEvents.Bulgaria Stock Exchange hosted the workingcommittee meetings in Sofia on September20, 2012, prior to the General Assembly.The Secretariat provided the members withinformation on the latest activities mandated bythe working committee participants. Also thestatue has been revised and updated.Task ForcesThere are 2 task forces focusing on varioussectoral topics. Each task force is steered by amember who is expected to provide guidanceto task force members in producing studies onsector-related issues. The activities which havebeen undertaken by the task forces in 2012 areas follows:Task Force 0901 - Rules and Regulation (Ledby the Bulgarian Stock Exchange)During the meeting in Sofia, the Task Force (TF),members discussed and provided feed-backon the completed Rule Book. Together with 2revisions, it was further decided that the workof the task force should be broader than justthe PoMSaR and that other areas should beexplored for them to concentrate on, such ascoordinating the responses of FEAS membersto the IOSCO consultation reports.Task Force 1001 - Dealers AssociationsAffiliate, (Led by TSPAKB)The Task Force has created a draft survey oninvestor complaints. This survey has been sentout to all members including exchanges, posttrade institutions and dealer’s associations. Thesurvey based on the report has been conductedby the Leader of the Task Force. It was furtherdecided that this survey was conducted amongexchanges only, since there is only a limitednumber of dealers’ association member ofFEAS. The exchanges were encouraged to sendthe survey to financial intermediaries.It was noted that it would be very useful to havea set of standards or principles for dealing withinvestor complaints. The task force agreedto work on producing such a set of high levelprinciples that would be both clear and broadso as to be applicable across different regions.The Cross Market Interest survey will beconducted again because of the limitedresponse received. The Egyptian Exchangeand the Amman Stock Exchange will assist inthis survey both in encouraging members torespond and in compiling the results. It shouldbe further noted that the Egyptian Exchangeand Amman Stock Exchange are now membersof this task force.FEAS MEETINGS IN 2012Working Committee & 24th ExecutiveBoard Meetings on May 25, 2012 -Istanbul, TurkeyThe first working committee meeting of 2012was held in Istanbul, Turkey on the 25th May,2012 at the invitation of the Borsa Istanbul.The 24th Executive Board Meeting was heldon the 25th of May following the WC meeting.The Working Committee focused on issuesmandated by the General Assembly in 2011 andthe Secretariat prepared a report for participantsto discuss.WC & 25th Executive Board Meetingand 18th General Assembly Meeting -September 20-21, 2012 - Sofia, BulgariaThe 18th Annual General Assembly of FEAS washeld in Sofia, Bulgaria on September 21, hostedby the Bulgaria Stock Exchange. The WorkingCommittee and 24th Executive Board meetingwere also held prior to the General Assembly.PUBLICATIONS & INFORMATION• FEAS Library: The Library can be accessedthrough the Publications drop down menuon the main page at www.feas.org orthrough this link: www.feas.org/Library.aspx. The FEAS Library is open to expertsand organizations with financial marketrelated material. If you would like to makea submission to the FEAS Library, pleasesend your electronic files and links to theFEAS secretariat at secretariat@feas.org.• FEAS Year Book (FEAS BOOK) &Magazines (INTERFEAS): This publicationof annual activities of the Federation andinformation on its members, began in1997 and is available electronically onthe website: www.feas.org/Publications.aspx?Get=Annual%20Report&t=Pubs• FEAS Website: The FEAS website wasre-launched very recently and can be foundat www.feas.org. Then the site, including anew FEAS Statistics Page, was renewed.The new site contains a new home page,more concentrated emphasis on FEASmember data with profile pages, crossmember comparisons on statistical data,historical data and a News Center withheadlines from member markets.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.CONTRIBUTORSContributor sites can be seen on the FEASwebsite at: www.feas.org/Contributors.cfmFinans Asset Managementwww.finansportfoy.comIs Investmentwww.isinvestment.comTayburnwww.tayburnkurumsal.comPAGE 5

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FEDERATION OF EURO-ASIAN STOCK EXCHANGESMustafa BaltaciSecretary General of FEASAs of December 2012, the number of tradedcompanies admitted to listing only, in FEASmember markets reached a regional totalof 6,306 and market capitalization reachedUS$ 705,726.2 million showing an increaseof US$ 83,981.5 million or 11.0% over 2011.2012 Market Activity in the Region:The FEAS Region contains 34 memberexchanges and 16 affiliate members(represented by clearing and settlementinstitutions, dealer’s associations and regionalfederations) in 30 countries.As of December 2012, the number of tradedcompanies admitted to listing only, in FEASmember markets reached a regional totalof 6,306 and market capitalization reachedUS$ 705,726.2 million showing an increaseof US$ 83,981.5 million or 11.0% over 2011.The FEAS region over the last 5 years has forthe most part grown consistently with a breakin that pattern in 2009 due to the aftermath ofthe global crisis in 2008. We can see that theeffects of the crises were more strongly felt in2008 as compared to 2009 thru 2012 althoughequities have not shown a full recovery we dosee improvement in the fixed income market.In 2012 Equity EOB Turnover was US$ 426,934million. The 5-year statistical comparison showsthat markets are providing stronger listings withgreater transparency, and that market forcescontinue to push toward issuer quality versusmaterial privatization quantity. The average dailytrading volumes in the stock segment continuedto grow over the last 5 years 22% increase in2013 in terms of number of shares traded. Theregional figures show a shift in trading fromStocks to Bonds and other instruments as t-bills,currency, repo/reverse repo and derivativesIn addition, the development in the FEASmarkets can be seen through results in theadjusted annualized return on member indices.*For individual member statistics, please go to the statisticssection at the end of the Report.2013 CALENDAR OF MEETINGSApril 28-305th International Orientation Course on IslamicCapital Markets, Tehran, IranMay 1-2First National Corporate Governance Conference(Achieving Iran’s Development Vision), Tehran, IranMay 7-107th International Exhibition of Exchange,Bank & Insurance (Finance Industry & InvestmentFair “FIIF”), Tehran, IranMay 23Spring Working Committee Meeting, Sarajevo,Bosnia & HerzegovinaMay 24SASE Annual MeetingJune 8Kazakhstan Stock Market Presentation DayJune 18Euromoney Events for Borsa - Istanbul EuroasianFinancial Forum, Istanbul, TurkeySeptember 19OIC, Istanbul, TurkeySeptember 20Turkish Arab Capital Markets ForumSeptember 25-27SFOA 34th Bürgenstock Meeting, Geneva,SwitzerlandSeptember 30BIFEC (Borsa Istanbul Finance and EconomyConference)October 16-1923rd Zagreb Stock Exchange and 7th FundManagement ConferenceNovemberCelebration of the 20th Anniversary of KazakhstanStock ExchangeDecember 1-4General Assembly & Executive Board of DirectorsMeeting & Working Committee, Muscat, OmanPAGE 6

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FEDERATION OF EURO-ASIAN STOCK EXCHANGESTRADED VALUE AND VOLUMEEquity TotalTurnover(EOB)(US$ mio)AverageDaily EquityTurnover(US$ mio)Number oftrades inequity shares(EOB)(in thousands)AverageDaily numberof trades inequity(in thousands)FixedIncome EOBTurnover(US$ Mio)AverageDaily FixedIncome EOBTurnover(US$ Mio)Fixed IncomeNumber ofTrades(in thousands)Fixed IncomeAverage DailyNumber ofTradesMarket Cap./ comp.admitted tolisting only(US$ mio)Number ofCompaniesTraded2012January 29,768 1,654 34,808,380 1,947,322 25,316 1,406 62 3 75,414,818 4,980February 39,138 2,190 62,003,970 3,468,754 46,362 2,594 57 3 74,629,294 5,112March 40,475 2,233 59,335,600 3,273,688 24,042 1,326 54 3 75,820,494 5,071April 37,391 1,988 58,706,460 3,120,609 21,630 1,150 56 3 691,602,250 4,442May 36,068 2,043 73,135,870 4,142,209 27,632 1,565 54 3 68,232,841 4,314June 29,362 1,592 71,214,830 3,862,499 26,829 1,455 53 3 70,715,719 3,790July 28,377 1,639 81,336,380 4,698,130 29,653 1,713 61 3 71,758,881 4,085August 45,488 2,446 37,357,090 2,009,121 28,597 1,538 61 4 64,667,352 3,911September 30,698 1,997 33,355,520 2,169,465 21,031 1,368 88 5 61,037,425 4,456October 30,769 1,813 45,976,320 2,709,470 18,297 1,078 68 4 67,019,894 6,908November 38,728 2,133 115,019,560 6,334,984 19,669 1,083 92 6 66,422,340 6,323December 40,672 2,428 74,931,880 4,473,545 10,143 606 54 3 70,572,679 6,306Total 426,934 2,013 747,181,860 3,517,483 299,201 1,407 760 4Broad Stock Index Return - 2012 vs. 2011(%)Return806040200-20-40Abu Dhabi SEAmman SEBahrain BourseBanja Luka SEBelarusian CSEBelgrade SEBucharest SEBulgarian SEDamascus SEEgyptian ExchangeGeorgian SEIraq SEİMKBKarachi SEKazakhstan SEKyrgyz SELahore SEMacedonian SEMoldovan SEMongolian SEMontenegro SEMuscat SMNASDAQ OMX ArmeniaPalestine ExchangeSarajevo SETehran SEToshkent RSEZagreb SE-60PAGE 7

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FEDERATION OF EURO-ASIAN STOCK EXCHANGESBlue Chip Index Performance - 2012Belgrade Stock Exchange İstanbul Menkul Kıymetler Borsası Bucharest Stock ExchangeBulgarian Stock Exchange Kazakhstan Stock Exchange Montenegro Stock Exchange10,0009,0008,0007,0006,0005,0004,0003,0002,0001,0000January February March April May June July August September October November DecemberMarket Cap vs. Traded value(US$ Millions)Stocks Traded Value 2012 Market Cap. YE 201245,000800,00040,000700,000Value Traded (US$ Mio)35,00030,00025,00020,00015,00010,000600,000500,000400,000300,000200,000Market Cap (US$ Mio)5,000100,00000January February March April May June July August September October November DecemberPAGE 8

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FEDERATION OF EURO-ASIAN STOCK EXCHANGESAverage Daily Trading Volume-StocksAVERAGE DAILY TRADED VOLUME 2012MEMBERS OVER US$10 (US$ million)AVERAGE DAILY TRADED VOLUME 2012MEMBERS BTW US$ 1.1-10.0 (US$ million)İMKB1,436.2BucharestSE9.7Abu DhabiSE87.7KazakhstanSE4.5EgyptianExchange78.7Iraq SE3.2Tehran SE73.8Baku SE2.6Zagreb SE2.1Karachi SEAmman SE50.210.9MongolianSEBulgarian SE2.01.4Muscat SM10.8BahrainBourse1.2BucharestSE9.7PalestineExchange1.1AVERAGE DAILY TRADED VOLUME 2012MEMBERS FROM US$ 0.2-1.0 (US$ million)AVERAGE DAILY TRADED VOLUME 2012MEMBERS UNDER US$ 0.2 (US$ million)Belgrade SE0.9ToshkentRSE0.19BelarusianCSELahore SE87.7178.730.60.7DamascusSecuritiesExchangeKyrgyz SE0.150.15Sarajevo SE73.840.2MacedonianSEMontenegroSE0.110.14Banja LukaSE0.11MoldovanSE0.10Georgian SE0.04NASDAQOMXArmenia0.01PAGE 9

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FEDERATION OF EURO-ASIAN STOCK EXCHANGESNumber of Companies Admitted to Listing Only8,0007,0006,0005,0004,0003,0002,0001,0000January February March April May June July August September October November DecemberDOW JONES FEAS INDICESDow Jones FEAS Benchmark Composite Index Performance (in US$)$160$5K$138$4K$116$3K$94$2K$72$1K$50Dow Jones FEAS Composite Dow Jones Global Dow Jones Emerging$0K1/1/09 5/28/09 10/12/09 2/8/10 6/7/10 10/1/10 2/3/11 6/8/11 10/24/11 2/27/12 8/9/12 1/22/13Dow Jones FEAS Titans 50 Equal Weighted Index Performance (in US$)$1.9K$5K$1.74K$4.2K$1.58K$3.4K$1.42K$2.6K$1.26K$1.8K$1.1KDow Jones FEAS Titans 50 Dow Jones Global Dow Jones Emerging$1K11/9/11 12/13/11 1/10/12 2/7/12 3/13/12 4/18/12 6/1/12 7/19/12 9/17/12 11/14/12 12/17/12 1/22/13PAGE 10

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013PAGE 11

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013IS INVESTMENTErdal AralGeneral ManagerIS Investment represents a large andcommanding presence in the Turkishinvestment market, reflected in itstransaction volumes.IS Investment was established in 1996 as theinvestment banking arm of Isbank Group inIstanbul. IS Investment provides a wide array offinancial services to local and foreign investors,including Corporate Finance, InvestmentAdvisory, Asset Management, Brokerage andResearch.IS Investment owns 99.79% of Camis Online,70% of IS Asset Management, 74% of Efes NPLAsset Management, 26.5% of IS InvestmentTrust, 29% of IS Private Equity, 6% of TurkishDerivatives Exchange and Maxis Securities Ltdis a full subsidiary of IS Investment in London.Also another full subsidiary IS Investment GulfLtd has been operating in Dubai.With its largest individual and institutional clientbase, IS Investment has 10 branches in Ankara,Bursa, Izmir, Adana, Istanbul (6 branches) andtwo representative offices in Almaty-Kazakhstanand Istanbul-Suadiye. In addition to this, ISInvestment has a strong and widespreaddistribution network through the agency ofabout 1200 Isbank branches distributed invarious industry, business and residentialcentres all over Turkey.IS Investment, representing approximately1/3 of the sector with its TL 4.2 billion assetsize, reached TL 68.7 million consolidatednet income in 2012. IS Investment representsmore than 20% of the market with its AuM sizeof TL 13.1 billion. IS Investment (ISMEN) wentpublic in May 2007 and the first investmenthouse rated & granted with a credit rating of‘AAA(tur)’ with stable outlook by Fitch Ratingsin December 2012. In addition to that ISInvestment is the only investment house thathas a corporate governance rating. Evaluatingthe corporate governance practices under theregulations of the CMB, JCR Eurasia Ratinghas assigned 8.87 points out of 10 (AAA (Trk) /Distinctive) for the overall level of compliance.IS Investment represents a large andcommanding presence in the Turkishinvestment market, reflected in its transactionvolumes, ranking first not only in the BorsaIstanbul (BIST) Equity Market since 2003,but also in the Turkish Derivatives Exchange(TurkDEX), since the foundation of the market in2005. The company presents its investors theopportunity to make transactions both in Turkeyand more than 30 different stock exchangesin the world by means of the online tradingplatform TradeMaster developed in 2007.IS Investment also provides a wide range ofcorporate finance services including PublicOfferings (equity and bond), Mergers &Acquisitions, Private Sector Advisory, ProjectFinance Advisory and Private Equity Advisory.Isbank since 1988 and IS Investment since itsfoundation together acted as the lead managerin 67 public offerings. With 28 equity publicofferings totalling up to 8.8 million TL since itsestablishment and 64 debt market instruments(bonds, bills, ijara sukuk) reaching 18.1 millionTL since 2006, IS Investment dominates thesector with a market share* of 34% and 23%respectively and thus, IS Investment is theleader in the market in terms of both size andnumber of transactions. Also since 2000, ISInvestment has completed 97 M&A dealsFull Range of Investment Banking ServicesBrokerageInvestment AdvisoryAsset ManagementCorporate Finance: IPOs, M&As, Strategic PlanningResearchWidest Client BaseLargest domestic network - more than 1,200 Isbank branchesare our agentLargest Assets Under ManagementTL 13.1 billion ($ 7.3 billion) mainly through subsidiary Is AssetManagementVolume Leader#1 in Stock Market#1 in Derivatives - TurkDEX#1 in Eurobond Transactions**among brokerage housesShareholders’ EquityUS$ 465 MillionOnly Brokerage House with a Credit RatingNational Long-Term AAA (Tur) / Stable Outlook by Fitch RatingsOnly Brokerage House with a Corporate GovernanceRatingAAA (Trk) / Distinctive by JCR Eurasia RatingFACTS AND FIGURESDate of EstablishmentDecember 18th,1996Registered CapitalTL 300 millionIssued CapitalTL 286 millionShareholders’ Equity)TL 465 millionAssetsTL 4.2 billionFree-Float 29.32%Staff 436BranchesAdana, Ankara, Bursa, Izmir, Istanbul(Akaretler, Kalamış, Levent, Maslak,Yeniköy, Yeşilköy)Representative OfficeSuadiye (Istanbul), Almaty (Kazakhstan)AgentsMore than 1,200 Isbank branchesOwnership StructureIsbank 65.65%Is Factoring 2.43%Is Leasing 2.43%Camis Investment Holding 0.17%Free Float 29.32%Subsidiaries*IS Investment’s ShareMaxis Securities Limited 100.00%IS Investment Gulf Ltd. Dubai 100.00%Camis Online 99.79%Efes NPL Asset Management 74.00%IS Asset Management 70.00%IS Private Equity 29.01%IS Investment Trust 26.47%ELIDAS 10.00%TurkDEX 6.00%* Subsidiaries in which IS Investment has more than 5% shares. IS Investment has also shares inGrowing Enterprise Market Automatic Quotation, IS REIT, ISE Settlement and Custody Bank Inc. andYatirim Finansman Securities.PAGE 12

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013with more than US$ 9 billion total deal size - anumber rendering the Company as the leadinginvestment bank as per the M&A leaguerankings.Also known with its pioneer role and innovativereputation in the sector with new products andmarket tools; IS Investment launched the firsthedge fund in Turkey, in November 2008. ISInvestment has been the first local investmenthouse to issue warrants, IS Warrants werelisted in Borsa Istanbul Warrant Marketin December 2010. Moreover, offering itscorporate bills in April 2012, IS Investment is thefirst investment house in Turkey that issued itsown debt instruments. Recently, IS Investmentperformed the first public TRY sukuk issue froma corporate issuer, marking the opening ofthe TRY domestic sukuk market for corporateissuers.IS Investment has won several awards,including in the category of Euromoney Awardsfor Excellence “Best Equity House“ in 2007and 2008, “Best M&A House” in 2009, and“Best Investment Bank” in 2010 and 2011. ISInvestment was given “Financial Advisor of theYear in Turkey” award by FT/mergermarket in2010; and “Best Investment Bank in Turkey”award by EMEA Finance in 2011 and 2012. ISInvestment was also given the prize in “TheCompany with the Highest Rating Score inBoard” category by Corporate GovernanceAssociation of Turkey (TKYD). Is Investment wasdeemed for 5 consecutive years “Turkey’s MostAdmired Investment House” according to theresults of Turkey’s Most Admired CompaniesSurvey from Capital magazine. In additionto those, IS Investment was selected one ofthe best ethic companies in Turkey by TurkishEthics Values Center Foundation (EDMER).In 2012 IS Investment is…• BIST Equity Market leader, with US$ 52.7billion trading volume and 7.6% marketshare.• TurkDEX Market leader with US$ 66.3 billiontrading volume and 14.8% market share.• Securities L/B Market leader with US$ 1.1billion trading volume and 33.2% marketshare.• BIST Debt Securities Market OutrightPurchases and Sales Market, place thirdamong brokerage houses with US$ 6.4billion trading volume and 12.4% marketshare.• BIST Foreign Securities Market leaderamong brokerage houses, with US$ 135.2million trading volume and 0.2% marketshare.Since its establishment, IS Investment’sInternational Capital Markets Division hasbeen providing direct access to financialmarkets around the globe through its extensivecounterparty network. Dedicated assistanceby the industry’s top professionals haveallowed IS Investment’s clients to have abetter understanding and a broader view ofinvestment products to achieve their goal of awell-diversified portfolio.As a direct consequence of the unconventionalmeasures taken by the major central banks,global markets continued their steadyrecoveries through 2012, reaching closerto their pre-Lehman crisis levels. However,as the sentiment towards the economicdata continued to be fragile throughout2012, investors remained on alert with theirconfidence towards the markets still hang bya thread. As there is no risk free country in theWorld set by the examples in the EuropeanUnion Member Nations and the United Stateslosing its prized AAA rating, once again wewere reminded the importance of diversification.Thus, availability of alternative investment toolsfor individual investors has become crucial inorder to benefit from such volatile movementsand reduce the portfolio risk. Due to theextensive global markets coverage by a teamof professionals, and a wide array of investmentproducts, IS Investment’s clients continue toposition themselves at the right place at theright time.IS Investment has been investing heavily onimproving product mix in order to satisfy theneeds and spread out the portfolio risks ofits clients. As the on-going developmentsglobally continue to be on the foregroundof investor’s attentions, IS Investment hasalready had an ever increasing activity in thesemarkets. IS Investment has direct marketaccess capabilities through the major equityand derivative exchanges around the Worldand also has execution facilities to emergingmarkets like in Middle East and CIS region. Inequity markets, IS Investment’s activities arenot only limited to secondary market tradingas we also provide means for its clients toparticipate in primary issues all around theWorld and chance to invest through optionsrather than directly in cash markets. In fixedincome markets, IS Investment was ratedas one of the top Turkish financial institutionbased on the transactions booked outsidethe exchange while being awarded the Co-Manager position in Is Bank’s US$ Eurobondand Republic of Turkey’s first Sukuk issuance.With a counterparty network of more than ahundred institutions around the World, not onlyIS Investment’s concentration relies purely onTurkish Eurobonds, but also on high gradecredits as well as credits from emerging marketeconomies like Kazakhstan, Brazil, Russia.Even though the markets continued theirrecovery mode in full swing, events like the USelection created market volatility which keptthe opportunities knocking while increasing theappetite towards exchange-listed derivativeinstruments. In order to facilitate its clients’needs for these leveraged instruments, ISInvestment launched TradeMaster Internationalin the beginning of 2007, which is givingexecution capabilities in major equity marketsand more importantly in futures markets likeCBOT and CME. Also, through Is Investment’sexperienced traders, corporate clients canaccess London Metal Exchange (LME) and theBaltic Exchange in order to hedge their physicalmarket exposures. Recent trends within theindustry have facilitated leveraged Forextrading to be regulated by the Turkish CapitalMarkets Board. Upon validation of statutes, ISInvestment became one of the first financialinstitutions with a market-making license toprovide leveraged Forex trading capabilitiesto its retail and corporate clients. As a result,IS Investment officially launched TradeMasterFX (TMFX) trading platform at the beginning of2012, quickly becoming the undisputed marketleader in terms of volumes traded.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.* market share as of 31st of December 2012CONTACT INFORMATIONIS INVESTMENTIs Kuleleri, Kule-2 Kat: 12, 4. Levent 34330 Istanbul-TurkeyTel: +90 212 350 20 00 Fax: +90 212 350 20 01 www.isyatirim.com.tr / www.isinvestment.comFor International Capital Markets Contact Name Mr. Ilkay Dalkilic Tel. +90 212 350 2314 E-mail idalkilic@isinvestment.comFor Turkish Capital Markets Contact Name Mr. Serkan Aran Tel. +90 212 350 2324 E-mail saran@isinvestment.comFor Almaty/Kazakhstan Rep. Office Contact Name Mr. Samad Azimov Tel. +7 727 258 1309 E-mail sazimov@isinvestment.comPAGE 13

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FINANS ASSET MANAGEMENTFinans Asset Management is the leadingExchange Traded Fund (ETF) provider inTurkey.Tolga KotanExecutive PresidentFinans Asset Management, a subsidiary ofFinansbank, is the leading Exchange TradedFund (ETF) provider in Turkey. In additionto Exchange Traded Funds, Finans AssetManagement also manages mutual funds,pension funds and discretionary portfolios forhigh net-worth individuals and institutions.Investors’ needs and expectations have beenchanging rapidly following the unpleasantmemories of recent turmoil in global financialmarkets. Investors now seek financialproducts that offer flexibility, transparency,ease of transaction, cost efficiency and safety.Changing investor needs have already startedto shape the future of financial products.Finans Asset Management, an issuer of manyinnovative financial products, has a strongcommitment to play a significant role in shapingthe future of investment services in Turkey.Award winning Exchange Traded Funds offeredby Finans Asset Management attract highforeign investor interest with many advantages,such as diversification, core holding, flexibility,continuous pricing, transparency, ease oftransaction and ease of operations.Exchange traded funds have become amajor tool for investors to invest directly in theperformance of equities, fixed income assets,commodities and currencies, etc. Clearly,an exchange traded fund congregates thekey features of traditional mutual funds andindividual stocks. ETFs represent a varietyof securities that track specific indices, likeindex mutual funds. Also, ETFs can be tradedthroughout the trading day.ETFs can be traded in a single transactionthrough any brokerage house with access tothe Istanbul Stock Exchange.Retail investors can buy and sell ETFs throughinternet banking, telephone banking, etc.ETFs are also investment instruments that canprovide instant exposure to a wide range ofsecurities. Investors can diversify their portfolioby choosing an index ETF rather than takingconcentrated risks by purchasing individualsecurities. ETFs reduce costs and can betraded with a narrow spread. Management feesare also lower for exchange traded funds. ETFsare priced based on their Net Asset Values,and investors can follow the price movescontinuously during trading hours. Moreover,ETFs’ holdings are published on a daily basis.Finans Asset Management launched the firstexchange traded fund in Turkey in 2005 with theDow Jones Istanbul 20 ETF. Since then, FinansAsset Management launched 5 more ETFscovering gold, Turkish equities and TurkishGovernment Fixed Income. In an attempt tomeet investors’ increasing demand, FinansAsset Management launched the GÜMÜŞIstanbul Silver Type B Silver Exchange TradedFund, the First Silver ETF in Turkey that providesexposure to the performance of silver, andDolar Exchange Traded Fund, the First ETFin Turkey that provides exposure to US$/TRYparity, on May 2, 2012.With its expertise and commitment to exchangetraded funds, Finans Asset Management willcontinue to expand its product portfolio andgeographic presence in the near future.CONTACT INFORMATIONContact Name Mr. Tolga Kotan E-mail tolga.kotan@finansportfoy.com Website www.finansportfoy.comPAGE 14

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013IST30DJISTBANKAwww.ist30.comFund Name: Finansbank A.S. ISE 30A Type ETFUnderlying Index: ISE National 30 IndexInception Date: 07 April 2009Management Fee: 0.73% (Annually)Finansbank A.Ş. ISE 30 Type-A Exchange TradedFund is the first financial instrument providingexposure to ISE National 30 Index with a singletransaction. IST30 consists of stocks that aremostly invested in by foreign investors. Unlikeindex mutual funds, IST30 can be traded by anybrokerage house. Additionally, IST30 has lowertransaction costs.INAV* TickerTrading CodesBloomberg: IST30 TI Bloomberg: IST30 TIReuters: TRIST30 Reuters: IST30f.ISwww.djist.comFund Name: Dow Jones Istanbul 20A Type ETFUnderlying Index: Dow Jones Turkey Titans 20Inception Date: 14 January 2005Management Fee: 0.73% (Annually)DJIST is an exchange traded fund consisting of 20blue-chip stocks listed on the ISE. The fund offersinstitutional investors the ability to gain exposureto the Turkish Capital Markets with a singletransaction.INAV* TickerTrading CodesBloomberg: DJIST TI Bloomberg: DJIST TIReuters: DJIST Reuters: DJISTf.ISwww.tr-banka.comFund Name: Turkey Large-Cap BankA Type ETFUnderlying Index: DJ Turkey Large-Cap BanksIndexInception Date: 01 September 2009Management Fee: 0.73% (Annually)BANKA is an exchange traded fund consistingof six banks’ stocks with the highest marketcapitalizations on the ISE. With BANKA, investorscan participate in the performance of six Turkishbanks’ stocks with a single transaction.INAV* TickerTrading CodesBloomberg: BNKTR TI Bloomberg: BNKTR TIReuters: BNKTR Reuters: BNKTRf.ISGT30FBISTGOLDISTwww.gt-30.comFund Name: Finansbank A.Ş. GT-30A Type ETFUnderlying Index: GT-30 IndexInception Date: 03 November 2010Management Fee: 0.73%(Annually)Finansbank GT30 Type-A Exchange Traded Fundis based on GT-30 Index. It includes equities of 15prominent companies trading on the ISE in Turkeyand 15 trading on the ATHEX in Greece.INAV* TickerTrading CodesBloomberg: GT30 TI Bloomberg: GT30 TIReuters: TRGT30 Reuters: GT30f.ISwww.fbist.com.trFund Name: FTSE Istanbul Bond FBISTB Type ETFUnderlying Index: FTSE Turkish LiraGovernment. Bond IndexInception Date: 24 October 2007Management Fee: 0.51% (Annually)FTSE Istanbul Bond ETF is an exchange tradedfund allowing investors to gain direct exposure toa basket of Turkish Fixed Income Securities. FBISTcan be traded on the ISE with a single transaction.INAV* TickerTrading CodesBloomberg: FBIST TI Bloomberg: FBIST TIReuters: FBIST Reuters: FBISTf.ISwww.goldist.com.trFund Name:Underlying Index:Istanbul Gold B Type ETFIstanbul GOLD ExchangeTraded Fund IndexInception Date: 28 September 2006Management Fee: 0.47% (Annually)GOLDIST is the first gold Exchange Traded Fundin Turkey. The fund provides exposure to goldwith a single transaction. As it is listed on the ISEand traded like a stock through any banks andbrokerage houses, GOLDIST provides ease oftransaction to investors. The fund also eliminatesthe storage problem of gold. GOLDIST holdingsare physically held at the Istanbul Gold Exchange.GOLDIST offers 100% replication.INAV* TickerTrading CodesBloomberg: GLDTR TI Bloomberg: GLDTR TIReuters: GLDTR Reuters: GLDTRf.ISGÜMÜŞDOLARETFTURKEY.COMwww.gumustr.comFund Name: Istanbul Silver B Type SilverExchange Traded FundUnderlying Index: Istanbul Silver Type B SilverExchange Traded FundIndexInception Date: 02 May 2012Management Fee: 0.47% (Annually)GÜMÜŞ is the first silver Exchange Traded Fund inTurkey. The fund provides exposure to silver witha single transaction. As it is listed on the ISE andtraded like a stock through any licensed banksand brokerage houses, GÜMÜŞ provides ease oftransaction to investors. The fund also eliminatesthe storage problem of silver. GÜMÜŞ holdingsare physically held at the Istanbul Gold Exchange.GÜMÜŞ offers 100% replication.INAV* TickerTrading CodesBloomberg: GMSTR TI Bloomberg: GMSTR TIReuters: GMSTR Reuters: GMSTRf.ISwww.dolartr.comFund Name: U.S. Treasury US$TRYB Type Exchange TradedFundUnderlying Index: US Short Term TreasuryBond IndexInception Date: 02 May 2012Management Fee: 0.37% (Annually)The First ETF in Turkey that provides exposure toUS$/TRY parity. DOLAR Exchange Traded Fundtracks the US Short Term Treasury Bond Index.Investors can trade the US Dollar with a singletransaction through any brokerage house withaccess to the Istanbul Stock Exchange.INAV* TickerTrading CodesBloomberg: US$TR TI Bloomberg: US$TR TIReuters: ETFUS$TRY Reuters: US$TRf.ISFor more information about Finans AssetManagement’s exchange traded funds visitwww.etfturkey.comfacebook.com/ETFTurkeytwitter.com/ETFTurkey*For all the communication information ofExchange Traded Funds, visit www.cmb.gov.tr,Capital Markets Board of TurkeyPAGE 15

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013TAYBURNThe power of knowledgeEdiz UsmanFounding Partner & Client RelationsDirectorTayburn GroupWith 34 years of experience in international aswell as European markets, Tayburn Ltd (UK) isthe biggest corporate communication companyin Scotland and one of the top-10 in the UnitedKingdom. It has been 18 years since we beganblending Tayburn’s know-how with our ownknowledge of the local market and puttingthem to work in the service of clients. For nearlytwo decades we have developed and offeredproductive, high-quality, and creative solutionsfor some of Turkey’s leading companies in theareas of annual reports, sustainability reports.branding, design, advertising, and marketing.Thanks to our expert team, to the knowledgeand experience acquired on our own andthrough Tayburn, to our customer focus,and to our innovative and creative approachto service, we are today one of the mostsought-after service providers in the corporatecommunication segment in Turkey. Our servicearea as Tayburn 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 productsand services.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 serveour clients’ needs.Printed and online corporatereporting and communicating withinvestors…Our activities in the area of reporting andinvestor relations consist of the turnkey designand delivery of:• Annual reports• Sustainability reports• COP reports• Investor relations products• Corporate 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, and the society at large.Underlying all investor relations is the need tocommunicate corporate information accuratelyand clearly to investors, shareholders, creditors,employees, business partners, and societyat large. 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 headsthe list of the objectives of everyone involvedin investor relations in today’s world. Tayburnoffers clients in Turkey all the products andservices that they need in the area of investorrelations.Conveying your message clearly tothe right audience…Tayburn prepares and edits text in Turkishand other languages to ensure that its clients’messages are conveyed to their targetaudiences clearly and effectively. We providehigh added value corporate communicationservices in the following languages: Turkish,English, French, German, Italian, Spanish,Russian, Chinese, and Arabic.High-profile corporate andconsumer brands…In the areas of creating, developing, definingand maintaining standards for our clients’corporate and consumer brands, our brandrelatedactivities consist of:• Designing logos and emblems• Developing corporate identities from A to Z• Launching and relaunching brands• Consultancy servicesSatisfying 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 films• Brochures• Information kits• Electronic presentationsFunctional, robust, and audiencespecificweb-based communicationsolutionsTayburn is dedicated to the creation of webbasedcommunication solutions that are highlyfunctional, robust, and audience-specific.The knowledge and experience that Tayburnhas built up over the years is put to work todevelop whatever web-based products andservices its clients might need. Regardingthe ability to combine creativity with workablesolutions as the bedrock of all web-basedservices, Tayburn comes up with solutionsranging from corporate portals to investorrelations websites and from e-commerceapplications to web-based annual reports andadvertising / publicity campaigns.Well aware that internet design demandsa thoroughly specialized understandingand approach, Tayburn makes sure that itis equipped with all of the resources andcompetencies that may be required to satisfy aclient’s every need.PAGE 16

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013STOCK EXCHANGE PROFILESAbu Dhabi Securities Exchange 18Amman Stock Exchange 20Bahrain Bourse 22Baku Interbank Currency Exchange 24Baku Stock Exchange 26Banja Luka Stock Exchange 28Belarusian Currency and Stock Exchange 29Belgrade Stock Exchange 31Bucharest Stock Exchange 33Bulgarian Stock Exchange 37Damascus Securities Exchange 39Egyptian Exchange 40Eurasian Trade System Commodity Exchange 42Georgian Stock Exchange 44Iraq Stock Exchange 46Istanbul Gold Exchange 49İstanbul Menkul Kıymetler Borsası 51Karachi Stock Exchange 53Kazakhstan Stock Exchange 55Kyrgyz Stock Exchange 58Lahore Stock Exchange 60Macedonian Stock Exchange 62Moldova Stock Exchange 65Mongolian Stock Exchange 67Montenegro Stock Exchange 69Muscat Securities Market 71NASDAQ OMX Armenia 73Palestine Exchange 75Sarajevo Stock Exchange 77Swiss Futures Options Associations 79Tehran Stock Exchange 81Tirana Stock Exchange 83“Toshkent” Republican Stock Exchange 85Turkish Derivatives Exchange (TurkDEX) 87Zagreb Stock Exchange 89PAGE 17

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013ABU DHABI SECURITIES EXCHANGEThe index increased from 2,402.28 in 2011to 2,630.86 in 2012.Rashed Al BaloushiDeputy Chief ExecutiveAt the end of 2012 the Abu Dhabi SecuritiesExchange (ADX) had 66 companies listed,whereas, the number of listed companies at theend of 2011 were 67. The index increased from2,402.28 in 2011 to 2,630.86 in 2012.The value of trading decreased from US$ (6billion) (AED 22.1) compared to US$ 6.7 billion(AED 24.8 billion) in 2011 to 2012, a decreaseof -10.78%. Moreover, the daily average valueof trading in 2012 US$ (23.9) million (AED 87.8million), compare to 2011 US$ 26 million (AED98 million). In 2011 and 2012 there were 252trading days.The number of shares traded in 2012 (16.4)billion shares compared to (15.9 billion) sharesin shares traded over the previous year 2011,an increase of 3.38%. Moreover, the dailyaverage of traded shares also increased to65 million shares in 2012 compared with 62.9million shares in 2011.The number of executed trades declined to258,620 trades in 2012 compared to 283,293trades in 2011, a decrease of-8.71%.The market capitalization of companies listedat the ADX at the end of 2012 was US$ (77.6billion) AED (285 billion). In 2011 was US$ (71.3billion) AED (262 billion) with an increase of3.6%.HISTORY AND DEVELOPMENTAbu Dhabi Securities Exchange (ADX) wasestablished in November 2000 as the officialstock exchange of the Emirate of Abu Dhabi,the Federal Capital of the United Arab Emirates(UAE). ADX is a market for trading securitiesincluding shares issued by public joint stockcompanies, bonds issued by governments andcorporations, exchange traded funds and anyother financial instruments approved by the UAESecurities and Commodities Authority (SCA).ADX has 68 listed Securities and a marketcapitalization of AED 249 Billion ($77 billionUS$) as of December 31th 2012 and an investorbase of 915,387 as of the end of 2012.Investors can trade securities listed on ADXthrough any of its registered brokers usingdifferent means of communication including theonline trading. ADX has custody agreementswith HSBC, National Bank of Abu Dhabi,Standard Chartered Bank, Deutsche Bank andCiti Bank.In alignment with the Abu Dhabi Government’sEconomic Vision 2030, ADX aspires to be theexchange of choice by developing the capitalmarket through legal environment that ensuresdisclosure, transparency and integrity.FUTURE OUTLOOKIn 2013 ADX will:• Implement a New Trading System (Xstream)• Provide Registrar services• Further Promote listed investment products• Have Central Bank as official SettlementBank• Further enhance DVPPAGE 18

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013ABU DHABI SECURITIES EXCHANGECAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKADX Performance in 2012Shares & Market PerformanceADX General Market Index: at the end of 2012was (2,630.86) at a percentile change of (9.52%)in comparison to (2,402.28) in 2011.• The traded value in ADX decreased by(-10.78%) from AED (24.7) billion in 2011 to(22) billion in 2012. Moreover, the averagedaily traded value decreased by (-10.78%)from AED (98) million in 2011 to AED (87)million in 2012.• Trading volume increased by (3.4%) to (16.4)billion shares in 2012 comparison to (15.9)billion shares in 2011. The average dailytrading volume increased by (3.4%) to (65)million shares in 2012 comparison to (62.9)million shares in 2011.• During 2012, the number of executed tradeswas (258) thousand trades compared to(283) thousand transactions in 2011, adecrease that is (-8.71%).• ADX’s market capitalization has increasedfrom AED (261) billion at the end of 2011compared to AED (285) billion at the end of2012, with a percentile change of (8.86%).• The number of listed companies in 2012 was(66) compared to (67) at the end of 2011.During 2012. Fujairah Trade Center, whichis listed under Services sector, was delistedfrom ADX.• ADX’s listed companies are segmented intonine sectors according to their services andcertificate of incorporation as follows: theBanks sector includes (14) companies, theReal Estate sector includes (4) companies,the Consumer Staples sector includes (5)companies, the Investment and Financialservices sector includes (2) companies, theIndustry sector includes (13) companies,the Telecommunication sector includes (3)companies, the Services sector includes(6) companies, the Energy sector includes(2) companies, and the Insurance sectorincludes (17) companies.The Bond Market at ADX• The trading value in 2012 was AED (147)Million while the trading value in 2011 wasAED (85.7) Million. The trading volume in2012 was (1.6) million units in comparisonto (1) million units in 2011. There were 59traded deals in 2012 in comparison to 35deals traded in 2011.Exchange Traded Funds (ETF’s)• The Volume of ETF trading in 2012 reached(306.7) thousand units; while trading Valuewas AED (1.5) Million with 6 executed tradesin 2012, in comparison to a traded Volume of(476) thousand units in 2011 with a tradingvalue of AED (2) Million with 40 transactions.ADX Achievements 2012• Obtaining full membership of WorldFederation of Exchanges (WFE). ADXis the youngest stock market to gain fullmembership status in the prestigiousorganization since the the WFE’s inception inthe 1960s.• Launch of Trading System ReplacementProject. ADX signed an agreement withNASDAQ OMX to replace the current tradingsystem (Horizon) with a new trading system(Xstream)• Using Free Float to Calculate the Index. AFree-float index also reflects market trendsmore rationally as it takes into considerationonly those shares that are available fortrading in the market. It also makes theindex more broad-based by reducing theconcentration of the top few companies inthe Index• Using Call Auction Mechanism to calculateclosing price. The migration from the currentsystem of Volume Weighted AveragePrice (VWAP) will help ADX operate moreseamlessly with global systems.• Obtaining ISO 9001:2008 in QualityManagement.• Enhancing DVP ModuleKey Information ContactsAbu Dhabi Chamber of Commerce and Industry www.abudhabichamber.aeCentral Bank of UAE www.centralbank.aeAbu Dhabi Department of Planning and Economy www.adeconomy.aeCONTACT INFORMATIONContact Name Mr. Saif Sayah Al Mansouri E-mail saifm@adx.ae Website www.adx.aePAGE 19

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013AMMAN STOCK EXCHANGEThe ASE has continued in 2012 with itsefforts, aiming at developing the market,and increasing its efficiency.Nader AzarActing Chief Executive OfficerThe Amman Stock Exchange (ASE)managed to pass the year 2012 with astable performance in spite of the unstablepolitical situation in the surrounding countries,especially in neighboring Syria. On theeconomic level, 2012 wasn’t an easy year forJordan as well, due to multiple factors thatweighed on the budget deficit including thehuge influx of Syrians seeking refuge in Jordan,the Egyptian gas supplies that stopped for aprolonged period, and the foreign aids thatstalled. However, these economic issues easedbefore the end of the year, and the performanceof the ASE was stable as it can be noticedby the slight decline in the ASE general priceindex which went down by 1.88%. In addition,the ASE retained the confidence of investorsespecially foreign investors whose ownership inthe ASE stood at 51.7% at the end of 2012.On the other hand, the ASE continued with itsefforts in updating the technical infrastructure.And on the legislative level, the ASE appliednew Listing Securities Directives. Thesedirectives are considered a major achievementin the year 2012, and according to thesedirectives, listed companies were distributed onthree different markets instead of two, with thethird market having different trading hours andthe first market having higher fluctuation limits.The criteria that determine to which marketeach company pertains include shareholdersequity, free float of the company, profitability,company’s capital, number of shareholders,and others. As for the performance of the ASEduring 2012, the Free Float Weighted Indexwent down by 1.88% to close at 1958 pointscompared with its 2011 closing of 1995 points.The trading value reached US$ 2.8 billion andthe number of traded shares reached 2.4 billionwhile the number of transactions reached 1million. In addition, the net of non-Jordanianinvestments at the ASE showed an increase ofUS$ 53.1 million during the year 2012.HISTORY AND DEVELOPMENTThe Amman Stock Exchange (ASE) wasestablished in March 1999 as a non-profit,private institution with administrative andfinancial autonomy. It is authorized to functionas an exchange for the trading of securities.The Exchange is governed by a seven-memberboard of directors. A Chief Executive Officeroversees day-to-day responsibilities andreports to the board. The ASE membership iscomprised of Jordan’s 63 brokerage firms.The history of securities trading in Jordantraces its origins back to the 1930s. In 1976,the Amman Financial Market was establishedto create a regulated trading market. Morerecently, as part of Jordan’s move to upgrade itscapital market, a Securities Law was enacted in1997 separating the supervisory and legislativeroles from those of exchange operations. Asa result, the Jordan Securities Commission(JSC) was created in the year 1997, the ASEand the Securities Depository Center (SDC)were established in 1999. The JSC supervisesthe issuance of and trading in securities andmonitors and regulates the market. The SDCoversees clearing and settlement and maintainsownership records.To provide a transparent and efficient market,the ASE implemented internationally recognizeddirectives regarding market divisions andlisting criteria. It also adopted procedures forimproving regulatory effectiveness.The ASE is charged with:• Providing companies with means of raisingcapital by listing on the ASE,• Encouraging an active market in listedsecurities based on the effectivedetermination of prices and fair andtransparent trading,• Providing modern and effective facilities andequipment for trading, recording the tradesand dissemination of prices,• Monitoring and regulating trading, incoordination with the JSC as necessary, toensure compliance with the law, a fair marketand investor protection,• Setting out and enforcing a professionalcode of ethics among its member directorsand staff,• Ensuring the provision of timely and accurateinformation of issuers to the market anddisseminating market information to thepublic.On March 26th 2000, the ASE launched anautomated order-driven Electronic TradingSystem. The system is in compliance withinternational standards and takes into accountthe G-30 recommendations. This system alsooffers brokers immediate access to stock pricesand orders and enables members to traderemotely.In May 2006, the ASE has activated a newversion of the electronic trading system (NSCV2+), which comes as part of the efforts tomeet the increasing needs of the Jordaniancapital market and in order to raise the capacityof the current electronic trading system toaccommodate the increase in the daily tradingvolume.On March 22nd 2009, the ASE launched thenew version of the electronic trading systemNSC V900. This project is considered aquantum leap for the concerned institutionsas the electronic trading system has becomelinked with the SDC systems and the JSC newmonitoring systems. The new version will helpdevelop the trading process at the ASE andenhance the capacity of the electronic tradingsystem.On July 14th 2010, the ASE launched theInternet Trading service. This service is seen asa major opportunity for interested investors totrade in securities regardless of their geographiclocation. In addition, the service will helpincrease the number of investors at the ASE andenhance their aptitude to engage in securitiestrading.PAGE 20

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013AMMAN STOCK EXCHANGEOn November 1st The (ASE) launched anew market segmentation where marketswere reclassified by virtue of the new ListingDirectives that became effective as of 1/10/2012. The ASE began the implementation of thenew trading hours and the new price thresholdsaccording to the new segmentation.The ASE ‘s Board of Directors determined theprice thresholds for the shares of companieslisted on the First Market to become (7.5%)instead of (5%). The price thresholds for theshares listed on the Second and the Thirdmarkets remained (5%). The new directivesobliged all the listed companies for the first timeto provide the ASE with their quarterly reportsreviewed by the companies’ auditors as of thefirst quarter of the year 2013. Starting January2013 the ASE launched three indicies pertainingto each individual market.As for the Jordan National Financial Centerbuilding, procedures are being taken in orderto transfer the ownership of the building tothe Treasury of the Hashemite Kingdom ofJordan, and the ASE will close the accounts ofthe project and finalize the ownership transferduring 2013.FUTURE OUTLOOKThe Amman Stock Exchange will embarkon a number of key projects that will ensuremaintaining the lead that the ASE has amongstArab and regional stock exchanges. Theseprojects can be summarized as follows:• Continuing upgrading the technicalinfrastructure.• Launching new financial instruments.CAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKThe Jordanian Economy has achieved a realgrowth of 2.5% during 2012, where the GDPreached USD 30,981 million, while the inflationrate reached 4.8% due to higher internationalfuel and food prices.As for the monetary policy, the Central Bank ofJordan has increased the re-discount rate from4.5% at the end of 2011 to 5.0% at the end of2012. Interest rate on 6-month Treasury Billsrose from 3.2% at the end of 2011 to 3.8% atthe end of 2012, while the weighted average ofinterest rates for loans rose to 9% at the end of2012 compared with 8.7% at the end of 2011.Domestic liquidity measured by Money Supply(M2) grew by 3.4% at the end of 2012 comparedwith its levels at the end of 2011. In addition,foreign currency reserves at the Central Bank ofJordan stood at USD 6,616.1 million at the endof 2012.Regarding the fiscal policy, public revenuesshowed a decrease of 6.6% at the end of 2012compared with the year 2011, while publicspending showed an increase of 1.0%.As for the External Trade Sector, Jordanianexports and re-exports have decreased by 1.2%at the end of September 2012 compared withthe same period of 2011 while imports haverisen by 10.5% during the same period.Key Information ContactsJordan Securities Commission www.jsc.gov.joSecurities Depository Center www.sdc.com.joJordan Investment Board www.jordaninvestment.comArab Monetary Fund www.amf.org.aeMinistry of Finance www.mof.gov.joCentral Bank of Jordan (CBJ) www.cbj.gov.joNational Information Center www.nic.gov.joDepartment of Statistics www.dos.gov.joCONTACT INFORMATIONContact Name Mr. Nader Azar E-mail nazar@exchange.jo Website www.exchange.joPAGE 21

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BAHRAIN BOURSEYusif HumoodChairmanBahrain Bourse continued the developmentof its trading mechanisms in a way that willattract different segments of investors andclients, and increase their profitability.Despite the signs of relative recovery from theglobal financial crisis that had an impact ondifferent countries worldwide in 2008 along withthe increase in oil prices during the second halfof 2009, the response of the market indicesin the region to this recovery varied amongmarkets. The reasons for such variation arepartly psychological reasons, and the other partgoes back to the distinctive characteristics ofeach market that differentiates one market fromanother.The performance of Bahrain All Share Index thisyear and the volume and value of shares tradedreflects the psychological state that prevailedamong investors at Bahrain Bourse resultingfrom the consequences of the crisis in spiteof the good financial results reported by themajority of companies listed at the Exchange.This has led to a 19.17% drop in the indexcompared to its closing at the end of 2008.In line with the development strategy approvedby the Board of Directors of Bahrain Bourse fiveyears ago, one of the major decisions in thehistory of the capital markets’ sector was madewith the issuance of Resolution No. (57) of 2009in respect of corporatizing the Exchange andtransforming it to a shareholding company,paving the way to major legal, administrative,and technical modifications that would changehow the Exchange operates.Bahrain Bourse has completed the major partof its relocation project to Bahrain FinancialHarbour in 2009. The new premises havebeen equipped with advanced technology andsystems in a way that will enhance BahrainBourse’s competitiveness to provide moreservices. This will also enable Bahrain Bourseto provide the technical infrastructure thatwould encourage companies to benefit fromthese facilities.Bahrain Bourse continued the developmentof its trading mechanisms in a way that willattract different segments of investors andclients, and increase their profitability whentrading in the shares of listed companies at theExchange. In addition, the bourse widened itsscope of cooperation with leading regional andinternational financial institutions to be able toprovide its custodian services at the Exchangewith the aim of enabling local and foreigninstitutional clients to invest at Bahrain Bourseand benefit from the opportunities available.Looking into Bahrain Bourse’s financialperformance in 2009, the global crisis had aneffect on the financial status of the Exchangewhere the operating surplus activate revenuereported a deficit of BD 127,180 thousandcompared to the surplus in 2008. Theaccumulated surplus also decreased slightlyfrom BD 3,950,112 to BD 3,822,932, recordinga drop of 3.21%.On behalf of the members of Bahrain Bourse’sBoard of Directors and staff, I would like toexpress my thanks and gratitude to His MajestyKing Hamad bin Isa bin Salman Al Khalifa,King of the Kingdom of Bahrain and His RoyalHighness Prince Khalifa bin Salman Al Khalifa,the Prime Minister, and His Royal HighnessPrince Salman bin Hamad Al Khalifa, the CrownPrince and Deputy Supreme Commanderfor their guidance and continuous support ofBahrain Bourse.I would also like to extend my thanks to theCentral Bank of Bahrain’s Chairman andmembers of the Board of Directors for theirsupport of Bahrain Bourse. I would also like tothank the members of the Board of Directorsof Bahrain Bourse for their opinions andcontributions to the development of the boursein the previous years. I would also like to thankBahrain Bourse’s management and staff fortheir hard work during the year, hoping thatsuch efforts will continue to further develop theExchange.PAGE 22

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BAHRAIN BOURSEHISTORY AND DEVELOPMENTBahrain Bourse (BHB) was established as ashareholding company according to Law No.60 for the year 2010 to replace Bahrain StockExchange (BSE) that was established in 1987.The first Bahraini Public Shareholding Companywas established in 1957. Since then, morelocal public shareholding companies began tooperate, reaching their peak in the beginningof the 1980’s. During this period, shares ofpublic shareholding companies were beingactively traded in a non-official market called “AlJowhara Market”. Such market soon collapsedalong with the collapse of the Souk Al-Manakhstock market crash in Kuwait at the beginning ofthe 80’s of the last century.Following the crash, the Bahraini Governmentin cooperation with the International FinanceCorporation (IFC) prepared a feasibility study toestablish an official stock market in Bahrain. Asa result of the recommendation of the study, theBahraini Government established Bahrain StockExchange in 1987 according to Amiri DecreeNo. 4. The Exchange officially commencedoperations in June 1989 with 29 Bahrainishareholding companies listed. The onlyinstruments traded at that time were commonshares.Since the bourse’s establishment in 1989(formerly Bahrain Stock Exchange), trading wasconducted manually through a system called“Auctional Trading” System. Using this system,the broker had to write the bid and offer ordersthat they receive from the investor on the tradingboards at the trading floor. The transaction takesplace when the bid and offer prices match.In 1999, BHB implemented the AutomatedTrading System (ATS) to carry out all thebourse’s transactions electronically, replacingthe old manual system.In 2002, the legislative and regulatory authorityand supervision of BHB was transferred fromthe Ministry of Commerce to the Central Bankof Bahrain (CBB) in which CBB regulates andsupervises all the bourse’s activities.With the development of the bourse,government institutions and companies startedissuing several investment instruments takingadvantage of the legislative and technicalinfrastructure established by the bourse. Sincethen, the bourse witnessed the listing andregistration of preferred shares, bonds, sukuk,and mutual funds, making it the first bourse tolist such instruments in the region.In 2010, Bahrain Bourse moved to its newpremises at Bahrain Financial Harbour afterpreparing the new premises with the latesttechnological equipment in order to supportthe bourse’s efforts to provide a variety ofadvanced services that satisfy issuers, brokersand investors.FUTURE OUTLOOKIn the year 2010, Bahrain Bourse will continueits efforts to attract more local, regional, andinternational mutual funds. The bourse willcontinue to attract more listed companies, bothlocal and international and will also seek morecooperation with stock exchanges worldwide,with the aim of exchanging information andexpertise. In addition, Bahrain Bourse willpursue strategic partnerships in many differentareas that we hope to add value to all partiesinvolved.Key Information ContactsCentral Bank of Bahrain www.cbb.gov.bh/cmsrule/bmaindex.jspMinistry of Finance www.mofne.gov.bh/English/eindex.aspBahrain Government www.bahrain.gov.bhEconomic Development Board www.bahrainedb.comCONTACT INFORMATIONContact Name Mr. Ali Mansoor E-mail info@bahrainstock.com Website www.bahrainstock.comPAGE 23

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BAKU INTERBANK CURRENCY EXCHANGEFarkhad AmirbekovGeneral Manager of BBVBI am sure that dynamic growth of theAzerbaijan economy and development ofan exchange infrastructure will promotethe further growth of appeal of thefinancial market of the country.The dynamic growth of the Azerbaijaneconomy increases in the credit ratings andthe subsequent arrival of large investorspromote the further development of thefinancial infrastructure of the country. Today theBBVB takes a central role in the infrastructureof the Azerbaijan capital market, integratingon a uniform technological platform tradingand settlement systems. I am sure that thedynamic growth of the Azerbaijan economy anddevelopment of the exchange infrastructure willpromote further growth and the appeal of thefinancial market of the country.In the near future BBVB plans to introduce newtechnological ideas, new financial tools andservices for clients. We will continue to workon perfection of a technological infrastructurefor the exchange and a control system of risks.The main objective of exchange innovations isnot only the service of currency transactionsof banks but for us it is very important, thatthe exchange market began to play moresignificant role in the banking system. ThereforeI especially would like to allocate such projects,as the start of the market for currency swaps.The main objective of development of theexchange currency market consists in theincrease of its appeal in the expansion ofa number of the interconnected tools. Wemake plans, proceeding from necessity tocorrespond to the world standards both ontechnologies and on a spectrum of offeredtools and services. For this purpose all of ourperspective projects are subjected to thesesame standards.It is obvious that creation of a uniform exchangecentre in the region will provide not only closeintegration of Azerbaijan into the world market,but also will give the stability to the country’sfinancial system. And here the importanceof the exchange market as infrastructuralelement of a financial system consists inperformance of a variety of unique functions,of which realization by other institutes either isimpossible, or is inconvenient.I sincerely hope that realization of these planswill allow us to strengthen our positions,rendering best practices level service to ourtrade participants. This will lead the BBVB tobecome a basis for the creation of a worldclass regional financial centre.HISTORY AND DEVELOPMENTCentral Bank of Azerbaijan and the four biggeststate banks of Azerbaijan Republic foundedthe Baku Interbank Currency Exchange (BakiBanklarasi Valyuta Birjasi- BBVB) on 26 July1993 and this year it marks decade from themoment of the beginning of activity in thefinancial market. Becoming from the beginningof the activity one of the central financialinstitutions of the country, BBVB is today for thebusiness public of Azerbaijan an original symbolof economic reforms. Using the advancedinformation technologies and being based onsuccessful experience in the creation of theuniversal trading platforms, BBVB by volumesof trades and number of financial tools becamethe largest exchange institute in the Caucasianregion.Main historical dates18 October 1991Declaration of Independence of the AzerbaijanRepublic15 August 1992Putting in circulation national currency - Manat21 June 1993Establishment of the BBVB26 August 1994Beginning of regular exchange trading in thecurrency market31 March 1995First credit auction of the National Bank at theBBVB20 September 1996First T-bill auction22 January 1997First exchange trading in the BBVB StockDepartment5 May 1997The beginning of preparation of the first ratingestimations of banks1 July 1997Creation of the first exchange site30 August 1997Beginning of trading in the Organized InterbankCurrency Market (OICM)25 September 1997First trading in the OICM by means of universaltrading e-network of the BBVB17 December 1997Corresponding emerging market membershipstatus in WFE6 March 1998Signing in Baku Protocol on cooperation ofBBVB with Istanbul Stock Exchange2 October 1998Full member of FEAS (Istanbul)24 February 1999Membership in the Azerbaijan CommercialChamber (Baku)14 December 1999Membership in the Azerbaijan CommercialBanks Association (Baku)20 April 2000Co-founder and membership in the InternationalAssociation of CIS Exchanges (Moscow)3 July 2001Signing in Moscow Arrangement on strategiccooperation of BBVB with MICEX (MoscowInterbank Currency Exchange)27 March 2002Start of e-system of trades on Interbank credits -the Organized Interbank Credit MarketPAGE 24

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BAKU INTERBANK CURRENCY EXCHANGE8 July 2002Creation of the commission on trading limits9 July 2002Start of Bourse E-System of Trades (BEST)24 November 2003Signing in Almati agreement on mutualcooperation of BBVB with KASE (KazakhstanStock Exchange)16 June 2004Signing in Baku agreement on mutualcooperation of BBVB with BSE (Bulgarian StockExchange)31 August 2004Registration of index AzeriREI developed byexperts BBVB16 June 2005Start of the tool - currency swap in BourseE-system of trade (BEST)1 January 2006Technical transition of BEST system for usingdenominated manat14 August 2007Signing in Baku agreement on mutualcooperation of BBVB with TICEX (TbilisiInterbank Currency Exchange)1 May 2008Start of the settlement - trading system of BEST28 February 2008Signing in Moldova agreement on mutualcooperation of BBVB with MOLDSE (MoldovaStock Exchange)21 October 2009Introduction of the new tool in the OrganizedInterbank Money MarketFUTURE OUTLOOK 2012• Development of settlement and clearingservices, in particularly software formanagement of banks trading limits onmoney and the currency markets;• Improvement of the risk managementsystem in realization of clearing operations;• Further increasing professional skills ofExchange’s personnel;• Development of modern corporategovernance principles;• Development of Internet-technologies ande-commerce;• Intensification of activity in organizedinterbank money market.CONTACT INFORMATIONContact Name Ms. Gunay Dadashova E-mail dgd@bbvb.org Website www.bbvb.orgPAGE 25

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BAKU STOCK EXCHANGEAmin MuradovChairman of Baku Stock Exchange2012 has been the second highlyperforming year in terms of tradingvolumes in the history of the Baku StockExchange since its inception in 2000.2012 has been the second highly performingyear in terms of trading volumes in the historyof the Baku Stock Exchange since its inceptionin 2000. After a very succesfull year in 2011, theBSE was able to achieve another 7% increasein total volume of the transactions in 2012. Wehave been continusly in touch with the localbusiness about the opportunities and benefitsof the capital market and developing efficientfunding platform for their investments.The year of 2012 is important also in termsof the commencement of the CapitalMarket Modernization Project funded bythe Government of Azerbaijan, World Bankand State Secretariat for Economic Affairsof Switzerland (SECO) and managed by theState Committee for Securities of AzerbaijanRepublic. The main objective of this 4-yearproject is to increase the use of equity andcorporate debt as financing and/or investmentinstruments through the adoption of an effectivecapital markets regulatory framework andinfrastructure. As one of the beneficiaries of theProject, we are working on modernizing ourtrading platform, increase the number of listedcompanies and strengthen the institutionalcapacity of the BSE.Concluding the all above, I have to emphasizethat 2013 will be the year of active sales effortsby the stock exchange. We will implementingListing Advisory Program aimed at increasingthe demand for investment capital and/or supplyof investment opportunities and securitieson the Baku Stock Exchange. The goal is toincrease significantly the trading volumes withthe corporate securities within the next 3 years.HISTORY AND DEVELOPMENTAfter gaining it’s independence, and embeddingproperty and ownership rights in the overalllegal system, Azerbaijan made it first steptoward developing the capital markets byadopting the Law on “Securities market andstock exchanges” on 24 November 1992. OnJanuary 13 of 1995 the Law on “Investmentactivity” became effective. On September 29of 1995 the government adopted the first StatePrivatization Program for the next three yearswhich paved the way for the establishment ofthe necessary capital market institutions. As aresult, by the end of 1998 28 thousand smallorganizations and more than 800 medium andlarge enterprises were successfully privatized.The need for proper regulation of the capitalmarkets paved the way for the establishmentof the State Committee for Securities (SCS)under auspices of the President of Republicof Azerbaijan on December 30, 1998. The vitalpart of the capital markets development wasestablishment of the Baku Stock Exchange(BSE) with the help of local and internationalfinancial organizations most of which becamethe shareholders of the company.The first securities to trade on the organizedstock exchange were treasury bills which wereissued by the Ministry of Finance. The firstplacement of the stocks and corporate bonds inthe organized stock exchange was in 2003 and2004 respectively. Since 2004 trading in treasurybills has grown 9.7 times, trading in central banknotes has grown 29.2 times, trading in corporatebonds has grown 22.4 times, and trading instocks has grown by 23.6 times at the end of2012. Currently Closed Joint Stock Company“Baku Stock Exchange” has 19 shareholders.Throughout the period since inception, the BSEhas managed to establish a well-organizedsecurities trading platform effectively linked withother market participants.PAGE 26

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BAKU STOCK EXCHANGEMilestones in BSE’s history• The Initiative Group for the establishment ofthe stock exchange gathered - December25th 1999• The first BSE’s Shareholders Assembly -February 15th 2000• State Committee for Securities granted anexchange license to the BSE - July 21st 2000• The first placement of the short-termgovernment bonds on the BSE - September1st 2000• Election of the BSE to the Federation ofEurasian Stock Exchanges - November 2nd2001• Introduction of first repo to the market -November 22nd 2001• The first transaction in corporate bonds onthe exchange - January 26th 2004• The first equity trade conducted via theexchange - April 15th 2004• The placement of the Central Bank’s Notesfor the first time on the BSE - September14th 2004• Introduction of the interbank repo instrumentto the market - May 24th 2006• The placement of the bonds of AzerbaijanMortgage Fund on the BSE - June 16th 2009FUTURE OUTLOOKThe main challenges for the BSE in 2013 are:• to actively implement its Listing AdvisoryProgram aimed at promotion of thecorporate sector in the securities market;• to continue modernization of its IT andtrading capacities;• influenced by market trends to furtheroptimize the organizational structure of theexchange.Key Information ContactsNational Bank www.cbar.azState Committee for Securities www.scs.gov.azMinistry of Finance www.maliyye.gov.azNational Depository Center www.mdm.azMinistry of Economic Development www.economy.gov.azCONTACT INFORMATIONContact Name Mr. Kamran Aliyev E-mail k.aliyev@bse.az Website www.bse.azPAGE 27

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BANJA LUKA STOCK EXCHANGEThe BLSE market in 2012 was markedby the further shift of investors’ interesttowards bonds.Milan BozicCEOMarketsThe BLSE market in 2012 was marked by thefurther shift of investors’ interest towards bonds.The total turnover of 261 million BAM was lowerby 38.67% compared to the previous year as aresult of decrease in the primary bond market.On the other hand, it was recorded the increasein regular turnover (+10.42%) and the numberof transactions (+4.16%). The movement ofthe general index (BIRS: -7.89%) was mainlyinfluenced by the fall in prices of the shares of10 companies from electricity sector (ERS10:-14.7%), that participate in the index with 50%,and an increase in shares of Telekom Srpske(+5.48%) that represents 25% of the index.Closed-end investment funds shares haveincreased on average by 3.56% as a result ofprice increase of four largest funds, whereasthe price of the remaining 10 funds recorded asignificant decrease.Bonds participated with 46.6% in ordinaryturnover. This market had a significant increasein prices, particularly bonds that are issuedon the basis of war damage which increasedon average by 30%. The first trades with theRepublic of Srpska T-Bills took place on thesecondary market participating with 16.9% inordinary turnover.Development ProjectsThe most important development activities were:• adoption of the new Stock Exchange Rules,• implementation of the new trading system,• further development of the BLSE’ssoftware for brokerage houses and itsimplementation at the brokerage houses inMontenegro,• development of the money market tradingplatform,• development of the multilateral offsettingsystem,• educational programs for the high schools,• investments in the IT and telecommunicationequipments.HISTORY AND DEVELOPMENT• 15.07.1998 The adoption of the Law onSecurities provided the necessary legalframework to establish the capital market ofthe Republic of Srpska.• 09.05.2001 Eight banks and one companytrading in securities signed the Contract thatestablished the Banja Luka Stock Exchange.• 14.03.2002 The first trading session tookplace.• 20.08.2003 The first auction for state ownedcapital took a place on the BLSE.• 03.05.2004 BIRS - The Stock ExchangeIndex of Republic of Srpska established.• 01.08.2004 FIRS - The Investment FundIndex of Republic of Srpska established.• 17.09.2004 Full membership to FEAS.• 20.03.2006 Introduction of continuoustrading in shares which fulfill the liquiditycriteria.CONTACT INFORMATION• 18-19.05.2006 First International Conferenceof the BLSE.• 29.01.2007 Correspondent membership toWFE.• 22.11.2007 Correspondent membership toFESE.• 07.03.2008 The first governement bondswere listed on the BLSE• 24.06.2008 The BLSE real-time data startedto be distributed by the Bloomberg.• 19.12.2008 First IPO in the history of BIH.• 09.3.2009 New trading system (BST 2.4) thatsupports FIX protocol was implemented.• 11.05.2011 The first auction for the Republicof Srpska T-Bills took place on the BLSE.• 16.11.2011 Auction for the first public issueof the Republic of Srpska bonds on theBLSEFUTURE OUTLOOKIn 2013 the BLSE plans to:• Organize money market• Attract first companies to list on the highestmarket segment - List A• Work with the stock exchanges from theregion on enabling cross-border tradingbased on technical solution that enableslinkages between brokerage houses• Promote good practices in corporategovernance• Provide assistance in changing high schoolcurriculum in order to introduce personalfinance course in all high schools in theRepublic of Srpska• Increase international visibility of the BLSE bybroadening the number of the internationaldata vendors.Contact Name Mr. Nebojsa Vukovic E-mail info@blberza.com, nebojsa.vukovic@blberza.com Website www.blberza.comPAGE 28* Please refer to page 77 for the Bosnia and Herzegovina country report.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BELARUSIAN CURRENCY AND STOCK EXCHANGEPavel TsekhanovichChairman of the BoardThe 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.Established in 1993, the Belarusian Currencyand Stock Exchange (BCSE) is a uniquetrading platform in the country that serves thefinancial market of Belarus. Today, the BCSE isa stable working organization with constantlygrowing trade turnovers.Main objective - formation of the highly efficientorganized financial market in Belarus to meetthe requirements of banks, professionalparticipants of the securities market, investorsand the state.Up-to-date technologies, client orientation,outreach services are the defining factors toachieve this purpose.HISTORY AND DEVELOPMENTThe Interbank Currency Exchange wasestablished 4 March 1993 by 18 leadingbusiness banks as a closed-type joint-stockcompany. Its main task was organizing tradingin foreign currencies. On 24 March 1993, firsttrades in the Russian ruble were held in theelectronic trading system. In 1995, the NationalBank of Belarus granted the Interbank CurrencyExchange the right to organize the purchaseand sale of futures on foreign currency andother financial assets.On 24 September 1996 the Interbank CurrencyExchange was made a subdivision of theNational Bank, in which capacity it organizedtrading in foreign currencies for 2 years. In 1997,the Interbank Currency Exchange was grantedthe right to organize the secondary market ofgovernment securities (except for registeredprivatization vouchers) and the securities of theNational Bank.The BCSE was established on the basis ofthe state-run Interbank Currency Exchangein December 29, 1998 as a non-profit, publiccompany with administrative and financialautonomy. Having obtained the license topursue exchange activities and the depositorylicense, the exchange began to organize tradingin the main segments of the financial market ofBelarus (the currency market, the governmentsecurities market, the market of the NationalBank’s bonds, the corporate securities market,the market of bonds of local loans and themarket of bills of exchange)First electronic government securities tradeswere carried out at the Interbank CurrencyExchange on 16 January 1998.Since 1999, BSCE has been carrying outdepositary functions in the non-governmentmarket and clearing upon all concludedtransactions.In 2007, the futures market sector waslaunched. Futures on US$ and EUR rate werethe first instruments in this market.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 functionsBCSE aims to:• Minimize risks and transaction charges fromcapital formation in the organized market;• Provide transparency of transactions;• Protect investors’ legal rights and theirinterests;• Implement programs on financial resourcesformation necessary for their development;• Develop state monetary and credit policymarket mechanisms;• Create necessary conditions for effectivecontrolling functioning of the State;FUTURE OUTLOOK• Improving legal documents on exchangeactivity• Functional and technological development ofthe exchange market• Functional development of the clearing andsettlement system• Development of listing mechanisms• Introducing new stock indexes• Expanding the range of exchange financialinstruments• Creating conditions for liquidity increase inthe exchange securities market• Development of information and analyticalinfrastructure of the exchange securitiesmarket, expanding the range of analyticalservices• Increasing the level of information safetyCAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKKEY SOLUTIONS OF THE GOVERNMENT ONTHE SECURITIES MARKET DEVELOPMENTTax liberalization for operations in bonds;Simplification of bond issue procedure;Introduction of on-exchange bonds as aseparate type of bonds;Cancellation of the moratorium on freecirculation of stocks;Transition to exchange market circulation for allstocks of open joint-stock companies;Municipal bond market formationBCSE ACTIVITY TODAYSince the first days of its formation (December1998), the Belarusian Currency and StockExchange has been participating in thetechnological development of the stock market,improving its regulatory framework and involvinga wide range of financial assets in the exchangeturnover.Today the BCSE is the only trading floor in therepublic serving as a basis for a nationwidetrade system in all major segments of thefinancial market: currency, stock and futures.Except for the organization of trading, the BCSEfunctions as the settlement and clearing systemoperator, provides information and depositoryservices, electronic document services,registration of OTC transactions in securities.Currently, the trading floor is widely used not onlyby banks and broker and dealer companies,but also by the government in performing itsessential economic functions, including:• privatization transactions carried out by theState Property Committee;• establishment of the official exchange rate ofBelarusian rouble to the Russian rouble andUS dollar by the National Bank upon tradingtotals in foreign currency;PAGE 29

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BELARUSIAN CURRENCY AND STOCK EXCHANGE• transactions in stock market securitiesconcluded by the National Bank in order toregulate bank liquidity through direct andreverse REPO auctions;• financing state budget deficits by the Ministryof Finance through primary placement ofgovernment securities at the BCSE.The instruments traded in the currency exchangemarket include 27 currencies. Total annual2012 volume of the exchange trades in foreigncurrencies amounted to US$ 30.05 billion.Currency futures on the U.S. dollar, Euro,Russian ruble rates, Euro to U.S. dollar rateset by the European Central Bank, as wellas futures on GLTB interest rate - are theinstruments circulating in the futures marketsegment. Annual 2012 volume of the exchangetrades in futures amounted to US$ 5.92 million.Annual 2012 volume of transactions in securitiesof all types amounted to US$ 5.10 billion,including US$ 3.23 billion of Government bondsmarket volume, US$ 1.36 billion of corporatebonds market volume, US$ 284.60 million ofSTB of the National Bank, and US$ 176.66million of shares market volume.The range of securities traded at the BCSEcovers government bonds of the Ministry ofFinance, short-term bonds of the National Bank,mortgage, investment, exchange-traded bondsand stocks.Annual 2012 volume of purchase and sale OTCtransactions amounted to US$ 2.9 billion.All the business processes associated withtrades organization, settlement and clearingservices, depository activities, quotationsupport, transactions registration in the OTCmarket, and information services, are fullyautomated, starting from submission of a bidto the trading system from a remote terminal ofthe trade participant and ending with signinga protocol upon trading results with the use ofcryptographic information protection within theSystem of Electronic Documents (SED)Continuity of exchange activities is achievedby using a disaster-resistant architecture thatimplies usage of two computer centers: primaryand backup. The access to the BCSE programcomplex can be provided by allocated circuitsand the Internet. Hard- and software system ofthe BCSE has a multistage protection system toprevent external entry and damage to the BCSEand trade participants.• The software complex of the BCSE includesthe following elements:• three separate electronic trading systems(for the currency, stock and futures markets);• clearing and depository complex;• system of electronic documents and digitalsignature;• 4 electronic information systems.Recently, the BCSE has implemented varioustrading mechanisms and settlement options,which are combined to provide the bestpossible circulation mode of the financialassets. In particular, the BCSE offers 10 modesof exchange trading, and 4 settlement codes,including the classic double auctions modes,REPO transactions, American and Dutchauctions, etc.An important element in the protection ofinvestors’ interests is building a robustsettlement and clearing system which provideshigh speed and ensures transaction execution.This is exactly the system the BCSE offers itsclients. The settlement bank in all segmentsof the exchange market is the National Bank,which also acts as the guarantor of transactionsexecution in the currency market by assumingthe liabilities of insolvent participants. Thesettlement depository is the RepublicanCentral Securities Depository. The BCSE is theoperator of the clearing and settlement system,and it coordinates the interaction between allits elements. Clearing is carried out throughmultilateral netting.Except for organizing trades in the stock market,the BCSE registers transactions in all types ofsecurities concluded in the OTC market. Theregistration is performed in automated modeusing the electronic system IQS “The OTCMarket”. Combining the functions of tradeorganization and OTC transactions registration,the BCSE disposes a unique database on thehistory of circulation for all securities issued inBelarus.The BCSE renders a wide range of informationservices targeted at different customercategories - from individual investors tolarge companies, operating in the Belarusianfinancial market - by means of accumulatingand processing the information on the state,conditions and development trends of thefinancial market of the republic.Key Information ContactsOfficial Website of Belarus www.belarus.by/en/President of Belarus www.president.gov.by/en/Ministry of Economy www.economy.gov.by/en/Ministry of Foreign Affaires www.mfa.gov.by/eng /National Investment Agency www.invest.belarus.by/en/Belarusian Telegraph Agency (National Source of News) www.belta.by/en/CONTACT INFORMATIONContact Name Ms. Olga Blusson E-mail blusson@bcse.by Website www.bcse.byPAGE 30

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BELGRADE STOCK EXCHANGEGordana DostanicManaging DirectorThe total turnover of the Belgrade StockExchange in 2012 amounted to 219.7million EUR, while the average dailyturnover was 875.5 thousand EUR.Positive market perception by investorsduring the second half of 2012 resulted by theincrease in the volume of investment activitieson the Stock Exchange and the growth ofturnover and rise in values of both of indices,BELEX15 and BELEXline. Value of the BELEX15as indicator of movements of the most liquidshares was increased in 2012 year by 4.98percent, while the growth of the general indexof domestic capital market BELEXline was2.90 percent. Confirmation of intensifying tradeactivities in the second half of the year canbe also found in the increase of the marketcapitalization of the Stock Exchange. On thelast trading day in 2012, market capitalizationstood at 6.8 billion EUR, regardless of the largenumber of securities excluded from the marketas result of the bankruptcy and liquidation, orchange in organizational form.During the second half of the year corporatebonds of the Societe Generale Bank Serbiawere admitted on the market and, throughthe primary market, bonds of the Erste BankNovi Sad. After the primary trading Erste bankbonds were included on the secondary marketof the Exchange, which contributed to theenlargement of the assortment on the BELEXdebt market. Primary trading of the Erste Bankbonds was also the first primary trading withsome financial instrument on the regulatedmarket since the 2003. This demonstrated theability to use the mechanism and technologyof BELEX for organizing primary trading ofsecurities.In the total annual turnover of the Exchangeforeign investors participated slightly less than50 percent, with the increase in the bondstrading, compared to the previous year.In the second half of November 2012, thetraditional Conference of the Belgrade StockExchange was held. During the Conferencetopics were actualized that were previouslydiscussed on the meetings organized bythe Exchange and which are related to thepossibilities of capital raising for the companiesthrough the capital market mechanisms - InitialPublic Offerings; about improving of the debtsecurities market; improvement of InvestorRelations and Corporate Governance etc.As a conclusion, we can notice that therecovery of the domestic market cannot beexpected without significant strategic decisionsoriented to create a more favorable investmentenvironment and encourage the companiesto use alternative models of financing (IPOprocess, financing through the public offeringsof corporate bonds and municipal bonds).HISTORY AND DEVELOPMENT• The Belgrade Stock Exchange held itsFounding Assembly on 21st November 1894and has come a long way since the firsttrading sessions held in January 1895 in thehotel „Bosna“ on the bank of the river Sava.• In its more recent history, significantimprovements of the BELEX tradingsystem were made in 2003 and 2004,when continuous and remote trading wereintroduced. The first index was published inlate 2004, and up to this day the Exchangehas continued to develop indicators. Sincethe beginning of 2008 the Belgrade SE hasbeen organizing the Roadshows. 2008 wasalso the year when the BELEXFIX informationsystem, was released, followed by theBELEX FIX API module implemented in early2010, which allowed members to developtheir own trading apps. The first shares ofpublic enterprises were listed in 2010. At theend of 2010 the first Award for the best IRwas awarded.The key highlights in 2012:• In March - a Platform for Joint Action by theExchanges of SE Europe was signed, aimedat improving cooperation and attractinginvestors to the region.• In May - new rules and regulation enteredinto force.• In June - BELEX IPO 2012 was held, incooperation with the Erste Bank and with thesupport of the Association of Serbian Banks;• In September - BELEX Day of ListedCompanies was held to promote listedcompanies;• In October - first primary trading of corporatebonds was held;• In November - the Best IR Award was givenfor the best IR in 2012 to NIS a.d Novi Sad.• In November - 11th International Conferencewas held.FUTURE OUTLOOKIn 2013 the BSE will focus on the followingactivities:• Promoting of IPO and listing opportunities forSerbian non-listed companies;• Boosting of the market-making function;• Improvement of educational activities andprograms for citizens and students fromUniversities in Serbia;• Organization of roadshows for domestic andinternational investors;• Further development of the existing indexesand indicators;• Exploring the possibilities of introducing newinstruments into the market;• Broadening the network of international datavendors;• Organization of specialized seminars aboutIR and corporate government for companiesin Serbia;• Improvement of media coverage of stockexchange activities;• Editing and publishing the new version ofmonthly Bulletin as well as the new edition ofpublication “Introduction to the stock marketoperations”;• Improving and widening the base ofcompanies and institutions that will beinvolved in granting the award for the best IRpractice in Serbia;• Survey of market participants about theirneeds and proposals for improving of theperformance of the Serbian capital market;• Organization of the 12th InternationalConference in November;• Modification of the BelexFIX systemaccording EU standards (new project,Luxembourg Government donation);• Work on developing it’s human resources.2012 COUNTRY OUTLOOKThough Serbian economy faced numerouschallenges in 2012, this year will be alsoremembered for the kick off of mass-productionof FIAT vehicles and South Stream Gas PipelineProject.The year was flavoured by the domesticpolitical turmoil, particularly during the firstnine months, which led to a setback of overalleconomy. Economic activity was additionalyweakened amid a difficult global environment.GDP contracted about 2 percent (estimation),with a modest recovery expected in 2013. Thefiscal deficit widened sharply in 2012 relativeto the original budget and to last year’s level isunsustainably large. Although during the firstquarter Serbia was approved with the candidatePAGE 31

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BELGRADE STOCK EXCHANGEstatus for the EU membership, with no date forbeginning of negotiations, significant positivedrive of this news lacked. Declining industrialproduction was mainly due to bad weatherconditions and extremely low temperaturescausing the problems in transport and electricitysupply. Poor performance in agriculture is themain reason for the inflation which risen sharplyinto double digits. Credit rating downgrade bythe Standard&Poor’s and change of outlooksfrom stable to negative by Fitch contributed tofurther depreciation of the local currency. In thesecond half of August came the ease to thedepreciation pressures and dinar recovered dueto the government moves (subsidized loans)and monetary policies measures. Changes tothe regulations on reserve unleashed a portionof foreign exchange funds, though the firstnine months saw a low level of bank lendingwith a high proportion of problematic loans tobusinesses and households in the total loans.These effects were immediately translated tocurrency movements and led to an appreciationin the last quarter.The region is still facing common problemof extremely low liquidity. Characteristic oflow liquidity are significantly distorted pricesof traded assets, and lack of confidence inmarket mechanism. Chronic lack of largeinstitutional investors and their crucial role inproviding liquidity and reducing volatility againbrought under the spotlight the issue of closercooperation and connectivity in the region.Though, making progress on the extensivestructural reform agenda still remains essentialfor unlocking Serbia’s growth potential.Key macroeconomic indicators*2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Q12012Q22012Q32012Real GDP growth (in %) 1) 4,3 2,5 9,3 5,4 3,6 5,4 3,8 -3,5 1,0 1,6 -2,3 -0,6 -2,5Consumer prices (in %, relative to the same montha year earlier) 2) 14,8 7,8 13,7 17,7 6,6 11,0 8,6 6,6 10,3 7,0 3,2 5,5 10,3NBS foreign exchange reserves (in EUR million) 2.186 2.836 3.104 4.921 9.020 9.634 8.162 10.602 10.002 12.058 11.073 10.161 9.833Exports (in EUR million) 3)8) 3.125 3.847 4.475 5.330 6.949 8.686 10.157 8.478 10.070 11.472 2.519 3.031 3.083- growth rate in % compared to a year earlier 16,0 23,1 16,3 19,1 30,4 25,0 16,9 -16,5 18,8 13,9 -2,6 5,2 3,2Imports (in EUR million) 3)8) -6.387 -7.206 -9.543 -9.613 -11.971 -16.016 -18.843 -13.404 -14.643 -16.627 -4.042 -4.323 -4.235- growth rate in % compared to a year earlier 27,2 12,8 32,4 0,7 24,5 33,8 17,7 -28,9 9,2 13,6 5,5 6,3 1,3Current account balance 4)8)(in EUR million) -671 -1.347 -2.620 -1.778 -2.356 -5.053 -7.054 -1.910 -1.887 -2.776 -1.177 -738 -546as % of GDP -4,2 -7,8 -13,8 -8,8 -10,1 -17,7 -21,6 -6,6 -6,7 -8,9 -17,0 -10,3 -7,5Unemployment according to the Survey (in %) 5) 13,3 14,6 18,5 20,8 20,9 18,1 13,6 16,1 19,2 23,0 25,5 / /Wages (average for the period, in EUR) 152,1 176,9 194,6 210,4 259,5 347,6 402,4 337,9 330,1 372,5 357,6 363,5 351,8RS budget deficit/surplus (in % of GDP) 6) -4,3 -2,6 -0,3 0,3 -1,9 -1,7 -1,7 -3,4 -3,7 -4,2 -7,1 -7,2 -4,0Consolidated fiscal result (in % of GDP) -1,8 -2,4 0,8 0,9 -1,9 -2,0 -2,6 -4,5 -4,7 -5,0 -7,3 -7,0 -4,2RS public debt, (external + internal, in % of GDP) 6)7) 72,9 66,9 55,3 52,2 37,7 31,5 29,2 34,7 44,5 48,7 52,0 56,0 55,1RSD/US$ exchange rate (average, in the period) 64,70 57,56 58,44 66,90 67,01 58,39 55,76 67,47 77,91 73,34 82,38 88,77 93,55RSD/US$ exchange rate (end of period) 58,98 54,64 57,94 72,22 59,98 53,73 62,90 66,73 79,28 80,87 83,31 92,15 88,94RSD/EUR exchange rate (average, in the period) 60,66 65,13 72,70 83,00 84,10 79,96 81,44 93,95 103,04 101,95 108,11 113,73 116,95RSD/EUR exchange rate (end of period) 61,52 68,31 78,89 85,50 79,00 79,24 88,60 95,89 105,50 104,64 111,36 115,82 115,03MemorandumGDP (in EUR million) 16.028 17.306 19.026 20.306 23.305 28.468 32.668 28.954 28.006 31.140 6.966 7.261 7.526*source: National Bank of Serbia1) At constant prices of previous year.2) Retail prices until 2006.3) Trade with Montenegro is registered within relevanttransactions as of 2003.4) In accordance with BPM 5, a portion of estimatedremittances was transferred from the financial accountto the current account.5) Source: Labour Force Survey, Statistical Office.6) Source: MoF for public debt and NBS for estimatedGDP.7) Gouverment securities at nominal value.8) As of 1 January 2010, the Statistical Office, accordingto UN recommendations, applies the general tradesystem which is a broader concept and includes allgoods entering/exiting the country’s economic territory,apart from goods in transit. The Statistical Officepublished comparable data for 2007, 2008 and 2009.Previous years are disseminated under a special tradesystem.9) NBS estimate.Notes: 1. Data are subject to corrections in line with theofficial data sources.Key Information ContactsNational Bank of Serbia www.nbs.rsSecurities and Exchange Commission www.sec.gov.rsCentral Securities Depository and Clearing House www.crhov.rsMinistry of Economy and Regional Development www.mfp.gov.rs/?change_lang=enCONTACT INFORMATIONContact Name Ms. Marija Babic E-mail marija.babic@belex.rs Website www.belex.co.rsPAGE 32

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BUCHAREST STOCK EXCHANGELucian AnghelPresident of the Board of GovernorsBVB’s Board approved facilities intended tostimulate the listing of new companies onthe regulated market and on the alternativetrading system.1. Support the successful closing of thestate companies’ public offersDuring the first part of 2012, BVB designed andpublicly submitted the technical and operationaloffer for running public offers through BVB.Out of the announced privatization program,the secondary public offer for Transelectricawas the only finalized offer, but representeda real success. During the first stage, BVBcontributed to the promotion of the offer, byparticipating, along with the SPO syndicate,to a series of external dedicated roadshows,and by marketing the offer, through allaccessible national and internationalmeans. BVB answered to participants’ andinvestors’ requirements by upgrading its rulesand systems in order to comply with bestinternational practices, as well as by ensuringtransparency to the subscription process.Also, BVB got involved in regulatory activitiesand in activities of consultation of the mainstakeholders and representatives of theinvolved authorities, with a view to increasingthe chances of success for future offers. TheCooperation Memorandum with OPSPI wasextended, and conferences, seminars andworkshops were organized, having as topic thepublic offers executed via the stock exchange.2. List new companies on BVB andincrease the number of active investorsIn 2012, BVB continued its activities to attractnew private companies on the stock exchangeand to promote funding through the localcapital market. These activities were aimed atmonitoring the press, identifying and selectingpotential companies meeting the requirementsto be admitted to trading on the regulatedmarket or on the alternative trading systemmanaged by BVB, as well as at documentingon the selected potential companies andeconomic sectors within they operate, atorganizing meetings with such companies andfollow-up.BVB’s Board approved facilities intended tostimulate the listing of new companies onthe regulated market and on the alternativetrading system, both for issuers (exemptionfrom payment of the processing fee andthe fee for admission to trading), and forinitiating companies (maintaining the measureon granting an EUR 2,000 bonus to eachParticipant which brings an issuer for listingon the regulated market and EUR 500 bonusto each Participant which brings an issuer forlisting on the alternative trading system).Since the beginning of the last year,amendments to the BVB Code were operated,enabling the admission to trading on ATS ofcompanies originating from non-EU memberstates. After the approval by the NSC of thoseamendments, by the end of March 2012, thefirst 5 American companies started tradingon BVB’s ATS, their number increasing to11 during the year. Also, other 5 companiesoriginating from EU member states startedtrading on the ATS (the International Section),their number reaching 26 by end-2012. Also,the first Romanian company listed on ATSstarted trading on this market.BVB supported the companies intending tobecome listed on the ATS segment and thebrokers by preparing a set of recommendationsregarding the information to be included in thecompanies’ presentation documents for theirlisting on CAN-ATS.The promotion of the capital market amonginvestors was made by organizing andparticipating to some events as the “Actualityin business” conference, organized bydoingbusiness.ro, and “Entrepreneur, seekingfinancing” organized by Wall-Street.ro. Also,in 2012, “BVB Afterschool Investor” seminartook place, dedicated to the presentation ofthe financing through the capital market toRomanian SMEs.3. Develop capabilities, products andservices offered by BVB GroupLast year, BVB supported the developmentof the structured product segment, theaverage number of such instruments availableregistering a significant increase compared to2011. During 2012, a novelty element was thelaunching of the first bonus certificates issuedby Erste Bank. The same issuer also brought tothe market the first certificates having the E-miniS&P 500 futures contract as underlying asset.The development of the structured productsegment also benefited from SSIF Broker’sinitiative to join Erste Bank and RaiffeisenCentrobank in the process of designing suchinstruments, becoming the first Romanianissuer of structured products.BVB continued the steps started in 2011,by operating amendments to the BVB Coderelated to the implementation of a deal marketfor structured products, as well as a marketfor trading the redemption value relatedto individual issues of turbo certificate, intwo successive trading sessions, when the“knock-out” price corresponding to the issue inquestion is reached.2012 was also the year of launching the firstRomanian ETF - undertakings for collectiveinvestments in transferable securities admittedto trading on the regulated market, having asinvestment policy objective the tracking (fully orpartially) of BET index.BVB also supported mutual funds active inRomania, by building an investible index,namely the BET-BK index (Bucharest ExchangeTrading Benchmark Index), to be used byfund managers as reference index. BVBanswered this need by including BVB-listedforeign companies in the index structureand by implementing a calculation methodwhich reflects the legal requirements and theinvestment limits of the funds (the calculationof the index takes into consideration criteriarelated to liquidity and the weights of theincluded companies).Another object achieved last year is theextension of the applicability of the globalaccounting system and the non-pre-validationmechanism to all financial instruments admittedto trading on BVB’s regulated spot market,enabling consistency with mechanisms usedby developed capital markets, higher marketattractiveness and accessibility for brokers.With regard to the technological platform andmarket architecture, in 2012 BVB investedin the development of the infrastructure ofits own Data Center in compliance with therequirements of the NSC Instruction No2/2011, the ESMA-EMIR requirements andthe requirements of other standards in thefield. These investments reflect the needfor development and upgrading, taking intoconsideration the operating level reached byBVB in the last years, as well as the need toeliminate existing operating risks.BVB made efforts to develop the infrastructurewith a view to supporting public offers, bytaking measures involving:• flexibility, by configuring public offers incompliance with the prospectus approvedby the NSC and the technical protocolbetween BVB and the intermediary of thepublic offer (which may require ways ofdisseminating subscriptions in real-time,implementing various types of allocations,etc)PAGE 33

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BUCHAREST STOCK EXCHANGE• accessibility, through the accessinfrastructure at the level of internationalstandards; and• security, by using the BVB technicalplatforms which have proved their reliability,safe functioning and provided backupsystems and operating continuity plan.4. Improve the corporate governance andfunctioning of the BVB as a GroupBVB’s activities in this direction focused both onthe improvement of the corporate governanceframework within BVB, as well as on promotingthe Corporate Governance among participantson the capital market.At BVB’s level, one of the actions was theinclusion in the 2011 Annual Report of a chapterdedicated to corporate governance. Also,a project team was set up to amend BVB’sArticles of Incorporation, intended to bringmore clarity, to ensure the compliance with thebest corporate governance and transparencystandards and to eliminate any unjustifiedbarriers in shareholders’ rights exercising. Theproject is also aimed at revising and updatingthe Articles of Incorporation at BVB Group level.BVB’s Board intends to increase BVB’scompliance to its own Corporate GovernanceCode. At present, the work on the Company’sCorporate Governance Statute, the InformationDissemination Policy, the Company’sProcedure on General Meetings and the PublicConsultation Procedure is in progress. Theseprocedures also depend on the approval ofthe Articles of Incorporation which shall besubmitted to the next General Meeting ofShareholders for approval.During 2012, 32 Board meetings took place,of which 20 with the presence of the membersof the Boards, the remaining 12 implyingelectronic communication media.With regard to promoting the CorporateGovernance principles among the capitalmarket participants, besides the participationto various dedicated events (in partnershipwith the Corporate Governance Institute,Fondul Proprietatea, Bloomberg, Deloitte,PwC Romania), BVB signed with OPSPI theAddendum to the Cooperation Memorandumbetween the two institutions, through which CGIwould provide state-owned companies withconsultancy services to prepare them in viewof their privatization/listing. Towards the end ofthe year, discussions with EBRD materializedin the launching of a joint project focused onthe development of the corporate governanceand reporting practices in companies listedin Romania according to the BVB CorporateGovernance Code, the development ofguidelines for implementation of the Code, thedesign of a method to monitor the complianceof the issuers with corporate governanceprinciples and the development of a dedicatedindex.Also, BVB participates to a joint project with theCentral Depository, on processing corporateoperations in compliance with Europeanstandards in the field.BVB was also involved in the process ofamending various laws, an example in thisregard being the shareholders’ representationmatter.5. Simplify and improve regulations, reducebureaucracy and apply international bestpracticesBVB granted special care to identifying theproblems raised by investors, participantsand issuers. A survey was organized amongparticipants, investment banks, law firms, etc.,in order to adapt the tender books for futureoffers to be initiated by OPSPI to the realitiesof the market, the outcome representingthe subject of a conference to which allinvolved parties were invited, benefiting fromthe opportunity of a direct and constructivedialogue.A priority for 2012 was to promote thesimplification and standardization of the foreigninstitutional shareholders’ access to generalmeetings of the companies listed with BVB.BVB organized consultations and debateswith regard to the foreclosure of securitiesthrough the capital market, aiming to clarify theinconsistencies between the Civil ProcedureCode and the legal and regulatory frameworkapplicable to the capital market. At BVB’sinitiative, a joint work group was organizedin collaboration with other capital marketinstitutions, to the end of finalizing the stepsfor the design of a legal framework proper forthose aspects.Another project was the collaboration with otherentities of the BVB Group in order to promotethe formal segregation between the tradingaccounts and the settlement/custody accountsto the purpose of ensuring the compliance withthe international global accounts standardsand practices. To this purpose, with the NSCsupport, a first step could be finalized, namelythe extension of the use of global accounts toall spot markets managed by BVB.BVB participated to consultations organizedby the Private Pension System SupervisoryCommission (CSSPP) and other authorities,on matters that have an impact on the capitalmarket, by promoting principles favoring thedevelopment of this important segment of themarket economy. Moreover, BVB initiated thestandardization process for documents relatedto the listing on the stock market and issuers’reporting, a first step being finalized with regardto the alternative trading system CAN-ATS. In2012, BVB also focused on the clarification ofthe RASDAQ market and not-listed securitiesmarket statutes, by participating to theconsultations organized by the NSC andoffering solutions and the required support.Currently, this project is in the phase precedingthe phase of a law draft.6. Increase BVB’s and issuers’ visibility,along with increasing awareness of theimportant role of the Romanian capitalmarketDuring 2012, BVB executed a number of PRand marketing programmes to the purpose ofpositioning the capital market as instrumentfor financing and promoting existing issuersand financial instruments on the local marketamong the investors.Various events were organized, whereBVB developed partnerships with mediainstitutions (Wall-street.ro, doingbusiness.ro,etc), brokerage firms (Tradeville, Intercapital),issuers (Fondul Proprietatea - FP) and otherorganizations (Junior Achievement Romania,British School of Bucharest, Bloomberg etc)for the purpose of developing educational andtraining programmes intended to promotethe capital market as financing alternative,BVB’s products and services (structuredproducts, derivatives, ETFs) and capital marketmechanisms. The sequence of events named“Open Doors Day at the BVB” continuedwith 19 new editions, and also other eventsand projects were organized, such as the3 editions of the “BVB Afterschool Investor”project, the “BSB the Apprentice” investmentgame, the “Job Shadow Day” event, thetrading competition for students, developed inpartnership with Junior Achievement Romania(JAR) and Tradeville, as well as the internshipprogramme within BVB. In addition, thefollowing seminars were organized:• for the companies within the Property Fundportfolio (in partnership with the PF and theCorporate Governance Institute), regardingcorporate governance issues in state-owedcompanies,• for financial managers of companies listedat BVB and of companies included in theFP’s portfolio, regarding the Bloomberginvestment solutions which may supportmanagers in their decision-making process.In order to increase the visibility of the listedcompanies and financial instruments, BVBhas organized many official openings of thetrading sessions, promoting both issuers fromregulated share market, as well as investmentalternatives: new structured products, newissuers on ATS (international companies or ProVorbas, the first Romanian company listed onATS), corporate bonds or ETFs.With regard to the positioning of the capitalmarket as financing alternative, BVB organizedand participated as partner, in conferences,roadshows, workshops and various otherevents, along with partners such as the LondonStock Exchange, the Brokers’ Association,KPMG Romania, Citibank, Salans Romania,Goldman Sachs, EBRD, Wood&Company, theMinistry of Economy, Commerce and BusinessEnvironment (through OPSPI), Erste GroupBank AG, Medien Conferences, Wall-street.ro, etcPAGE 34

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BUCHAREST STOCK EXCHANGE7. Develop the dialog between BVB andrelevant institutions/authoritiesBVB promotes a constructive dialogue with theNSC, to the end of promoting proposals aimingthe development of stock exchange market.Following the meetings with the NSC membersat BVB’s Board level, joint working groups wereset up at executive level intended to implementthe actions agreed by the senior management.In addition, regular meetings with therepresentatives of the relevant authorities wereorganized to promote strategies proposed byBVB (such as the promotion of a stimulatingtaxation framework for issuers and investors,the development of privatizations through stockexchange mechanisms). A success in thisregard was the amendment to the Fiscal Code,by which the number of tax statements afferentto earnings/losses of value from transfer ofsecurities (other than shares and securities forclosed companies) was reduced, becomingeffective starting with January 1, 2013. Hence,the four quarterly statements submitted beforethis amendment were replaced by only oneannual tax statement, the number of paymentsfor the tax owed following such operationsbeing also reduced.A remarkable event of the year was thepartnership with the London Stock Exchange,which was marked by the official opening of atrading session at BVB followed by the officialopening of a trading session at the LSE by adelegation built up of representatives of thecapital market in Romania and chaired by arepresentative of the Government of Romania.Various events were organized for the purposeof mutual knowing, experience exchange andjoint projects’ promotion.During the year, BVB organized presentationsat several international events to the end ofpromoting the Romanian capital market, itspotential and also the announced privatizations.8. Increase BVB’s educational roleOne of the objectives of this strategic directionis to change BVB into an opinion leader withregard to the capital market. To this end, aneducational programme was designed, itsbeneficiaries being students, investors, issuers,companies and mass-media.The collaboration with Junior AchievementRomania, a non-profit organization whichimplements economic, entrepreneurial,financial and professional orientation educationprogrammes in schools, generated severalactivities and events which involved the capitalmarket, the stock exchange investments,trading competitions and official prizeawarding. Hence, 4 conferences, 2 webinarswere organized in the country, as well as theJob Shadow Day event for 2 high-schoolstudents wishing to become brokers. A tradingcompetition was also organized in partnershipwith JAR and Tradeville, to which more than 500students participated.The collaboration with the Bucharest School ofBusiness has led to the inclusion of the stockexchange investment among the stages of “TheApprentice” contest.The “Afterschool BVB” Programme, a neweducational programme, opened the sequenceof interactive practical seminars, following theinterest expressed by investors for technicaland practical information. The project scopefor 2012 was to intensively train more than 150existing and potential investors, Wall-street.roreaders, in the field of financial instruments andstock exchange mechanisms used by BVB.BVB has organized several internshipprogrammes of which 11 students fromeconomic and legal areas benefited,contributing in this manner to their familiarizingwith the special procedures and mechanisms,training them either for a professionalorientation, or for the capacity of investor.The conferences and seminars organized byBVB or to which BVB actively participates arelikely to have the largest impact, due to theopportunity of a direct dialogue with a greatnumber of participants. In this regard, 2012was a very intense year, the 17 conferencesand seminars representing a record numbercompared to previous years. Among otherevents organized by BVB or to which BVBparticipated as partner, the following are worthmentioning:• an educational seminar for companies inthe portfolio of Fondul Proprietatea, duringwhich a presentation of the GEO 109/2011and its effects was made (in partnership withthe Corporate Governance Institute and FP);• an educational seminar for financialmanagers of the companies listed with BVBand of those included in FP’s portfolio (withthe support of Bloomberg);• the “Capital Market Maturity” conference(organized in partnership with Wall-street.ro);• an interactive workshop regarding the DOsand DON’Ts survey on tender books andexecution of public offers for state-ownedcompanies through BVB (in partnership withOPSPI and Erste Group Bank AG).BVB has also actively participated in:events for institutional investors, organizedby Wood&Company in Warsaw, by ErsteBank in Vienna and by FP in Bucharest, the“Entrepreneur, seeking financing” conferenceorganized by Wall-street.ro, the seminar onstock exchange education, organized byWall-street.ro in partnership with Pioneer AssetManagement, the sequence of conferencesorganized by International Business Promotion,“New reality in business. Road towardperformance”.BVB was equally concerned with continuing theseries of events under the “Open Doors Dayat the BVB” programme, aiming to familiarizea high number of visitors with the basicprinciples of the stock exchange operations,the presentations under this programmebeing adapted according to the age andknowledge level specific for each targetedgroup. The transparency level with regard toBVB’s events and activities increased, with dailycommunications on new products, novelties inthe regulatory field, events, decisions of BVB’sBoard, official openings intended to mark someevents or to honor certain personalities.HISTORY AND DEVELOPMENTThere are more than 125 years since the firsttrading floor opened its doors in the centre ofBucharest, very close to the National Bank, onthe 1st of December 1882. This event followedthe first “Law on bourses, mercantile tradersand intermediaries” enacted in 1881, followingthe French model. This bill was the legalframework for the functioning of the stock andmercantile exchanges in Romania.It developed into a very dynamic exchange dueto the companies listed, mainly from sectors likebanking, mining, oil, insurance and transport.During the wars, as the entire Romanianeconomy flourished, the Stock Exchange alsorecorded its booming period. In 1935 there were56 shares listed and 77 fixed income securities.After a peak in 1938, the Stock Exchange wasclosed in 1948, when the new communistregime nationalized all companies.A new beginning for the Romanian capitalmarket was in 1994 when Romanian Parliamentpassed the first capital market law, settingup the legal framework for creation of all newcapital market institutions.The Bucharest Stock Exchange was reestablishedin April 1995, and the first tradingday took place on 20 November, same year.From the beginning, the entire trading processtook place in a dematerialised environment.The most recent regulations are harmonizedwith the latest EU legislation regarding thecapital market.Institutional changes took place also during its15 years of operation. Set up in the beginningas a public interest institution, Bucharest StockExchange went through a demutualisationprocess in 2005. The BVB externalised theregistry/ clearing functions and the new CentralDepository was set up at the beginning of 2007,having the Exchange its main shareholder.BVB, along with the Central Depository, theCorporate Governance Institute, the newly setup Bucharest Clearing House for the derivativesmarket and Investors Compensation Fund, iscurrently part of the BVB Financial Group.PAGE 35

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BUCHAREST STOCK EXCHANGEKey figures in 2011New listed companies: Fondul Proprietatea,Concefa, Retrasib, Electromagnetica, ArtegoREITs: New Property InvestmentsNew shares on the BVB Alternative TradingSystem: E.ON AG, Deutsche Telekom AG andBayer AG, Christian Dior, Danone, Heineken andL’Oreal sharesNews:• the trading session for structured productsand securities traded within ATS Internationalwas extended.• global accounts and non pre-validationmechanisms availability for the shares in theBET index developed by BVB.• new Market Makers for BVB regulated spot,derivatives and ATS markets.Derivatives market: new futures contracts withcommodities, index, shares and currencies asunderlying.Structured products: certificates turbo longand short issued by Erste Group Bank AG andRaiffeisen Centrobank AG with index, shares,commodities, currencies as underlying.FUTURE OUTLOOKHow does 2013 look like:• SPO for 15% of Transgaz shares -oversubscribed offer, process finalized onApril 22• IPOs of SOEs included in the privatizationprogram - Romgaz in H2.2013,Nuclearelectrica TBD, Hidroelectrica TBD,Posta Romana TBD• Support the IPOs and listing of the SOEsand private companies on the domesticexchange• Consultancy for IPO rolling and listing ofSOEs in a joint BVB-OPSPI pilot program• Support the IPOs of private Romaniancompanies with sizes between 20-60 EUR m• BVB, on the medium term, to achieveupgrade from frontier to emerging market, asper MSCI Market Classification Framework.In order to upgrade, there are no criteriaon economic development to be achieved,BVB already fulfills the market accesibilitycriteria, but does not comply with the sizeand liquidity requirements (at least 3 largecompanies, with minimum capitalization ofUS$ 898 m, float capitalization of US$ 449 mand 15% of ATVR liquidity)• To improve by the capital market institutionsthe trading and post-trading mechanismsand the regulatory framework in order toease and to make cost effective the accessof foreign investors to the market• Develop the corporate governanceframework at national level by supportingthe implementation of the CorporateGovernance Code, the GEO 109/2011 andthe recruitment of private managers for SOEs• Design a national strategy for capitalmarket, which will consolidate a series ofobjectives to be reached in a predictableand encouraging regulatory and fiscalenvironment.The main purpose of BVB is to fulfill its primaryrole of offering a consistent financing alternativeto Romanian companiesCAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKExternal Factors• Coming from the changes in the EU capitalmarket regulatory framework, as well asfrom the European economic and businessclimate• MIFID2 and the effects of its implementation,like the tighter requirements on portfoliomanagement, investment consultancyand investors protection. On local market,Corporate Governance training needs to beintensified• EMIR and the effects on the derivativesmarket and the CCP• The foreign stock-exchanges consolidationprocess brings pressure to small exchangesin terms of market accessibility and pricingpolicyInternal Factors• Coming from the macroeconomic climateand the domestic capital market architecture• The roll of the public offers through BVB,based on a pre-established calendar• The functioning of the domestic capitalmarket as per the best practices in the field,so that foreign investors trade on BVB at thestandards they are used to “back home”Key Information ContactsNational Securities Commission www.cnvmr.roNational Bank of Romania www.bnro.roNational Institute of Statistics www.insse.roMinistry of Public Finance www.mfinante.roRomanian capital market www.kmarket.roRomanian Asset Management Association www.aaf.roPrivate Pension System Supervisory Commission www.csspp.roCONTACT INFORMATIONContact Name Ms. Ileana Botez E-mail communication@bvb.ro Website www.bvb.roPAGE 36

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BULGARIAN STOCK EXCHANGEThe necessity and efficiency of organizedmarkets have been seriously put intoquestion.Ivan TakevCEOWe observed that in 2012, similar to theprevious years, the world capital marketsremained under the strong impact of theongoing global financial crisis, the effect ofwhich has been a substantial reduction intrading volumes. As a result, the necessity andefficiency of organized markets have beenseriously put into question.Although the Bulgarian Stock Exchangeregistered in the past year a 20% increase inits turnover and a generally good performanceof its major indices, we still do not see anysignificant signs of a sustainable upward trend.In order to cope with the continuing crisis thevarious countries have looked for differentsolutions and launched diverse initiatives.In Bulgaria, privatization through the stockexchange was the main anti-crisis tool usedby the government to generate a positiveeffect on our market. The successful sale lastyear of the 33% state-owned minority stake inthe three major electricity power supply anddistribution companies - Energo-Pro, CEZ andEVN - through the BSE, triggered the interest ofthe investors and boosted the liquidity on themarket.After these big-scale privatization deals thegovernment’s resources to support the stockmarket seem to have been more or lessexhausted (if we don’t take into account thepossible measures it could undertake forimproving the existing regulatory framework).This situation has stimulated the marketparticipants to search for innovative anti-crisissolutions and to adjust their business modelsin order to be able to face the current financialturbulences.The BSE, for example, is intent on using itsexpertise to further develop the clearing andsettlement infrastructure. This should facilitatethe introduction of new tradable financialinstruments on the stock market. Among ourimmediate goals is also to set up and launch anorganized market for carbon emissions trading.We firmly believe that all these efforts will furtherrestore the confidence in our capital market andattract a new wave of investors and potentialissuer companies in the coming months.HISTORY AND DEVELOPMENTThe first Stock Exchange Act was adoptedin 1907 and regulated the structure andoperations of stock and commoditiesexchanges. The Securities, Stock Exchanges& Investment Intermediaries Act was adoptedin July 1995, which led to a process of stockexchange consolidation. In July 1997, thepresent Bulgarian Stock Exchange-Sofiawas established. In accordance with therequirements of the new law, a Securities& Stock Exchange Commission was set up.On 9 October 1997 the Commission officiallylicensed the BSE-Sofia. The first trading sessionon the regulated market took place on 21October 1997. By the end of 1999 there were32 companies listed on the Official Market andabout 1,000 companies admitted for trading onthe Free (OTC) Market as a result of the massprivatization program. On 6 December 2001 theCommission officially licensed the BSE-Sofia toorganize an Unofficial Market, which replacedthe Free Market and set clear rules for regulationof all companies traded on the Exchange.In December 1999 a new Public Offering ofSecurities Act was adopted by the Parliament.The law is aimed at providing protection forinvestors and creating prerequisites for thedevelopment of a transparent capital marketin Bulgaria with criteria similar to those of theEuropean Union.The Securities & Stock Exchange Commissionwas first renamed the National SecuritiesCommission, but in March 2003 it wasreplaced by a new supervisory body - theFinancial Supervision Commission (FSC).More than just a name change, the movepulled together the regulation of a numberof financial (non-banking) sectors under onebody. The regulatory changes during the yeardirectly improved conditions for investors andissuers, as well as underlined the government’scommitment to encourage wider overalldevelopment of the capital markets.FUTURE OUTLOOK• Successful sale of the 50% state-ownedshare in the exchange and the CentralSecurities Depository. The process isexpected to be completed till mid-2013;• BSE-Sofia on the way to wider internationalrecognition and stronger investmentappetite;• Expansion of the clearing services portfolioand adoption of internationally acceptedbest practices in the post-trading space withthe aim to attract more foreign investors;• Easier flow of foreign capital;• Long-awaited recovery of the local capitalmarket;PAGE 37

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013BULGARIAN STOCK EXCHANGECAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOK1. BSE-Sofia has made changes in the marketsegmentation during the first quarter of 2012which were related to creating a secondregulated market (Bulgarian Alternative StockMarket or BaSE), where low liquidity financialinstruments are to be traded. All instruments,which do not meet certain minimal liquidity andcorporate governance criteria, were transferredto BaSE market. Liquid shares with goodcorporate governance, bonds, UCITs, structuredproducts and subscription rights will be tradedat the existing market called BSE main market(BSE). The amendments came into power as ofMarch 01, 2012.2. BSE-Sofia extended the duration of thetrading sessions till 5.30 p.m. as from July 02,2012 according to the following time schedule:9:30 a.m. - 10:00 a.m. Pre-trading10:00 a.m. - 10:10 a.m. Opening auction10:10 a.m. - 4:55 p.m. Continuous trading4:55 p.m. - 5:00 p.m. Closing auction5:00 p.m. - 5:30 p.m. Post-trading,The Decision has been taken in implementationof the goals set in the Development Strategy ofBSE-Sofia, namely aiming at synchronizationwith the European markets and attraction ofmore foreign investors and clients.BSE-Sofia statisticsTotal turnover on the regulated market reachedUS$ 568 mln in 2012 which was an increaseof some 11% year-on-year. The main reasonfor the increase came from the successfulprivatization through the Exchange of the statestakes in the electricity distribution companiesCEZ Distribution Bulgaria, CEZ Electro Bulgaria,Energo-Pro networks and Energo-Pro Sales.The number of financial instruments admitted totrading on the markets, organized by BSE-Sofia,was 496 at the end of 2012 compared to 507 atthe end of 2011. During the year some 27 newissues were registered at the Exchange, incl.1 initial public offering, 13 secondary offeringsand 13 bond issues, which was an increase of59% year-on-year.The market capitalization of the marketsoperated by BSE-Sofia reached US$ 6.46billion at the end of 2012, an annual increaseof some 27%. The fall in the capitalization ledto a decrease in the Market capitalization/Gross domestic product ratio - from 16.13% to12.71%. Three of the four indices of BSE-Sofiaincreased their value in 2012. The main indexSOFIX rose by 7% and local broad index BG40- by 10%. BG REIT which contains companiesthat operate in the field of securitization of realestate or land registered the biggest increaseon an annual basis (+55%). The equal-weightedindicator BGTR 30 was the only index thatdecreased in value last year (-2.51%)Key Information ContactsFinancial Supervision Commission www.fsc.bgCentral Depository www.csd-bg.bgBulgarian National Bank www.bnb.bgInvest Bulgaria Agency www.investbg.government.bgNational Statistical Institute www.nsi.bgCONTACT INFORMATIONContact Name Mr. Panteley Karassimeonov E-mail bse@bse-sofia.bg Website www.bse-sofia.bgPAGE 38

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013DAMASCUS SECURITIES EXCHANGEThe market capitalization of the listedcompanies in the DWX at the end of 2012was US$ 952 million.Mohammad Ghassan Qala’aChairmanThe year 2012 witnessed many events thathad impacts on DSE, Desbite that DSE triedto reduce the impact of these events that thecountry is going through it. So at the end of theof 2012 DSE witnessed an apparent recoveryon significant amount of listed stocks.The wighted price index of DamascusSecurities Exchange (DWX) at th end 2012which reached (769.60 point) marking adecrease by (99.91 points) than the previousDecember 2011 with a percentage change of(-11.49%).The traded value decreased from (140million US$) (7.8 billion syrian pound) in 2011compared to (27.6 million US$) (2. 14billionsyrian pound) in 2012. The daily average valueof trading in 2012 decreased to (186 thousandUS$) (14.48 million Syrian pound) comparedto (0.7 million US$) (39 million Syrian pound)in 2011. In 2012 there were (148 trading days)compared to (202 trading days) in the previousyear.The number of traded shares in 2012decreased to (11.20 million shares) compared(17.79 million shares) traded over the previousyear 2011. The daily average of traded sharesalso decreased to (75.7 thousand shares)compared with (88.1 thousand shares) in 2011.The number of executed trades decresed to(8,334 trades) compared to (41,132 trades) in2011.The market capitalization of the listedcompanies in the DWX at the end of 2012 was(952 million US$) (74.04 billion syrian pound)with an decrease of 35.63%.HISTORY AND DEVELOPMENTDuring 2012 a new Board of Directors has beenformed, where Mr. Mohammad Ghassan Qala’abecame the chairman.Damascus Securities Exchange (DSE) wasestablished based upon Decree number /55/ forthe year 2006, issued by the Syrian PresidentDr. Bashar Al Assad, the Exchange activitiesare based upon the provisions of this law andbased upon the law of the Syrian Commissionon Financial Market and Securities number /22/for the year 2005.DSE is managed by a Board of Directorsconsisting of (9 members) and a Chief ExecutiveOfficer Dr. Mamon Hamdan who manages thedaily activities of the Exchange and raises hisreports to the Board. DSE was launched on the10th of March 2009 with (6 listed companies)they were divided into 4 companies in the mainmarket and 2 in the growth market, with (4brokerage firms) that are licensed to trade in theExchange.At the end of 2012 the number of listedcompanies reached 22 companies, they aredivided in to 9 companies in the main market,12 in the growth market - A, and 1 in the growthmarket - B, with (8 brokerage firms) that arelicensed to trade in the Exchange.FUTURE OUTLOOKAs always DSE seeks for improve its strategiesin the awareness through diversifying andpublishing information and by taking part inconference, lecture, exhibitions that aims to givean introduction regarding the exchange. And itwill foucus on:• Develop some new indices.• Continuing to upgrad the technicalinfrastructure• Develop internal processes.• Work on developing it’s human resources;DSE will continue to attract more listedcompanies, and will also seek more cooperationwith stock exchanges worldwide, with the aimof exchanging information and expertise. Inaddition, DSE will pursue strategic partnershipsin many different areas that we hope to addvalue to all parties involved.ECONOMIC AND POLITICALDEVELOPMENTSWe can not say that the Syrian economy wasgood in 2012 due to change in global andregional circumstances that took place in theworld during 2012, which affected Syria later,and impacted on the economy significantly,resulting in bloking and slowing of projectswhich was scheduled to be completed localyduring the year.CONTACT INFORMATIONContact Name Lubana Abdo E-mail labdo@dse.sy Website www.dse.syPAGE 39

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013EGYPTIAN EXCHANGEDr. Mohamed OmranChairmanWe sturdily believe that the Revolution ofJanuary 25th offers a unique and historicopportunity to dramatically improve theway Egypt is governed.As we all know, in 2011, a series of events allover the globe has rocked investors’ confidenceover the year starting with the Arab spring, thenthe tsunami in Japan and culminating with theseismic events surrounding the euro zone debtcrisis since the summer.A year ago, Egypt the most populous countryin the Arab world has erupted in mass protestsin January 25th 2011 against the rule of HosniMubarak. Following eighteen days of popularprotests, President Mubarak stepped down onFebruary 11, 2011. The Supreme Council of theArmed Forces (SCAF) assumed the president’sresponsibilities and vowed to oversee apeaceful transition process leading to free andfair presidential elections. Accordingly, SCAFquickly suspended unpopular provisions ofthe constitution and Egypt held its first freeand fair voting on March 19 approving nineconstitutional amendments to pave the way forthe parliamentary and presidential elections.Nevertheless, as Egyptians stood at TahrirSquare and rejoiced at their new-foundfreedom, the lack of security and concern overthe course of political events proved to beeconomically costly. With Egypt’s stock marketclosed for nearly eight weeks, investors wereworried that the full effect of the protests thatousted the President will be even larger thananticipated. However, the stock exchangereopened and proved to be resilient to thepolitical turmoil with a noted demand frominvestors especially Egyptians answering theappeals to help save the exchange and, byextension, the Egyptian economy.After the downturn post the 25th Revolution, theEgyptian Exchange commenced a promotionalcampaign with the aim of rebuilding theinvestors’ confidence in the Egyptian Economyand its Capital Market. The EGX’s delegationconducted comprehensive meetings withvarious financial institutions such as NASDAQOMX and Goldman Sachs Inc. in New Yorkand with London Stock Exchange in London.The campaign also addressed the institutionalinvestors in the Gulf countries where theyshowed their extensive support and confidencein the Egyptian Capital Market and pointed outthe prospects rising from the Egyptian Economyas one of the promising emerging markets.And following the democratic transition processin Egypt, On October 18th the Egyptians havecasted their vote in the wake of their foremostparliamentary elections resulting in the MuslimBrotherhood’s Freedom and Justice party(FJP) and the Nour Party (Egypt’s largestSalafi political party) winning the majority inthe country’s first democratic parliamentaryelection.Following the elections, the Egyptian Exchangehosted a press conference with representativesof the Islamists parties and Liberal andmoderate parties to confirm their support of fairand open exchange policies.We sturdily believe that the Revolution ofJanuary 25th offers a unique and historicopportunity to dramatically improve the wayEgypt is governed. The resulting shift in thepolitical paradigm could pave the way for anew development strategy that combines fastereconomic growth and achieves better equalityin income distribution which in turn have apositive impact on the performance of theEgyptian Capital Market.We do realize that the challenges ahead ofEgypt are not trivial, starting with a politicaltransformation that is still unfolding. However,the will to make a peaceful transition to amodern state where people enjoy dignity, libertyand justice is not dying away. On the contrary,progress is being made every day, thanks tothe spirit of patience, persistence and believesof the Egyptian citizens that the country isawaiting a brighter future.EXCHANGE BACKGROUNDThe Egyptian Exchange (EGX) dates backto more than 125 years. Alexandria StockExchange was officially established in 1883,followed by Cairo in 1903. The two exchangeswere very active as one the oldest FuturesMarket for Cotton in the world back in the 1940’sand the Egyptian Exchange was ranked as thefifth in the world. Nevertheless, the socialistpolicies adopted in the mid 1950 have ledto a drastic reduction in activity on the stockexchange, which remained dormant during1961 till 1992.In an attempt to re-activate the market, thegovernment opted for the public offeringof the state owned enterprises through theprivatization program, which provided theimpetus for its revival.In 1997, The Egyptian Exchange (formerlyknown as Cairo & Alexandria Stock Exchange)started its modernization program in terms oflegislation and infrastructure to keep abreastwith globalization and internationalization.Stocks, bonds and funds are traded on EGX.In addition to a number of structured products,issued by several international financialinstitutions, on the Exchange in-house designedindex, EGX 30 Index, are listed and traded onvarious European Exchanges such as EGX30 Certificates Issuance by The Royal Bank ofScotland (RBS), EGX 30 EUR X-Pert CertificatesIssuance by Deutsche Bank, and EGX 30 OpenEnd Certificates Issuance by Goldman SachsInternational.The Exchange continued its journey ofexpanding its services and products bylaunching NILEX the first market for growingSMEs in the MENA region. NILEX providesmedium and small fast growing businesses,including family-owned businesses, from anycountry and any industry sector, a clear accessto capital and the benefits of being traded.EGX has developed a number of indiceswhich help the investors track the market’sperformance. EGX 20 Capped, EGX 30,EGX70, EGX100, Dow Jones EGX EgyptTitans 20 INDEX, and S&P/EGX ESG Indexwhich is the first corporate governance andsocial responsibility index in the MENA regionin collaboration with the Egyptian Institute ofDirectors and Standard &Poor’s. The EgyptianExchange is governed and regulated by theEgyptian Financial Supervisory Authority (EFSA)that is a single regulatory body governing allnon banking financial services.EGX do not impose any restrictions on foreigninvestment or profit repatriation in the Egyptiansecurities market.No taxes are levied on dividends, capital gainand interest on bonds for individuals, mutualfunds and international funds.FUTURE OUTLOOKEGX will continue exerting efforts to enhancethe efficiency of the market, raise investors’awareness, promote the financial literacy, andimprove the communication between EGX andits stakeholders to further strengthening theirtrust in the market. Moreover, EGX will continueits aggressive marketing plan to attract the bigcompanies to be listed in the market.On the other hand, EGX strives to build onits success by accelerating the introductionof a bundle of new investment products andmechanisms into the Egyptian market suchETFs, sukuks, the Market Maker system whichare expected to be launched in the market soon.PAGE 40

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013EGYPTIAN EXCHANGEThe Egyptian Exchange in 2012The Egyptian Exchange.... The Sole Winner inthe midst of All Economic DifficultiesEgypt has witnessed tough economicconditions in 2012 as the country has passedthrough a series of consecutive politicalevents which had a great impact on Egypt’seconomic performance, where the surroundingcircumstances were not helping to achieve highgrowth rates, improve the investment climate orrestore the investors’ confidence.The Egyptian Economy grew by 2.2% in2011/2012, which is considered a higher ratethan the one realized last year (1.8%), yet it’sstill below the required level that would restorethe Egyptian economy’s strength. The foreigninvestments were also affected, reaching US$ 2.6billion during the first 9 months of the year 2012.Faced by all these economic difficulties, thestate budget deficit inched up to reach 10.8%of the GDP for the fiscal year 2011/2012compared to 9.8% in the previous year. Thiswas accompanied by a decline in Egypt’s netinternational reserves, reaching US$ 15 billionin December 2012 compared to US$ 18 billionin December 2011, which put high pressure onthe value of the Egyptian pound, resulting inpushing the value of the Egyptian pound downto reach 6.32 LE/US$ at the end of December2012 compared 6.032 LE/US$ at the end ofDecember 2011.On the contrary to all other sectors in theeconomy and despite all surroundingdifficulties that led to significant fluctuations inits performance during the year, the EgyptianExchange showed a remarkable performance,growing by 51% in 2012; a level that hasn’tbeen reached since 2007, which is consideredthe highest growth among all emerging anddeveloped markets (after Turkey) in 2012.Likewise, EGX 70 & EGX 100 indices soared by15% & 24%, respectively.Trading volumes have relatively improved in2012 compared to the year before, with thevolume traded reaching 34 billion securities; alevel that hasn’t been reached even in the recentyears pre-revolution. Likewise, the value tradedsoared to LE 185 billion compared to LE 148billion in 2011, and the number of transactionsurged to 6 million transactions compared to5.6 million transactions in 2011. The marketcapitalization for the listed companies on themain market has also increased to reach LE 376billion at the end of 2012 up from LE 294 billionthe previous year.EGX has witnessed a relatively high tradingrecords in 2012 compared to 2011, registeringa trading value of LE 185 billion as opposed toLE 148 billion last year. Moreover, the volumetraded soared to reach 34 billion securities in2012 compared to 18.5 billion securities in 2011.Likewise, the number of transactions recorded6 million transactions versus 5.6 milliontransactions in 2011.The value traded of the main market amountedto LE 166.5 billion in 2012 compared to LE 131billion in 2011.On the other hand, Over the Counter (OTC)market registered a trading value of LE 18 billionduring the year compared to LE 17.5 billionin 2011. Meanwhile, the OTC trading volumeretreated to 1.4 billion securities in 2012, downfrom 1.6 billion securities last year.From another perspective, Nilex market tradingfigures surged in 2012 compared to the yearbefore, recording a trading value of LE 247million compared to LE 191 million in 2011while the trading volume amounted to 81 millionsecurities in 2012 as opposed to 31 millionsecurities last year.The market capitalization of the main marketlisted stocks witnessed a 28% increase in2012, concluding the year at LE 376 billion asopposed to LE 294 billion at the end of 2011,representing 24% of GDP.The Egyptian market started the year on apositive note, following the parliamentaryelections and the transfer of legislative powerto the parliament. The market continued itsgood performance till the end of February &took off remarkably during the month of March.The market, however, pulled down affected bythe political unrest related to the constitutionalcommittee & the preparation for the presidentialelection. This lackluster performance lasted tillthe end of the Presidential election’s secondround.With the beginning of the 2nd half of the year,the market showed a good performance tillthe month of November, during which politicaltensions took place, which affected the marketnegatively till the beginning of December. Themarket, however, rebounded again on theback of the finalization of the constitutionalreferendum, which pushed the market up tocontinue rising till the end of the year despitebeing disturbed by the credit rating downgrade.The dividend yield for the Egyptian Exchangehas reached 8.3% versus 2.6% for the emergingmarkets and 3.2% for the Africa and Middle East(according to Standard and Poor’s). This growthis mainly attributed to the investors’ positiveoutlook for the Egyptian market. Despite thecritical conditions experienced by the Egyptianeconomy, yet the companies’ profitability is stillthe highest among all emerging markets.Given more economic and political stability, theEgyptian Exchange is expected to show a betterperformance and realize higher growth rates inthe coming period.Key Information ContactsMinistry of Finance www.mof.gov.egMinistry of Investment www.investment.gov.egCentral Bank of Egypt www.cbe.org.egEgyptian Financial Supervisory Authority www.efsa.gov.egMisr for Clearing, Depository and Central Registry www.mcsd.com.egSMEs Market (NILEX) www.nilex.egyptse.comCONTACT INFORMATIONContact Name Mr. Mohamed Farrag E-mail mahmed.farrag@egx.com.eg Website www.egx.com.egPAGE 41

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013EURASIAN TRADE SYSTEM COMMODITY EXCHANGEMr. Kurmet OrazayevChairman of the BoardIn 2011 ETS steadily focused on buildingour core business and continued toreinforce the leading positions on themarket of exchange trade.A year of 2011 proved to be an encouragingperiod for Kazakhstani market. It has beennoted that commodity trade has potential togrow and further advance in Kazakhstan. In2011 ETS steadily focused on building our corebusiness and continued to reinforce the leadingpositions on the market of exchange trade.The combined trade turnover exceeded morethan US$ 2 bill as of 2011 whereas company’sfinancial indicators increased by 10 times sinceits foundation.Our customers continue to benefit fromour substantial investments in informationtechnology. Throughout 2011, we advancedour technology on several fronts. An importantdevelopment for ETS was the establishmentof the indispensable exchange infrastructure.It enables major operators of internet tradingto enter Kazakhstani market which became aninherent part for further dynamic growth of themarket.Additionally, ETS continued to execute onproduct launches and global expansion thatwill smooth the way for the advanced market.We have initiated the successful cooperationwith International Association of Exchangesof the Commonwealth of Independent Statescountries (IAEx CIS), Federation of EurasianStock Exchanges (FEAS), The London GoldMarket Fixing Limited (TLGMFL), Hong KongExchanges and Clearing Ltd (HKEx).Moreover we expanded our strategic initiativesthat include the chairmanship of ETS in thecommittee on development of commoditymarkets with IAEx CIS since November 2011.As we look ahead in 2012 and beyond, webelieve that international collaboration createslong-term value for our shareholders andcustomers.Looking ahead, our core strengths of providinghigh level of service, technology platformsand secure central clearing counterparty willcontinue to benefit market participants. Weappreciate our shareholders, customers andpartners for their confidence and support in thedevelopment of our project.HISTORY AND DEVELOPMENTBuilding on contemporary trade infrastructureon the commodity exchange, ETS serves theinvestment needs of our customers.Eurasian Trade System was founded in 2008on behalf of President of the Republic ofKazakhstan. With its strategic partners RegionalFinancial Center of Almaty city JSC and stockexchange “Russian Trading System” the projectis mainly aimed to form price indices on thecountry strategic goods. It ensures the datatransparency, the decrease of intermediarycosts when buying and realizing goods as wellas setting fair prices for the ultimate consumersand sellers.ETS focuses on driving efficiency through lowercosts, consumer alignment and technologyimprovement. As a result a full-fledged technicalcenter has been created on the basis of ETSin Almaty city. The center is entirely suppliedwith the recent equipment and security system.Both spot and derivative market have beenprovided with contemporary trading system aswell as auction trading system to any underlyingasset which enables reliability and high pace ofconducting transactions.Moreover ETS delivers clearing solutionsand services through an independent centralcounterparty. Our clearing house brings thesecurity and fulfills the contract obligationsand business transactions. Clearing houseguarantee funds are well-capitalized withcollateral from its clearing firms. However ETShas been taking part in the build-up of legal andregulatory documents for the development oforganized commodity markets in Kazakhstanthat should satisfy international standards.FUTURE OUTLOOKThe past year demonstrated the cautious returnof certainty to the commodity market. Diversityacross our business is a key asset which impliesenhancing the product line. Hence it enables usto maintain effectiveness and profitability duringunpredictable macroeconomic cycles.ETS carries on the work of the formation ofregulatory standards of exchange trade inKazakhstan in accordance with internationalpractices. On behalf of the President’sadministration of RK, ETS jointly with NationalBank of the RK and Ministry of environmentprotection of the RK is involved in developmentof projects on the launch of gold as well asemission trading via our exchange.ETS’ chairmanship in the Committee onthe development of commodity marketspromotes the formation of the unified exchangeinfrastructure, and also integrity of commoditymarkets within the bounds of EurasianEconomic Community (EurAsEC). MoreoverETS aims to put efforts and build the leadingelectronic venue for the procurement agency,particularly the government procurement.Hence the launch of regional indices on thestrategically significant goods is a necessaryprocess to be implemented in the nearestfuture.Using our best practices we are able to createthe favourable competitive environment for bothconsumers and sellers in pursuit of bringing theequal access for participants.PAGE 42

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013EURASIAN TRADE SYSTEM COMMODITY EXCHANGESPOT MARKET DATA 2013Period USD TonnesAgricultural trade Industrial trade Agricultural trade Industrial tradeJan 149,123,026 2,997,680 519,803 30,236Feb 327,206,274 6,514,366 1,099,413 67,667Mar 341,205,210 28,573,936 1,249,742 284,918Apr 200,679,254 98,974,028 773,868 921,886May 363,575,228 28,270,118 1,543,888 262,204Jun 361,088,433 17,107,160 1,384,142 166,138CONTACT INFORMATIONContact Name Mr. Serzhan Madiyev E-mail madiyev@ets.kz Website www.ets.kz* Please refer to page 57 for the Kazakhstan country report.PAGE 43

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013GEORGIAN STOCK EXCHANGE2012 turned out to be the year of significantpolitical changes in Georgia.George LoladzeChairman of the Supervisory Board2012 turned out to be the year of significantpolitical changes in Georgia. In the programof the Georgian Dream - the parliamentaryelections winner coalition and respectvely inthe new Government’s plans important placeis devoted to further improvement of theinvestment environment and implementetion ofthe pension reform in the country. This providesgrounds for optimism and new momentum fordevelopment of the Georgian securities market.HISTORY AND DEVELOPMENTEquity securities first appeared in Georgia in1991 after the declaration of independencethat signaled the beginning of market-orientedreforms. A vast majority of the newly establishedjoint-stock companies were owned by a rathersmall number of private shareholders andtrading in these shares was relatively inactive.With the launching of the Mass PrivatizationProgram in 1994, approximately 1,300 stateownedenterprises were organized as jointstockcompanies, creating about half a millionindividual private shareholders. However, duringa five-year period (1994-1999), the lack of anappropriate legal framework and organizedmarket infrastructure seriously impeded thesecondary trading of these shares and anyover-the-counter market activity was nearlynonexistent.The Georgian Stock Exchange (GSE) wasfounded in 1999 by a group of Georgiansecurities market professionals, leading banks,investment and insurance companies. It is theonly organized securities market in Georgia.Designed and established with the assistanceof the United States Agency for InternationalDevelopment (USAID) and operating within thelegal framework of corporate and securitieslaws drafted with the assistance of Americanand German experts, the GSE can assert thatit is designed and operated to comply with“global best practices” and offers an attractiveinvestment environment to foreign investors.Official trading at the GSE began in March 2000.The number of companies admitted for tradingat the GSE trading system increased graduallyand by the end of 2004 reached 277. Practicallyall of these companies are former state ownedand operated companies transformed into jointstockcompanies and then privatized.2004, was a landmark year for the GSE, dueto the unprecedented increase in basic tradingfigures compared with previous years, reflectingthe overall revitalization of the economy in thewake of the “Rose Revolution” of 2003.In the end of November, 2006 Bank of Georgia(GSE:BOG), the company listed at the GSEsince 2001, concluded successful IPO at theLondon Stock Exchange Main Market andthrough issuance of GDRs raised circa US$ 160ml. The bank is the first Georgian company everand the second bank rom the CIS since 1999listed on the London Stock Exchange.In 2007 the remote trading system waspractically implemented at the GSE.In 2008 significant amendments were made inGeorgian legislation, GSE Charter and Rulesensuring GSE demutualization, stock-exchangemembership for various licensed financialinstitutions, including remote membership forrespective foreign entities. In August 2009 thedecision on GSE capital increase was takenby GSE General Meeting of Shareholderswith purpose of attraction of NASDAQ-OMXas a strategic partner. In May, 2010 the GSESupervisory Board took decision on introductionof the official stock exchange indicator - GSEindex (GSX). GSX is published on a daily basisat the GSE website.In November, 2010 the Georgian CentralSecurities Depository - the 99% subsidiary ofGSE - completed fundamental amendmentsto it self-regulation rules inspirited by intentionof one of the largest global custodians to startoperations in Georgia. In the end of 2010the National Bank of Georgia adopted newregulation according to which the procedureof public offering in Georgia of the securitiesadmitted for trading at the eligible foreignexchanges is dramatically simplified.In March 2011 an agreement was signedbetween GSE and Bloomberg, one of thelargest data vendors, regarding GSE real timeand end-of-day data dissemination.FUTURE OUTLOOKIn 2012 the Georgian Stock Exchange plans to:1. Make important changes in its trading systemand trading rules so as to increase the efficiencyof trading and increase the liquidity of themarket:• Further improve remote trading system forbrokerage companies;• Establish electronic links between stockexchange, central depository, brokeragecompanies, banks and securities registrars;• Introduce partially guaranteed trading ofsecurities.2. 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.3. Finalize upgrade of the Georgian CentralSecurities Depository clearing and settlementsystem, thus increasing efficiency of operationsfor large institutional investors and globalcustodians.PAGE 44

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013GEORGIAN STOCK EXCHANGECAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKMark Griffiths, IMF Mission Chief for Georgiacommenting on 2013 economic outlook forGeorgia noted: “GDP growth could reach 6percent. This forecast is subject to risks. Onthe upside, there is the possibility of increasedtrade with Russia and of new sources of foreigninvestment. However, if the current uncertaintypersists or demand from trading partners falters,then growth could be lower. Strong domesticpolicies and communication are needed toinstill confidence and to reassure markets thatthe new government is committed to prudentmacroeconomic policies and further enhancingGeorgia’s business-friendly environment.“Inflation has remained very low in 2012 dueto the earlier nominal appreciation of the lariagainst currencies of Georgia’s main tradingpartners, and declines in food prices overthe last 12 months. As the impact of thesetemporary factors wears off, the missionprojects that inflation will increase from -0.5percent in November to 4 percent by end-2013, and gradually move toward the mediumterm inflation objective of the National Bank ofGeorgia (NBG). The mission considers that themonetary policy stance, including the recent cutin official interest rates, is broadly appropriateand consistent with the projected rise ininflation.“The draft 2013 budget is socially oriented yetprudent. It increases social spending to protectthe most vulnerable, while continuing with thepath of fiscal consolidation. The fiscal deficit isprojected to decline to 2.8 percent of GDP in2013. This will facilitate external adjustment andcreate room for countercyclical fiscal policy.This is consistent with the medium-term strategyto bring the deficit down to about 1π percentof GDP by 2016 and should keep Georgia’sgovernment’s debt-to-GDP ratio on a firmdownward path.”As for the business climate in the country, thecountry has made remarkable strides overthe last few years—the World Bank’s DoingBusiness Index ranks Georgia as 9th in theworld, first in Eastern Europe and Central Asiaand first among lower middle-income countries.In the program of the Georgian Dream - the2012 parliamentary elections winner coalitionand respectvely in the new Government’splans important place is devoted to furtherimprovement of the investment environmentand implementetion of the pension reform inthe country. This provides grounds for optimismand new momentum for development of theGeorgian capital market.Key Information ContactsNational Bank of Georgia www.nbg.gov.geMinistry of Finance of Georgia www.mof.geGeorgian Central Securities Depository www.gcsd.geGeorgian Corporate Directors Association www.gcda.geCONTACT INFORMATIONContact Name Mr. George Loladze E-mail info@gse.ge Website www.gse.gePAGE 45

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013IRAQ STOCK EXCHANGETo speed up the evolution process ISXhas successfully accomplished all of 2012plans.Taha Ahmed AL-RubayeCEOIraq Stock Exchange (ISX) establishedaccording to the law No. (74) in April 18th,2004, and start the trading in its 1st session onJune 24th, 2004, Using the manual trading withWight plastic boards.The operation in ISX transferred to electronictrading in April 19th, 2009. The tradingoperation since 2009 are five trading sessionsfrom Sunday to Thursday.ISX market capitalization is (4.6) billion US$, thenumber of listed shares is (3712) billion, andthe deposit shares are (2985) billion for (85)listed companies.ISX price index for trading shares price:• On 2010 ISX price index closed on (100, 98)points.• On 2011 ISX price index closed on (103, 11)points at the end of 1st trading session, andon (136, 03) points at the end of last tradingsession.On 2012 ISX price index closed on (138, 18)pointsISX organized the offering of Asiacell in the 3rdof February, 2013. This IPOs will increase theMarket Capitalization from (4.6) billion US$ to(9) billion US$ which is the largest IPO volumeever happened in Iraq and the Middle Eastsince 2008. To speed up the evolution processISX has successfully accomplished all of 2012plans and is looking forward to accomplish allof 2013 plans by achieving the goals stipulatedin this report.HISTORY AND DEVELOPMENT1. For the period of 1992-2003 the BaghdadStock Exchange was operating and waswell known.The previous Baghdad Stock Exchangewas established by the law No. 24 in 1991.The market was related to the governmentand it listed (113) different companies,some private and others from the mixedsector. During that period, especially in2003, the market had gained an annualtrading volume exceeding, US$17.5 million.However, this market was closed by adecision of its Governing Council in March19, 2003.2. Establishment of Iraq Stock ExchangeOn 18 of April 2004, the temporary lawNo. 74 was issued. It gave the authority toestablish two important capital developmentbodies concerning financial sectors, theyare:A. Iraq Stock Exchange (ISX).B. Iraq Security Commission (ISC).3. Meaning of Iraq Stock ExchangeThe ISX is an entity capital market notrelated or powered by the government. Itis directed by a Board of Governors (BOG)and consists of nine members, representingdifferent economic sectors of investment.The market is where the investments,exchange stocks, purchasing and sellingtakes place. It is considered one of thechannels in which funds can flow betweenpersons and commissions through differentsectors that may help to mobilize anddevelop financing and financial channelsin order to give readiness for differentinvestments.FUTURE OUTLOOK1. Organizing (232) trading sessions inaverage five sessions weekly, andsupervised and accurate trading dealingsaccording to rules and electronic tradinginstructions and disclosure abouttransactions based the on the effectedratios and Special orders.2. Publishing daily tickers on ISX Websiteduring trading sessions which has beenstarted in December 2011.3. Issuing (232) end-of-session daily reportsand yearly reports on ISX Website inaddition to publishing listed companiesguide and financial statements.4. End-of-session prices published byBloomberg and Thomson Routers startingfrom January 2012.5. Monitoring, surveillance of tradinglimitations using Cap Formula T+0 which issupposed to be changed to new Clearingand Settlement Cap Formula T+2 instead ofcurrent formula T+ 0 after the ISC approvalof the Custodian Banks regulations.Inspection plans for all brokerage firms tocheck files and documents integrity.6. Electronic trading support for Al-RabeeBrokerage branch in Erbil and SulimaniyaErbil branch started electronic tradingthrough ISX system since May, 2011.7. However, Iraq Stock exchange will supportany brokerage firms planning to havebranches in other governorates.8. Encouraging the non-listed companies tobe listed in ISX.9. Inviting new firms and select the best five for2012 to be licensed as brokerage firms.10. Upgrade ISX electronic trading system tonew advanced version from OMX NASDAQ.11. Representing Iraq Stock Exchange inrelevant conferences locally and globally.12. Holding workshops to educate andencourage investment in ISX.CAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKGDP in current prices for the year 2011According to Central Bank report for the year2011.Iraq’s economy features by oil’s sectorcontribution to GDP, which is funding 92% ofthe general budget revenue. That’s why Thereis a very strong relationship among actual oilrevenues and GDP.Oil sector is so affected by global oil demandand global economic crisis associated withinthe movement of global economy. As happenedin 2009 due to global economic crisis.The contribution of industrial, agricultural, andbanking sectors in addition to many othersectors are very poor in GDP.We enclose herewith the number of importanteconomic indicator:1. GDP in current prices for the year 2011 hasincreased to (211.3) Trillion ID compared to(158.5) Trillion ID for 2010.PAGE 46

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013IRAQ STOCK EXCHANGECAPITAL MARKET DEVELOPMENT AND ECONOMIC OUTLOOKISX PRICE INDEX 2011, 2012Points150145.18142.76 142.45 142.46140131.67133.01126.98 128.29130 123.67121.66120122.36 122.33116.44118.06110115.53 116.05 114.22117.81 117.49 119.1210090Jan2. Average per capita of the GDP has increasedto (6359) Thousand ID for the year 2011 versus(4887) Thousand ID for 2010.3. Economic activity for the year 2011 hasconfined on distributive sectors withoutproductive sectors. But still the activitiescontribution of master sectors like:(Agricultural, industrial, and Electrical) too low.Government contribution to economicactivities in GDP:1. Oil & Mining sector has achieved highestcontribution in GDP, so it ranks 1st compared toother activities. As the percentage contributionis (54.7%), which is equivalent to 116.2 TrillionID, thus recording increase rate of (58%)compared to the previous year.2. Social and Personal Service sector ranks 2ndwith (13.1%) percentage contribution, whichis equivalent to 27.9 Trillion ID, thus recordingincrease rate of (10.3%) compared to theprevious year.127.32Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2011 2012136.03125.06 125.023. Financial & Insurance activities andreal estate services ranks 3rd with (8.5%)percentage contribution, which is equivalent to18.1 Trillion ID, thus recording increase rate of(16.5%) compared to the previous year.4. Hotels, Wholesale & single trade sector ranks4th with (6.6%) percentage contribution, whichis equivalent to 13.9 Trillion ID, thus recordingincrease rate of (14.5%) compared to theprevious year.5. Building and Construction sector ranks 5thwith (4.9%) percentage contribution, which isequivalent to 10.5 Trillion ID, thus recordingincrease rate of (18.7%) compared to theprevious year.6. Transport, Storage and Communicationssector ranks 6th with (4.9%) percentagecontribution, which is equivalent to 10.3 TrillionID, thus recording increase rate of (10.1%)compared to the previous year.7. Agriculture, Forestry and Fishing sector ranks7th with (4.2%) percentage contribution, whichis equivalent to 8.8 Trillion ID, thus recordingincrease rate of (5.3%) compared to theprevious year.8. Manufacturing industry sector ranks 8thwith (1.8%) percentage contribution, which isequivalent to 3.9 trillion dinars, thus recordingincrease rate of (5.5%) compared to theprevious year.9. Electricity and Water Sector ranks 9th with(1.3%) percentage contribution, which isequivalent to 2.7 trillion dinars, thus recordingincrease rate of (8.5%) compared to theprevious year.Managing the trading sessionsIraq stock exchange organized (230) sessionson 2012 in weekly average five regular tradingsessions from Sunday to Thursday plusadditional trading times as follows:Clearing and settlementISX trading rules for transactions clearing andsettlement are as follows:1-Brokers must know numbers of shares for theseller before entered the orders in the systemT+0.2-Buyers must deposit the shares value inthe settlement bank before submitting hisorder. Operation department in ISX update theinformation for buyers based on the investoraccount shown in daily settlement bank report.ISX price index and trading shares price limits:1. ISX price index:By follow up ISX price index for trading sharesprice:-On 2010 ISX price index closed on (100, 98)points.CONTACT INFORMATIONContact Name Ms. Jimmy Afham Toma E-mail jimmy-afham@yahoo.com Website www.isx-iq.netPAGE 47

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013IRAQ STOCK EXCHANGE-On 2011 ISX price index closed on (103, 11)points at the end of 1st trading session, andon (136, 03) points at the end of last tradingsession.On 2012 ISX price index closed on (138, 18)points at the end of 1st trading session, and itchanged in so many directions, its minimumvalue was (113, 99) points on 11/7/2012 tradingsession and its maximum was (138, 18) on3/1/2012 trading session.ISX price index finished its actions on25/12/2012 closed session 125.02 points.The most important factors that affect ISX priceindex value are:A. Capital increases of listed companies were(638.410) billion shares feature (638.410) billionID. which is the largest IPO volume since themarket opening in 2004.B. Increases in capital through reserves andprofits capitalization were (267.523) billionshares.The total number of new shares which werelisted after the capital increases, reserves,and profits capitalization were (905.033) billionshares.C. Activity of many investment portfolios todevelop distinguished investment portfolios andto increase the volume of the existing portfolios.D. Listed companies activityE. Many listed companies achieved a high levelgrowth to their activities and to the profitabilityindicators which reflected positively on sharesvalue.F. Iraqi, Arab and International economic andpolitical developments effected indirectly onIraqi and non-Iraqis investors and shareholdersdecisions.ISX index centesimal record is based onthe fluctuation of shares prices for 48 listedcompanies.2. shares price limits:1. Share price of new listed companies is openand does not follow any limit in the 1st tradingsession only.2. Up and down fluctuation of share prices mustnot exceed 10% of the last closing price.3. After capital increase, shares are returnedback to trading in ISX the entry price (EP) willbe fixed according to previous capital (CAP*),previous close price (CP), nominate price (NP)and the new capital (CAP1) and cash dividend(CD) to determine the limit of prices for the firsttrading session.EP=(CAP*CP + CAP*NP/ CAP1) - CDIraq Stock Plans 20131. Trading sessions: Organize (232) tradingsessions in average of five sessions weekly,and supervised and accurate trading dealingsaccording to the insiders rules and electronictrading instructions, and disclosure abouttransactions according to the effected ratios,special orders, financial solvency instructionsand any other global instructions approved byISC and ISX BOG.2. Reports and Publications: Issuing (232)end-of-session daily reports, weekly tradingreport, (12) monthly reports, Annual report andcompanies guide on ISX Website www.isx-iq.net in addition to publishing listed companiesfinancial statements.3. Media and News agencies: Publishes daily,weekly, and monthly reports through Iraqi/ Arabnews agencies continuously. Daily publishes oftickers on ISX and MUBASHER official websitesduring trading sessions which started onDecember, 2011. In addition to -End-of-sessionprices published by Bloomberg and ThomsonRouters starting from January, 2012.4. Electronic Systems: Electronic systemsdevelopment under the supervision of NASDAQOMX through X-Stream and in accordance withits advanced properties approved by ISX BOG.5. Trade Monitoring: Monitoring, surveillanceof trading limitations using Cap Formula T+0.Which is supposed to be changed to newclearing and settlement Cap Formula T+2instead of current formula T+0 after the ISCapproval of the Custodian Banks regulations,despite the issuance of ISC approval we havenot received any request to develop this service.6. Inspection and Surveillance: Inspectionplans for all brokerage firms to check files anddocuments integrity.7. Brokerage firms Subsidiaries: Electronictrading between ISX and AL-Rabee firmsubsidiaries in Erbil and Sulaymaniya has beenon a daily basis. To encourage and attractinvestment in ISX and in order to make thecompany’s public relations office in Istanbul/ Turkey a regional office of the firm afterobtaining ISC approval, this office is goingto work electronically in accordance with theregistration decision issued by Turkey.8. Listing Companies: Encouraging the nonlistedcompanies to be listed.9. Disseminating Awareness of Investment:Holding workshops to educate and encourageinvestment in ISX.10. Conferences: Represent ISX in relevantconferences locally and globally.11. Erbil Stock Exchange: To start the electronicconnectivity in accordance with the agreementthat have been updated on 17/12/2012, ISXprepared a detailed plan for the purpose oftraining ESX employees and brokers technicallyand administratively.12. ISX Will organize electronic trading through:A. Regular Market: as currently being onlisted companies shares, according to Listinginstructions No. (6) for 2010.B. 2nd Market (Non-Regular Market): Alsoknown as parallel market, will include listedcompanies whom non-compliant withinstructions No. (6) for 2010.These companies are are: AL-Hamraa forInsurance. AL-Khair for Financial Investment. AL-Ayaam for Financial Investment. AL-Ameen forFinancial Investment. Bain Alnahrin Investment.AL-Batek Investment. AL-Khaima for FinancialInvestment. AL-Ameen Estate Investment.Modern Chemical Industries. Kirkuk forProducing. AL-Ahlyia for Agricultural.All these companies will be transferred fromregular market to 2nd market because of thedecline in (number of tickets annually executed,trading volume, and number of trading daysbased on instructions No. (15) for 2011.Brokerage firmsCurrently there are a total of 46 licenses brokerswho are active on the ISX. Brokers are licensedand regulated by the ISC.Key Information ContactsIraq Association of Securities Dealers www.iasd-iq.orgIraq Central Bank www.cbiraq.orgPAGE 48

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013ISTANBUL GOLD EXCHANGEOsman SaracChairmanIstanbul Gold Exchange targets to stimulatelocal business and international attention withall other globally competitive enterprises whichwill provide Turkey to be a central hub for thegold business, due to its strategic position, asit lies in the heart of a major gold trade area,exposed to Middle East, Europe and GulfStates.For the integration of the Exchange to theinternational markets, there have beenimportant steps since 2007. In March 2008 wehave been an associate member to LondonBullion Market Association, by May 2008 wehave joined World Federation of DiamondBourses, by February 2010, we are honoredto be part of a large family with distinguishedmembers, FEAS as an affiliate member. TheExchange became a member of the KimberleyProcess Certification Scheme (KPCS), inAugust 2007, which aims to curb the flowof conflict diamonds, with 49 participantsworldwide.The Turkish gold jewelry market has undergonea major revival since the early 1990s with thetraditional and long-standing historical affinityfor gold jewelry adjusted for modern tastes.Turkey is now the world’s fourth largest marketfor gold jewelry, third largest manufacturingcentre and second biggest exporter.Istanbul Gold Exchange targets tostimulate local business and internationalattention with all other globally competitiveenterprises which will provide Turkey to bea central hub for the gold business.The annual gold export from Turkey reachedrecord levels in 2012. Due to the informationreceived from Turkish Statistical Institute, ithas reached US $ 16,3 billion, part of goldbars and other way of direct jewelry export toretailers, wholesalers abroad and sales to thetourists visiting Turkey last year. Due to TurkishExporters Assembly, direct jewellery exportreached to US $ 2,1 billion with a rise of 42%y-o-y. The rest of the export figures representsflow of gold bars from Turkey to other countrieswith an amount of US $ 14,2 billion with a rise of528% y-o-y (In 2011 bullion export figures wasUS $ 2,26 billion).As a first spot trading gold exchange in theworld. IGE was founded with the principlesemi-electronic system trading floor. By 2009.a new screen-based fully electronic tradingsystem has been launched with remoteaccess in order to provide investors 24 hourstrading. By August 2012, 24 hours internetbased electronic system was introduced to themarkets.Central Bank Statutory ReservesThe Central Bank of Turkey, has announced alegislation for the statutory reserves for gold.Year Gold SilverImport (ton) Transaction (ton) Import (ton) Transaction (ton)2002 128,9 143,06 139,1 216,732003 213,64 237,37 155,5 272,232004 250,93 280,81 209,5 3182005 269,48 328,75 207,9 362,822006 192,72 247,48 107,4 277,412007 230,79 328,38 93,37 320,882008 165,9 337,03 73,6 151,712009 37,59 226,63 5,59 382,672010 42,49 115,19 19,69 388,672011 79,97 227,05 41,8 408,082012 120,78 312,1 142,2 437,2Gold FiguresThe annual gold import of Turkey in 2012 wasestimated at US $ 8,2 billion due to TurkishStatistical Institute, partially from gold bars andother way of direct jewelry import to retailers.Istanbul Gold Exchange members have realizedas 120,8 tons of import with the amount of US$ 6,1 billion in the Exchange with a rise of 41,1tons from 2011 which represented a rise of 51%y-o-y. The gold trading volume reached 312,1tons with the amount of US $ 15,9 billion by2012 with a rise of 85,1 tons from 2011 whichrepresented a rise of 37% y-o-y.The annual silver import of Turkey in 2012through Istanbul Gold Exchange memberswas 142,2 tons with the amount of US $ 141,7million with a rise of 100,1 tons from 2011 whichrepresented a rise of 237% y-o-y. The silvertrading volume reached 437,2 tons with theamount of US $ 435 million by 2012, with a rise29,1 tons from 2011 which represented a riseof 7% y-o-y.By the increase of gold prices since 2007huge amount of gold came to the market asscrap and Turkey turned to be an exporter ofgold in the market. The supply of scrap goldto the market continued in 2012 and an annualamount of 80-90 tons of gold was supplied tothe market.In 2012 the gold demand by consumersthrough banking system saw high increases.By the recent years there is a raise of individualand corporate demand in gold and silver asinvestment and mutual funds and gold depositstool in banking system as well as jewelry sector.Istanbul Gold Exchange is having a role ofsafeguard for gold funds and gold ETF whichis listed in ISE. At the end of 2010 there werearound 6.000 kilos of gold kept in the Exchangeon the name of the 24 funds. At the end of2011 the number of funds and the amount ofgold kept in the Exchange vault rose also. Byend of 2012, 10.637 kg of gold belonging to2 Gold ETF, 47 Mutual funds were kept in theExchange Vault.Due to the legislation banks have to presentsome percentage of their gold deposits (9-11%) to Central bank accounts and optionallythey may hold some percentage of their TLor forex deposits statutory reserves in gold.By November 2012, there is about US $ 9,1billion gold deposits in banking system whichrepresents around 180 tons of gold. The totalgold held by Central Bank as gold and otherassets’ statutory reserves is totaled around 240tons which is mostly kept in Bank of England.By December 2012, Central Bank, statutoryreserves of the banks started on schedule tobe kept in IGE under the account of TR CentralBank. By December 2012, 547,56 kg of goldhas been kept under the account of CentralBank in IGE vault.PAGE 49

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013ISTANBUL GOLD EXCHANGEGENERAL INFORMATIONIstanbul Gold Exchange is a state institutionwhich has an autonomous system. for preciousmetals trading in organized market conditionswith time and price priority. Gold prices onthe Istanbul Gold Exchange are determinedby the market. generally reflecting trends ininternational prices. Members of Istanbul GoldExchange are authorized to import gold toTurkey.Services Provided• Spot gold. Silver, platinum and palladiumtrading.• Diamond and Precious Stones Market,• Precious Metals Lending Markettransactions.• Physical settlement of the transactions.• Depository for the precious metals belongingto mutual funds and gold ETF in Turkey.• Depository for individual investors.• Authority for Kimberley Process CertificationScheme for rough diamonds in Turkey.• Determination of local and internationalPrecious Metals Refineries whose productscan be imported to Turkey and be transactedin the Exchange.Brief HistoryIstanbul Gold Exchange began its operationson July 26. 1995. The Exchange has two typesof markets: Precious Metals Market. PreciousMetal Lending Market. In markets. standardand non-standard gold. silver and platinum aretraded.Spot gold trading started at the opening of theExchange. Silver and non standard preciousmetals started to trade in 1999. Precious MetalsLending Market started its operations in IstanbulGold Exchange on March 24. 2000 for thepurpose of bringing supply and demand into anorganized market. lowering the production costsof the jewellery sector and securitization of gold.By end of December 2012 the market has 9members, consisting of 8 banks and 1 preciousmetals company.The regulation of Diamond and Precious StonesMarket Regulation was published on 15th ofMarch 2011by Secretariat of Treasury and themarket was opened on 4 April 2011. By the endof 2011. By end of 2012, the market has 122members consisting of 54 Exchange membersand 68 Jewelers.Domestic or foreign banks. precious metalscompanies. currency offices. precious metalsproducing and marketing companies andprecious metals refineries that obtainedthe membership certificate from the Under-Secretariat of Turkish Treasury and compliedwith the requirements set forth by the IGEBoard of Directors can trade on the Exchange.There are 85 members consisting of 22 banks,36 Exchange Offices, 17 Precious MetalsBrokerage Houses and 10 Precious Metalsproducing and marketing companies.Form of Settlement and TransfersThrough member accounts by Clearing Centerand IMKB Takas ve Saklama Bankası A.Ş. incorporation with a bank for cash settlements.Legal StatusState InstitutionSettlement PeriodFrom T+0 up to T+15Regulated by• State Ministry• Undersecretariat of TreasuryBoard of Directors: 5 Members• President of the Exchange• Vakifbank T.A.O (Bank)• Atasay Kiymetli Madenler A.S. (PreciousMetals Brokerage House)• Istanbul Altin Rafinerisi A.S. (Precious MetalsRefinery)• Kuveyt Türk Katılım Bankası A.S. (Bank)Memberships to International Organizations• London Bullion Market Association (LBMA)• World Federation of Diamond Bourses(WFDB)• Federation of Euro-Asian Stock Exchanges(FEAS)FUTURE OUTLOOKIn 2013 IGE intends to:• As a part of the Turkish Financial CenterProject, to merge with ISE and Turkdex underthe name of Borsa Istanbul.• Establish the customer based orderingtrading system and mobile trading system• Establishment and implementation of BaseMetals Market in Borsa Istanbul.• Establishment and implementation ofCarbon Rights and Licenses Market in theExchange.CONTACT INFORMATIONContact Name Y. Oguzhan Aloglu E-mail oguzhan.aloglu@iab.gov.tr Website www.iab.gov.tr* Please refer to page 51 for the Turkey country report.PAGE 50

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013İSTANBUL MENKUL KIYMETLER BORSASI2012 has been a year of transformation forİMKB.İbrahim TurhanChairman & CEOBeginning of year 2012 marked the launchof a new roadmap for İstanbul MenkulKıymetler Borsası (İMKB) to ensure improvedperformance of capital markets in line withthe fine performance exhibited recently byTurkish economy. The most significant part ofthis roadmap entails transformation of İMKBfrom a mutual public entity into a profit-makingcompany in harmony with the trends observedin the global arena over the last years.The new Capital Markets Law, which enteredinto effect on December 30, 2012, is theforemost factor to contribute to İMKB’sstructural change. The new legislation launcheddemutualization process, as well as integrationwith İstanbul Gold Exchange and TurkishDerivatives Exchange, which will bear fruit in2013.With its US$ 309 billion market capitalizationas of end 2012, İMKB has also set a goalto increase the depth of the market and toaugment the amount of funds channeledto Turkish economy. Turkey’s current GDP,approximately US$ 770 billion, is expectedto double by the year 2023 (the centennialanniversary of the Turkish Republic) and İMKBplans to reach a market capitalization around50 to 60 percent relative to GDP in line withglobal average.Product range has been diversified in 2012.Equity Repo Market and Futures and OptionsMarket were launched. In addition to SingleStock Futures and Options, SovereignSukuk trading has commenced. Technicalinfrastructure of Equity Market Trading Systemwas improved, resulting in better marketefficiency. Closing session was introduced asan important factor for efficient price formation.Investor-based surveillance system came intoeffect, which is highly instrumental in ensuringthe realization of trades in an open, orderly andfair manner and fighting market abuse.The IPO Campaign maintained its momentumand 26 companies went public in addition to235 corporate debt issuing in 2012. InvestorAwareness Campaign activities were initiatedand carried out throughout the year to increasefinancial literacy and raise awareness aboutcapital markets.Another major component of the Exchange’sstrategy has been the focus on internationalcooperation. In line with its pivotal role inİstanbul Financial Center project, İMKBembarked on an extensive internationalreach out to establish and strengthen tieswith exchanges in the region and globally.Cooperation agreements have been signedwith exchanges of eight different countries.These agreements envisage fosteringcollaboration between exchanges, as wellas sharing of knowledge, information andbest practices. İMKB also initiated strategicpartnerships on connectivity with EgyptianExchange and on cross listing of ETFs withJapanese and Korean exchanges. Furthermore,İMKB and NYSE Liffe agreed on the launch offutures and options contracts based on selectstocks from İMKB 30 Index.All in all, focusing on the long-term results,nurturing the marketplace, diversifying itsportfolio, facilitating innovation, and reachingout for international collaboration İMKB isattempting to transform itself into a more agile,efficient and effective exchange. On its way tobecoming Borsa İstanbul, İMKB is committed toachieving its goals and creating higher value forall stakeholders.HISTORY AND DEVELOPMENTIn 1981, Capital Market Law was enacted andone year later, Capital Markets Board wasestablished. İMKB, formally inaugurated in 1985,has an origin going back to early 1870s. As animportant milestone, new Capital Markets Law,promulgated in 2012, brought many changesto Turkish capital markets, including theestablishment of Borsa Istanbul.İMKB provides a fair and transparentmarketplace for trading of a wide variety ofsecurities from equities, exchange tradedfunds, warrants to government bonds, treasurybills, corporate debt securities, money marketinstruments (repo/reverse repo), derivativesand foreign securities. Currently, there are sixmarkets operating at İMKB: Equity Market, DebtSecurities Market, Foreign Securities Market,Emerging Companies Market, Free TradePlatform and Futures and Options Market.İMKB was recognized as a “DesignatedOffshore Securities Market” by U.S. Securitiesand Exchange Commission in 1993, andwas designated as an “appropriate foreigninvestment market for private and institutionalJapanese investors” by Japan Securities DealersAssociation in 1995. İMKB has been approvedby the Austrian Ministry of Finance as a regulatedmarket in accordance with the regulations ofAustrian Investment Fund Act in 2000. Foreigninvestors now account for a substantial volumeof daily trading and hold around 65% of thepublicly-held stocks in their portfolios amountingto US$ 78 billion, as of end-2012.İMKB currently owns 32.63% of İMKB Settlementand Custody Bank, 30% of the Central RegistryAgency, 18% of the Turkish DerivativesExchange and 10% of Capital Market Licensingand Training Agency of Turkey. On theinternational level, İMKB has participations in theKyrgyz Stock Exchange, Baku Stock Exchangeand Sarajevo Stock Exchange with stakes of24.51%, 5.26% and 5% respectively.FUTURE OUTLOOK• İMKB is steering a joint initiative for creatingan order routing platform to serve as asingle access point from and to local aswell as regional exchanges. This platformwill consolidate the liquidity of local andregional markets and as a consequence,contribute to the global recognition of thelocal securities industry.• İMKB is planning to integrate the submarketsof Equity Market, which are namelyNational, Second National, InstitutionalProducts and Watchlist market.• İMKB will finalize FixAPI, FIX Protocol basedorder routing infrastructure, in 2013.• Recent regulatory change regarding pensionsystem is expected to cultivate investor baseand assets under management.• Regarding public disclosure İMKB willadapt itself to the new legal environment.Actual cooperation with Central SecuritiesDepository (MKK) in Public DisclosurePlatform will be furthered.• Endeavors continue to create electronicsession to facilitate more effective tradingin different geographical locations andeliminating the effect of time difference.CAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKTurkish economy, while being influenced byexternal factors such as global financial crises,continues to grow steadily and the averagegrowth rate for the last decade was aroundfive percent. In 2012, export figures were verypositive for Turkish economy. In 2013, similarrole is expected from private consumption bythe triggering effects of falling interest rates.In addition, public sector consumption furtheradds to growth. Consumer credit expansion aswell as increase in business lending confirmsgrowth in consumption and investment.PAGE 51

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013İSTANBUL MENKUL KIYMETLER BORSASICAPITAL MARKET DEVELOPMENT AND ECONOMIC OUTLOOKFurthermore, capacity utilization rates havebeen elevated and the economy is operatingnear its potential.The annual inflation rate based on CPIdecreased from 10.45% to 6.16% in 2012 whileunemployment rate remained unaltered at 9.1%.Weighted average interest rates for TL depositwere 10.05% in the end of 2011 while in end-November 2012 it decreased to 9.46%.The visible improvements in Turkish economyhave also boosted foreign trade, while annualexports reached to 140 billion US$ in theperiod January-November 2012 with a 14.3%increase, imports reached to 217 billion US$with a decrease of 1.6% in comparison to thesame period of 2011. Similarly, tourism revenuewhich is an important source of foreign currencyfor Turkey was 17.3 billion US$ in the first threequarters of 2012 compared to 17.8 billion US$ inthe same period of 2011.In 2012, İMKB National 100 Index reached to2,561 (US$ based). The stock market yearlytotal traded value was 347.85 billion US$ andthe average daily traded value of equitiesamounted to 1.37 billion US$.At the end of 2012, the market capitalization of406 İMKB traded companies reached to 309billion US$. Sixteen ETFs (Exchange TradedFund) are traded on İMKB Collective ProductsMarket.The turnover in fixed income securitiestransacted on Outright Purchases and SalesMarket was 200 billion US$ in 2012. The Repo/Reverse Repo Market turnover was 2.07 trillionUS$ in the same period. The average dailytraded value in the overall Debt SecuritiesMarket increased by 55% to 15.07 billion US$in 2012.Twenty six companies offered their stocks for thefirst time to public in 2012. The amount of fundsraised through 26 IPOs was 352.14 million US$.* Information provided by İMKBAnnual Average GDP Growth (%), Top 20 Countries (Forecast in OECD countries, 2011-2014)6,05,05.305.164.654,03,02,03.66 3.633.343.032.80 2.73 2.62 2.512.32 2.22 2.211.871.68 1.64 1.53 1.48 1.361,00,0ChileTurkeyEstoniaMexicoSource: OECD Economic Outlook No: 92IsraelKoreaAustraliaSlovak RepublicPolandIcelandSwedenNorwayUnited StatesCanadaNew ZealandFinlandGermanySwitzerlandAustriaIrelandKey Information ContactsCapital Markets Board of Turkey www.cmb.gov.trİMKB Settlement and Custody Bank Inc. (Takasbank) www.takasbank.com.trMerkezi Kayıt Kuruluşu www.mkk.com.trThe Association of Capital Market Intermediary Institutions of Turkey www.tspakb.org.trThe Turkish Derivatives Exchange (TurkDEX) www.turkdex.org.trCONTACT INFORMATIONContact Name Mr. Mahmut Aydoğmuş E-mail international@borsaistanbul.com Website www.borsaistanbul.comPAGE 52

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013KARACHI STOCK EXCHANGEWe remain committed to enhancing our riskmanagement and surveillance measures.Nadeem NaqviManaging DirectorThe year 2010-2011 was full of challenges,economic growth managed to grow by 2.4%.Global economic conditions also affectedthe domestic economy. The global economyslow down further due to deep-seated eurozone sovereign debt crisis, fragile financialconditions, and intractable fiscal issues runningthrough other developed economies such asUSA and England. The downgrade in creditratings of many advanced economies hascomplicated the matters to raise debt finance.Despite being a slow year, the headline inflationaveraged at 13.7%, agriculture sector managedto overcome the floods and posted real growthof 1.2 percent, services sector on the otherhand supported the growth and shown thegrowth of 4.1 percent. Strong remittances andgradual monetary easing by the State Bankof Pakistan led to encouraging corporateperformance. The KSE 100 index declined by5.61 percent in 2011.It is also encouraging to note that fourcompanies raised equity capital ofRs.16,010.92 million and seven companieslisted their TFCs of Rs.16,254.8 million in 2011this signals a path to recovery in market activityfor the next year.To restore volumes and liquidity KSE launchedMargin Trading, Margin Financing andSecurities Lending and Borrowing products assome of the landmark initiatives. To enhanceRisk management measures at KSE theExchange in conjunction with the NationalClearing Company of Pakistan introducedan exposure drop-out facility for memberswho have met their settlement obligations,this will increase the capacity to trade and/ orreinvest in the market due to prompt marginrelease. Exchange also developed an onlinereporting system to facilitate Brokerage Housesin complying with SECP Rule pertaining tointimation to the Exchange regarding any fall inthe Net Capital Balance.Moving forward, we remain committedto enhancing our risk management andsurveillance measures to further increasetransparency and to ensure a level playing fieldfor all investors.HISTORY AND DEVELOPMENTThe KSE is the biggest and most liquidexchange amongst the three exchangesof Pakistan. It came into existence on 18September 1947. It was later converted andregistered as a company limited by guaranteeon 10 March 1949. Initially, only five companieswere listed with a paid-up capital of Rs. 37million (US$ 0.62 million).The year 2010-2011 was full of challenges,economic growth managed to grow by 2.4%.Global economic conditions also affected thedomestic economy. The global economy slowdown further due to deep-seated euro zonesovereign debt crisis, fragile financial conditions,and intractable fiscal issues running throughother developed economies such as USA andEngland. The downgrade in credit ratings ofmany advanced economies has complicatedthe matters to raise debt finance.The KSE 100 Index registered decline of5.6 percent and closed at 11347.66 points.As of Dec 31, 2011, ordinary shares of 638companies were listed having listed capital ofRs. 1,048.44 billion (US$ 11.67 billion) with themarket capitalization of Rs.2,945.78 billion (US$32.80 billion).In 1991 the secondary market was opened toforeign investors on an equal basis with localparticipants. This measure, along with a policyof privatization, has resulted in rapid growth ofthe market since 1991.ManagementThe KSE has an independent Board of Directors(10 directors) with representation from theMembers of the Exchange & from the CorporateCommunity. Five directors are elected fromamongst the 200 members of the Exchangeand four non member directors are nominatedby Regulator i.e., SECP, the Chairman is electedby Board from amongst non member Directorswhereas, Managing Director is ex-officiomember of the board.KSE is in process of demutualization, it ispresently a company limited by guarantee, willbe converted into a company limited by shares.Automation of the ExchangeKSE has a fully automated trading system withT+2 settlement system whereby all tradessettle on the second day after the trade. Internetbased trading system was also launched inDecember, 2004 to provide an additional facilityfor investors to enter their orders. KSE has alsolaunched a single exchange-traded market fortrading corporate bonds in Pakistan using BATS.KSE’s BATS provide live system based, onscreen electronic Trading Platform which offer,market participants a transparent and efficienttrading system features and facilities crucialfor the Debt market Securities Trading. KSEalso launched Stock Index Futures Contractand sector indices. This marks a momentousachievement for the KSEUnique Identification Number was introducedto provide a traceable link between everyorder entered at the trading system of theExchange. VaR based margining system wasalso introduced 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. KSE has alsoadopted the FIX protocol (Financial InformationExchange) for both trading and market data.The National Clearing & Settlement Companyand Central Depository System has alsobeen introduced. Transparency of the listedcompanies has been enhanced with theintroduction of quality audits, quarterly financialreports and timely dividend payouts. Corporategovernance is also now the part of the KSE’slisting regulation.FUTURE OUTLOOK 2012Introduction of New Products and NewMeasures:KSE plans to introduce new products into themarket, to further cater to the growing needs ofits investors and help develop Pakistan’s capitalmarkets. KSE will be introducing: ExchangeTraded Funds, new derivative products- options,etc, and Introduction of SME board.Corporatization and Demutualization of stockExchange:KSE is in process of demutualization, it ispresently a company limited by guarantee, willbe converted into a company limited by shares.PAGE 53

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013KARACHI STOCK EXCHANGECAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKThe macroeconomic landscape of the countrywas badly affected by devastating floodsin July 2010, which directly affected about20 million people, mostly by destruction ofproperty, livelihood and infrastructure; therebyinflicted significant damage to the fragileeconomy. ADB approved a US$ 650 millionloan to Pakistan which was used to rebuild thedamaged infrastructure. Shortage of power andgas, escalating utilities costs, high borrowingcost exacerbated the situation for Large ScaleManufacturing as well as Service sectors. Thefiscal position remained weak with poor revenuegeneration whilst expenditure escalated. RealGDP growth in the outgoing year was recordedat 2.4% as compared to 3.8% in the previousFiscal Year. Nevertheless, our economy hasshown strong capacity to overcome challengesoriginated from both internal and externaleconomic environment while struggling towardsachieving long term sustainable growth.PERFORMANCE OF THE MARKETThe market started in the FY 2010-11 withsome positive note as LSE-25 Index startingfrom 3092.70 points. The market and the Indexreached the lowest level of 2970.86 points ofthe period under review and closed at 3051.12points at the close of the financial year. Localinvestors remained jittery while seeking clarityon the modalities of Capital Gain Tax (CGT).Investment in capital market during the periodJuly-March 2010-11 by the foreign investorsdepicted a net inflow of US$ 301.5 million.Corporate profitability increased in year 2011but profitability concentrated in few largecompanies in the Energy, Telecom and Bankingsectors.During the period under review, seven Openend Funds were listed. Further, two companies,one TFC and one Participation Term Certificatewere in the pipeline of listings. Two Closed endFunds were converted into Open End Funds.Twelve securities were delisted out of whichthree companies merged with other companies,seven companies went into Winding Up byCourt Orders, one Open end Fund matured andfully redeemed and one Company was de-listedafter the buy-back the shares by the sponsors.Total companies listed at LSE were 496 ascompared to 510 companies in the previousyear. The total listed capital increased from Rs.842.596 billion (US$ 9.362 billion) to Rs. 888.190billion (US$ 9.868 billion) as on June 30, 2011.Similarly, the aggregate market capitalizationincreased from Rs. 2,622.928 billion (US$29.143 billion) to Rs. 3,166.044 billion (US$35.178 billion) as on June 30, 2011. Thevolumes of the Exchange shrunk considerablyi.e. by 66%. During the period under review,total share volume of regular market reducedto 1,124.762 million shares as compared toprevious FY figure of 3,362.668 million shares.Complementing the efforts of members andlisted companies in seeking to find betterlevels of optimum operational efficiency, LSEcontinued to identify areas of improvementas part of the Exchange’s present and futuredevelopment.Key Information ContactsGovernment of Pakistan www.pak.gov.pkMinistry of Finance www.finance.gov.pkPrivatization Commission www.privatisation.gov.pkState Bank of Pakistan www.sbp.org.pkSecurity and Exchange Commission of Pakistan www.secp.gov.pkCONTACT INFORMATIONContact Name Mr. Haroon Askari E-mail ha@kse.com.pk Website www.kse.com.pkPAGE 54

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013KAZAKHSTAN STOCK EXCHANGEKadyrzhan DamitovPresidentKASE has completed several main projectsin 2012 on its way to improvement anddevelopment of infrastructure, as well asthe expansion of local market.2012 has been a successful year forKazakhstan Stock Exchange in terms offulfillment of scheduled projects. Withinthe implementation and enacting mainprojects in 2012 KASE collaborated with itsmembers, issuers, investors through differentactivities and continues working actively onestablishment of bilateral and multilateralrelations with foreign exchanges, internationalassociations and financial institutions.Regarding the local projects of 2012, KASEworked on the alignment with the requirementsof the new Law on Risk Minimization, whichdefined amendments to the existing legislationaimed at the major objectives such as theincrease transparency of the stock exchangeissuers and members activity, protection therights and interests of investors, improvementof securities market infrastructure. Duringthe working process KASE had to change itsorganizational structure and internal normativebase. The reform process turned out to be quitelabor-intensive and affected all the divisions ofKASE. One of the main projects in alignmentwith the requirements of the new law on riskminimization is a new monitoring system ofKASE members - their financial strength andsolvency are under continuous control. Thereis a big volume of open data necessary forinvestors seeking a partner on Kazakhstan’sfinancial market on KASE website.Following the announcement by theKazakhstani President in September 2011the Government of Kazakhstan approved theProgram aimed at partial privatization of theSovereign Welfare Fund’s “Samruk-Kazyna”subsidiary blue-chip companies on KASE toenable Kazakhstani citizens to buy shares.The first IPO within the program was launchedin November 2012 with KazTransOil (an oiltransportation and pipelines company) as thefirst company to go public.With the announcement of the program theamount of retail investors’ accounts increasedfive times and it keeps growing very rapidly.Over 34 thousand retail investors and 10accumulative pension funds of Kazakhstan tookpart in the subscription to shares organized byfinancial advisors and KASE. The combineddemand for those shares exceeded the supplymore than twice.Upon completion of the subscription toKazTransOil KASE successfully accomplishedits role as trade organizer in the first stageof the nationwide program “People’s IPO”.The secondary market trading of KazTransOilshares on KASE remains active. Since thesecondary market trading was launched onDecember 25, 2012 to the end of 2012 thetrading volume has exceeded US$19 m,which is a very significant trading volume forKazakhstani equities. As of the end of 2012 theprice of KazTransOil shares increased by morethan 14% followed by an insignificant decreaseof 2% in January and February of 2013.KASE’s primary role aside from participationin working groups on the IPO process isbook-running. For this reason, the exchangedeveloped a special module in the TradingSystem to collect applications from the marketparticipants, consolidate, process, generatereports and execute other functions relatedto performing the subscription. KASE alsoacknowledged that sudden significant increasein number of investors on the market andtrading activity may require additional capacityfor the existing trading system and introducedchanges to increase its capacity by 20-30%.Last year KASE worked on introduction ofnew derivative products launching futures onmost liquid shares. In addition, KASE receiveda license for clearing operations allowingit to clear deals on the exchange market.Elaboration of the Remote Access and DMAconcepts, as well as development of the T+3settlement cycle project realization scheme alsotook place in 2012.All the above-mentioned local projectsrequired development of the IT systemsincluding upgrade of the trading system andintroduction of new modules and programs.IS2IN - an electronic system for exchangeof electronic documents and provision ofinformation about issuer to the investor wasestablished, along with the new trading method“Subscription” introduced especially for thePeople’s IPO program. There were additionalIT-developments related to DMA and Remoteaccess introduction.Concerning the overall stock market indicators,following a drop of KASE index in 2012 byabout 12.3% due to adverse conjuncture in theface of continuing instability on global markets,as well as by some issues in Kazakhstani banksector and the harsh drop of one of the leadingcompanies share price, in the beginning of2013 KASE index has increased by 12-15%mainly due to increase in price of newly listedsecurities (KazTransOil and KCell) that becamea part of the index due to their high liquidity.KASE is one of the key players in the capitalmarket development process. Aside from thefact that the stock exchange plays an importantpolicy role in defining listing and compliancestandards for companies that wish to gopublic, the performance of a national stockexchange often taken as a proxy for the healthof a nation’s economy. Thus, improvement ofKASE performance and enhancement of itsself-regulatory functions is an important policygoal focused at strengthening key partnersand uniting efforts in favor of the capital marketdevelopment.We continue to collaborate with internationaland internal financial institutions to improveKASE infrastructure and participate in globaleconomic events to gradually gain worldwiderecognition. In 2012 KASE signed an agreementwith Wiener Boerse AG on joint calculation andpromotion of Kazakhstani securities marketindicators. One of the important projectsplanned for 2013 is full membership at theWorld Federation of Exchanges. KASE hasalready submitted the letter of intent, which wasreviewed by WFE Board of Directors, and ispreparing for successful implementation of theWFE accession procedure.PAGE 55

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013KAZAKHSTAN STOCK EXCHANGEHISTORY AND DEVELOPMENTOne of the major events last year was thefirst IPO that took place in the framework ofthe “People’s IPO”. This initiative is aimed toprivatization through IPOs on KASE of 5-15%of the first rate companies that belong to the“Sovereign Wealth Fund “Samruk-Kazyna”.Among companies considered for IPOsare national conglomerates with a proventrack record of progress and stability. Asone of the major participants of this projectimplementation KASE prioritized its mediumandlong-term plans to successfully support andimplementation of these IPOs.Thanks to the efforts of all program participants,the first People’s IPO of KazTransOil (oiltransportation and pipelines company) tookplace in November 2012. The order book wasopen on November 6, 2012 for one month.More than 34 000 individuals and 10 pensionfunds subscribed. The demand was more thantwo times higher than supply and amounted to59.4 billion Tenge (ca. 400 m US$). Individualsinvested in the amount of 22 billion Tenge (147million US$).Right after the KazTransOil IPO a private mobileconnection provider KCell had an IPO onKASE with a dual listing on LSEG. Placementof the ordinary shares of KCell on KASE viasubscription and special trades attracted 7.5billion Tenge (50 million US$) totaling to 9.44%of the total issue.Another significant event was successfulplacement of the Islamic securities on KASEimplemented in August, 2012 by KazakhstanDevelopment Bank “Sukuk Al-Mubarakha” forthe amount of 240 m Malaysian Ringgits (ca.77.7 m US$) with the annual interest rate of5.50% within 5 years of maturity period. 62%of the issue was distributed among Malaysianinvestors and 38% was offered to Kazakhstaniinvestors on KASE.Within the framework of FEAS bi-lateralexchange program KASE had an opportunity tovisit Bulgarian Stock Exchange in February 2012and thanks to the hospitality of the Bulgariancolleagues get acquainted with the stockexchange operations and the current statusof Bulgarian financial market. In addition, in2012 KASE continued its cooperation with theOrganization for Economic Cooperation andDevelopment (OECD) on corporate governanceimprovement in Eurasian capital markets.Finally, KASE signed a contract with WienerBoerse AG aimed at calculation and promotionof KASE indexes. A tradable index KTX Localwas launched on January 29, 2013 with thefollowing most liquid shares selected byconsidering the monthly trading value and thenumber of active trading days:CompanyWeightingENRC 20.18%KAZMUNAIGAS EP 19.82%KAZAKHMYS 19.52%HALYK SAVINGS BANK 14.05%KCELL 12.31%KAZTRANSOIL 6.56%KAZAKHTELECOM 6.04%KAZKOMMERTSBANK 1.52%FUTURE OUTLOOKFollowing successful implementation of someof the major projects in 2012, during 2013 KASEis planning to fulfill the remaining projects thatwere planned in the framework of 2011-2013Development Strategy of the stock exchange.One of the important projects planned for 2013is full membership at the World Federationof Exchanges. KASE has already submittedthe letter of intent, which was reviewed byWFE Board of Directors, and is preparingfor successful implementation of the WFEaccession procedure.During the course of 2013-2015 KASE isexpecting new IPOs that will take place withinthe framework of the People’s IPO program.Implementation of this program will enableKASE to offer additional attractive instrumentsfor secondary market trading by local andforeign market participants and enhance theliquidity of Kazakhstani capital market.KASE is planning to continue upgradingexisting trading and post-trading systemsaimed at creation of technical framework forintroduction of new instruments and ensuringeasy and efficient access to the market. KASEis committed to development of our market’s ITinfrastructureboth in a short-term and in a longtermprospective to ensure compliance withlocal and international investors’ requirements.CONTACT INFORMATIONContact Name Ms. Amina Turgulova E-mail amina@kase.kz Website www.kase.kzPAGE 56

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013KAZAKHSTAN STOCK EXCHANGECAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKDevelopment of the Kazakhstani securitiesmarket is one of the major objectives of thegovernment of the Republic of Kazakhstan,which recognizes the importance ofdeveloped capital market and its impact onoverall economic growth of the country andon ensuring financial stability, improvingfinancial sector sustainability and encouraginginvestment inflows.As a result of changes in legislation startingfrom the January 1, 2013 the IntegratedSecurities Registrar was created. The IntegratedSecurities Registrar is mainly aimed to minimizerisks of the issuers as well as rights of securitiesholders. The Integrated Securities Registrarallows the regulator to maintain the controlfunction more effectively.Currently the idea to unite the existing pensionfunds into one integrated pension fund underthe government of the Republic of Kazakhstanis being discussed. Pension funds consolidationwill reduce operational costs associated withthe registration and storage of pension assets,administrative expenses and branch network.Establishment of the Customs Union betweenKazakhstan, Russia and Belarus three yearsago has marked a major change in the path ofregional integration with important implicationsfor Kazakhstan. The ultimate goal is the creationof a Eurasian Union preceded by establishedin July 2012 Common Economic Space forthe market of 170 million people. Kazakhstanis also pursuing accession to the World TradeOrganization (WTO) which is planned for 2013.Economic Performance2012 was a quite positive year for Kazakhstanin terms of economic performance. TheGDP growth made up 5.0% in 2012.. Theunemployment rate has decreased to 5.3%.Net international reserves amounted to US$27.7 bn. National Fund assets have increased.The inflation rate made up 6.1% in comparisonwith the previous year. Current account surplusamounts to US$ 7.8 bn.Kazakhstan is number one in terms of foreigncurrency rating among CIS countries standingclose to Thailand, Ireland and South Africa. InNovember, 2012 Fitch also increased the ratingsof the Republic of Kazakhstan: the long-termratings of obligations in foreign currency from“BBB-” to “BBB”, those in the national currency- from “BBB” to “BBB+”, the outlook on theratings is “positive”.Key Information ContactsMinistry of Finance of the Republic of Kazakhstan www.minfin.kzNational Bank of Kazakhstan www.nationalbank.kzCommittees of the National Bank of the Republic of Kazakhstan for Financial Market and Financial Organizations Regulation and Supervision www.afn.kzFinancial Institutions’ Association of Kazakhstan www.afk.kz/eng/Central Securities Depository www.csd.kzPAGE 57

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013KYRGYZ STOCK EXCHANGEIn 2009 trading volume of the KyrgyzStock Exchange has decreased 29.4% incomparison with 2008.Kumushbek ShamkanovPresidentIn 2009 trading volume of the Kyrgyz StockExchange (KSE) has decreased by 29.4% incomparison with 2008 and the volume totaled2,95 billion KG Som (about US$ 66 million). Thetotal quantity of the transactions has decreased by72.8% represented by 926 transactions.In listing sector trading volume has increased on41.3% in comparison with 2008 and totaled 842.8million KG Som (about US$ 19,1 million).In non listing sector trading volume has decreasedby 41,2% in comparison with 2008 and totaled 2,1billion KG Som (about US$ 46.9 million).Trading volume of primary market totaled 1,52billion KG Som (about US$ 34,7 million), incomparison with volume of 2008 it has increasedby 69,0%.Trading volume of secondary market totaled1.43 billion KG Som (about US$ 31,3 million), incomparison with volume of 2008 it has decreasedby 56,6%.HISTORY AND DEVELOPMENTThe KSE was founded in 1994. The official openingand the first trade in stocks took place in May 1995,while the privatization process was in full swing inour country.At the initial stage of its existence and up until 2000,the KSE had functioned as a non-profit organizationwith a total membership of 16. In May 2000 theKSE was transformed into a joint-stock company;simultaneously we acquired one of the largestshareholders and a reliable partner the IstanbulStock Exchange, which has actively assisted us inimproving our activities. In 2001 the KazakhstanStock Exchange became a shareholder allowingthe KSE to significantly increase its technicalsoftware potential. At present the KSE is aclosed-type non-profit joint-stock company with 17shareholders.A significant contribution has been made by the USAgency on International Development (USAID) forthe sake of our continued development. Thanks tothe USAID, the KSE has obtained powerful financialsupport that has allowed our Exchange becomeindependent.FUTURE OUTLOOKPriorities for the KSE in 2010 are:• Transfer of government treasury bills’ circulationof the trade area of KSE• Circulation of securities of «blue chips»• Development of corporate equity market andcapital formation by domestic companies• Development of listing and market making• Development of municipal equity market• Integration with the cross markets andinternational exchanges.CAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKEconomic performanceEconomic downturns in Kazakhstan and theRussian Federation (the major economicpartners) and the country’s power shortfallstook economic performance in 2009 downto 2.3% from 8.4% in 2008. Their difficultieshit the economy through reductions in threechannels: remittances from migrant workers(which constituted around 20% of GDP in2008); inflows of foreign direct investment; anddemand for exports.GDP growth was driven mainly by a robustperformance of agriculture (due to favorableweather conditions), which grew by 7.3%.Construction increased by 6.3%, after a 10.8%contraction the prior year, a rebound primarilydue to activity in the hydropower generationand mining subsectors, rehabilitation andconstruction of roads, and residential building.However, industry overall declined by 3.4%because of reduced output in the textile andsewing industry, transport equipment, electricenergy, and gas and water distribution. Goldproduction also declined.PAGE 58

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013KYRGYZ STOCK EXCHANGEThe government forecasts its budget deficit at5.1% of GDP in 2010. The widening deficit is aresult of the increased budgetary allocations forthe development budget (mainly infrastructureprojects), monetization of benefits, higherpensions, and increased compensation tovulnerable groups (to offset an increase inelectricity and heating tariffs). The National Bankof the Kyrgyz Republic (NBKR) followed anexpansionary monetary policy. It reduced banks’reserve requirement from 10% at the start ofthe year to 9.5% from June; and lowered thediscount rate from 14.4% in January to a recordlow 0.9% at year-end. Although the commercialbanks’ lending rate remained almost unchanged(at about 20%), credit to the private sectorsurged by 46.5%. For the year, money supplyrose by 20.4%, carried by increased net foreignassets (reflecting the budget assistance) andthe expanded credit to the private sector.Among financial reforms, a deposit insurancescheme was launched in April 2009, coveringdeposits up to Som100,000 ($2,290). All banksare required to participate. A new law underwhich agricultural land can be used as collateralfor loan receipts was adopted on 29 June2009. In the energy sector, the governmentbelieves that the new tariff will bring the sectorto cost-recovery levels and attract privateinvestment. It has no plans for any further tariffincreases this year. The PRC made a preliminaryagreement to grant a $342 million loan for apower transmission line, which would help thecountry ensure energy security. Construction isexpected to start in 2011 and finish 2 years later.In October 2009, the country embarked ona government sector reform under which thenumber of ministries and agencies has beenreduced. The reform also envisages cutting thenumber of government employees by 30% andaims to streamline the work of government andcut other costs.Economic prospectsGDP is projected to grow at 5.5% and 6.0% in2010 and 2011, respectively. The expansionis mainly due to the expected recovery ofKazakhstan and the Russian Federation,boosting demand for exports, foreign directinvestment inflows, and migrants’ remittances—the last of which will directly bolster privateconsumption. Foreign-financed hydropowerprojects should carry on underpinningstrong construction growth, but until all thoseprojects are brought into commission (thefirst is scheduled for May), power shortfallswill continue to hamper manufacturing. Thegovernment will also provide impetus to growthas it is planning to raise spending on wagesand pensions and on infrastructure, the latterwith financing assistance from developmentpartners.The expected increase in global food and oilprices will exert upward pressure on prices,though the contracted import price for naturalgas will fall by about 10%, as will strongerworkers’ remittances. These forces will pushup inflation in 2010 and 2011, to 8.5% and9.0%, respectively. Given the large import sharein the consumer basket, the NBKR will usethe exchange rate to mitigate inflation. Creditgrowth will remain subject to the bottlenecksthat face Kazakh banks (which account for halfthe banking sector) in supplying capital to theirsubsidiaries in this country. However, increasedforeign exchange inflows may allow the NBKR toadopt an accommodative credit policy.Information obtained from the Exchange.Key Information ContactsNational Bank of the Kyrgyz Republic www.nbkr.kgMinistry of Finance www.minfin.kgThe Service of Supervision and Regulations of Financial Market of Kyrgyz Republic www.nsc.kgMinistry of Foreign Trade and Industry of the Kyrgyz Republic www.mvtp.kgCONTACT INFORMATIONContact Name Mr. Kumushbek Shamkanov E-mail kse@kse.kg Website www.kse.kgPAGE 59

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013LAHORE STOCK EXCHANGEAftab AhmadCEO/Managing DirectorOur economy has shown strong capacityto overcome challenges originated fromboth internal and external economicenvironment.ECONOMIC OVERVIEWThe macroeconomic landscape of the countrywas badly affected by devastating floodsin July 2010, which directly affected about20 million people, mostly by destruction ofproperty, livelihood and infrastructure; therebyinflicted significant damage to the fragileeconomy. ADB approved a US$ 650 millionloan to Pakistan which was used to rebuildthe damaged infrastructure. Shortage ofpower and gas, escalating utilities costs, highborrowing cost exacerbated the situation forLarge Scale Manufacturing as well as Servicesectors. The fiscal position remained weak withpoor revenue generation whilst expenditureescalated. Real GDP growth in the outgoingyear was recorded at 2.4% as compared to3.8% in the previous Fiscal Year. Nevertheless,our economy has shown strong capacity toovercome challenges originated from bothinternal and external economic environmentwhile struggling towards achieving long termsustainable growth.PERFORMANCE OF THE MARKETThe market started in the FY 2010-11 withsome positive note as LSE-25 Index startingfrom 3092.70 points. The market and the Indexreached the lowest level of 2970.86 points ofthe period under review and closed at 3051.12points at the close of the financial year. Localinvestors remained jittery while seeking clarityon the modalities of Capital Gain Tax (CGT).Investment in capital market during the periodJuly-March 2010-11 by the foreign investorsdepicted a net inflow of US$ 301.5 million.Corporate profitability increased in year 2011but profitability concentrated in few largecompanies in the Energy, Telecom and Bankingsectors.During the period under review, seven Openend Funds were listed. Further, two companies,one TFC and one Participation Term Certificatewere in the pipeline of listings. Two Closed endFunds were converted into Open End Funds.Twelve securities were delisted out of whichthree companies merged with other companies,seven companies went into Winding Up byCourt Orders, one Open end Fund matured andfully redeemed and one Company was de-listedafter the buy-back the shares by the sponsors.Total companies listed at LSE were 496 ascompared to 510 companies in the previousyear. The total listed capital increased fromRs. 842.596 billion (US$ 9.362 billion) to Rs.888.190 billion (US$ 9.868 billion) as on June30, 2011. Similarly, the aggregate marketcapitalization increased from Rs. 2,622.928billion (US$ 29.143 billion) to Rs. 3,166.044billion (US$ 35.178 billion) as on June 30,2011. The volumes of the Exchange shrunkconsiderably i.e. by 66%. During the periodunder review, total share volume of regularmarket reduced to 1,124.762 million shares ascompared to previous FY figure of 3,362.668million shares.Complementing the efforts of members andlisted companies in seeking to find betterlevels of optimum operational efficiency, LSEcontinued to identify areas of improvementas part of the Exchange’s present and futuredevelopment.PAGE 60

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013LAHORE STOCK EXCHANGEHISTORY AND DEVELOPMENTLahore Stock Exchange, established inOctober 1970, is a fast emerging market in thecountry. Currently, it is considered as secondlargest stock exchange with a market shareof around 12-15% in terms of daily tradedvolumes, however, the way it is catching up onthe back of enormous economic growth in theprovincial capital the outlook of Lahore StockExchange giving a signal of gaining positionof tilting balance in its favor. Currently, LSEhas 506 companies, spanning 37 sectors ofthe economy, that are listed on the Exchangewith total listed capital of Rs. 845 billion havingmarket capitalization of Rs. 2.7 trillion as ofdate. We have 152 members of whom 113 arecorporate and 39 are individual members.An overview of the measures that have takenplace at LSE over the past few years as partof its ongoing development plans and reformsportrays a number of significant initiatives takento improve the regulatory regime and the tradingenvironment for the benefit of InstitutionalInvestors as well as listed companies.FUTURE OUTLOOK• Corporatization and Demutualization of theExchange.• Setting up a Disaster Recovery site at aninternationally certified data center.• Web based Trading Portal.• Advanced Trading Terminal with integratedmarket intelligence.• Introduction of Market Makers to improveliquidity and increase market depth.• Launching of continuous trading session“After-Hours Trading”.• Introduction of Multi Trades AccessSystem for order routing through gatewayconnectivity.• To enhance participation of FinancialInstitution, Mutual Funds and ForeignInvestors.• Launching new products like Options, StockIndex Futures, Dividend Futures, and CallWarrants.• To achieve target to improve & developinternal software and technology at theinternational standard.• Launching of Mobile Trading.• Listing of global stock markets Indices at theExchange.• To establish & Implement trading platformfor the Exchange Companies, Agri-Commodities.• To promote Financial Literacy Initiative -Campus Outreach Program.• To put Investor Relations in to practice.CONTACT INFORMATIONContact Name Mr. Farid Malik E-mail farid.malik@lse.com.pk Website www.lahorestock.com* Please refer to page 54 for the Pakistan country report.PAGE 61

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MACEDONIAN STOCK EXCHANGEIn 2012, market capitalization of the 32listed companies was around 421 millioneuros.Ivan SterievCEOIn 2012 the trend of negative movements ofthe key stock market indicators continued atMSE. During this year 14,905 transactionswere executed compared to 23,426 in 2011.The market in 2012 was significantly reducedif we consider the total turnover (around 91million Euros) which represents a decreaseof 59% compared to 2011. However, the factthat there were no big block trades executedin 2012 (unlike the two block trades withSkopje brewery in the amount of almost 80million Euros in 2011), should be taken intoconsideration. Therefore, by adjusting theturnover in 2011 (i.e. the value of these blocktrades to be excluded), reduction of turnoverin 2012 amounted to more objective 36%. Theaverage daily turnover was around 370,000Euros. The turnover through the MSE electronictrading system - BEST, which is the mostrelevant indicator of the market activity, wasaround 20% lower compared with 2011. Marketcapitalization of the 32 listed companies wasaround 421 million euros i.e. decreased by 5%YTD and represents 5,4% of GDP. The mainstock index MBI10 annually decreased by 12%and recorded value of 1731.18 points. Foreigninvestors accounted 11,6% of the total annualturnover on the buying side, and 21% on theselling side.These figures demonstrate that the situationin the Macedonian securities market is stillcomplex, but also there is huge potential for regrowth.This conclusion comes from the currentlevel of turnover and market capitalization. Thecomparison of the turnover with shares throughthe BEST system in 2012 (25.2 million euros)with the turnover in 2007 (471.4 million euros)is self-explanatory. At the same time, the shareof market capitalization to GDP of just over5% and comparative analysis with marketsin many other countries show that there ishuge potential for growth - whether throughfuture price increases of the shares of listedcompanies, additional capitalization of currentlisted companies or new listings. Any positivecombination of increased turnover and/ormarket capitalization will result in improvementof the MSE turnover ratio as well.We expect that the performance of theMacedonian stock market in 2013 will be ata similar level as in 2012, i.e. it is expectedto operate in not very easily predictable andquite complex economic environment. What iscertain is that starting from 2013 the working ofthe MSE will be positively affected by regulatorychanges related to new process of mandatorylisting of certain group of Macedonian jointstock companies and newly introduced taxholidays on capital gains for the next threeyears.HISTORY AND DEVELOPMENTThe Macedonian Stock Exchange was foundedon September 13, 1995 and commencedtrading on March 28, 1996, as a centralmarketplace for trading in securities and thefirst organized stock exchange in the historyof the Republic of Macedonia. Its mission isto provide attractive, efficient, transparent andsecure functioning of the organized secondarysecurities market in the Republic of Macedonia.For its 17 year history, the Macedonian StockExchange has managed to establish a soundmarket and information infrastructure and acohesive legal and regulatory framework, as wellas solid expertise upon which the functioning ofthe Macedonian securities market is based.The MSE was founded as a not-for-profit jointstock company with founding capital of 500,000Euros. According to the legislation that was inforce in 1996 the only eligible founders of theMSE were banks and other financial institutions(saving houses and insurance companies). MSEinitially had 19 members: 13 banks, 3 savinghouses and 3 insurance companies. Startingfrom June 20, 2001 (with the amendments ofthe Securities Law), MSE started to operateon a for-profit basis, with a founding capital of500,000 EUROs. MSE shareholders may beany legal and private domestic and foreignentity. All MSE members must be licensed fortrading in securities by the Macedonian SEC.Only brokers, authorized by the MSE membersmay trade in securities at MSE. MSE currentlyhas 15 members - 10 brokerage houses and5 banks. Currently MSE has 36 shareholders(brokerage houses, banks, legal entities andprivate investors).FUTURE OUTLOOKMacedonian Stock Exchange:• In accordance with the latest amendmentsof the Macedonian Securities Law, a newprocess of mandatory listing of certain groupof joint stock companies will be introduced. Itis expected that number of listed companiesto be doubled. These changes will contributefor increment the transparency of these jointstock companies and eventually to affect thetrading on a middle and long term.• Implementation of joint program (bySecurities and Exchange Commission,MSE and Macedonian Central SecuritiesDepository) for education of investors andissuers of securities.• Analysis of the possibility for introductionof new financial instruments on the marketand support of financial intermediaries inissuing such instrument, with stressingon development of debt and structuredproducts.• Improving the market infrastructure throughtechnical and normative developments of theMSE functionalities.• Support of the companies who will showinterest in conducting a public offering viaMSE.• Adoption of new methodologies forcalculation of indices published by MSE.• MSE increase its participation on- goingprojects related to the implementation of theMemorandum of Partnership of exchangesin South East Europe and within regularactivities of the Federation of Eurasian StockExchanges (FEAS).PAGE 62

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MACEDONIAN STOCK EXCHANGECAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKOverview1. The economy was less affected by theglobal economic and financial crisis than manyregional peers but the impact of the Eurozonecrisis has been felt strongly in 2012. With aGDP growth rate of 2.9 per cent, Macedoniawas among the strongest performing SEEeconomies in 2011. However, the impactfrom the Eurozone crisis began to be felt inthe second half of the year and a significantslow-down has followed since. In the first half of2012, the economy contracted on a year-onyearbasis on account of the weaker exportdemand as well as the impact of lower foreigndirect investment and reduced remittanceinflows on domestic demand.2. Inflation stayed relatively low in 2011 and inthe first half of 2012, but it accelerated recently,reaching 5.3 per cent year-on-year in September2012. This is a temporary spike caused byrising food prices as well as increases inpensions and the introduction of a minimumwage. The currency remains pegged to theeuro and international reserves are at relativelycomfortable levels of 114 per cent of short-termdebt and about four months of imports.3. Fiscal targets have been met, but arrears arepresent. Given the currency peg to the euroand the limited sources of external funding,the government has implemented relativelytight fiscal policy. Over the past two years thegovernment maintained the budget deficit withinthe targeted 2.5 per cent of GDP on a cashbasis; in 2012, it is likely to reach 3.5 per centof GDP. The government is taking measuresto clear part of the accumulated budgetaryarrears and delayed VAT refunds. In 2011 thegovernment drew on the precautionary creditline (PCL) from the IMF to finance expenditures.The second review of the PCL was notcompleted, mainly because of IMF concernsabout the arrears problem. The PCL is nowdormant and will formally expire in January2013.4. The Eurozone’s difficulties will continue todampen growth prospects in 2012 and 2013.Following the contraction in the first half of theyear and in light of continuing weakness in theEurozone, growth in 2012 will be minimal atbest. A modest recovery is likely to occur in2013 to around 2 per cent. A pick-up in growthis expected in the medium term, as the regionaleconomy recovers and as Macedonia reaps thebenefit of sustained macroeconomic stabilityand investor-friendly reforms introduced inrecent years.5. Moving to the next phase in the EU accessionprocess remains stalled because of thename issue. Since receiving candidate statusin December 2005, Macedonia has madeconsiderable progress in EU-oriented reforms.The country is on track to fulfilling the politicaland economic criteria for accession, but thename dispute remains a key obstacle to furtheradvancement of the membership application. InMarch 2012 the government and the EuropeanCommission (EC) launched a High-LevelDialogue to boost the reform process. In itslatest Progress Report, published in October2012, the EC noted that this new Dialogue hadalready served as a catalyst for reforms in anumber of key policy areas in 2012. The ECreiterated its recommendation for the openingof EU accession negotiations, stressing that thiswould consolidate the pace and sustainabilityof reforms.6. Privatization is largely complete, but effortsto sell some of the remaining state-ownedenterprises have been unsuccessful. A numberof attempts have been made to sell the state’s76.6 per cent stake in chemical manufacturerOhis, but there have been no successful bidsso far. Similarly, efforts to privatize the electricalengineering company EMO Ohrid, the tobaccocompany Tutunski Kombinat AD Prilep andthe manufacturer of military kit, 11 OktomvriEurokompozit over the past few years have alsofailed. These four companies remain on top ofthe government’s privatization agenda. Statecapital remains concentrated in the energysector (power generation and transmissioncompanies are state-owned) and public utilities.The state also owns a significant minority stakein the country’s profitable telecommunicationscompany, Makedonski Telekom.7. Macedonia continues to perform well onbusiness environment indicators. Accordingto the 2012 World Bank’s Doing BusinessReport, Macedonia made the third highestimprovement in ranking, moving up 12 placesfrom 34th to 22nd (out of 183 countries) foroverall ease of doing business. This places thecountry significantly ahead of regional peerson this business environment measure. Thelargest improvements were noted in dealingwith construction permits, registering propertyand getting credit. The country still performsrelatively poorly on access to electricity, crossbordertrade and contract enforcement.8. The country has attracted significant newforeign direct investments in 2012. The mostnotable is a EUR 300 million constructionproject in Skopje by the Turkish companyCevahir Holding, which will include a shoppingcenter and four skyscrapers. In July 2012 anagreement was signed for the largest GermanCONTACT INFORMATIONContact Name Ms. Evita Ivanova E-mail mse@mse.com.mk Website www.mse.com.mkPAGE 63

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MACEDONIAN STOCK EXCHANGEgreenfield investment in the country - a EUR 35million plant in the free zone of Kavadarci thatwill manufacture electronic installations andcables for the car industry. A week before, inthe industrial zone in Bitola, construction beganon another significant German investment - aEUR 20 million plant that will also produceautomotive parts. Major reinvestments bycompanies from the United Kingdom andUnited States are also under way in the carelectronics and catalytic convertors industries.9. Restructuring of the railways sector isongoing. The institutional mechanisms forthe introduction of public service obligationcontracts and access charges are underdevelopment. Over the past year thegovernment provided financial guarantees foran IFI-funded loan to the national rail operator,Makedonski Zeleznicki Transport. The funds willbe used to modernize the freight and passengerfleet in order to improve the company’soperational efficiency. Under the umbrella of theproject, technical assistance will be sought forthe development of a Business SegmentationStrategy, which should result in a split of thefreight and passenger service into two separatelegal entities by 2017. In parallel, ambitiousplans for energy efficiency improvements havebeen envisaged with both the national railoperator and the infrastructure managementcompany.10. Overall the financial sector remains lesscompetitive than in neighboring countries, butpension fund assets have increased. The threelargest banks (Komercijalna Banka, StopanskaBanka and NLB Tutunska Banka) still control 64per cent of the market while the top five banksaccount for 77 per cent of the total market. Themarket is dominated by foreign banks, whichaccount for over 90 per cent of total bankingassets. However, banks have relied primarilyon domestic deposits to fund lending, so theywere not as exposed as those in regional peersto deleveraging pressures during the crisis.Non-performing loans have recently started toincrease again, reaching 10 per cent of totalloans in 2012, although they are more than 100per cent provisioned. One of the three largestbanks - Stopanska Banka - is a subsidiary ofa Greek bank while NLB Tutunska Banka isSlovenian owned. Spillover risks are limited,however, because the bank has largely reliedon domestic deposits rather than parent bankcapital to finance lending.11. Pension fund assets have risen sharply.Past reforms in the pension system included thesetting up of a mandatory defined-contributionspillar managed by private pension funds. Alongwith the introduction of two voluntary funds,this has led over the past year to a substantialincrease in pension fund assets, which havereached over 3 per cent of GDP (up from 1.2per cent in 2008).Highlights of the past year and key priorities for2013• Efforts to improve the business environmentand attract foreign investment have beenstepped up. FYR Macedonia’s latest rankingon the 2012 World Bank’s Doing Businessscores is impressive, and some majorinvestors are showing interest, but importantbusiness climate issues such as judicialreform and corruption remain to be fullyaddressed.• Macroeconomic stability has beenpreserved. Growth in 2011 was close to 3per cent and inflation and the governmentdeficit were kept at low levels, but a clearslow-down is evident in 2012.• Reforms should be pushed forward in thecontext of the new high-level dialogue withthe European Commission. This dialogueoffers an opportunity for the country toadvance on an EU-oriented reform path evenwhile formal accession talks cannot proceedbecause of the name dispute.• The provision of financial services should beenhanced. Competition in the banking sectoris less vigorous than in some regional peers,and there is scope to develop a greaterrange of financial services than presentlyavailable.Key Information ContactsCentral Securities Depository www.cdhv.org.mkSecurities & Exchange Commission www.sec.gov.mkNational Bank of the Republic of Macedonia www.nbrm.gov.mkMinistry of Finance www.fin.gov.mkPAGE 64

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MOLDOVA STOCK EXCHANGEThe trading volume increased in 2012($51,67 millions) compared to 2011($20,6 millions).Dr. Corneliu DoduPresidentIn 2012 the Moldova Stock Exchange indicatorswere higher than in 2011. The trading volumeincreased in 2012 ($51,67 millions) comparedto 2011 ($20,6 millions).At the end of the 2012 on the Moldova StockExchange were registered 1010 issuers: inListing - 11 and in Non-listing - 999. There are21 accredited members. The most resultingperiod of the year by volume and by numberof transactions was August ($19,8 millions and236 transactions).In 2012 the settlement system of the NationalSecurities Depositary of Moldova wasintegrated in the Automated Interbank PaymentSystem of the National Bank of Moldova.In 2012 the Parliament of Moldova approvedthe Law of the capital market, which waselaborated in accordance with the EU directivesand which provides a number of reforms in thisfield. The law of the capital market will enter intoforce in September, 2013.In the next 2 years it is planed to elaborate,approve and implement the legal frameworkunder the legislation.HISTORY AND DEVELOPMENTIn 1993 the Law on securities circulation andstock exchanges was enacted and from thispoint in time the institutional infrastructure ofstock market in Moldova began to develop.In December 1994 the non-profit institution,Moldova Stock Exchange was established asjoint-stock close company. 34 promoters - thesecurities market professional participants tookpart in its establishment. The first transactionswere made on June 26, 1995, and this date isaccepted as the birthday of the Moldova StockExchange.In June 1998 the Moldova Stock Exchangeestablished the National Securities Depositaryand a new trading system were integrated withthe depositary system which allows transactionsto be carried out. According to the changesmade in the law «On Securities market» whichcame into force on January 1, 2008, MoldovaStock Exchange has the right to own up to 75%shares of National Securities Depositary.At the moment Moldova Stock Exchange has 36shareholders, of which 21 are the exchange’smembers. The members are legal entities thatown at least one share of the exchange (onevote) and have the license for broker and / ordealer activity.In April 2000 Moldova Stock Exchange receivedthe status of a self-regulating non-commercialorganization. In July 2000 new Moldova StockExchange’s Regulations were introduced whichimproved the mechanism of transactions.In July 2007 the Mega regulator - NationalCommission of Financial Market was created.According to the legislation the Mega regulatordetermines and regulates the state policy of thenonbank financial market.Since 2008, due to the change of the securitiesmarket legislation the MSE lost its status ofa non-commercial organization, becoming acommercial one and therefore losing its statusof a self-regulating organization.At the present Moldova Stock Exchange is adeveloping stock market, which continues tocooperate with other stock exchanges andfinancial organizations. MSE is a memberof FEAS from 1995 and in 2008 became themember of International Association of the CISExchanges.In 2011-2012 were introduced the InternationalFinancial Reporting Standards (IFRS). So, sinceJanuary 1st, 2012 the listed companies must dotheir accounts according to the IFRS.FUTURE OUTLOOKFor 2013 Moldova Stock Exchange has thefollowing main goals: the increase of tradingvolumes especially through the diversificationof the traded financial instruments, the foreigncollaboration. Also MSE will continue to developthe IT infrastructure and upgrade the website.PAGE 65

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MOLDOVA STOCK EXCHANGEECONOMIC OUTLOOKIn 2012, GDP, measured in current prices, wasUS$ 7282 million, with 0,8% lower than in 2011.The reduction of GDP was influenced by thedecrease of the external demand for goodsproduced in Moldova and by the weakening ofthe domestic final consumption account.The annual inflation rate in December 2012,compared with December 2011 was 4,1%.For 2012 exports and imports increased with2,3% and 2,5% compared with 2011.For 2013-2016 GDP is expected to grow for4,5% - 5% per year.For 2013 the World Bank predicts an economicgrowth for Republic of Moldova of 3,1%.In March, 2012, the important event on thepolitical scene of Republic of Moldova was thepresidential elections and Nicolae Timofti waselected. This fact ended the 2,5 years politicalcrises.Key Information ContactsGovernment of the Republic of Moldova www.gov.mdMinistry of Economy www.mec.gov.mdPublic Property Agency www.app.gov.mdNational Bank of Moldova www.bnm.orgNational Commission of Financial Market www.cnpf.mdChamber of Commerce and Industry www.chamber.mdNational Bureau of Statistics www.statistica.mdCONTACT INFORMATIONContact Name Ms. Valeria Gaina E-mail valeria@moldse.md Website www.moldse.mdPAGE 66

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MONGOLIAN STOCK EXCHANGEWe are focusing on creating a favorablelegal environment and better regulation inthe capital markets.Altai KhangaiActing Chief Executive OfficeWe would like to express our warm greetingsand best wishes to all of you on the occasionof the 20th anniversary of Mongolian StockExchange.During the last 20 years MSE has encounteredseveral challenging years, as well as, evenmore years of accomplishments. In total, 474Joint stock companies have been listed onMSE with the stock trading value reaching262.5 bln MNT, while values of Governmentand Corporate bond trading reached 215.1 blnMNT respectively. The number of Broker-Dealercompanies with special licenses to operate inthe Securities market reached 45, and they arecurrently servicing about 450,000 individualinvestors and clients. Total dividend distributionhas reached 109.6 bln MNT.Mongolian Government is increasinglyrecognizing the importance of the capitalmarkets in development of the nationaleconomy and focusing on its expansion. Wewould like to emphasize on the initiative todistribute shares of “Erdenes Tavan Tolgoi”JSC, the holder of massive coking coal deposit,to all citizens of Mongolia and to local privateentities, and believe that conducting openmarkettrading of its shares will accelerate thegrowth of the capital markets in Mongolia andwill be a crucial point of its development.In the recent years, the Parliament andGovernment of Mongolia has issued number ofimportant policy documents on developmentand improvement of current legal environmentin the capital market. In order to modernize incompliance with international standards andto enhance the development of the capitalmarkets, the Securities Law is being re-draftedand will soon be submitted to the Parliament.In 2009, the Financial Regulatory Committee ofMongolia has issued “Prime Objectives of theStock Market Development Program in 2009-2012”.We are focusing on engaging internationallyrecognized consultants and institutionsin processing the draft of applicable rulesand regulations as well as drafting of laws.Consequently, this will create a favorable legalenvironment and better regulation in the capitalmarkets.In December of 2010, the State PropertyCommittee of Mongolia has signed a longtermStrategic Partnership Agreement withLondon Stock Exchange Group (LSEG) torestructure and develop the Mongolian StockExchange. Based on the agreement, LSEGwill cooperate with MSE at the administrativeand managerial levels and address the issuesthat require immediate attention. There is anabsolute necessity to create a favorable legalframework for capital markets, improve themarket infrastructure and introduce a worldclasstrading platform to upgrade MSE andthe clearing, settlement depositary systemin line with international standards. It hasalso become essential to increase domesticcapital investment and the competiveness ofthe capital market, to enhance liquidity in themarket, to protect the interests of investors,to mitigate the non-market risks, as well as, toimprove the human resource productivity.We would like to thank and wish happiness,health and prosperity to all individualand institutional investors, professionalorganizations and issuers for your input in thedevelopment of capital markets in Mongolia.HISTORY AND DEVELOPMENTMongolian Stock Exchange was established onJanuary 18th of 1991, as the official and onlystock exchange of Mongolia, and throughoutthis relatively brief history, the exchange wasable to achieve remarkable growth in tandemwith the robust economic performance ofMongolia.MSE serves the domestic cash equity marketwith 366 listed companies and a marketcapitalization of 1.373 trillion tugriks (US$ 1.07billion) as on December 31, 2010.On September 17, 2010, Mongolian StockExchange has conducted Government Bondtrading worth 30.0 billion tugriks consisting of3,000 pieces of ordinary Government Bond.In December 2010, Mongolian StockExchange has concluded Strategic PartnershipAgreement with London Stock Exchange. MSEhas concluded MoU on Cooperation with 8Stock Exchanges in the world, such as TokyoStock Exchange, Korea Exchange etc. Also,Mongolian Stock Exchange is a member oftwo stock exchange associations, namely, itis a member of Federation of Euroasian StockExchanges and Asia and Oceania StockExchange Federation.FUTURE OUTLOOKIn 2011 MSE will:• Increase institutional participation• Attract more foreign investors• Enhance the quality of market intermediation• Strengthen the equity and debt markets• Conduct privatization of state assets• Invest in the social infrastructure• Develop human resourcesand;• Promote the implementation of internationalbest practices• Seek to introduce new financial product onthe Stock ExchangeCAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKPolitical OutlookThe outlook for the domestic political scene isstable, and the president, Elbegdorj Tsakhiaand, prime minister, Batbold Sukhbaatar willmaintain the Mongolia’s relatively liberal socialand economic policies, as well as its multilateralforeign policy stance. Mongolia’s foreignpolicy will continue to be based on its closerelationship with its two neighbors, Russia andChina, as well and developing close relationshipwith its “Third Neighboors”, the US, Japan andWestern Countries.These ties have been strengthened by a seriesof bilateral visits with the Russia, China andJapan and other countries. Mongolia has alsosigned agreement on setting up state ownedJV of Mongolia and Russia, Dornod Uran” toextract and mine uranium resources. Mongoliaalso has significant presence of Western capitalin the form of investment by Ivanhoe Mines andPAGE 67

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MONGOLIAN STOCK EXCHANGERio Tinto in its masive Oyu Tolgoi copper andgold project in South Gobi region.There are no immediate threats in North EastAsian region, which Mongolia is located, exceptan issue of North Korea.Mongolian peacekeepers also participateactively in international peacekeeping effortsin such countries as Chad and Sudan, as wellas participating in military operations of US-ledcoalition in Iraq and Afghanistan.As well as seeking close relationship with itstwo neighbors, Russia and China, Mongoliawill seek to have balance by developing closestrategic relationships with US, Japan and EU.Taking notice of its overreliance from China onexports of commodities, Mongolian Governmentwill seek to build a new railroad route to reachmarkets of Japan and South Korea via Russia.Economic PerformanceMongolian economy expected to have grownat a rate of 8% in 2010 and as of September2010 Industrial production grew at annual rate of15%. According to Bank of Mongolia, MongolianOfficial Foreign Currency Reserve hit US$ 2billion US$ at the end of 2010.In 2010 Mongolia made a foreign trade with132 countries of the world and total foreigntrade turnover reached 6177.1 million US$, fromwhich export stood at 2899.2 million US$ andimports at 3277.9 million US$. The total foreigntrade turnover increased by 53.5% and exportsincreased by 53.8% and imports increased by53.3% respectively.Total number of unemployed people whoregistered with relevant authorities as of end ofDecember 2010 stood at 38.3 thousand people.Consumer price index has increased by 13.0%compared to the same period last year inDecember 2010. The average yearly inflationrate was at 10.1%.In 2010 Government of Mongolian began tohand out 10,000 tugriks to each citizen everymonth and beginning from January 1, 2011it will hand out 21,000 tugriks to each citizen,which will boost domestic consumption.Mongolian National Tugrik (MNT) was the bestperforming currency of the world in 2010 andit appreciated by 16% and stood at 1,257.18against a US$. The authorities also agreedto allow greater exchange rate flexibility, tostrengthen the fragile banking system, andto improve the targeting of social spending.Investment in mining has increased a lot.The outlook of economy in 2011 looks verybright and Mongolian economy is expected togrow by 12% in 2011 according to a forecast byEconomic Intelligence Unit. Cash handouts tocitizens will increase domestic consumption, butwill also push inflation higher.As for copper, the price is projected to remainat high levels (more than 9,000 US$ per ton)during the forecast period, which will stimulateproduction. In 2010 coal became the largestexport commodity in terms of value and it isexpected to remain same in 2011.Prospects for development of new minesbrightened considerably in October 2009,when the government signed an agreementwith an international mining company to exploitthe Oyu Tolgoi copper and gold deposit.Investment in this project is expected to totalUS$ 6 billion production is projected to start in2013. The long-awaited Oyu Tolgoi agreementand subsequent construction will raise investorconfidence and have knock-on effects on otherparts of the economy.Moreover, the government is consideringproposals to mine the large Tavan Tolgoi coaldeposit with international partners and distributeshare vouchers after organizing it as Joint StockCompany. The valuation of Tavan Tolgoi depositby international experts range from 30-40 billionUS$ and it has 6.5 billion tonnes of coal reserve.FDI inflows into mining are expected to risesignificantly over the forecast period.Investment is expected to increase further,driven by Oyu Tolgoi. Also, MongolianGovernment is planning to build a railroad fromTavan tolgoi deposit to Russia via Gobi Desertand Eastern Mongolia with a plan to transportit to Russian Pacific ocean ports to Japan andSouth Korea.Moreover, after abolishment of 68% WindfallProfits Tax on gold and copper takes its effectbeginning from January 1, 2011, the gold soldto Central Bank and related tax revenue is likelyto increase, because gold industry will come outof shadow.Also, uranium mining and extraction is likelystart in 2011.Information obtained from the Exchange.Key Information ContactsNational Statistics Office www.nso.mnBank of Mongolia www.mongolbank.mnNational Development and Innovation Committee www.ndic.gov.mnCONTACT INFORMATIONContact Name Ms. D. Enkhzul E-mail enkhzul@mse.mn Website www.mse.mnPAGE 68

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MONTENEGRO STOCK EXCHANGEContinuous development of our market isthe basis of the future of the MSE.Mr. Gojko MaksimovicActing CEOThe negative trends in Montenegrin capitalmarket continued into 2012. Compared to2011, around 43% lower turnover is generated,and similar situation is with the total amount oftransactions concluded. As the main factor for thenegative results achieved, there is currently poormacroeconomic situation, both in Montenegroand beyond, which left the effects primarly onless money available for investments, both in theretail and in the institutional sectors. In addition,the Montenegrin capital market should continueto be seen as an emerging market that is usuallylabeled as a risky, which results in avoiding duringmoments of recession, due to the reluctance ofinvestors and their seeking for the secure returns.As a consequence of such a bad environment,compared to the beginning of the year MontenegroStock Exchange has six members less (brokeragefirms). During the observed period, there wasa growth of companies’ index MONEX20 foraproximatelly 3%. In the case of companies’ index,if we take into consideration the dividends paid bythe companies that constitute the mentioned index,the realized profit would be 7.05%. It should benoted that compared to the previous years therewas a considerable improvement of the marketregulations by the implementation of new legalregulations of the Montenegro Stock Exchange,which led to an increase in the level of companies’transparency. Furthermore, major improvementof technical infrastructure has enabled usto introduce the online trading system byimplementing the new software - BrokerOffice. Wehave to emphasize that during this year we haveachieved good results in terms of communicationwith the Government of Montenegro that resultedin issuance of government bonds. Successfullycompleted emission represents a major stepahead for our capital market, as we have provedthat we are becoming a place for successfulcapital raising.HISTORY AND DEVELOPMENTMontenegro Stock Exchange was established inJune 1993, pursuant to the Law on Money and theCapital Market. The first shareholders of the StockExchange were the Republic of Montenegro andfour banks from Montenegro:• Montenegrobanka A.D. Podgorica;• Pljevaljska banka A.D. Pljevlja;• Beranska banka A.D. Berane;• Hipotekarna banka A.D. Podgorica.After taking authority from Federal Commission ofYugoslavia for the Securities and Financial Markets,in December 2000, the Commission for Securitiesof the Republic of Montenegro, has given, afterdetermining the fulfillment of all the necessarypreconditions, the Montenegro Stock Exchangea business license. On 20 September 2001, sixMontenegrin financial institutions and BrokersBusiness Association founded the New SecuritiesExchange of Montenegro. Montenegro StockExchange completed the final harmonization withthe Law on Securities Montenegro in 2004, whichled to a situation in which, until the end of 2010,there were two stock exchanges operating. Thestart of operations of the New Securities Exchangeof Montenegro is significant because for the firsttime in Montenegro capital market transaction wereexecuting by electronic trading system.In the beginning of 2011, the two Montenegrinstock exchanges were integrated, throughthe merge of the New Securities Exchange ofMontenegro to the Montenegro Stock Exchange.The first working day on the single MontenegroStock Exchange was 10 of January 2011. Atthis moment, Montenegro Stock Exchange has13 members. In overall shareholder structureof the Montenegro Stock Exchange 12 financialinstitutions from Montenegro participate withapproximately of 93% ownership.FUTURE OUTLOOKIt aims to Current situation in the capital marketstimulated our greater activity in the field ofpermanent services improvement that we offeredas the best way to confront crisis. The followingyears will be very challenging for us. We will tryto make a greater impact in order to increase thenumber of financial instruments on MontenegroStock Exchange through more active role ofthe Government, primarily in terms of rising thenumber and volume of bonds emission, andby implementation as well as the introductionof treasury bills trading. This will be possible byfurther transformation of certain governmental andpublic enterprises into joint stock companies andby introducing the sale of a part of the capital byinitial public offering (IPO). In addition, we expectto increase the number of financial instrumentsthrough the affirmation of private companies(which have high amounts of annual revenues)established as a limited liability companies, to theirtransformation into joint stock companies. In thisway, the Montenegro Stock Exchange would getits full role as a place of raising capital throughthe formation of joint stock companies and alsowould become available for the small and mediumenterprises, which their dissatisfaction towardsthe expensive loans of commercial banks inMontenegro are expressing for a longer time. Thebig challenge for our capital market is the processof Montenegro’s accession to the EU. Accordingly,we will shortly have the changes of capitalmarket regulations and its harmonization with theEuropean legislation (MiFID regulation). We hopethat mentioned implementation of the Europeanlaws will bring positive effects to our market. As ourmain task we have to solve the problem of liquidityin the market through creation of mechanisms of“borrowing” shares (primarily pledged) and byintroduction of market-makers. Another key taskwill involve improvements in regional cooperationwith other stock exchanges by means of possibilityof creating a common trading platform and on thisbasis, at least the formation of “virtual” joint capitalmarket.PAGE 69

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MONTENEGRO STOCK EXCHANGECAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKAfter record revenues, number of concludedtransactions and the amount of marketcapitalization, the Montenegrin capital market,in the period after the investment boom from2007, shows negative trends in terms of themarket liquidity. That the market is subject toa period of stagnation and high reluctance ofinvestors can also be concluded by observingthe movement of the index in the last threeyears. The main factor that led to significantlyworse results is the poor macroeconomicsituation, both in Montenegro and beyond,leaving effects, primarily in terms of less moneyavailable for investment in the retail sectorand among institutional investors. In addition,the Montenegrin capital market should still beseen as an “emerging market”, usually seenas risky, which leads to avoidance in the timesof recession, due to the reluctance of investorsseeking safe yields.According to credit agencies’ estimates,Montenegro currently has the following creditratings:• Ba3 (with stable outlook) - by credit agencyMoody’s (confirmed in May 2012).• BB- (with stable outlook) - by credit agencyStandard and Poor’s confirmed in June2012).Bad macroeconomic situation in Montenegrois caused largely by external economicfactors and the influence of global economiccrisis. The main characteristics of the currentmacroeconomic situation in Montenegro are:slowing economic growth (expressed by asignificant drop in GDP) and increase in thelevel of tax and other debts in the economy,resulting in a significant increase in the level ofgovernment debt in relation to the GDP level.The current macroeconomic situation is alsocharacterized by stagnation in credit activities ofthe banking sector which is directly caused bylarge amounts of bad loans (approved primarilyin the period of investment boom).Incentives for improving the macroeconomicenvironment and the overall situation can beexpected with the completion of announcedmajor infrastructure projects in the sectorof providing services. The start of officialnegotiations on accession to the EuropeanUnion presents a significant step in terms ofachieving macroeconomic stability (throughthe provision of better sources of financingand the government’s debt consolidation) andthrough the harmonization and implementationof European legislation, which is a significantargument in the process of attracting foreigninvestors and fostering further growth throughthe realization of foreign direct investments.The real growth rate of GDP in the first quarterof 2012 compared with the same period in 2011was negative, i.e. it amounted -2.4%, while thesecond quarter indicates the real growth rate0.3%. (Source: Central Bank of Montenegro,Ministry of Finance of Montenegro, StatisticalOffice of Montenegro - Monstat)According to the report “Economic Freedomof the World” published by the HeritageFoundation and the Wall Street Journal,Montenegro’s economic freedom score is 62.6,making its economy the 70th freest in the 2013index. Its score is essentially the same as lastyear, with notable gains in the control of publicspending, business freedom, and freedomfrom corruption balanced by declines in laborfreedom, monetary freedom, and trade freedom.Montenegro ranks 33rd out of 43 countries inthe Europe region, and its overall score is abovethe world average.Key Information ContactsSecurities Commission of Montenegro www.scmn.meCentral Depository Agency www.cda.meCentral Bank of Montenegro www.cb-mn.orgMinistry of Finance www.mf.gov.meMontenegro Statistical Office www.monstat.orgCONTACT INFORMATIONContact Name Ms. Suzana Drincic E-mail info@mnse.me Website www.mnse.mePAGE 70

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MUSCAT SECURITIES MARKETAhmed Saleh Al-MarhoonDirector GeneralWe are continuously working ondeveloping and operating an efficient andtransparent securities market to the beststandard expected by our local and foreigninvestors.We are continuously working on developing andoperating an efficient and transparent securitiesmarket to the best standard expected by ourlocal and foreign investors. We believe thatexchanges that adhere to good governance,greater transparency and greater accountability,are able to foster investors’ confidence as wellas creating attractive investment environment.The Omani economy has managed to moveforward to achieving self-growth and beingadaptable to regional and global economicfluctuations.We at Muscat Securities Market (MSM), havedevised a comprehensive road map thatenables us to build capacity and promotesustainable capital market developmentstrategy specifically aimed at improvingaccess to the regional and international capitalmarkets.The year 2013 witnessed, for the first time inOman, listing of Islamic products. In effectIslamic financial indices have been launchedfor Sukuk and Exchange Traded Islamic Funds(ETIT’s). The launching of such indices wouldcontribute to attracting investors who prefer acredible reference for identification of Shariaacomplaint instruments.MSM DEVELOPMENTMuscat Securities Market has implemented anumber of projects related to the developmentof the market.In the area of information security andprotection, MSM applies the best internationalpractices in information technology, especiallythose related to customer informationsecurity. In this respect the MSM has obtainedthe international ISO 27001 in the area ofinformation security.The MSM launched, during the current month,the latest NYSE Technologies version V.90 of thetrading system and other related systems.All brokerage companies are now connectedwith the trading system via modern andadvanced network using state-of-the-art MPLStechnology (Multiprotocol Label Switching).Regarding MSM Index, the market hasintroduced a change in the sectors formingthe price index. The Banking and InvestmentCompanies Sector was renamed to theFinancial Sector. Services and Insurance Sectorbecame the Services Sector and the IndustrySector remained unchanged. Thisnew amendments resulted in a reclassificationof some companies in the new sectors basedon their main activity. Moreover, the numberof companies forming MSM sectoral indicesincreased to 15 instead of 10 companies.The Market continued to implement severalmedia and awareness programmes in theSultanate and abroad. The MSM in cooperationwith the Ministry of Education organizedworkshops for applied mathematics teachers allover the Sultanate.On training, Muscat Securities Market hassigned a cooperation agreement with BombayStock Exchange Training Institute to delivertraining programmes in the securities andcapital markets fields in the Sultanate.Regarding information dissemination, MuscatSecurities Market has signed an agreementwith an international company to develop andupdate MSM website in form and contentin order to keep pace with the internationaltechnical developments in the field ofinformation.MSM has managed, through newly introducedprogram in its website, to provide softwarefor the financial performance of the listedcompanies. It is an advanced electronicprogramme on basic and financial analysis ofjoint stock companies` statement.Secured Financing Account Directives, withserious restrictions, have been issued last yearallowing margin trading operations at our stockexchange.FUTURE OUTLOOK• Activating the Primary Market for new issues.• Diversification of our investment tools.The MSM is now in the process of listingExchange Traded Funds (ETFs) and Islamicinstruments.• Improving our technological systems to copethe development in the trading, clearanceand settlement operations.• Transformation of family enterprises intopublic joint stock companies.• Increasing investment funds which arespecialized in dealing on securities.• Attracting foreign investments.• Introducing market makers.For achieving these goals the MSM isdedicating more effort to improve its legalenvironment working mechanisms, disclosure,transparency, listing, and keeping up to datewith the latest international developments.PAGE 71

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MUSCAT SECURITIES MARKETCAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKThe Omani national economy continued itsgood performance in the year 2011 in spiteof the negative developments of the globaleconomy as a result of lowering the credit ratingof the United States and the sovereign debtcrisis, which hit some European economiesand had spillover effects on a number of worldeconomies. The strong performance of theOmani economy is attributed to the realisticand flexible economic policies adopted by theSultanate as well as the increase in the rates ofthe oil production, the remarkable improvementin oil prices and the expansionary fiscal andmonetary policies adopted by the Governmentto enable the economy to achieve stability andgrowth.Leading amongst the indicators of the stabilityand growth of the Omani economy during 2011were the overall positive results, which includea significant growth rate of 7% exceeding thatof 2010 which amounted to 6%. Moreover, thebalance of trade of the Sultanate achievedremarkable growth of 34% in 2011 comparedto 32% in 2010. However, despite the increasedpublic expenditure during 2011, inflation rateremained at the level of 3.6%, which is within thetargeted limit of 4%.Regarding the expectations of the Omanieconomy for 2012, it should be noted that inlight of the wise economic and fiscal policiesthat support the growth and stability of thenational economy, the Sultanate of Oman hasincreased the general expenditure approvedin the budget to about RO 10 billion, withan increase of RO 800 million or 9% overthe revised expenditure of the previous year2011. Current expenditure is estimated at RO6.4 billion, which constitutes 64% of the totalgeneral expenditure around 2.7 billion of whichare investment spending, representing 27% ofthe total general expenditure.The general revenues of the State for the year2012 were estimated by about RO 8.8 billionagainst RO 7.3 billion in the budget of thefiscal year 2011, with an increase of RO 1.5billion, i.e. 21 per cent compared to 2011. Oiland gas revenues constitute 81 per cent of thetotal revenues, whereas the current and capitalrevenues constitute 19 per cent thereof.The oil revenues were calculated on the basisof average price US$ 75 per barrel and averagedaily production of 915 thousand barrel per day.As regards to the budget deficit, it is estimatedto amount to RO 1.2 billion, i.e. 5 per cent ofthe Gross Domestic Production, which is a safepercentage. This deficit will be covered throughthe issuance of development bonds in thedomestic market amounting to RO 200 million.It will also be covered from the real revenues ofoil prices because the current prices are higherthan those upon which basis the state revenuesare calculated. In case this is not realized, thedeficit shall be covered from the state generalreserve.Key Information ContactsMinistry of National Economy www.moneoman.gov.omCapital Market Authority www.cma-oman.gov.omOman Chamber of Commerce and Industry www.cbo-oman.orgFinancial Corporation www.fincorp.orgNational Bank of Oman www.nbo.co.omCONTACT INFORMATIONContact Name Mr. Asal Farsi E-mail asalfarsi@msm.gov.om Website www.msm.gov.omPAGE 72

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013NASDAQ OMX ARMENIAThe year of 2012 at NASDAQ OMX Armeniawas notable by expanding the range ofinstruments, offered to the market.Konstantin SaroyanChief Executive OfficerThe year of 2012 at NASDAQ OMX Armeniawas notable by expanding the range ofinstruments, offered to the market. InNovember, 2012 NASDAQ OMX Armenialaunched new credit contracts market, wherecredit contracts with maturity of 7 days willbe traded. This is another step towardsexpanding our offering to the market with theaim to pioneer development of new financialinstruments. Now we support trading andclearing in equities, corporate and governmentbonds, foreign exchange, repo contracts,overnight credit resources and credit contracts.In 2012 NASDAQ OMX Armenia also introducedopportunity for a new instrument, foreigncurrency bonds (FX bonds) - corporate bonds,issued by local companies, but nominatedand traded in foreign currency. Introduction ofnew instrument aimed at increasing investmentand capital raising alternatives for public andArmenian companies, respectively, as well asto stimulate foreign investments to Armeniansecurities market.In 2012 stock market preserved positivegrowth trend with value traded reaching up toUS$ 1.02 mln, almost doubling the previousyear’s volumes. Market capitalization as ofyear end reached US$ 132.1 mln, slightlydecreasing over the same of 2011. Corporatebonds market saw 41% reduction in volumeswith total value amounting to US$ 1.03 mln.REPO trading also saw 6.6 times reduction ofvalue traded to US$ 929 thsnd. Governmentbonds market was rather active in 2012 withvalue traded of US$ 10.4 mln. Structure ofgovernment bonds trading also changed thisyear: 11% fell to the share of trading in shorttermgovernment bonds, 24% - in long-termgovernment bonds and 64% - in mid-termgovernment bonds. Value traded in foreigncurrency market was US$ 752mln, exceedingthe previous year’s volumes by 7%. Creditresources market saw value traded of US$15.1 mln in 2012. This year average monthlyvalue traded amounted to US$ 1.3 mln, 2.2times exceeding the same of the previous year.Weighted average rate of credit resourcesvaried within maximum of 11.3% and minimumof 4%.NASDAQ OMX Armenia was also active inorganizing various events, focusing on majorstakeholders - investment companies andbanks, listed companies, journalists - andaimed at sharing international expertise andimplementing state-of-the-art standards ofrespective activities in Armenia.In October, 2012 NASDAQ OMX Armeniaand Central Depository of Armenia hosted animportant regional Forum - the 1st Armenian-Georgian Financial Markets Forum, whichattracted 57 officials from over 30 companies,operating in financial sectors of Armeniaand Georgia, including representativesof international organizations. The Forumcovered recent developments in Armenian andGeorgian financial systems, features of eachmarket’s infrastructure and regulatory issues,Armenian pension reform and its expectedimpact on capital markets. Forum participantsalso discussed issues and ways of mutualcooperation, noting that financial sectors ofboth countries should be developed jointly,based on new technological solutions.Being the full owner of the Central Depositoryof Armenia, NASDAQ OMX Armenia keptconcentrating on improving the depositoryand clearing services - primarily throughpreparing new model of depository servicesto be launched in early 2013. The expectedlaunch of new second pillar pension system willboost the activity in the capital market, so theDepository worked closely with the Governmentof Armenia and the Central Bank of Armenia tocreate necessary preconditions for introducingthe reform and servicing pension accounts andcustodian information system.NASDAQ OMX Armenia will continue to beproactive in bringing innovative technologicalsolutions to the Exchange and the Depositoryand enhancing its relations with the capitalmarket stakeholders, thus realizing its primaryobjective - to maintain a fair and effectivemarketplace where good companies canraise capital and where investors can makewell-informed decisions while being properlyprotected.HISTORY AND DEVELOPMENTNASDAQ OMX Armenia (formerly ArmenianStock Exchange, Armex, renamed on 27January 2009) is the only stock exchangecurrently operating in Armenia. Armex wasthe successor of the Association of SecuritiesMarket Participants and was initially registeredon 13 February 2001, as a self-regulatoryorganization. In November 2007, according tothe newly adopted “Law on Securities Market”,Armex was reorganized into an open joint stockcompany.Until 1 January 2006, Securities Commissionof RA was the competent state authority toregulate the activities of capital market includingthe stock exchange in Armenia. However, withthe enactment of a new law introducing unifiedregulatory authority for the financial market,the regulatory and supervisory powers of theCommission were transferred to the CBA.Since 15 November 2005, foreign currencytrading was introduced on Armex, which provedto be in demand: volumes of FX trading to dategreatly exceed those of other instruments. On14 December 2005, the first publicly tradedcorporate bonds were listed at Armex. Inearly 2008 government bonds trading waslaunched, as well as status of market-makerfor government bonds was introduced. By theend of 2008, Armex introduced new market forREPO (repurchase agreements), as well as amechanism for manual trades.In 2011 NASDAQ OMX Armenia had the firstever securities offering via the stock exchangeIPO system, which was an importaint steptowards servicing further IPOs at the Exchange.In April, 2010 NASDAQ OMX introduced newmarket for credit resources trading, providingexchange platform for interbank credits, a largesegment of the Armenian financial market, laterin 2012 NASDAQ OMX Armenia introducedcredit contracts market, which a unique setupthat combines anonymous automatch tradingand centralized collateral management. Alongwith overnight credit resources, it providesopportunities for more efficient and flexibleasset management, as well as contributes to fairand transparent pricing of credit instruments inthe market.NASDAQ OMX Armenia is currently part ofthe NASDAQ OMX Group. In November 2007members of CDA and Armex transferred theirshares to the CBA, and OMX Group acquired100% thereof. After in late February 2008,NASDAQ completed its combination with OMX,NASDAQ OMX Armenia became an entity fullyowned by NASDAQ OMX. On 5 June 2009,NASDAQ OMX Armenia became the owner ofthe 100% of the shares of the Central Depositoryof Armenia.PAGE 73

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013NASDAQ OMX ARMENIAFUTURE OUTLOOKIn 2013, NASDAQ OMX Armenia plans to:• continue improving the technicalinfrastructure of the stock exchange and thecentral depository;• continue expanding the range of servicesprovided to listed companies and tradingmembers;• provide complex exchange services infinancial market;• carry on with efforts to promote initial publicofferings of equities in the Armenian market;• continue efforts towards increasing publicawareness of the Armenian securities market.CAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKAfter several years of double-digit economicgrowth, Armenia faced a severe economicrecession with GDP declining more than 14%in 2009, despite large loans from multilateralinstitutions. Sharp declines in the constructionsector and workers’ remittances, particularlyfrom Russia, led the downturn. The economybegan to recover in 2010 with 2.1% growth,and picked up to 4.6% growth in 2011, beforeslowing to 3.8% in 2012.In 2012 according Doing Business 2013’s recentreport Armenia advanced from 50th to 32ndposition among 185 countries. According to thisreport, Armenia improved some of its indicators,in particular, “provision of construction permits”(46th), “electricity supply (101st)”, “protection ofinvestors” (25th), and “taxation” (108th). Also,regress with regard to the following indicatorswas recorded: “registration of enterprises”,“loans”, “international trade”.Capital Market DevelopmentsIn 2012 stock market preserved positive growthtrend with value traded reaching up to US$1.02 mln, almost doubling the previous year’svolumes. Market capitalization as of year endreached US$ 132.1 mln, slightly decreasingover the same of 2011. Corporate bonds marketsaw 41% reduction in volumes with total valueamounting to US$ 1.03 mln. REPO tradingalso saw 6.6 times reduction of value tradedto US$ 929 thsnd. Government bonds marketwas rather active in 2012 with value traded ofUS$ 10.4 mln. Structure of government bondstrading also changed this year: 11% fell tothe share of trading in short-term governmentbonds, 24% - in long-term government bondsand 64% - in mid-term government bonds.Value traded in foreign currency market wasUS$ 752mln, exceeding the previous year’svolumes by 7%. Credit resources market sawvalue traded of US$ 15.1 mln in 2012. This yearaverage monthly value traded amounted to US$1.3 mln, 2.2 times exceeding the same of theprevious year. Weighted average rate of creditresources varied within maximum of 11.3% andminimum of 4%.In 2012 range of instruments, offered inArmenian capital market was enhanced toinclude credit contracts with maturity of 7days, as well as foreign currency nominatedcorporate bonds, issued by local companies,which is quite importaint development in termsof fostering attraction of foreign investments toArmenian capital market.Regional cooperation was also kept in thefocus and in October, 2012 the 1st Armenian-Georgian Financial Markets Forum was heldin Armenia, attracting 57 officials from over 30companies, operating in financial sectors ofArmenia and Georgia, including representativesof international organizations. The Forumcovered recent developments in Armenian andGeorgian financial systems, features of eachmarket’s infrastructure and regulatory issues,Armenian pension reform and its expectedimpact on capital markets. Forum participantsalso discussed issues and ways of mutualcooperation, noting that financial sectors of bothcountries should be developed jointly, based onnew technological solutions.The expected launch of new second pillarpension system in Armenia in 2014 will boostthe activity in the capital market, so theDepository worked closely with the Governmentof Armenia and the Central Bank of Armenia tocreate necessary preconditions for introducingthe reform and servicing pension accounts andcustodian information system.Key Information ContactsNASDAQ OMX www.nasdaqomx.comThe Central Bank of Armenia www.cba.amThe Central Depository of Armenia www.nasdaqomx.amCONTACT INFORMATIONContact Name Ms. Eugenia Evoyan E-mail eugenia.evoyan@nasdaqomx.am Website www.nasdaqomx.amPAGE 74

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013PALESTINE EXCHANGEAhmad AweidahCEOListing the Palestine Securities Exchangeis a milestone. The PEX is the only Arabexchange that is fully owned by the privatesector and the second Arab exchange tobe listed.Listing the Palestine Exchange in 2012 wasa landmark event. This listing enhances thePEX governance and puts it ahead many peerexchanges in good corporate governancepractices.The political and economic turbulencethat Palestine witnessed in 2012 and itspsychological ramifications on investors havenegatively affected trading volume, whichdropped by 25 percent in 2012 compared to2011. In 2012, the PEX traded about 150 millionshares valued at 274 million US Dollars. The Al-Quds index closed the year 2012 with a slightincrease of 0.14 percent compared to 2011,and market Cap of listed companies increasedby 2.76 percent for the same year.2012 saw generous dividend distribution forthe fiscal year 2011 underlining the outstandingperformance of many PEX listed companies;70 percent of listed companies were profitablein 2011, cash dividends amounted some 120million US dollars, with an average return oninvestment of 6.09 percent for the same year.The PEX continued investing in its technologicalsystems and infrastructure. In 2012 wedeveloped and launched a comprehensivefinancial and managerial system (ERP).Projects in the pipeline also include “IFSAH”disclosure system and a new Business ProcessManagement system (BPM) which should becompleted in 2013.I wish success to all exchanges and I hope wewill all see growth in 2013.HISTORY AND DEVELOPMENT• 1995: Established as a private shareholdingcompany to promote investment in Palestine.• 1997: First trading session (18 February).• 2005: The Al-Quds Index had increasedby 306% compared to 2004, recording thehighest amongst the world Stock Exchanges.• 2006: Launch of the Investor EducationProgram.• 2007: Launch of E-Trade Service.• 2009: Ranked 33rd amongst InternationalStock Exchanges and 2nd in the region interms of investor protection.• 2010: Became a public shareholdingcompany.• 2011: Listing a record seven newcompanies.• 2012: Listed company. (4 April)FUTURE OUTLOOKThe PEX seeks to develop Palestine’s capitalmarket and to enhance its qualitative presenceamongst its regional and international peers. Weaim to:• Strengthen market governance throughimproving our legislation, regulation,systems, operational procedures,information security, and internal auditmechanisms in keeping with best practice.• Enhance our relationship with the PCMA,member brokers, the listed companies andother stakeholders to provide premiumtimely responses to investor needs andmarket evolution.• Increase Market depth and expand ourinvestor base, through:--Completing the listing of public shareholdingcompanies, and continuing our educationaloutreach to qualified family-owned firms.--Including the exchange in the MENA frontiermarket indices such as those provided byMSCI, S&P and FTSE).--Encouraging Diaspora Palestinians to investin Palestinian listed companies.--Further enhance our continued outreachcampaigns and road shows towardspromoting PEX to institutional and retailinvestors (local and regional).• Diversify our sources of income through:--Expansion of our central depository services.--Developing better data disseminationchannels and building an online trading andcompanies database.• Strengthen our relationship with regionaland international markets, and to obtainfull membership of the World Federation ofExchanges (WFE).• Promote the development of effective, bestpractices for corporate governance andinvestor relations in Palestinian companies.Accomplishments 2012Two New Listings during:CompanynamePalestineSecuritiesExchangePALAQAR forReal EstateDevelopmentandManagementTradingSymbolListingDateSectorPEX 04/04/2012 BankingandFinancialServicesSectorPALAQAR 03/07/2012 ServicesSectorEvents• Convened the Sixth Annual PalestinianCapital Market Forum entitled: “BrokerageIndustry, Current Challenges & FutureProspects”, November 2012. (For moreinformation, please visit www.facebook.com/FEXForum6).Publications• Listed Companies Guide.• “Road to IPO” (CD) Guide.• The Quarterly Souq El-Mal Magazine (aspecialized magazine in capital markets).• Monthly Investor Newsletter.• The PEX Annual Report.• Daily, weekly and monthly statistical report.Investor Education• Continued the Stock Simulation competitionin nine national universities.• Educational session to schools anduniversities students at the PEX premises.Training Courses• The following training courses wereconvened with the participation ofemployees from the capital market sector:• Strategy and Portfolio Management, July2012.• Financial Broker course, September 2012.• Investor Relations and CorporateCommunication Best Practices course,November 2012.Investor Relation• Launched the Palestine Chapter of theMiddle East IR Society (MEIRS), February2012.• Established the PEX Investor RelationsSection.• Chairwoman of the Palestine Chapter ofMEIRS Ms. Fida Musleh/Azar, also Managerof Public Relations and Investor EducationDepartment at the PEX, received the“Outstanding Individual Contribution to IR”award, which was presented during theAnnual Conference of Middle East InvestorRelations Society in Abu Dhabi, November2012.CDS Development• Obtain a full member at the Association ofNational Numbering Agencies (ANNA).• Obtain the privilege from the Association ofNational Numbering Agencies (ANNA) to bea PRE-LOU (Local Operating Unit).PAGE 75

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013PALESTINE EXCHANGETechnological Developments• Developed and launched a comprehensivefinancial and administration system (ERP)• Projects in the pipe line: the PEX tradingsystem, “IFSAH” disclosure system,Business Process Management system(BPM).Data Dissemination• Signed many data disseminationagreements with local, regional andinternational bodies. Disseminatedinformation includes trading information,statistical reports, listed companies’disclosures and corporate actions, as wellas the PEX news and press releases. allmentioned information is also publishedon the PEX website (www.pex.ps),face book page (www.facebook.com/PalestineExchange) and the market watch.THE PALESTINIAN POLITICAL ANDECONOMICAL SITUATION IN 2012A major achievement on the political scenein 2012 was the promotion of Palestine tononmember Observer State during the UNGeneral Assembly in November. Howeverthe Israeli occupation and its restrictions onpeople, trade and resources, in addition tothe expansion of settlement activities remainthe main obstacle that hinders the Palestinianeconomy.Nevertheless, Palestine’s economy, stockexchange, listed companies, infrastructure, andbanking system are ahead many of their peersin the MENA region. Palestine starts from a lowbase but, by consensus of all major forecasters,it is likely to have one of the world’s highestgrowth rates.The Palestinian economy is lead by the privatesector. The private sector has proven to beresilient over the years and has been able toovercome various challenges and obstaclesimposed by the Israeli occupation mainly ontrade and freedom of movement. The GDPhas risen 50 percent since the beginning of2007. GDP in the first three quarters of 2011grew by 6.1 percent, and the Palestinianeconomy continues to demonstrate exceptionalendurance and adaptation capabilities.Description Q3/2012GDP Growth 6.1%GDP per capita 2.9%Unemployment percentage 23%QUARTERLY GDP IN THE WEST BANK AND GAZA STRIP 2007-2012 IN MILLIONS1,800.001,700.001,600.001,500.001,400.001,300.001,200.001,100.001,000.00900.00Q1 2007Q2 2007Q3 2007Q4 2007Q1 2008Q2 2008Q3 2008Q4 2008Q1 2009Q2 2009Q3 2009Q4 2009Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 2011Q1 2012Q2 2012Q3 2012Key Information ContactsPalestine Capital Market Authority www.cma.gov.psMinistry of Finance www.mof.gov.psMinistry of National Economy www.met.gov.psPalestinian Investment Promotion Agency www.pipa.gov.psPalestine Monetary Authority www.pma-palestine.orgPalestinian Central Bureau of Statistics www.pcbs.org.psPalestinian Economic Council for Development and Reconstruction www.pecdar.orgPalestine Institute for Financial & Banking Studies www.pifbs.comPalestine Media Center www.palestine-pmc.comCustodian Bank - HSBC Bank Middle East www.middleeast.hsbc.comCONTACT INFORMATIONContact Name Mr. Ahmad Aweidah E-mail Ahmad.aweidah@pex.ps Website www.pex.psPAGE 76

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013SARAJEVO STOCK EXCHANGEAn increase in turnover for the second yearrunning as the mutual trading platformlooms on the horizon.Tarik KurbegovicCEOFamiliar problems continued to plague thecapital market in Federation of Bosnia andHerzegovina throughout 2012. Occasionalpolitical instability, weak attempts by thestate to attract foreign investments and asluggish approach to implementing muchneeded reforms are common obstacles in ourcontinued search for a stable capital market.Nevertheless, the turnover continued the risingtrend from 2011, and improved cooperationwith Government resulted in several treasurybills and bonds auctions which significantlyboosted the yearly turnover. Also, Governmentinitiative led to the creation of five-year Strategyfor developing the capital markets, in which allcapital market stakeholders had participated.A long standing idea came into fruitition inOctober 2012; an agreement on mutual tradingplatform of Sarajevo, Banja Luka and Podgoricastock exchanges has been signed in Sarajevo,during 7th International SASE Conference. Afurther efforts by the staff of all three exchangesshould result in the implementation of thePlatform in 2013.Together with implementing and improving thenew trading and surveillance measures thatwere passed in 2011, SASE also prepared forthe changes in Securities Law, which resulted innew set of changes to the SASE Rules.We look to 2013 with optimism and eagernessto step up to the challenge of making a hugestep towards more advanced and stablecapital market in Federation of Bosnia andHerzegovina.HISTORY AND DEVELOPMENTThe Sarajevo Stock Exchange (SASE) wasfounded in September of 2001 by eightbrokerage houses and commenced tradingon April 12 of 2002. The SASE is a jointstockcompany and a central marketplacefor securities trading in the Federation ofBosnia and Herzegovina. The SASE currentlyhas 12 members, whose headquarters arespread around the Federation of Bosnia andHerzegovina, the majority being in the capital,Sarajevo. Trading on SASE is performedelectronically through an order driven electronictrading system BTS (Stock Exchange System).SASX-10 is the main index on the SarajevoStock Exchange. It reflects the price movementof the top 10 issuers on the Sarajevo StockExchange (excluding investment funds) rankedby market capitalization and frequency oftrading. In 2009 a segmentation of Free marketwas performed, creating four new subsegmentswhich proved to be helpful for investors’understanding of the market.Turnover on SASE has risen substantially, whichcan be illustrated by the fact that in 2007 itrose up to US$ 961.5 million - more than in2005 and 2006 combined. There were 4 mutualfunds founded in 2007, and more are currentlyin preparation. In 2009 as a result of globalfinancial crisis sharp decrease in turnoveraffected SASE where we finished the year withUS$ 153,7 million. The effects of financial crisiswere even more strongly reflected in 2010, sothat annual total turnover on SASE was US$74,9 million.In 2011, the amount of the total turnover wasUS$ 165 million, and regarding to 2010, it wasan increase by 125% In 2012, the turnover wasincreased by 49% to 247 million (up to 14thDecember), largely thanks to treasury bills andbonds auctions by the Federation government.BIFX, the index that follows the prices ofinvestment funds, was the only one that finishedthe year in the positive zone.FUTURE OUTLOOK2011 and 2012 represented slow steps ona road to recovery from 2008-10 crisis, andwe hope 2013 will continue on the samepath. A new arrangement with IMF meansthat government debt securities auctions willprobably constitute smaller part of overallturnover, but we expect that governmentwill help the capital market in other ways:especially defrozing the privatization process ofcompanies in which state has a minority stake.SASE will keep up the effort to educate thedomestic investors, which still do not participateenough in trading. Special emphasis will be ongovernment bonds, whose turnover still doesnot match the high yields those bonds aregiving.As for the foreign investors, we expect to seepositive impact from the common tradingplatform with Banja Luka and Montenegroexchanges, as well as from Istanbul StockExchange’s ownership in SASE.BOSNIA AND HERZEGOVINAECONOMY1. Bosnia and Herzegovina’s (BiH) pasteconomic growth relied increasingly ondomestic demand as the key driver.Private sector demand expansion was fuelledby a credit boom financed from abroad. Thisproduced strong output growth amid a benignexternal environment and ample bank financing.However, the associated vulnerabilities becameclear in the 2009 crisis when capital inflowscame to a stop. Against this backdrop, thecurrency board arrangement, fiscal tightening,and financial support under the 2009 SBAhelped safeguard macroeconomic stability (Box1). But this has not been enough to propel theeconomy forward—staff projects that real GDPwill not regain its 2008 level until 2013. Structuralimpediments continue to hamper economicperformance—the large government crowds outthe private sector and the business environmentdiscourages investment and businessexpansion, leading to high unemployment andlow labor force participation.2. The protracted political crisis slowedreforms and progress toward EUaccession.The long delay in the formation of a newState-level government and the breakdownin national policy coordination following theOctober 2010 elections—evidenced by thedifficulty in reaching an agreement on thebudget for the Institutions of BiH and thetemporary interruption in the servicing of BiH’spublic debt to some IFIs in early-2012— stalledeconomic reforms and progress toward EUPAGE 77

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013SARAJEVO STOCK EXCHANGEaccession. It also prevented completion of SBAreviews since October 2010; the SBA expired inJuly 2012, with only ⅓ of the approved amountdisbursed. The new Council of Ministers thatwas confirmed in February 2012 has vowed tomove expeditiously on EU issues. Cognizant ofthe risks emanating from the present uncertainglobal and regional economic environment, theauthorities have put together a comprehensiveprogram for which they are requesting Fundsupport.3. The slow post-2009 economic recovery islosing momentum.Following the 2009 recession, BiH’s economygrew at a moderate pace in 2010-11. However,the pickup in economic activity did not spreadfrom export-oriented industries to the widereconomy. Domestic demand has been heldback by stagnant wages and employment, andslow credit growth. Following steep declines in2009-10, domestic investment has recoveredsome ground. Latest high frequency indicatorspoint to a marked slowdown of economicactivity amid falling external demand. Headlineinflation has declined despite high world oil andfood prices, and increases in utility prices andtobacco excises. Core inflation has remainedbelow 1 percent, reflecting the softness ofdomestic demand.4. The current account deficit has started tonarrow and official foreign exchangereserves have been volatile in recent months.The surge in imports during 2010-11 outpacedthe recovery in exports, thus leading to awidening in the current account deficit to8¾ percent of GDP in 2011. However, weakdomestic demand this year led to a narrowingin the current account deficit in the first quarterof 2012 to 8 percent of GDP on an annualizedbasis. Official foreign exchange reservesremained broadly stable during 2011 despitesome repatriation of funds by foreign parentbanks. By March 2012, foreign parent bankshad reduced their overall exposure to BiH byaround 13 percent relative to the end-2008benchmark (while the decline in exposure tobanks was somewhat more pronounced), withmost of the decline (10 percentage points)experienced by end-2010. Reserves cameunder renewed pressure earlier this year, mainlydue to some banks’ and corporates’ repatriationof profits, and banks’ reduced demand forforeign funding. Positive momentum sincethe re-engagement with the Fund in programdiscussions contributed to a pickup in reservesin recent weeks.5. The banking system has remainedrelatively stable.The sector as a whole returned to profitabilityand maintained its capital adequacy throughcapital injections and profit retention (Table11). Aggregate capital adequacy has remainedabove the minimum requirement, and top-downstress tests conducted by the authorities usingend- March 2012 bank-by-bank regulatory datadid not reveal significant weaknesses. However,nonperforming loans (NPLs) have remained atlow double digits—12.6 percent for the bankingsector as a whole as of June 2012. Finally,provisioning at 67 percent of nonperformingassets at end-June 2012 is in line with theregional average.6. Fiscal consolidation has continued but thecomposition of expenditure has notimproved.The overall fiscal deficit in 2010-11 stayedwithin the targets of the 2009 SBA. In 2011,consolidation was dictated by the lack offoreign financing for the Entities and by thetemporary financing rules—that limit spendingin the absence of an adopted budget—for theInstitutions of BiH.2 Entities increasingly reliedon domestic financing to meet their fundingneeds. However, the reduction in spending onpublic wages and war-related benefits as ashare of GDP was slower than programmed.34Nevertheless, war-related benefits and theaverage public wage grew slower than inflationin 2008-11, which is a significant departure frompast trends. Overruns on wages and war-relatedbenefits were partially offset by cuts in othercurrent spending and under execution of thecapital budget.7. Structural reforms have stalled since therun-up to the October 2010 elections.The reform of war-related benefits is well behindthe schedule envisioned under the WorldBank’s Development Policy Loan (DPL) inboth Entities. The finances of the Entity HealthFunds continue to be under pressure due tothe high cost of health care for the growingnumber of unemployed and pensioners. Delaysin pension reform in the Federation, coupledwith the growing number of veterans qualifyingfor pensions under special conditions, haveincreased the cost of subsidies for veteranpensions. Finally, little progress has been madeon improving the business environment andBiH continues to rank low among its regionalpeers in both the World Bank’s Ease of DoingBusiness and the World Economic Forum’sGlobal Competitiveness rankings.Source IMFCONTACT INFORMATIONContact Name Mr. Dino Bojic E-mail dino.bojic@sase.ba Website www.sase.baPAGE 78

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Swiss Futures Options Associations (SFOA)Otto E. NaegeliChairmanSFOA’s mission is to support the growthand development of the global derivativesindustry and the strengthening of marketintegrity.A special word of appreciationIn my capacity as Chairman of the SwissFutures and Options Association, I would liketo express my gratitude and pleasure to beassociated with the Federation of Euro-AsianStock Exchanges. I hope that this will helpus in our mutual effort to further contribute tostrengthen the ties between FEAS and SFOA.I believe that this is a further step to harmonizemarket practices and behavior globally.Swiss Futures and Options Association(SFOA)The Swiss Futures and Options Association(SFOA) - previously Swiss Commodities,Futures and Options Association - was foundedin 1979 as a non-profit professional association.A global missionIts mission is to support the growth anddevelopment of the global derivatives industryand the strengthening of market integritythrough its annual international gathering andconference and regulatory summit, as wellas its initiatives in the area of education andediting of industry focused publications.The goals of the association• To serve the industry, the participants in theindustry and their products - in the widestsense - and to help set the standards ofquality and service for its members.• To set a basis for self-regulation for all thosewho are involved or interested in becominginvolved in the futures and options industry.• To inform all our members and friends aboutnews relating to the industry, opportunitiesoffered for personal development by meansof attending seminars, road shows andpresentations.• To present new products and theopportunities offered by their use, in arealistic and concise manner.• To organize presentations, seminars andworkshops, which promote specific marketsor market segments and to educatepractitioners and those who would like tobecome industry participants.• To actively participate and co-operate withthose public and/or government entities incharge of drafting new legislation and/or ofreviewing and adapting existing ones.• To maintain and develop existing andestablish new links with InternationalOrganizations (i.e. UNCTAD), Associationsand Federations (i.e. FEAS, FIA, FOA, ICMA,FECIF, CIFA, SBA etc.) for the benefit of theirand our members.• To organize an International Forum providingtop ranking industry professionals withthe opportunity to meet, and to offer thepossibility to publicly debate topics crucialto the industry.• To organize the International « Bürgenstock» Regulator’s Meeting, unique in itsattendance and purpose.• To provide the emerging markets with aplatform of discussion and exchange ofideas with well-established markets andmarket participants in close cooperationwith AFM - the Association of FuturesMarkets.• To assist individuals and institutions tolocate the best source of information andservice to suit their specific needs and, ifneeded, to assist them in their researchfor facts and figures about the industry, itsparticipants and products.Next international industry meeting34th Intl. SFOA “Bürgenstock” Symposium,Geneva/ Switzerland, to take place from 25th to27th September 2013. Program and informationwill soon be available on www.burgenstock.orgSwiss Derivatives ReviewThe Swiss Derivatives Review (SDR) is theofficial publication of the Swiss Futures andOptions Association featuring articles aboutregulation, education, products, events etc.being in relation with the associations goals.SDR is published 3 times yearly and close to10’000 copies are printed, sent to subscribersand distributed at international industry events,at no charge to the reader. An electronic versionof the past editions is downloadable from ourwebsite:http://sfoa.org/index.php?nav=Swissderivatives-review&snav=MagazinePAGE 79

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Swiss Futures Options Associations (SFOA)Board of DirectorsChairmanOtto E. Naegeli, OEN Consulting, TorricellaVice ChairmenPatrick J. Catania, Asia West Group, ChicagoMichael Hofmann, ABN AMRO Clearing BankN.V., Frankfurt a/MainPresident and CEOPaul-André Jacot, Derivacom, GenevaMembersFrançois Bouclier, Newedge Group, GenevaDaniel Grossrieder, UBS AG, ZurichAndrew Lowenthal, CBOE Futures Exchange,ChicagoMichael Peters, EUREX, Frankfurt a/ MainMarkus Pfister, Bank Vontobel AG, ZurichFrancesco Ranza, Banque Privée Ed. deRothschild SA, GenevaRobert Ray, CME Group, LondonChristian Reuss, Scoach Schweiz AG, ZurichLamon Rutten, Multi Commodity Exchange ofIndia Ltd., MumbaiAlan van Griethuysen, Public Member,AmsterdamCONTACT INFORMATIONContact Name Mrs. Carol Gregoir E-mail info@sfoa.org Website www.sfoa.orgPAGE 80

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013TEHRAN STOCK EXCHANGEHassan GhalibafCEOTSE tried to increase market transparencyand liquidity, diversify financialinstruments, improve surveillancemechanism and develop the investmentculture within the Iranian society.In 2011, the global value traded, with littledecrease (0.1), remained relatively stable.Market capitalization of the global Exchanges,with significant decrease of 13.6% reached thefigure less than it in 2009. Moreover, accordingto the main indices of the Exchanges beingmember of the World Federation of Exchanges,average return of the members had 11.9%decreases, as compared to the previous year.The main factors affecting the decrease arehigh volatility, global uncertainty created fromsovereign debt crisis. In this year, Exchangestried to diversify their financial instruments usingvarious bonds, exchange traded funds andother instruments.Despite of challenges related to implementingthe first phase of targeted subsidies law,fluctuations in the gold and foreign currencymarket and movement of liquidity toward thesetwo markets and challenges in the internationalrelations, TSE, against the general trend of theworld market, had a growth of operation indiceslast year. Moreover, TSE tried to increasemarket transparency and liquidity, diversifyfinancial instruments, improve surveillancemechanism and develop the investment culturewithin the Iranian society.In this period, market capitalization and valuetraded showed 33.4% and 8.2% growthrespectively. Also, block and retail trades had34% growth, as compared to the previous year,which shows liquidity increases in the market.Listed firms had 82% growth of capital increase,63% of which was from cash contributions andreceivables. Also, free floats reached from 19%to 23%. All the above mentioned factors indicatemarket transparency, integrity and liquidity.In order to meet the accountability principles,have a transparent interaction withstakeholders, and promote market integrityand transparency, some effective plans havebeen implemented in cooperation with otherresponsible institutions, including developmentof the calculation directives of corporategovernance index and presentation of it toSecurities and Exchange Organization (SEO),participation in mechanizing parts of membersoversight and inspection, and enforcementof discipline regulations of brokers. Otheractions taken by TSE are to revise and updateinformation rules, to introduce new tradingmechanism, to plan operation of closingdiscontinuous auctions and closing trades, andto plan securities lending mechanism.As a plan to attract foreign investors, someconferences have been held including FinanceOpportunities of Listed Firms and ListingEconomic Firms at TSE. During the year 2011six firms have been listed and offered in TSE.Also, 4 items of future contracts and 2 items ofparticipation certificates have been listed in theExchange. To develop and support derivativesmarket, enhance the trading system andfacilitate the market access, some actions havebeen taken, including proposing for mechanismregulations of credit finance to SEO, seekingfor option trading rules approval, launchingExchange Traded Funds at TSE and increasingthe number of underlying shares of futurecontracts.Also, some efforts have been made fordevelopment of market awareness andpromotion of financial literacy through targetedtraining courses, books, web-sites, seminarsand TV programs in order to help people tomake informed participation in the capitalmarket.HISTORY AND DEVELOPMENTTehran Stock Exchange (TSE) was foundedin 1967, by starting with only six listedcompanies. Since then, the Exchangehas experienced considerable changes inthe path of development. Today, six yearsafter its demutualization, which took placeon 6 December 2006, TSE has graduallydemonstrated its potentiality as a leadingExchange in the region and developed into anever growing marketplace, including more thanthree hundred and twenty listed companies witha market capitalization of above US$ 100 billion(December 2012).TSE is aiming at promoting the Iranian capitalmarket to respond to the socio-economicdevelopment requirements of the nation. TheExchange helps and stimulates industrial, aswell as economic growth and development ofthe country’s financial sector. TSE is preparingto maintain a strong and transparent marketin order to give opportunity to the investors toconvert their cash into securities at a fair andhonest price and vice versa, and is developingto become a highly liquid secondary market forsecurities to raise funds and win confidence fromall stakeholders. TSE is planning to operate asa world-class marketplace for Iranian securitiesand derivatives products. It strives to offer issuersaccess to a wide national marketplace.By servicing Iran’s substantial long-termdemand for capital and exchange servicesin accordance with international standardsand practices, it is believed that TSE has thepotential to become one of the preeminentExchanges in the Persian Gulf region andbeyond.Privatization, as a priority is both followed by theState and managed by TSE on the one hand, tofacilitate the economic reforms, and on the otherone, to improve and support the Iranian securitiesmarket. Moreover, financing through capitalmarket is felt as an obligation for the Iranianeconomy’s growth and in this fashion, shares oftwo banks, two petrochemical companies anda provider of electronic services were listed andpublically offered in the Exchange in 2011. Theoption contracts regulations have been sent tothe Iranian Securities and Exchange Organizationfor ratification.In 2012, TSE held a FEAS event in Tehran. Thesecond On-site Training Program was heldin Iran, 10-21 November 2012. The two-weekevent included different courses and visits at theIranian capital market’s entities.Tehran Stock Exchange was the main hostof the event, and was contributed by Iran’sSecurities and Exchange Organization, IranMercantile Exchange, Iran Farabourse, CentralSecurities Depository of Iran, as well as twoinvestment banks, and three brokerage firms.The program’s participants were managersand experts from Oman, Pakistan, Macedonia,Uzbekistan, Syria, Turkey and Kazakhstancapital markets.Five new companies, including two companiesfrom oil and gas sector, a shipping company,one insurance company, as well as a banking ITservice provider were listed at the Exchange in2012. Also, an investment firm was transferredfrom Iran Farabourse (SMEs market) to TSE inthe same year.FUTURE OUTLOOK• Expanding the country’s capital marketshare by increasing the number of listedcompanies and improving market liquidity• Developing new opportunities throughintroducing new financial tools• Continuous evaluation of rules andregulations in compliance with marketrequirements• Developing financial knowledge andimproving investment and shareholdingculture in Iran by educational programs andthrough mass media• Extending trading infrastructure• Enhancing market transparency throughupgrading market surveillance and relatedIT systems• Increasing international cooperation andparticipation in international associations• Focusing on development and enhancementof TSE competitive advantagesPAGE 81

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013TEHRAN STOCK EXCHANGECAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKIn 2012, the second phase of Iran’s TargetedSubsidy Program was not implemented, due tothe considerable increasing in national liquidityand inflation rate through the first phase.Following this, reforming subsidies on energycarriers was postponed.Gross Domestic Product (GDP) by the currentprice has been $ 496 billion during 2012 with anannual growth of 0.4%. Additionally, the inflationrate in October 2012 was 24.9% comparing thesame month of the last year.According to the Iranian Central Bank (CBI)report on 27 October, growth of Monetary Basefrom 23/7/2011 to 22/7/2012 has been 24%;while it was 10.5% in the same period of the lastyear (23/7/2010 - 23/7/2011).During this period, the liquidity growth has alsobeen 25.5% compared to 21.5% for the sametime in the last year.Liquidity was IRR 392 trillion at the end of July2012 which has increased by IRR 40,400 billionin about four months.Reviewing the changes in the Mandatory Basecomponents during a 50-month period, endedto 20 August 2012, indicates that rising of thebanks’ debt to the Central Bank (Central Bank’sreceivables from banks) is the most importantitem in growth of the index during the period.As the CBI’s report (27 Oct. 2012) shows, thebanks’ debt has grown 10.8% during the period,from 20 March to 22 August 2012.The other effective factor on the MandatoryBase growth is the increasing of thegovernment’s debt to the Central Bank.Besides, according to the Central Bank’s reporton 27 November 2012, Iran’s export in the first3-month of the last Persian year (20 March to20 June 2011), has been $38,751 million, andin the same time in 2012, it has been $25,918million, which shows a 33.1% decline.Iran’s Import in the same time has been $17,816million in 2011 and $16,043 million in 2012,which shows a 10% drop.(1 US$= IRR 12,260, December 2012 - http://cbi.ir)ECONOMIC CHARTS AND TABLESAverageEstimation2000-05 2006 2007 2008 2009 2010 2011 2012Real GDP Growth (Annual Change;%) 5.5 5.8 10.8 0.6 3.5 3.2 2.5 3.4Consumer Price Inflation (Year Average;%) 13.5 11.9 18.4 25.4 10.8 12.4 22.5 12.5Current Account Balance (% of GDP) 5.1 9.3 10.5 6.5 3 6 7.8 7.1Real GDP Growth (Annual Change;%) 5.5 5.8 10.8 0.6 3.5 3.2 2.5 3.4Oil and Non-Oil Real GDP Growth (Annual Change;%) 5.9 6.2 11.4 0.9 4.3 3.6 2.6 3.5Current Oil Production and Exports (Million barrels day) 3.7 4 4.1 3.9 3.6 3.6 3.6 3.7Consumer Price Inflation (Year Average;%) 13.5 11.9 18.4 25.4 10.8 12.4 22.5 12.5General Government Fiscal Balance (% of GDP) 2.9 2.3 7.4 0.7 1 1.7 2.4 1General Government Non-Oil Fiscal Balance (% of Non-Oil GDP) -17.8 -25.3 -18.1 -26.1 -15.2 -16.5 -16.8 -16.1General Government Non-Oil Revenue (% of Non-Oil GDP) 10.1 12.4 12.8 14.1 12.5 10.8 12.1 11.9Exports of Goods and Services (Billion U.S Dollars) 41.4 82.3 105.2 109.9 95.6 116.5 137.1 140.8Imports of Goods and Services (Billion U.S Dollars) 35.4 62.1 73.9 88.4 85 92.4 100.3 105.1Current Account Balance (Billion U.S dollars) 605 20.6 32.6 22.9 10.9 24.4 36.9 35.2Current Account Balance (% of GDP) 5.1 9.3 10.5 6.5 3 6 7.8 7.1Gross Official Reserves (Billion U.S dollars) 25.9 60.5 82.9 79.6 78 78.9 104.6 138.7Source: IMF, Regional Economic Outlook, Middle East and Central Asia, October 2011Key Information ContactsTehran Stock Exchange Corporation www.iranbourse.comSecurities and Exchange Organization www.seo.irIranian Privatization Organization www.en.ipo.irTSE’s Technology Management Company http://english.tsetmc.comCentral Bank of the Islamic Republic of Iran www.cbi.irIranian Chamber of Commerce, Industries and Mines (ICCIM) www.iccim.comOrganization for Investment, Economic & technical Assistance (OIETAI) a division of the Ministry of Finance www.investiniran.irIran Farabourse www.irfarabourse.comCentral Securities Depository of Iran (CSDI) www.csdieng.comIran Mercantile Exchange http://ime.co.irCONTACT INFORMATIONContact Name Mr. Amir Yousefianpour E-mail int@tse.ir Website www.iranbourse.comPAGE 82

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013TIRANA STOCK EXCHANGEAnila FurerajGeneral ManagerThe development of transparent capitalmarket, based on international standardsand activation of capital market as atrading platform for different financialinstruments, is the main objective of TSE.Tirana Stock Exchange is the only securitiesmarket in Albania. The development oftransparent capital market, based oninternational standards and activation of capitalmarket as a trading platform for differentfinancial instruments, is the main objective ofTSE.The presence of an active domestic capitalmarket and efficient, would give companies theoption to increase capital by understanding thatbrings real benefits for the capital market. Anactive and efficient capital market will expandthe capital market in Albania by providingvarious investment opportunities andmechanisms to ensure efficient and transparentpricing will increase access to finance forAlbanian companies.As requirement of new law “On Securities”were draw the Rules of Tirana Stock Exchangethat was approved by Financial SupervisoryAuthority Board. In these rules are include in asystematic manner rules of membership, listing,trading, clearing and settlement of transactionon securities that will be trading in Tirana StockExchange.Rules of Tirana Stock Exchange were preparedand adapted with contemporary generalprincipals for functioning of capital market ofEuropean countries and have like purposeprotections of investors and ensure a fulltransparency of companies that will be listingin Exchange, protection of minor stakeholdersinterests and ensure the equal treatment forall shareholders, application of InternationalStandard of Accounting for all companies thatbe listing in Exchange and prevention of illegalpractice in trading securities on Exchange.The capital market needs for particularlyattention from business. Till offer and demandfor the market product will be in continuously indevelopment, than time is coming that activityof this market will grow and will be useful forparticipant of this market.HISTORY AND DEVELOPMENTTSE is the first and the only stock exchangein Albania, established in 1996 originally asa department of Bank of Albania (BoA). Theactivity at hand, at that time, was the tradingof the T-Bills with 12 months-to-maturity, fiveseries of government bonds and privatizationvouchers. It also held out the primary auctionsfor Treasury Bills until August 1st, 1998, thanthis market moved to Monetary OperationsDepartment, at BoA.TSE was structured as a joint stock companyand a state - owned one,, on March 2002, andshareholder was State, represented by Ministerof Finance (100% of the shares). It’s authorizedand subscribed Capital is equal to 20,000,000lek (~EUR163,000) with a no. of shares of20,000. On 07.13.2007, after several periodical- limited licenses since 2002, the AlbanianFinancial Supervisory Authority, licensed TiranaStock Exchange with an infinite validity license.The license empowers TSE “To operate as asecurities market for the trading of Government/Corporate Debt Securities and Shares” with notime restriction.Market Structure -TradingTSE is an order-driven “open outcry - callmarket” which uses a manual tradingsystem with physical presence of licensedcommissioners (members) on the trading floor.Securities’ prices on the trading sessions areset according to “single price method”, whiletrading is held:- every Monday and Wednesday, from 10.00 -12.00, for the official market.- every Friday for trading in the parallel market.The eligible tradable instruments are: shares,government and corporate bonds. In order totrade, TSE commissioners should be physicallypresented in the trading sessions. Each tradingsession is conducted in two rounds. Organizedas an auction market, TSE calculates a singleprice for each tradable instrument, at the end ofeach trading day.Clearing and settlement for every type ofsecurities traded at TSE, is done on a net basiswithin T+3, in full accordance with “Deliveryversus Payment - DVP” principle. Clearingand settlement for transactions executed atTSE is done in cooperation with second tiercommercial banks and Albanian Share Registrarfor joint-stock company shares.MembershipTSE records 5 licensed members, threecommercial banks and two private companies,which offer brokerage services for investors.FUTURE OUTLOOKActivating the securities market as acommon trading platform for several financialinstruments, will be the strategic objective of theTSE. Achievement of such an important goalshall be carried out through:• Working closely with and assisting inthe continuance of domestic top levelbusinesses, TSE members, etc. to makethem aware of advantages the securitiesmarket may offer them as well as providingthese stockholders with necessaryinformation, in order to be listed at TSE,• Bilateral negotiations with AlbanianGovernment towards the inclusion of 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 with the Albanian Governmentand the Ministry of Finance towards theassignment of TSE, by Ministry of Finance(MoF), as Government’s agent in organizingprimary auction for long-term public debtsecurities,• Negotiation and cooperation with MoFand AFSA towards the compilation of legaland fiscal incentives, which are deemednecessary to encourage private companiesto raise their capital through IPOs and TSElisting,PAGE 83

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013TIRANA STOCK EXCHANGE• Performance of a marketing campaign, infull compliance with the marketing programcompiled by TSE with a final objective toattract domestic business at exchangelisting,• In cooperation with AFSA, carrying out of acontinued public education & informationcampaign regarding the securities marketand advantages that provides its use,• Improvement of information technology atTSE in order to make it possible to providethe market with an appropriate ElectronicTrading System for securities,• Keeping fruitful cooperation with institutionsin the region, regarding the exchange ofexperiences and staff training, targetingfurther improvement of human resourcescapacity within the filed of securities market.CAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKEconomic situationThe Albanian economy faced with morechallenges in 2011. Albania’s economymaintained its positive growth rates during thisyear. The economic growth stood at 3%.Annual growth of Albanian exports in value forthe first eleven months of the year was 19.9%,implying slower rates compared with thecorresponding period of a year earlier. On theother hand, imports accelerated their annualgrowth to 12.2%. Trade deficit widened by 8.1%,illustrating negative effects of price rise in globalmarkets. The trade deficit reveals that about50% of its increase is created by the balance ofelectric energy exchange.Annualized contraction of net exports deficit isassessed to be resulting from imports of goodsand services decline by about 4.2% in real termsand exports upsurge by about 8.6%.The exchange rate has been stable and inflationhas been entirely within the objectives set by theBank of Albania increased by 2.9% annually.Financial markets during the second halfof 2011 were calm and reflected relativelydownward premiums on liquidity risk andinflation. Successive key rate cuts were swiftlyreflected in the interbank market. In the primarymarket, government security yields dropped,reflecting the key interest rate cut as well asthe low demand of the public sector for loans.Moreover, transmission of monetary policysignals is expected to be extended fully to thedeposits and loans market, in accordance withthe transmission mechanism time lags.Fiscal policy was stimulating in 2011,materialized in positive contribution of publicspending to aggregate demand. At the end ofNovember, budget deficit was ALL 38 billion,reflecting expansion by about 65% in annualterms. However, the budget deficit has remainedwithin levels provided in the budget plan for2011. The deficit created by the scheme ofsocial security system has exceeded the budgetdeficit by about 34%. Current surplus estimatedto 18.1 billion, or about 15.7% higher than thesame period a year ago.* Information provided by the Tirana Stock Exchange.Key Information ContactsBank of Albania www.bankofalbania.orgMinistry of Finance www.minfin.gov.alAlbanian Institute of Statistics www.instat.gov.alAlbanian Financial Supervisory Authority www.amf.gov.alMinistry of Economy www.mete.gov.alCONTACT INFORMATIONContact Name Ms. Anila Fureraj E-mail afureraj@tse.com.al Website www.tse.com.alPAGE 84

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013“TOSHKENT” REPUBLICAN STOCK EXCHANGEShahruh HakimovChairman of the Executive BoardIn 2013, it is estimated to conclude severalMOU with foreign stock exchanges, inorder to develop new financial instruments,like swaps, warrants, options and futures.“…only then can we say that privatizationprocess is gaining the real features, whensecurities’ secondary market will start working,when share quotation will be published ina regular basis, when population will starthaving taste and desire to become holders ofthese shares and the shares themselves arenot simply featureless papers, but will indeedbecome valuable and will be valued by theirholders as the one of their most importantsources of income”.Introduction (outlook)Securities market is one of the most importantelements of market economy, and the essentialinstitution of a market economy is a stockexchange.Republican Stock Exchange “Toshkent”- is aorganized and regularly functioning securitiesmarket, where, together with other organizationsin securities market infrastructure (Centraldepository, Settlement and Clearing House,Secondary level depositary, brokerage offices),all necessary conditions are established for freeaccess of all subjects of the stock market toinvest resources through activation of securitiestransactions.Today the stock exchange is an activeparticipant in the formation of national securitiesmarket, the dynamic development of which is aprerequisite for sustainable economic growth.Through exchange trades various sectors of theeconomy in the form of joint stock companiescreated on the basis of privatized enterprises,acquire real property owners and, thereafter,significant funds for major restructuring andmodernization, and the newly established jointstock companies - additional financial resourcesfor performing of their investment projects.Joint stock companies of Uzbekistan by meansof realization of their own securities throughtrading platforms of the Republican StockExchange “Toshkent” has the opportunitiesto attract practically unlimited investmentresources for their development of both internaland external capital market.Thereby, assessing the role of the RepublicanStock Exchange “Toshkent” in the formation ofthe national securities market, we can surelystate that its creation has allowed for conductingtrades with exchange tools as accessible andopen to all potential investors as possible.Future outlookIn the process of a gradual transition to amarket economy, as one of the most powerfulinstruments of economic development, thegovernment pays special attention to themodernization of the stock market of Uzbekistanby the introduction of modern technologies,methods, organization of exchange trading andaccess of investors to the stock market.Nowadays, the Republican Stock Exchangeis the main segment and a key element in thestock market.For further development of the stock marketof the country and of the Stock Exchange, theResolution of the President of the Republicof Uzbekistan No:1727 from 19.03.2012“On measures for further development ofthe stock market”, according to which theshareholders of the exchange included theKorean Stock Exchange (KRX) and the fourlargest commercial banks in the Republicof Uzbekistan. Work has begun on theimplementation of the One software-hardwarecomplex, which supports operations onthe stock market by the most advancedtechnologies in the “on-line”.However, the Presidential Decree of 13.11.2012No: UP-4483, provided for the development ofthe stock market, especially in the secondarysecurities market, stimulating the growth ofcapitalization and profitability of corporations,their active participation in exchangetransactions.It should be noted that the introduction of asingle software and hardware complex, thestock market will ensure the provision of arange of services for listed companies, namely,disclosure of information, monitoring of thefinancial condition of the listed companies, IPO,and circulation in the secondary market in orderto create the quoted cost, as well as attractinginvestors placed (IPO) securities.In 2013, it is estimated to conclude severalMOU with foreign stock exchanges, in order todevelop new financial instruments, like swaps,warrants, options and futuresHistoryIn accordance with the Decree of the Presidentof the Republic of Uzbekistan “On measuresto further deepen economic reform, protectionof private property and entrepreneurship» PDNo: -745 from January 21, 1994 initiated theformation of the “Tashkent” Republican StockExchange. The Republican Stock Exchange“Tashkent” was established as an open jointstock company. The activities of the RepublicanStock Exchange “Tashkent” regulated by law ofthe Republic of Uzbekistan “On exchanges andexchange activity”, “On the Securities Market”,“On joint-stock companies and protectionof shareholders’ rights,” as well as relevantregulations and legislation in the area of marketdevelopment securities.Authorized fund of the “Tashkent” RepublicanStock Exchange is 45 bln. Sums or 17578125ordinary registered shares with a nominal valueof 2,560 sums.“Tashkent” RSE operates on the basis oflicenses for exchange activity No:RR 38-01 of03/28/2003, theControls:The General Meeting of Shareholders;Supervisory Board;Executive body (Management Board).The highest governing body is the generalmeeting of shareholders which decides onthe activities of the society, is the exclusivecompetence of the general meeting.During the meetings, interests of shareholdersare presented by the Supervisory Board.PAGE 85

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013“TOSHKENT” REPUBLICAN STOCK EXCHANGECAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKTotal turnover of securities market of Uzbekistan(both shares and corporate bonds) made up2.09 trillion sums in 2012, which grew by 30.56%year-on-year, the Centre for Coordination andControl over Functioning of Securities Marketsaid.According to the Center, the volume ofdeals with the securities at Uzbekistan StockExchange “Tashkent” made up 170.7 billionsums in 2012, Elsis-Savdo (OTC) - 36.2 billionsums and Inter-banking Trade System - 0.19billion sums.It is worth to mention that number of deals atthe secondary market in 2012 rose by 28.6%compared to 2011. The Center said that thisshows active growth of trades with securities.At the same time, the volume of deals inthe secondary market with participation ofpopulation jumped twice compared to 2011,which is evidence for interest of population toinvest into stocks.Within 2012, the UZSE registered 917 deals with227,993 million shares of 129 issuers for 110.5billion sums and 80,500 bonds of four issuersworth 60.1 billion sums.Key Information ContactsState Property Committee www.spc.gov.uzMinistry of Finance www.mf.uz/engNational Bank of Uzbekistan http://eng.nbu.com/about/history/index.phpState Central Securities Depository www.deponet.uz/english.shtmlPortal of the State Authority www.gov.uz/enCONTACT INFORMATIONContact Name Mr. Jasur Saidahmedov E-mail int.relations@uzse.uz Website www.uzse.uzPAGE 86

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013TURKISH DERIVATIVES EXCHANGE (TurkDEX)2012, a difficult year for Turkish capitalmarkets.Isinsu KestelliChairpersonThe year 2012 has been a year in which theworld had difficulties to stipulate growth and feltthe effects of the global crisis deeply. In Turkey,despite the goal of a 4% growth rate, a growthrate of below 3% was recorded at the end ofthe year. On the other hand although the EU,Turkey’s main trading partner, is still strugglingdue to the Euro Crisis, Turkey has been ableto keep the inflation and unemployment rate atone digit numbers, reducing the current deficitand public borrowing rate.2012 has been also a difficult year for theTurkish capital markets. As a result the tradingvolume of TurkDEX decreased for the firsttime of its history. Compared to 2011, in 2012the total trading volume decreased by 8.1%to 403.9 billion TRY. Among several issuesaffecting the trading volume negatively, we canspecifically point out that the overall global riskappetite decreased and that the demand forindex derivatives contracts at Turkdex reachedits saturation point. On the other hand thenumber of members increased to 101 andthe number of accounts increased to over80.000 in 2012. Despite the decrease in tradingvolume, Turkdex remained as one of the top30 derivatives exchanges according to FIA’sranking.HISTORY AND DEVELOPMENTThe Turkish Derivatives Exchange (TurkDEX)was formed as a self-governing joint stockcorporation in 2002 through a resolution of theCabinet based on the approval of the CapitalMarkets Board (CMB) of Turkey. The tradingstarted on February 4th, 2005 right after theauthorization of the CMB to operate as the firstderivatives exchange in Turkey. The Exchangecurrently operates for a core product baseof financial, equity and commodity futurescontracts using an electronic trading platform.The Board of Directors is composed of onerepresentative from the Istanbul Stock Exchange(ISE), two representatives from the Union ofChambers and Commodity Exchanges of Turkey,two representatives from the Association ofCapital Market Intermediary Institutions of Turkey,three representatives from bank and brokeragehouse shareholders, one representative fromTurkDEX (CEO) and one representative from theIzmir Commodity Exchange.TurkDEX offers an efficient, liquid andinvestor friendly electronic trading platformfor the trading of futures contracts on interestrates, stock indices, foreign currencies andcommodities. One of the main objectives ofTurkDEX is to develop and provide financialinstruments that help individuals and institutionsto effectively manage their risks against pricefluctuations. Currently, 15 different derivativeinstruments, namely; currency futures contracts(TRY/US$, TRY/EUR and EUR/US$), interestrate futures contracts (Benchmark Treasuries),equity index futures contracts (TurkDEX-ISE30 Stock Index, TurkDEX-ISE 100 Stock Indexand TurkDEX-ISE 30-100 Index Spread), cottonfutures contracts, wheat futures contracts, goldfutures contracts (TRY/gram and US$/ounce),base load electricity futures contracts and livecattle futures contracts are traded on TurkDEX’sentirely electronic trading platform. With itselectronic trading platform, TurkDEX providesaccess to traders wherever they are located,subject to applicable local laws and regulations.PAGE 87

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013TURKISH DERIVATIVES EXCHANGE (TurkDEX)CAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKTurkDEX started its first trading session onFebruary 4, 2005. Since then TurkDEX offersa diversified range of derivative products on afair, transparent and efficient trading platformproviding suitable solutions for all marketparticipants. Within 5 years TurkDEX showeda remarkable growth in trading volume. Evenwhen global derivatives markets are strugglingTurkDEX’s trading volume remained stableslightly decreasing from TRY 439 billion in 2011to TRY 404 billion in 2012, a total decrease of8%.TurkDEX attracts more and more interest fromdomestic as well as international investors.While growing at constant pace, one ofTurkDEX’s main aims is to integrate the Turkishderivatives market into the global financialsystem by attracting more international investorsto diversify the investor base. In 2012, 84% and16% of total trading volume has been executedby domestic and foreign investors respectively.According to the data of the Futures IndustryAssociation (FIA) TurkDEX was ranked 29th interms of trading volume in the first 8 months of2012. As of December 2012 TurkDEX has 101members all of which are certified banks andbrokerage houses by the CMB.TurkDEX is determined to design and list newproducts in order to better address the needsand demands of all market participants interms of risk management, price discoveryand hedging. With the current and futuremarket trends TurkDEX will experience furthersignificant growth in the future. The last 5 yearsperformance of TurkDEX showed the potential ofthe derivatives markets in Turkey.Key Information ContactsCapital Markets Board of Turkey (CMB) www.cmb.gov.trIstanbul Stock Exchange (ISE) www.ise.gov.trİMKB Settlement and Custody Bank Inc. (Takasbank) www.takasbank.com.trMerkezi Kayıt Kuruluşu (MKK) www.mkk.com.trThe Association of Capital Market Intermediary Institutions of Turkey (TSPAKB) www.tspakb.org.trCONTACT INFORMATIONContact Name Mr. Samil Demirkan E-mail turkdex@turkdex.org.tr Website www.turkdex.org.tr* Please refer to page 51 for the Turkey country report.PAGE 88

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013ZAGREB STOCK EXCHANGEThe primary task of Zagreb StockExchange is to become the market ofchoice in the region.Ivana GazicPresident of the Management BoardZagreb Stock Exchange faces new challengesin the still uncertain economic environment.Encouraged by signs of a fragile recoveryand with strong fundamentals it will continueto act as an efficient and rule-based marketharmonized with the European standards andremain confident in the progress of the Croatiancapital market. This confidence is even strongersince after long negotiation process thatcommenced in 2005, Croatia is now scheduledto become the 28th European Union MemberState in July 2013.The primary tasks of Zagreb Stock Exchangewill be to lead the development of thecapital market in the region while providingtransparent, secure, cost-effective and efficientmarketplace as well as to obtain the highestquality of capital market services in order tomeet the needs of investors, issuers and allstakeholders.Zagreb Stock Exchange will carefully observeglobal as well as regional economy and equitymarket trends and remain in line with marketexpectations in order to become the market ofchoice in the region.HISTORY AND DEVELOPMENTThe stock exchange trading in Croatia wasactive since 1907 till 1911 and again since 1919till 1945.After the World War II the Zagreb StockExchange was revived in 1991 as a jointstockcompany with 25 commercial banksand insurance companies. From the initial 25members (brokerage companies), thanks to thetrade growth and development the number ofmembers has climbed to some forty-odd activetraders today: banks and private brokeragecompanies, and 43 shareholders. At the verybeginning, trading took place at big auctionsheld at the Exchange head office with all brokersactually physically present and in 1994, anelectronic trading system was introduced.In 2007, the Croatian financial marketconsolidated as the Varazdin Stock Exchangemerged with the Zagreb Stock Exchange.These new circumstances, resulting in a largernumber of listed securities and greater tradingvolume, along with a natural development of thefinancial market that saw the investment climateimprove and gave rise to a stronger interest ofall market participants in new financial products,highlighted the need for the implementation ofa new system that would be able to meet theneeds of the small, but extremely fast-growingCroatian market.The new trading platform, launched in autumn2007 after several months of preparations,represents an unprecedented technologicalenhancement.ZAGREB STOCK EXCHANGE IN2012If 2012 in the local capital market were to beinterpreted on the basis of statistical tradingdata alone, it might prove difficult to find abright side to the report: regular share turnoverwas practically halved while more than a -35%decline in the total turnover was attenuated tosome extent only by growth in the regular bondturnover in excess of +107%. Stock indicesCROBEX and CROBEX10 ended at virtually thesame level as the year before, which is goodnews actually, especially taking into account atwo-digit correction in the course of 2012.Fortunately, statistical data are not the onlymeasure of market dynamics - figures aside,there were a number of developments whichmight lead to positive results in some futurereports.Year 2012 on the Zagreb Stock Exchange wasmarked by several important anniversaries:20 years since the first ever transaction -concluded on 30 March 1992, and the CROBEXindex celebrated 15 years since its launch,which was highly significant for raising thevisibility of the local capital market, particularly inthe years crucial for strengthening shareholderculture and spurring the interest of foreigninvestors on the Zagreb Stock Exchange and inthe Croatian capital market in general.For three years now, the educational needsof the financial market have been served bythe ZSE Academy, which provided seminars,lectures and training programmes to more than1,000 participants in 2012 alone while educatingmore than 2,000 participants since it wasestablished.However, 2012 will be remembered most for thelaunch of structured securities: for the first timesince the Exchange was founded, this enabledtrading in a new type of instrument - the firstsecurities to be admitted to the InternationalMTF, while also introducing the first foreignissuer to the Zagreb Stock Exchange. Inaddition to expanding the range of investmentproducts in the local market, it also pavedthe way for investing in an asset class whichmight otherwise be very difficult or impossibleto access. As it is, a total of 16 certificates,with gold, crude oil, German Bunds and theDAX index as the underlying instruments,were available for trading on the Zagreb StockExchange by the end of the year. Investorinterest was strong so between mid-September- when certificates trading began - and the endof the year, turnover in structured securitiesreached almost EUR 7 million.FUTURE OUTLOOKCroatia should be a member of the EU from 1July 2013 as the 28th country to join the Union.Full European Union membership is expectedto accelerate fiscal and structural reforms andshould make Croatia more attractive for foreigninvestors.However, structural reforms lag and the concernstill remains while Croatia is yet to see the signsof a sustained economic recovery. Furthergovernment actions will be essential to inducethe recovery of the domestic capital market,especially regarding further privatization ofpublic enterprises.PAGE 89

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013ZAGREB STOCK EXCHANGEZagreb Stock Exchange will continue itswork on encouraging issuers to raise capitalthrough the stock exchange, developing newproducts and services such as short sellingand certificates, maintaining market integrityand investors’ confidence as well as providinga reliable mechanism for funding the growthof Croatian economy and raising awarenessabout the importance of capital markets asone of the most significant factors in economicdevelopment.Positive moments undoubtedly persist butcertain risks remain, challenging sustainablemarket recovery and Zagreb Stock Exchangewill carefully observe global as well as regionaleconomy and equity market trends and remainin line with market expectations in order tobecome the market of choice in the region.CAPITAL MARKET DEVELOPMENTAND ECONOMIC OUTLOOKAfter the downgrade of Croatia to subinvestmentgrade (S&P, Moody’s), pressure onpolicy makers is even stronger to implementthe consolidation on the expenditure side of thebudget, to halt the unsustainable public debtgrowth dynamics and to address the problemof structural rigidities in order to increasecompetitiveness of Croatian economy.The Croatian market is one of the smallermarkets by international standards.Nevertheless, we expect that the importanceof the ZSE will increase in light of Croatia’simpending accession of the European Unionand consequently there should be a rise intrading volumes, the historically low level ofwhich is currently putting off non-residents fromlarger portfolio investments. The upcomingprivatisations will also have a benign impact onliquidity, as there is still plenty of potential in thisfield.Although significantly changed circumstancesin the European market (e.g. recession,debt crisis) surely limit the positive effects ofmembership, we think that Croatia will enjoymultiple benefits by joining the single Europeanmarket. These include higher inflow of capital,a stronger institutional framework, continuedreforms and fiscal adjustment.** Raiffeisenbank Austria d.d. ZagrebEconomic Research DepartmentKey Information ContactsCroatian Agency for Supervision of Financial Services www.hanfa.hrMinistry of Finance www.mfin.hrCroatian Government www.vlada.hrCroatian National Bank www.hnb.hrCONTACT INFORMATIONContact Name Sanda Kuhtic Nalis E-mail sanda.kuhtic@zse.hr Website www.zse.hrPAGE 90

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013AFFILIATE MEMBER PROFILESMacedonian Central Securities Depository 92Merkezi Kayıt Kuruluşu 93National Depository Center of Azerbaijan 94Securities Depository Center (SDC) of Jordan 95Takasbank - Ise Settlement and Custody Bank, Inc. 96The Association of Capital Market Intermediary Institutions of Turkey (TSPAKB) 97The South Asian Federation Of Exchanges (SAFE) 98PAGE 91

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MACEDONIAN CENTRAL SECURITIES DEPOSITORYMacedonian Central Securities Depository will focus onintroducing new financial instruments in Macedonian CapitalMarket.Elena Jakimovska PatrovskaActing CEOGeneral InformationThe purpose of The Macedonian CentralSecurities Depository (MCSD) is to establishcentral securities register comprising all activeshares, bonds and other financial instruments inRepublic of Macedonia. This will lead to betteraccess and distribution of information about theissuers and securities to:• Investors• Foreign investors• Holders of restrictive rights• Issuers• Brokers• Macedonian Stock Exchange• Pledge Register• Other authorized institutions in accordancewith the law.Brief HistoryA pre-study concerning the establishment of acentral securities register and a clearing andsettlement system in the Republic of Macedoniawas started in 1999 as a component of theGovernment’s program for the improvementand development of the Macedonian capitalmarket. The improvement of the infrastructurefor increasing national as well as internationalinvestors’ confidence in the Macedonian capitalmarket and financial sector in general, wereamong the preconditions for the World Bankand IMF’s programs of financial support to theRepublic of Macedonia.In accordance with the Securities Law, article172, the Government of Republic of Macedonia,with the Decision no7 - 167/1 from 20.02.2001,authorized the Payment Operational Service toundertake all necessary measures and activitiesfor implementation of the Central SecuritiesDepository.Regulatory EnvironmentMacedonian CSD is Self RegulatoryOrganisation, under authority of SecurityExchange Commission.ParticipantsAt present time, there are 15 participants, banksand brokerage houses.Services ProvidedThe Macedonian CSD is providing the followingservices to the participants in the operations,issuers and holders securities:• recording of the securities in the Depository;• notification of the issuers and holders ofsecurities about the condition on theiraccounts;• clearing and settlement of the liabilitiesarising from the transactions with securities;• rendering services connected with thecorporate activities;• other services that arise from the ownershipand transactions with securities, arising fromthe scope of its operations.Form of SecuritiesAll securities are registered and dematerialised.Future outlook 2013Conditions and environment in which operationof the Central Securities Depository AD Skopjewill take place in 2013, arise from environmentin which Macedonian economy will work.Beginning of 2013 is marked with changesof legal framework which has the most directimpact on the operation of the CSD in 2013,especially beginning of the application ofamendments to three important laws:• Company Law• Law on Securities• Law on Personal Income Tax.Also, at the beginning of 2013, amendmentsof Rules of operation of CSD and Rules forGuaranty Fund were approved by SecuritiesExchange Commission, which also will haveimpact on CSD operations.Potential strategic segments and objectivesfor development of Macedonian capital marketas well as Macedonian Central SecuritiesDepository are:• Proper positioning of the CSD in processesof regional and global connectivity of thecapital markets, especially establishingforms of collaboration and connections withother depository institutions in region• Improvement of the services offered by theDepositary to all participants in the securitiesmarket, according to their needs anddevelopment of new services;• Infrastructure development of the Depositoryfor the purpose of achieving its basic goals;• Technical and normative developmentof the functionalities of the Depositary,the upgrading of existing technical,technological and communication solutions;• Effective and sustainable management ofoperating expenses of the Depositary, takinginto account the minimization of operationalrisk;In order to reach strategic objectives,Depository plans to implement followingactivities in 2013:• Regular and timely fulfillment of obligationsregarding registration, clearing andsettlement of securities, as well as executingnon-trade transfers of securities• Introduction of new control mechanisms toreduce potential risks• Promotion of services in respect of securitieslending, in accordance with currentlegislation and by-laws and requirementsand needs of the members of theDepositary;• Implementation of new provisions inOperation Rules of the CSD related toomnibus accounts;• Analysis and design of new technologicalsolutions for data exchange and settlementof securities between the Depositary andsimilar institutions abroad;• analysis of needs and opportunities for useof 20022 SWIFT standards in operation;• Introducing new services for the Issuers ofthe securities using modern technologicalsolutions.• Development and realisation of plan foreducation for investors and issuers incooperation with Securities ExchangeCommission and Macedonian StockExchangeDuring 2013, Depository will be focusedin fulfillment of its obligations to holders ofsecurities, issuers, participants of Depository,Macedonian Stock Exchange, National Bankand government institutions.CONTACT INFORMATION* Please refer to page 63 for the Macedonia country report.Contact Name Ms. Sofija Vidovic E-mail vidoviks@cdhv.org.mk Website www.cdhv.org.mkPAGE 92

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Merkezİ Kayıt Kuruluşu2012 was one of the most successful yearsin MKK’s history.Assoc. Prof. Yakup ErgincanCEO and Board Member2012 was one of the most successful yearsin MKK’s history, in terms of providing valueadded projects for the benefit of capital marketsand for all stakeholders, as well as achievingfurther automation in core CSD services suchas settlement and corporate actions notificationprocesses. Furthermore, MKK launchedthe Electronic General Meeting (e-GEM)application, a pioneering project in globalcapital markets, enabling not only electronicparticipation to general assembly meetingsof the listed companies, but also electronicproxy assignment and voting, and exchange ofinformation on an electronic platform remotely,efficiently, and in a safe manner. MKK willbecome one of the most advanced CSDs in theworld in terms of issuer and investor servicesonce all of the components of the e-MKKInformation Portal are finalized.MKK intensified its efforts towards improvingCSD functions and offering new servicesto create “add value” for investors andmaintain a more effective and competitivestructure in the Turkish capital markets. MKKis facilitating the participation of local andforeign investors to the Turkish capital marketswith continuously expanding the scope of itsservices in compliance with the new TurkishCommercial Code - to comply with the bestglobal industry practices, the Capital MarketLaw and other relevant legislation amendments.One important development in this respect wasdematerialization of the Turkish governmentdebt securities at MKK on client portfolio basisas of 30 June 2012.Under its 2023 vision and the Istanbul FinancialCenter (IFC) Project, MKK considers the growthof Turkish capital markets, establishment ofnew trading instruments, execution of new initialpublic offerings and issuances as opportunitiesfor continual reduction of CSD costs for thesake of capital markets. Continuously loweringits fees for CSD services MKK aims to increaseits revenues from value added projects andservices.HISTORY AND DEVELOPMENTMKK was established in accordance withthe Article 10/A of the former Turkish CapitalMarkets Law in 2001 as the central depositoryfor and registrar of dematerialized capital marketinstruments with respect to issuers, intermediaryinstitutions, and beneficial owners. As of 2012,equities traded at İMKB, government debtinstruments, mutual funds, exchange tradedfunds, corporate debt instruments, warrants,certificates, covered bonds, asset backedsecurities and sukuks are held at MKK indematerialized form.All depository operations regardingdematerialized capital market instruments (e.g.opening of investor accounts, corporate actions,and securities issuance) are conducted by MKKparticipants via the Central DematerializationSystem (CDS), an in-house developedproprietary software. MKK also acts as thesecurities agent for settlement of securitiestraded at İMKB.Form of SecuritiesDematerializedLegal StatusJoint stock companyType of Commercial EntityFor-profit, user-owned joint stock companyRegulated byMKK’s overall functions are subject to theoversight and approval of the CMB.Ownership30% Istanbul Stock Exchange (İMKB)64.9% İMKB Settlement and Custody Bank(Takasbank)5% The Association of Capital MarketIntermediary Institutions of Turkey (TSPAKB)0.1% Istanbul Gold Exchange (IGE)Board of Directors: 9 MembersThe Capital Markets Board of Turkey (CMB): 1(Chairman)ISE: 3Takasbank: 2TSPAKB: 1Ministry of Customs and Trade:1MKK: 1 (CEO of MKK)Memberships to International OrganizationsEuropean Central Securities DepositoriesAssociation (ECSDA)International Securities Services Association(ISSA)Federation of Euro-Asian Stock Exchange(FEAS)FUTURE OUTLOOKIn 2013 MKK plans to achieve the following:• The next phases of the e-GOVERNANCEPortal, which will support and provideapplications such as blogs, enhancedagendas, improved surveys, will be put intoservice.• The e-DATA project, which will establish MKKas the single data warehouse and distributorof detailed capital markets data on aninvestor basis, is planned to be finalized.• The electronic safekeeping of dematerializedwarehouse receipts in the CDS will go livefollowing the regulations of the Ministry ofCustoms and Trade.• The e-COMPANY portal will be launched inJuly 2013 with the completion of softwaredevelopment stage following the regulationsof the Ministry of Customs and Commerce.• Automatic reflection of the companyannouncements made on the PublicDisclosure Platform to the CDS are plannedto be completed by Q2 2013.CONTACT INFORMATION* Please refer to page 51 for the Turkey country report.Contact Name Mr. Gokce ILIRIS E-mail gokce.iliris@mkk.com.tr Website www.mkk.com.trPAGE 93

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013NATIONAL DEPOSITORY CENTER OF AZERBAIJANBakhtiyar AzizovChief Executive OfficeFrom this standpoint 2012 was verysignificant and fruitful. As per the resultsof 2012, the amount of assets stored by theNDC has exceeded AZN 6 billion.We are living in truly momentous times markedby extraordinarily significative processes goingon in the world’s financial system. Underthe influence of the most severe economicalcrisis for the last 60 years, we are evidencingthe constitution of the new global financialarchitecture and rules of play within it.While global liquidity shortage and economicdownturn have entered into its new phase,the economic growth dynamics in Azerbaijanwas not affected to the extent it was inanother countries, which was achieved bypurposeful and balanced reforms and promptcountercyclical measures undertaken by theAzerbaijani government, conservative foreignborrowing policy, maintaining stability of thenational currency and mitigating dependencyupon foreign financial markets. The NationalDepository Centre (the NDC) plays a distinctiveand irreplaceable role in preventing importationof the global economic crisis consequencesand in ensuring investors’ high trust andconfidence in the country’s stock market. Atthe initial stage of our development the primarygoal of the organization was to support theprivatization of the state-owned property,whereas our today’s mission has significantlyextended and includes the transformation of thecountry’s securities market infrastructure and itstransition into important functional institution.From this standpoint 2012 was very significantand fruitful. As per the results of 2012, theamount of assets stored by the NDC hasexceeded AZN 6 billion. Also, in order toincrease the quality of provided services NDCexpanded the range of electronic services.Within the framework of the institutionaldevelopment program of capital markets thecontinuous discussions have been conductedwith international organizations and expertsin order to strengthen the NDC’s positionas a centralized and reliable depository ofgovernment and corporate stocks and currentlynew projects are under development. TheTwinning project “Approximation of the legaland regulatory framework for the securitiesmarket of Azerbaijan according to the EuropeanUnion acquis and capacity building for theState Committee for Securities” and “CapitalMarket Modernization Project” were launchedin 2012. No doubt that accomplishing theseprojects will expand the NDC’s horizons.Operational results 2012NDC finished 2012 with an operating profit. 30new contracts with issuers were signed and asa result additional AZN 1 537 000 were involvedin depository. Informartion on 216 contracts withissuers was updated. 4285 transaction with totalvalue AZN 457, 8 mln were registered.225 new issues with total value AZN 889 mlnwere registered on primary market.NDC recorded a profit of AZN 196 649 in 2012with income AZN 1 694 509 and expences 1 497860 (Operational expenses - 1 431 034, incometax expenses - 66 826)Future outlookNowadays the current condition of the stockmarket demands infrastructural and systematicadvancement of the Depository. Havingexamined the contemporary challengescoming from the today’s stock market andanalyzed internal capabilities, the NDC hasworked out a strategic vision and prepared theitemized action plan for the depository systemconversion. The strategic vision of the NDCaims to achieve the following objectives:• Becoming a central institutional body• Applying advanced international standardson securities transactions• Applying standards on corporategovernance• Developing of internal recoursesCONTACT INFORMATIONContact Name Rasim Mammadov E-mail rasim.mammadov@mdm.az Website www.mdm.azAddress 19, Bul-Bul Avenue, Baku AZ1000 AzerbaijanPAGE 94

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013SECURITIES DEPOSITORY CENTER (SDC) OF JORDANThe SDC plays a vital role in supportingtransparency through an initiative knownas “Data For All, Not Just For Sale”.Khalil NaserChief Executive OfficerAs part of Jordan’s vision towards establishing aprogressive economy and a dynamic investmentenvironment, the Securities Depository Center(SDC) was established as a public utility institutionand began operating in 1999. Ever since the SDCbecame the sole entity empowered the responsibilitiesof registering, depositing, transferring ownership,safekeeping, and clearing and settlement of securities.Accordingly, the SDC built Securities CentralOperation Registry Processing and Information Online(SCORPIO)® system in order to provide variousservices to investors, its members including publicshareholding companies, brokers and custodianssuch services include investor identification andaccount set up, statement of ownership balance,statements of account, pledging, freezing, onlineaccount viewing. The SDC plays a vital role insupporting transparency through an initiative knownas “Data For All, Not Just For Sale”, from this initiativethe SDC provides various services through its websitesuch as the online account viewing, members’ areaand an electronic initial public offering (e-IPO), andelectronic service that enable the investor to viewcorporate actions and all aspects related to it, inaddition to, dynamic charts that provides analysis oftrading.In addition to the information that is provided ina timely, accurate and updated manner such asboard members’ names, holdings and trades, majorshareholders, financial figures and statistical data.In 2012, the SDC has launched new website on theInternet on the address (www.sdcjordan.com), takingin consideration that the current SDC’s website is stillavailable for the time being at the address (www.sdc.com.jo).Another electronic service that the SDC hasintroduced through its new website is web services forextracting statistical data, this service enables users toobtain data automatically with high efficiency throughthe mechanism of direct connection with the SDC byusing (Web Services) technology that enables theusers to store and analyze statistical data.Role of the DepositoryThe Securities Depository Center of Jordan is a publicutility institution established in the Hashemite Kingdomof Jordan by virtue of the Securities Law. The SDCcommenced operation in May 1999 and is the onlyentity in Jordan that is legally empowered to overseethe registration of securities, deposit of securities,transfer of ownership, safekeeping of securities andclearing and settlement of securities transactions.The SDC is one of the most important institutions inJordan’s capital market as it holds the ownershipregister of all public shareholding companies whereownership registration is in the beneficial owner namewhere nominee & street names does not apply. Asa key component in the modernization of the capitalmarket, the SDC implemented a delivery-versuspayment(DVP) settlement protocol. DVP, a globallyrecommended settlement methodology that ensuresthe simultaneous delivery of securities against finalpayment of funds. The ownership is transferred onT+2 and backdated to T, these transfers are final andirrevocable, and financial settlements are currentlyconducted via the Central Bank of Jordan’s Real TimeGross Settlement System (RTGS-JO) which is a centralreal time, gross final & irrevocable electronic settlementsystem, using SWIFT instructions to effect transferswith immediate value. It is worth mentioning that theTight coupling environment set in March 2009 in theJordanian Capital Market, introducing linkage betweenthe SDC & the ASE that in turn, organize trading andreduce risks related to trade’s transactions that in turnpositively reflects on clearing and settlement processat the SDC and reduce risks in the Jordan CapitalMarket. During the latest years, the SDC continued toimprove and enhance the electronic linkage with theinstitutions of capital market in the Kingdom.The SDC also developed the “Securities CentralOperation Registry Processing & Information Online(SCORPIO)” system. SCORPIO, an SDC-designedCONTACT INFORMATIONand implemented system, is bilingual and it providesa complete solution for the registration, deposit andclearing and settlement.The SDC offers different services to investors insecurities including pledging services, providinginvestors with statements of their securities balancesthat show the securities owned by them and theirdistributions among members; in addition to providinginvestors with the ability to freeze their securities inthe central registry. There are no restrictions on theremittance of investment funds into or out of Jordan,all income & capital gained from investment in Jordanare exempted from tax; this includes cash & stockdividends.The most prominent achievement of the SDC isimplementing the business continuity & disasterrecovery plans according to the requirements of theinternational standards and its positive effects on theSDC’s performance such as security, continuity ofbusiness operations, maintaining market readiness,reducing the cost of risk management and serving 24/7of all members with high speed link.Participation CriteriaThe SDC’s members are public shareholdingcompanies, brokers, custodians and any other entitydetermine by the Board of Commission of JSC.Eligible PledgeePledgees are not considered members in that capacityyet. However, it is within the SDC’s plans as soon asthe legal framework for it is approved.IssuersMembership is obligatory for public shareholdingcompanies by virtue of the Securities Law.Size of Guarantee FundJOD 10,570,000 (US$14,895,722) as of 31December,2012.Does the SDC act as a central counter partyNoMemberships in other International OrganizationsAssociation of National Numbering Agencies (ANNA)Africa & Middle East Depositories Association(AMEDA)Federation of Euro-Stock Exchanges (FEAS)Federation of Arab Stock Exchanges (FASE)Central Securities Depositories (CSD)Association of Global Custodian (AGC)Thomas Murray (TM)Legal StatusPublic utility institutionType of Commercial EntityNot for profitRegulated byJordan Securities CommissionForm of SecuritiesDematerialized no physical certificates being issuedin JordanForm of SettlementBook EntrySettlement CycleT+2Turnaround TradesAllowed provided the same broker in the samesettlement cycleNumbering• ISIN CODES complying with the InternationalStandard ISO-6166• CFI Code complying with the International StandardISO-10962* Please refer to page 21 for the Jordan country report.Contact Name Mr. Khalil Naser E-mail ceo@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 95

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013TAKASBANK - ISE SETTLEMENT AND CUSTODY BANK, INC.Murat ULUSGeneral Manager & Board MemberDuring the course of 2012, Takasbankcontinued its studies to become a CentralCounterparty (CCP) for all organizedcash and derivatives markets as well asSecurities Lending Market.Gaining the trust of sector through the quality andresilience of services provided since its foundation,Takasbank continues its studies endeavoring tobecome an international settlement and custodyinstitution competing in the global post-trade arenaby the structural transition it is passing through.Takasbank is changing its institutional profileaccording to its new vision and mission targetingto be an institution providing services compatiblewith international standards. Takasbank is goingthrough a serious transition in both institutionalidentity and product variability in line with the visionto provide central counterparty services and tobecome an international clearing and settlementinstitution at the first place.During the course of 2012, Takasbank continuedits studies to become a Central Counterparty(CCP) for all organized cash and derivativesmarkets as well as Securities Lending Marketit operates and establish a central collateralmanagement system.Within the context of studies in order to becomean international settlement and custody institutionwhich started in 2011, Takasbank aims to providesettlement & custody services in a standardmanner to a wide variety of customers globally.Parallel to this aim and within the framework ofcapital market linkages project carried on by BorsaIstanbul, throughout the year, Takasbank alsocontributed to the enhancement of internationalsettlement transactions via developing post-tradeaccount structure with foreign counterparties.On November 2012, Takasbank and the MisrCentral Clearing, Depository and Registry (MCDR)signed a “Memorandum of Understanding(MoU)”. The MoU will provide added value to thetechnical cooperation and post-trade servicesdevelopment in terms of market linkage carried onbetween Borsa Istanbul and Egypt Exchange. OnApril 2012, Takasbank, Central Registry Agencyand SIX Securities Services Group (SIX x-clearand SIX SIS) signed a MoU aiming to establisha mutually beneficial relationship between thesignatory institutions. On March 2012, Takasbankand Korean Securities Depository (KSD) signed“Information Exchange, Training and TechnicalSupport Agreement” aiming to establishcooperation between TURKEY Electronic FundPlatform and FundNet operated by KSD.Within the responsibility of its FEAS membership,Takasbank actively participated to the FEASInvestors Summit and the Working Committee(WC) meeting of FEAS held in Istanbul, Turkeyon May 2012. In this WC meeting, Takasbankpresented “Post-Trade Linkage Models” report.Takasbank also participated to the GeneralAssembly (GA), Executive Committee (EC) andWC meetings held in Sofia, Bulgaria on September2012. In this GA, Takasbank was elected as themember of the EC.Within the context of FEAS efforts of sharingaccumulated knowledge and experience withits peers, Takasbank filled out FEAS Dealers’Associations Task Force Questionnaire on“Handling Investor Complaints”.GENERAL INFORMATIONTakasbank is incorporated as an investment bank andis authorized as the Central Clearing Institution, theCustodian for the Mutual Funds and Pension Fundsincorporated in Turkey and the National NumberingAgency.Services Provided• Clearing and settlement for the organized cash andderivative markets,• Domestic and cross-border cash settlement andtransfer facilities,• International custody services,• Real Time Gross DvP settlement among brokersand custodians for equities via SWIFT system• Central counterparty (CCP) on the TakasbankMoney Market (TMM) for short term TRL borrowingand lending transactions,• Operates the Takasbank Securities Lending andBorrowing Market (SLBM),• Operates the Turkish Electronic Fund DistributionPlatform Allocates ISIN for securities issued inTurkey• Settlement bank services for Turkish ElectricityMarket.• Collateral Agent for Mortgage Financing Firms• Trade Repository Services for OTC DerivativesTransactionsBrief HistoryTakasbank started as a department within the IstanbulStock Exchange in 1988. In 1996, it was transformedinto an investment bank and renamed as TakasbankForm of SecuritiesDematerializedCONTACT INFORMATIONForm of Settlement and Transfers:Book-entryLegal StatusJoint stock companySettlement PeriodEquities: T+2Debt Securities: T+0Derivatives: T+1 (single stock futures and optionsT+3)Type of Commercial EntityPrivate sector for-profit companyDoes Takasbank Act as a CentralCounter Party?Takasbank acts as a CCP for TMM, CCP for regulatedderivatives market, expected to be for cash andTakasbank SLBM within 2013.Regulated byCapital Markets Board of TurkeyBanking Regulation and Supervision AgencyCentral Bank of TurkeySize of Guarantee Fund(As of December 2012)ISE Equities Market: US$ 34 millionISE Bonds and Bills Market: US$ 41 millionTurkDEX: US$ 61 millionOwnershipBorsa Istanbul : 36.66%Banks (16) : 31.34%Brokerage Houses (63) : 32.00%Board of Directors11 MembersIstanbul Stock Exchange: 4Banks: 3Brokerage Houses: 2Capital Markets Board: 1and the President and CEO of Takasbank.Memberships to International OrganizationsANNAECSDAFEASIIFISSAISO TC68/SC4OICSWIFTFuture OutlookIn 2013, Takasbank intends to:• Actively participate in the studies of “IstanbulInternational Finance Center” project;• Continue its efforts to become a CCP for allmarkets and, SLBM and establish a centralcollateral management system;• Contribute to develop post-trade account structurewith foreign counterparties• Continue its efforts for attracting interest for TurkeyElectronic Fund Platform, and developing the infrastructurefor the integration with international fundplatforms• Contribute to the enlargement of the range of traderepository services which began on September2011, with the For-Ex trades & transactions, toencompass other OTC derivatives products.* Please refer to page 51 for the Turkey country report.Contact Name Ms. Necla Küçükçolak E-mail international@takasbank.com.tr Website www.takasbank.com.trPAGE 96

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY (TSPAKB)Attila Köksal, CFAChairmanLooking forward, in 2013, in line with thenew Capital Markets Law, the Association’smember base will be extended to coverother capital market institutions to bedefined by the Capital Markets Board.While 2012 was another challenging yearfor the world economy, the Turkish economyperformed relatively well as its credit ratingwas upgraded. Accordingly, interest rateswent down, the Turkish lira appreciated, andthe Turkish stock market was among the bestperformers in the world. In addition, severalregulatory amendments were undertaken,the most important amongst them being theintroduction of the new Capital Markets Law bythe end of the year.From our Association’s point of view, weconcentrated on financial education. We arerunning a nationwide financial education projectin cooperation with the Capital Markets Boardand Borsa Istanbul. In this context, in 2012,our Association has formed a working groupcomposed of professionals from the financialindustry in order to build a comprehensiveprogram based on behavioural financeprinciples.In the first phase of the program, a blogand a Facebook page were launched, inorder to encourage household savings. Theworking group is also planning to prepareeducational programs, including e-learningvideos. Meanwhile, another working groupwith the participation of markets professionalswas formed in late 2012, with regard to initialpublic offerings. The Association is planning todetermine best practices for public offerings toensure the sound growth of the market.TSPAKB continued to serve as the informationhub of the industry in 2012. We improved theinfrastructure through which we are collectingdata from our members, and developed anin-house software. Our goal is to become themain information source for the industry.Looking forward, in 2013, in line with the newCapital Markets Law, the Association’s memberbase will be extended to cover other capitalmarket institutions to be defined by the CapitalMarkets Board. I am confident that this changewill enable our Association to strengthenits contribution to the growth of the Turkishfinancial industry.HISTORY AND DEVELOPMENTThe Association of Capital Market IntermediaryInstitutions of Turkey has been established inMarch 2001 as the self-regulatory organizationin the Turkish capital markets. 100 brokeragefirms, 1 derivatives brokerage firm and 42banks, authorized for capital market operations,constitute the members of the Association as ofend-2012.The Association’s licensing and record-keepingauthority has been assigned to the CapitalMarkets Licensing and Training Agency in June2012. The Association has 40% stake in thisAgency which was established in 2011.In 2013, in line with the new Capital MarketsLaw, the Association’s member base willbe extended to cover other capital marketinstitutions to be defined by the Capital MarketsBoard. Accordingly, the name of the Associationwill also be modified.The Association aims to:• Contribute to the development of capitalmarkets and intermediation activities;• Facilitate solidarity among its members;• Safeguard prudent and disciplined conductof business by its members;• Prevent unfair competition among members;• Enhance professional know-how in thesector.CONTACT INFORMATIONThe main functions of the Association are to:• Establish professional rules and regulations;• Set safety measures to prevent unfaircompetition;• Monitor professional developments,changes in rules and regulations and informmembers;• Evaluate complaints against its members;• Impose disciplinary action on members,when necessary;• Assist in the resolution of disputes arisingfrom off-exchange transactions among itsmembers or between its members andinvestors;• Appoint arbitrators upon the request ofconcerned parties;• Conduct research on Turkish andinternational capital markets;• Offer training programs;• Cooperate with related foreign institutions.FUTURE OUTLOOK• The Association will continue to take part inthe national financial education program.• The Association will continue to contribute tothe IPO campaign in cooperation with BorsaIstanbul.• The Association will continue to take part inthe Istanbul Financial Centre Project.Legal StatusNot-for-profit association.Regulated byCapital Markets Board.Board of Directors7 persons chosen among members by theGeneral Assembly, every two years. The GeneralAssembly is the highest decision-making body,where each member firm has one voting right.Memberships at International OrganizationsAFIE (Asia Forum for Investor Education):www.afie.asiaASF (Asia Securities Forum):www.asiasecuritiesforum.orgFEAS (Federation of Euro-Asian StockExchanges): www.feas.orgICSA (International Council of SecuritiesAssociations): www.icsa.bzIFIE (International Forum for Investor Education):www.ifie.orgIOSCO (International Organization of SecuritiesCommissions): www.iosco.org* Please refer to page 51 for the Turkey country report.Contact Name Alparslan Budak E-mail research@tspakb.org.tr Website www.tspakb.org.trAddress Buyukdere Caddesi No 173 1. Levent Plaza A Blok Kat: 4 1. Levent 34394 Istanbul TURKEYPhone +90 (212) 280 8567 Fax +90 (212) 280 8589PAGE 97

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013THE SOUTH ASIAN FEDERATION OF EXCHANGES (SAFE)Ahmed AftabSecretary GeneralSAFE is a cooperative platform launchedby the bourses in South Asia with apurpose to promote the development andharmonization of the securities marketsin the region.INTRODUCTIONSouth Asian Federation of Exchanges (SAFE)is a cooperative platform launched by thebourses in South Asia with a purpose topromote the development and harmonizationof the securities markets in the region. SAFE isa not for profit association having RecognizedBody status of the South Asian Associationfor Regional Cooperation (SAARC), and is anetwork exchange association of the WorldFederation of Exchanges (WFE).SAFE stands to prepare and position itsmember markets for their orderly integrationinto the global financial system by enhancingthe depth, inter-connectivity, integrity andtransparency of its member markets. Sinceits inception, SAFE has worked to become afocused platform for the representatives of theexchange industry and other capital marketrelated institutions of the Region. Additionally,the Federation has also provided a channelthrough which the individual stock exchangescontinue to find opportunities for bilateralcooperation.SAFE was set up in year 2000 under theinitiative of Chittagong Stock Exchange,Bangladesh but now operates from itspermanent Secretariat at Islamabad, Pakistan.The activities and operations of the Federationare being spearheaded by Mr. Aftab Ahmad Ch,who has been serving as the regular SecretaryGeneral of the Federation since 2005 underthe appointment by the SAFE’s ExecutiveCommittee.As of February 2012, SAFE comprises of thirtyfour (34) member entities from the SAARCRegion (Afghanistan, Bangladesh, Bhutan,India, Maldives, Nepal, Pakistan and Sri Lanka)as well as from Kazakhstan, Mauritius andUAE; fifteen (15) regional stock & commodityexchanges as Primary Members; six (6)Associate Members comprising of non-regionalexchanges, and regional depository & clearinginstitutions, nine (9) Affiliate Members and four(4) Affiliate Associations.SERVICES OFFERED BY SAFE• The Federation acts as an industry platformto advocate, suggest and prepare regulatorychanges needed for the harmonization ofmarket practices and policies.• SAFE stands to promote the investmentpotential of the region by attracting foreigninstitutional and portfolio investments intoour regional markets. Towards this end, theFederation regularly conducts seminars,events, conferences and roundtables tohighlight the investment potential of ourindividual as well as the regional markets.• The Federation engages in the capacitybuilding programs to develop the skillsand expertise of the human capital for theeffective management of our markets.This is done through various activities andinitiatives both independently as well as inassociation with other domestic, regionaland international entities.• SAFE works for the adoption of the bestconsumer/investor protection standardsin the region and towards this end, theFederation undertakes regular efforts for thespread of financial knowledge/awareness inthe region.• SAFE also provides advisory & consultingservices regarding financial and capitalmarket issues, matters and projects bothwithin and outside the region. This is donethrough channelizing the involvement andparticipation of the regional consultants.SAFE’S PROJECT ON REGIONALFINANCIAL INTEGRATION: DEVELOPING AHARMONIZED REGULATORY FRAMEWORKFOR THE CAPITAL MARKETS IN PAKISTAN& SOUTH ASIA-2012/13Increased cross border financial activities,trade and economic exchanges are knownto create strong intraregional links and anintegrated economic region. While in SouthAsia, efforts have been made to promoteintraregional trade, however the intraregionalfinancial integration appears to lag behind dueto asymmetric developments in the economicand financial sectors. It was in this context thatSAFE had applied for USAID’s Small Grants andAmbassador’s Fund Program (SGAFP) in 2011,to develop standardized market regulationsso as to create the necessary environment foran enhanced regional financial integration andachieve convergence across different marketsof the Region.The objectives of the project are: to developharmonized market regulations for the capitalmarkets; to standardize self regulatoryframework for the management and theoperations of the markets in the region;to enhance market integrity and investorconfidence; to introduce consistent & commonreporting standards; to improve the governanceand transparency norms for the listed sector; tofacilitate easy capital raising on regional basisand the promotion of cross border listings; todeepen and broaden the region’s securitiesmarkets; to assist in, relatively, free movementof capital and portfolio investments; and topromote the greater integration of the SouthAsian capital and financial markets.The project is envisaged to be completed in aperiod of 18 months, beginning from April, 2012till Sep 2013.CONTACT INFORMATIONContact Name Ahmed Aftab E-mail aftab@safe-asia.com Website www.safe-asia.comPAGE 98

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013STATISTICSFor further information please check www.feas.org / stats query partPAGE 99

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Domestic Market Capitalization (Companies admitted to listing only) (US$ Mio)January February March April MayAbu Dhabi Securities Exchange 72,458 76,577 76,121 75,151 71,805Amman Stock Exchange 25,989 26,548 27,423 27,260 25,952Bahrain Bourse B.S.C 16,578 16,661 1,677 16,758 16,678Banja Luka Stock Exchange 2,277 2,302 2,300 2,365 2,308Belarusian Currency and Stock Exchange - - - 5,243 5,089Belgrade Stock Exchange 1,767 2,068 1,941 1,790 1,479Bucharest Stock Exchange 15,908 17,924 17,531 16,830 13,424Bulgarian Stock Exchange 8,578 8,459 8,389 8,159 7,406Damascus Securities Exchange 1,412 1,379 1,371 1,349 1,291Egyptian Exchange 57,177 64,104 60,029 58,293 55,700Georgian Stock Exchange 562 571 565 6,168,444 -Iraq Stock Exchange 3,820 3,876 3,950 3,689 3,627İstanbul Menkul Kıymetler Borsası 233,866 250,348 253,969 252,469 217,565Karachi Stock Exchange 34,183 36,746 38,899 39,364 37,648Kazakhstan Stock Exchange 23,002 23,826 25,234 24,980 22,700Kyrgyz Stock Exchange N/A N/A 7,591 8,065 6,110Lahore Stock Exchange 32,519 34,384 36,335 36,892 35,104Macedonian Stock Exchange 2,495 2,617 2,562 2,424 2,256Montenegro Stock Exchange 2,229 2,418 2,474 2,360 2,471Muscat Securities Market 27,124 27,818 27,313 27,948 27,583NASDAQ OMX Armenia 139 153 152 151 146Palestine Exchange 2,779 2,810 2,834 2,785 2,694Sarajevo Stock Exchange 3,021 2,964 2,742 2,917 2,711Tehran Stock Exchange 112,133 111,850 107,317 108,964 104,719Toshkent Republican Stock Exchange 50,067 5,022 4,992 4,970 -Zagreb Stock Exchange 22,425 23,139 23,513 22,838 20,451Total 754,148 746,293 758,205 6,916,023 682,328PAGE 100

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013June July August September October November December% Change /Jan.-Dec.74,827 75,494 77,067 79,461 80,532 80,394 77,647 7.16%25,887 25,683 27,057 26,767 26,760 26,882 26,998 3.88%16,491 16,013 15,828 15,832 15,455 15,282 15,532 -6.31%2,240 2,177 2,230 2,283 2,424 2,276 2,261 -0.69%4,368 4,425 4,345 4,278 430 379 439 N/A1,508 1,472 1,473 1,544 1,657 1,784 1,945 10.03%13,806 13,590 14,524 14,562 15,043 14,770 15,925 0.11%6,184 6,735 6,573 6,157 6,497 6,596 6,666 -22.28%1,262 1,212 1,178 1,149 1,110 1,069 952 -32.53%56,066 55,989 60,603 66,577 64,481 55,559 59,931 4.82%629 631 630 606 635 695 633 12.63%3,516 3,291 3,435 3,576 3,732 4,046 4,664 22.12%248,977 256,469 264,326 263,739 279,424 282,536 316,670 35.41%37,348 39,328 41,495 41,172 41,387 43,251 43,690 27.81%22,009 22,042 27,067 22,354 22,433 22,075 23,496 2.15%N/A 8,997 10,630 N/A 7,687 8,052 7,820 N/A34,663 36,768 40,235 0 39,860 41,155 41,973 29.07%2,200 2,144 - 1 509 546 559 -77.59%2,179 2,091 2,118 2,315 2,369 2,283 2,451 9.93%28,902 28,332 28,850 29,419 29,647 29,379 30,299 11.71%142 145 144 - - - - N/A2,658 2,638 2,600 2,658 2,726 2,719 2,859 2.87%2,564 2,643 2,713 2,724 2,837 - - N/A97,455 90,907 - - - - - N/A5 4,868 - - - - - N/A21,115 20,911 21,966 23,051 22,564 22,496 22,315 -0.49%707,157 717,589 646,674 610,374 670,199 664,223 705,727 -6.42%PAGE 101

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Equity EOB Total Turnover (US$ Mio)January February March April May JuneTotal Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign DomesticAbu Dhabi Securities Exchange 399 - 399 790 - 790 787 - 787 455 - 455 552 - 552 338 - 338Amman Stock Exchange 203 - 203 279 - 279 319 - 319 324 - 324 203 - 203 186 - 186Bahrain Bourse B.S.C 10 - 10 20 - 20 28 - 28 9 - 9 31 - 31 129 - 129Baku Interbank CurrencyExchange- - - - - - - - - - - - - - - - - -Baku Stock Exchange 4 - 4 3 - 3 15 - 15 15 - 15 4 - 4 10 - 10Banja Luka Stock Exchange 2 - 2 2 - 2 2 - 2 2 - 2 3 - 3 1 - 1Belarusian Currency and StockExchange2 - 2 5 - 5 10 - 10 3 - 3 9 - 9 8 - 8Belgrade Stock Exchange 13 - 13 11 - 11 18 - 18 6 - 6 13 - 13 7 - 7Bucharest Stock Exchange 139 5 134 235 5 230 177 4 173 92 3 89 120 3 117 92 12 80Bulgarian Stock Exchange 16 - 16 10 - 10 14 - 14 27 - 27 41 - 41 9 - 9Damascus Securities Exchange 3 - 3 2 - 2 6 - 6 2 - 2 3 - 3 1 - 1Egyptian Exchange 1,000 - 1,000 2,088 - 2,088 1,886 - 1,886 1,203 - 1,203 4,467 - 4,467 875 - 875Georgian Stock Exchange 0 - 0 0 - 0 0 - 0 0 - 0 - - - 5 - 5Iraq Stock Exchange 34 - 34 68 - 68 54 - 54 71 - 71 72 - 72 57 - 57İstanbul Menkul Kıymetler Borsası 25,340 9 25,331 32,313 16 32,297 33,134 10 33,125 31,079 12 31,067 27,228 18 27,209 25,780 10 25,770Karachi Stock Exchange 941 - 941 1,297 - 1,297 1,638 - 1,638 1,878 - 1,878 1,821 - 1,821 771 - 771Kazakhstan Stock Exchange 40 1 39 45 1 44 15 0 15 654 0 654 119 1 119 20 2 19Kyrgyz Stock Exchange 0 - 0 0 - 0 2 - 2 0 - 0 3 - 3 0 - 0Lahore Stock Exchange 8 - 8 14 - 14 26 - 26 25 - 25 15 - 15 6 - 6Macedonian Stock Exchange 2 - 2 5 - 5 4 - 4 3 - 3 3 - 3 2 - 2Moldovan Stock Exchange 0 - 0 0 - 0 0 - 0 1 - 1 0 - 0 0 - 0Mongolian Stock Exchange 3 - 3 2 - 2 2 - 2 3 - 3 4 - 4 - - -Montenegro Stock Exchange 1 - 1 0 - 0 1 - 1 1 - 1 1 - 1 2 - 2Muscat Securities Market 177 - 177 229 - 229 284 - 284 327 - 327 198 - 198 220 - 220NASDAQ OMX Armenia - - - 0 - 0 - - - 0 - 0 - - - - - -Palestine Exchange 31 - 31 26 - 26 38 - 38 31 - 31 26 - 26 17 - 17Sarajevo Stock Exchange 2 - 2 1 - 1 2 - 2 3 - 3 5 - 5 2 - 2Tehran Stock Exchange 1,357 - 1,357 1,629 - 1,629 1,904 - 1,904 1,117 - 1,117 1,081 - 1,081 794 - 794Tirana Stock Exchange - - - - - - - - - - - - - - - - - -Toshkent Republican StockExchange2 - 2 1 - 1 24 - 24 5 - 5 - - - 2 - 2Zagreb Stock Exchange 37 - 37 62 - 62 85 - 85 56 - 56 45 - 45 27 - 27Total 29,768 15 29,753 39,138 21 39,116 40,475 14 40,462 37,391 15 37,377 36,068 22 36,046 29,362 24 29,338PAGE 102

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013July August September October November December TotalTotal Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic290 - 290 484 - 484 455 - 455 493 - 493 457 - 457 498 - 498 5,998 - 5,998191 - 191 144 - 144 197 - 197 219 12 207 210 - 210 262 - 262 2,737 12 2,7257 - 7 7 - 7 14 - 14 11 - 11 14 - 14 14 - 14 293 - 293- - - - - - - - - - - - - - - - - - - - -31 - 31 - - - 263 - 263 26 - 26 44 - 44 133 - 133 548 - 5481 - 1 1 - 1 1 - 1 5 - 5 2 - 2 5 - 5 27 - 273 - 3 7 - 7 13 - 13 11 - 11 16 - 16 89 - 89 177 - 17734 - 34 20 - 20 7 - 7 9 - 9 11 - 11 10 - 10 159 - 15979 6 72 69 7 62 88 14 74 76 10 66 59 2 57 82 4 78 1,308 75 1,23328 - 28 20 - 20 17 - 17 86 - 86 59 - 59 26 - 26 354 - 3540 - 0 0 - 0 0 - 0 0 - 0 4 - 4 1 - 1 22 - 221,296 - 1,296 1,534 - 1,534 3,071 - 3,071 1,871 - 1,871 - - - - - - 19,290 - 19,2900 - 0 - - - 0 - 0 0 - 0 0 - 0 - - - 5 - 575 - 75 34 - 34 41 - 41 53 - 53 98 - 98 88 - 88 745 - 74524,077 13 24,064 41,317 7 41,310 23,545 7 23,539 24,381 16 24,365 35,138 10 35,128 34,944 8 34,936 358,277 136 358,140942 - 942 970 - 970 1,013 - 1,013 1,162 - 1,162 1,114 - 1,114 842 - 842 14,387 - 14,38755 1 54 32 1 31 68 1 67 23 1 22 16 1 16 35 0 34 1,122 8 1,11326 - 26 1 - 1 3 - 3 1 - 1 - - - - - - 37 - 378 - 8 9 - 9 8 - 8 8 - 8 12 - 12 8 - 8 149 - 1492 - 2 - - - 2 - 2 2 - 2 2 - 2 4 - 4 31 - 310 - 0 19 - 19 0 - 0 0 - 0 2 - 2 2 - 2 25 - 25- - - - - - - - - - - - - - - - - - 14 - 142 - 2 4 - 4 1 - 1 3 - 3 1 - 1 2 - 2 18 - 18128 - 128 171 - 171 293 - 293 171 - 171 157 - 157 308 - 308 2,663 - 2,663- - - 0 - 0 0 - 0 0 - 0 0 - 0 1 - 1 1 - 18 - 8 9 - 9 15 - 15 16 - 16 12 - 12 44 - 44 273 - 2731 - 1 4 - 4 19 - 19 6 - 6 5 - 5 4 - 4 54 - 541,052 - 1,052 606 - 606 1,530 - 1,530 2,092 - 2,092 1,255 - 1,255 3,232 - 3,232 17,649 - 17,649- - - - - - - - - - - - - - - - - - - - -2 - 2 - - - - - - - - - - - - - - - 35 - 3539 - 39 27 - 27 35 - 35 44 - 44 41 - 41 38 - 38 536 - 53628,377 20 28,357 45,488 14 45,474 30,698 22 30,676 30,769 39 30,731 38,728 12 38,716 40,672 13 40,659 426,934 231 426,704PAGE 103

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Fixed Income - EOB total turnover (US$ Mio)January February MarchTotalDomesticPrivateDomesticPublicForeign TotalDomesticPrivateDomesticPublicForeign TotalDomesticPrivateDomesticPublicForeignAbu Dhabi Securities Exchange - - - - 0 - 0 - 0 - 0 -Amman Stock Exchange - - - - - - - - - - - -Bahrain Bourse B.S.C - - - - - - - - - - - -Baku Interbank Currency Exchange - - - - - - - - - - - -Baku Stock Exchange 1 - 1 - 1 - 1 - 1 - 1 -Banja Luka Stock Exchange 1 0 1 - 1 0 1 - 1 - 1 -Belarusian Currency and Stock Exchange 37 - 37 - 13 - 13 - 8 - 8 -Belgrade Stock Exchange 6 - 6 - 4 - 4 - 5 - 5 -Bucharest Stock Exchange 7 - 7 - 26 - 26 - 15 - 15 -Bulgarian Stock Exchange 10 10 - - 4 4 - - 7 7 - -Egyptian Exchange 0 - 0 - 1 - 1 - 3 - 3 -Georgian Stock Exchange - - - - - - - - - - - -Iraq Stock Exchange - - - - - - - - - - - -İstanbul Menkul Kıymetler Borsası 14,412 204 14,205 3 20,811 277 20,534 0 15,846 334 15,512 0Karachi Stock Exchange 0 - 0 - 0 - 0 - 0 - 0 -Kazakhstan Stock Exchange 10,760 - 10,760 - 25,427 - 25,427 - 8,106 - 8,106 -Kyrgyz Stock Exchange - - - - - - - - - - - -Lahore Stock Exchange - - - - - - - - - - - -Macedonian Stock Exchange 1 - 1 - 1 - 1 - 3 - 3 -Moldovan Stock Exchange - - - - - - - - - - - -Mongolian Stock Exchange - - - - - - - - 0 - 0 -Montenegro Stock Exchange 0 - 0 - 0 - 0 - 0 - 0 -Muscat Securities Market 0 0 - - 4 4 - - 4 4 - -NASDAQ OMX Armenia 0 - 0 - 3 - 3 - 6 - 6 -Palestine Exchange - - - - - - - - - - - -Sarajevo Stock Exchange 1 - 1 - 1 - 1 - 2 - 2 -Tehran Stock Exchange - - - - - - - - - - - -Tirana Stock Exchange - - - - - - - - - - - -Toshkent Republican Stock Exchange - - - - - - - - - - - -Zagreb Stock Exchange 79 - 79 - 65 - 65 - 35 - 35 -Total 25,316 214 25,099 3 46,362 284 46,077 0 24,042 345 23,697 0PAGE 104

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013April May JuneTotalDomesticPrivateDomesticPublicForeign TotalDomesticPrivateDomesticPublicForeign TotalDomesticPrivateDomesticPublicForeign1 - 1 - 0 - 0 - 0 - 0 -- - - - - - - - - - - -- - - - - - - - - - - -- - - - - - - - - - - -1 - 1 - 1 - 1 - 1 - 1 -4 - 4 - 4 - 4 - 15 - 15 -10 - 10 - 14 - 14 - 18 - 18 -6 - 6 - 1 - 1 - 2 - 2 -14 - 14 - 3 - 3 - 4 - 4 -3 3 - - 5 5 - - 6 6 - -4 - 4 - 6 - 6 - 5 - 5 -- - - - - - - - - - - -- - - - - - - - - - - -13,046 182 12,863 0 11,996 254 11,742 0 18,354 241 18,113 00 - 0 - 0 - 0 - 0 - 0 -8,526 - 8,526 - 15,570 - 15,570 - 8,407 - 8,407 -- - - - - - - - 0 - 0 -- - - - - - - - - - - -0 - 0 - 4 - 4 - 3 - 3 -- - - - - - - - - - - -0 - 0 - - - - - - - - -0 - 0 - 0 - 0 - 0 - 0 -0 0 - - 11 11 - - 1 1 - -3 - 3 - 4 - 4 - 2 - 2 -- - - - - - - - - - - -1 - 1 - 3 - 3 - 1 - 1 -- - - - 0 - 0 - - - - -- - - - - - - - - - - -- - - - - - - - 0 - 0 -11 - 11 - 10 - 10 - 8 - 8 -21,630 185 21,445 0 27,632 270 27,362 0 26,829 248 26,581 0PAGE 105

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Fixed Income - EOB total turnover (US$ Mio)July August SeptemberTotalDomesticPrivateDomesticPublicForeign TotalDomesticPrivateDomesticPublicForeign TotalDomesticPrivateDomesticPublicForeignAbu Dhabi Securities Exchange 0 - 0 - - - - - 0 - 0 -Amman Stock Exchange - - - - - - - - - - - -Bahrain Bourse B.S.C - - - - - - - - - - - -Baku Interbank Currency Exchange - - - - - - - - - - - -Baku Stock Exchange 1 - 1 - - - - - 81 39 42 -Banja Luka Stock Exchange 10 - 10 - 7 - 7 - 2 - 2 -Belarusian Currency and Stock Exchange 8 - 8 - 6 - 6 - 14 - 14 -Belgrade Stock Exchange 2 - 2 - 5 - 5 - 1 - 1 -Bucharest Stock Exchange 14 - 14 - 2 - 2 - 3 - 3 -Bulgarian Stock Exchange 6 6 - - 4 4 - - 7 7 - -Egyptian Exchange 57 - 57 - 1 - 1 - 5 - 5 -Georgian Stock Exchange - - - - - - - - - - - -Iraq Stock Exchange - - - - - - - - - - - -İstanbul Menkul Kıymetler Borsası 21,150 511 20,637 2 16,680 412 16,267 0 20,801 337 20,421 43Karachi Stock Exchange 0 - 0 - 0 - 0 - 0 - 0 -Kazakhstan Stock Exchange 8,373 - 8,373 - 11,729 - 11,729 - - - - -Kyrgyz Stock Exchange - - - - 0 - 0 - - - - -Lahore Stock Exchange - - - - - - - - - - - -Macedonian Stock Exchange 1 - 1 - - - - - 2 - 2 -Moldovan Stock Exchange - - - - - - - - - - - -Mongolian Stock Exchange - - - - - - - - - - - -Montenegro Stock Exchange 0 - 0 - 0 - 0 - 8 - 8 -Muscat Securities Market 3 3 - - 16 2 14 - 3 3 - -NASDAQ OMX Armenia 4 - 4 - 0 - 0 - - - - -Palestine Exchange - - - - - - - - - - - -Sarajevo Stock Exchange 2 - 2 - 2 - 2 - - - - -Tehran Stock Exchange - - - - 135 - - 135 64 - 64 -Tirana Stock Exchange - - - - - - - - - - - -Toshkent Republican Stock Exchange - - - - - - - - - - - -Zagreb Stock Exchange 21 - 21 - 9 - 9 - 39 - 39 -Total 29,653 519 29,131 2 28,597 417 28,044 135 21,031 386 20,602 43PAGE 106

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013October November December TotalTotalDomesticPrivateDomesticPublicForeign TotalDomesticPrivateDomesticPublicForeign TotalDomesticPrivateDomesticPublicForeign TotalDomesticPrivateDomesticPublicForeign0 - 0 - 0 - 0 - - - - - 2 - 2 -- - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - -109 39 70 - 277 52 225 - 269 52 218 - 744 182 563 -4 - 4 - 13 4 9 - 3 - 3 - 66 4 61 -6 - 6 - 6 - 6 - - - - - 140 - 140 -2 - 2 - 4 1 3 - 14 1 12 - 52 2 50 -8 - 8 - 5 - 5 - 5 - 5 - 106 - 106 -4 4 - - 7 7 - - 2 2 - - 63 63 - -- - - - - - - - - - - - 84 - 84 -- - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - -18,121 309 17,811 0 19,319 542 18,777 0 9,688 454 9,173 61 200,224 4,057 196,055 111- - - - - - - - - - - - 1 - 1 -- - - - - - - - - - - - 96,896 - 96,896 -- - - - - - - - - - - - 0 - 0 -- - - - - - - - - - - - - - - -1 - 1 - 2 - 2 - 1 - 1 - 20 - 20 -- - - - - - - - - - - - - - - -- - - - - - - - - - - - 0 - 0 -0 - 0 - 0 - 0 - 0 - 0 - 10 - 10 -2 2 - - 1 1 - - 60 0 59 - 105 32 73 -2 - 2 - 0 - 0 - 2 0 1 - 27 0 26 -- - - - - - - - - - - - - - - -- - - - - - - - - - - - 13 - 13 -37 - 37 - 35 - 35 - 99 - 99 - 370 - 235 135- - - - - - - - - - - - - - - -- - - - - - - - - - - - 0 - 0 -- - - - - - - - - - - - 277 - 277 -18,297 355 17,941 0 19,669 607 19,062 0 10,143 510 9,573 61 299,201 4,341 294,614 246PAGE 107

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Number of Companies Admitted to Listing OnlyJanuary February March April May JuneTotal Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign DomesticAbu Dhabi Securities Exchange 67 0 67 67 0 67 67 0 67 67 0 67 67 0 67 67 0 67Amman Stock Exchange 247 0 247 248 0 248 248 0 248 247 0 247 247 0 247 246 0 246Bahrain Bourse B.S.C 8 0 8 28 0 28 22 0 22 47 5 42 28 0 28 27 0 27Baku Interbank Currency Exchange 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Baku Stock Exchange 2 0 2 2 0 2 2 0 2 2 0 2 2 0 2 2 0 2Banja Luka Stock Exchange 784 0 784 767 0 767 762 0 762 104 0 104 105 0 105 107 0 107Belarusian Currency and StockExchange78 0 78 79 0 79 79 0 79 79 0 79 79 0 79 79 0 79Belgrade Stock Exchange 8 0 8 8 0 8 8 0 8 8 0 8 8 0 8 8 0 8Bucharest Stock Exchange 79 2 77 79 2 77 79 2 77 79 2 77 81 2 79 81 2 79Bulgarian Stock Exchange 394 0 394 392 0 392 393 0 393 392 0 392 391 0 391 392 0 392Damascus Securities Exchange 21 0 21 21 0 21 21 0 21 21 0 21 21 0 21 22 0 22Egyptian Exchange 201 0 201 203 0 203 208 0 208 205 0 205 203 0 203 205 0 205Georgian Stock Exchange 3 0 3 3 0 3 3 0 3 3 0 3 3 0 3 3 0 3Iraq Stock Exchange 59 0 59 66 0 66 62 0 62 66 0 66 68 0 68 64 0 64İstanbul Menkul Kıymetler Borsası 264 1 263 265 1 264 265 1 264 265 1 264 267 1 266 267 1 266Karachi Stock Exchange 638 0 638 613 0 613 591 0 591 592 0 592 590 0 590 590 0 590Kazakhstan Stock Exchange 65 4 61 66 4 62 66 3 63 66 3 63 66 3 63 68 3 65Kyrgyz Stock Exchange 13 0 13 13 0 13 15 0 15 15 0 15 15 0 15 15 0 15Lahore Stock Exchange 496 0 496 478 0 478 460 0 460 460 0 460 459 0 459 459 0 459Macedonian Stock Exchange 32 0 32 32 0 32 32 0 32 32 0 32 32 0 32 32 0 32Moldovan Stock Exchange 11 0 11 11 0 11 11 0 11 11 0 11 12 0 12 11 0 11Mongolian Stock Exchange 332 0 332 332 0 332 332 0 332 332 0 332 331 0 331 0 0 0Montenegro Stock Exchange 350 0 350 350 0 350 350 0 350 350 0 350 347 0 347 347 0 347Muscat Securities Market 114 0 114 114 0 114 114 0 114 114 0 114 114 0 114 115 0 115NASDAQ OMX Armenia 3 0 3 3 0 3 3 0 3 3 0 3 3 0 3 3 0 3Palestine Exchange 46 0 46 46 0 46 46 0 46 47 0 47 47 0 47 47 0 47Sarajevo Stock Exchange 0 0 0 165 0 165 169 0 169 171 0 171 171 0 171 173 0 173Tehran Stock Exchange 348 0 348 342 0 342 342 0 342 342 0 342 339 0 339 340 0 340Tirana Stock Exchange 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Toshkent Republican Stock Exchange 100 0 100 102 0 102 104 0 104 104 0 104 0 0 0 0 0 0Zagreb Stock Exchange 217 0 217 217 0 217 217 0 217 218 0 218 218 0 218 20 0 20Total 4,980 7 4,973 5,112 7 5,105 5,071 6 5,065 4,442 11 4,431 4,314 6 4,308 3,790 6 3,784PAGE 108

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013July August September October November DecemberTotal Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic Total Foreign Domestic67 0 67 50 0 50 55 0 55 54 0 54 56 0 56 57 0 57245 0 245 245 0 245 245 0 245 243 0 243 243 0 243 243 0 2430 0 0 25 0 25 47 4 43 47 4 43 47 4 43 47 4 430 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 02 0 2 0 0 0 2 0 2 2 0 2 2 0 2 2 0 2109 0 109 109 0 109 759 0 759 749 0 749 744 0 744 736 0 73679 0 79 78 0 78 0 0 0 2,425 0 2,425 2,415 0 2,415 2,410 0 2,4108 0 8 8 0 8 8 0 8 8 0 8 8 0 8 8 0 881 2 79 81 2 79 81 2 79 81 2 79 81 2 79 79 2 77393 0 393 390 0 390 388 0 388 389 0 389 388 0 388 387 0 38722 0 22 22 0 22 22 0 22 22 0 22 22 0 22 22 0 22206 0 206 205 0 205 204 0 204 235 1 234 235 1 234 235 1 2343 0 3 3 0 3 3 0 3 3 0 3 3 0 3 3 0 369 0 69 65 0 65 60 0 60 65 0 65 65 0 65 65 0 65267 1 266 271 1 270 270 1 269 271 1 270 271 1 270 271 1 270592 0 592 574 0 574 574 0 574 574 0 574 0 0 0 0 0 070 3 67 70 3 67 70 3 67 70 3 67 76 3 73 78 4 7415 0 15 16 0 16 16 0 16 17 0 17 17 0 17 18 0 18460 0 460 443 0 443 443 0 443 443 0 443 442 0 442 442 0 44232 0 32 0 0 0 32 0 32 32 0 32 32 0 32 32 0 3211 0 11 11 0 11 11 0 11 11 0 11 11 0 11 11 0 110 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0347 0 347 348 0 348 346 0 346 346 0 346 346 0 346 345 0 345114 0 114 114 0 114 114 0 114 114 0 114 114 0 114 115 0 1153 0 3 3 0 3 3 0 3 3 0 3 3 0 3 3 0 348 0 48 48 0 48 48 0 48 48 0 48 48 0 48 48 0 48172 0 172 173 0 173 0 0 0 0 0 0 0 0 0 0 0 0341 0 341 341 0 341 325 0 325 326 0 326 325 0 325 322 0 3220 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0111 0 111 0 0 0 112 0 112 112 0 112 112 0 112 113 0 113218 0 218 218 0 218 218 0 218 218 0 218 217 0 217 214 0 2144,085 6 4,079 3,911 6 3,905 4,456 10 4,446 6,908 11 6,897 6,323 11 6,312 6,306 12 6,294PAGE 109

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013MEMBER LISTPAGE 110

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Abu Dhabi Securities ExchangeAddress: P.O. Box 54500 Abu Dhabi, U.A.E. Phone: (2) 627 7777 Fax: (2) 612 8787 E-mail: info@adx.aeWeb Address: www.adx.ae Country Code: 971Company’s Name City Code Telephone Fax E-mail Address(FOODCO) Holding Co. 9712 6731000 6732100Abu Dhabi Aviation 9712 5758000 5757775Abu Dhabi Co. For Bldg. Materials 9712 6455500 6455544Abu Dhabi Commercial Bank 9712 6962222 6109800Abu Dhabi Islamic Bank 9712 6100205 6671916Abu Dhabi National Energy Co. 9712 6914988 6422555Abu Dhabi National Hotels Co. 9712 4447228 4445248Abu Dhabi National Insurance Co. 9712 4080100 6268600Abu Dhabi National Takaful 9712 4107701 4107710Abu Dhabi Ship Bldg. Co. 9712 55 10 333 5511067AGTHIA GROUP PJSC 9712 4146444 4463644Al Ain Ahlia Insurance Co. 9712 4459900 4456685Al Buhaira National Insurance Co. 9716 517 44 44 574 88 55Al Dar Properties 9712 810 5555 810 5550Al Dhafra Insurance Co. 9712 6721444 6729833Al Fujairah National Insurance Co. 9719 2233355 2224344Al Khaznah Insurance Co. 9712 6767000 6417998Al Wathba National Insurance Co. 9712 4185300 6776628Arkan Building Materials 9712 6666724 6666872Bank of Sharjah 9716 569 44 11 568 33 77Commercial Bank International 9717 2227444 2227444Dana Gas Company 9716 556 94 44 5569444Emirates Driving Co 9712 551 05 44 551 02 27Emirates Insurance Co. 9712 6440400 6445227Eshraq 9712 635 4854 635 4864Etisalat 9712 6283333 6332333Finance House 9712 621 99 99 621 99 99First Gulf Bank 9712 681 66 66 681 37 27Fujairah Building Industries 9719 2222051 2227314Fujairah Cement Industries 9719 222 31 11 222 77 18Green Crescent Insurance Co. 9712 4458699 4458717Gulf Cement Co. 9717 2668222 2668038Gulf Medical Projects Company 9716 561 99 99 561 66 99Gulf Pharmaceutical Industries 9717 2461461 2461462Insurance House 9712 6194448 4934400International Fish Firming Holding Co 9716 743 57 27 743 22 56Invest Bank 9716 5694440 569 42 12Live Stock (Gulf) CO. 9712 2281152 2288400Methaq Takaful Insurance Co. 9712 6565333 6565334National Bank of Abu Dhabi 9712 611 11 11 6275881National Bank of Fujairah 9719 202 93 12 222 45 16National Bank of Ras Al Khaimah 9717 2040264 228 61 06National Bank of Umm Al Qiwain 9716 7066666 7646798National Corporation for Tourism & Hotels 9712 4099777 4099778National Marine Dredging Co. 9712 5516000 5516500National Takaful Co. (WATANIA) 9712 9798802 6798808Oman & Emirates Investment Holding Co 9682 4489465 4489465Ooredoo Q.S.C. (Qatar Telecom.) 974 44400400 44830112RAK Co. For White Cement & Construction Materials 9717 2668888 2668866RAK National Insurance Co. 9717 227 30 00 228 85 00RAK Poultry & Feeding Co. 9717 2462222 2462220RAK Properties 9717 233 00 04 227 24 44Ras Al Khaimah Cement Co. 9717 2660111 2660234Ras Al Khaimah Ceramics 9717 2445046 2445270Sharjah Insurance Co. 9716 568 66 90 568 38 88Sharjah Islamic Bank 9716 5999119 5998119Sharjha Const. & Industrial Dev. Co. 9716 5695666 568 31 71Sorouh Real Estate 9712 6978888 444 00 66Sudanese Telecommunication Co. 249183 770099 774315Umm Al Qiwain Cement Industries 9716 7681999 7681070Union Cement Co. 9717 2668166 2668635Union Insurance Co. 9716 7466996 7466997Union National Bank 9712 674 31 41 6773482United Arab Bank 9716 5733900 5075502United Insurance Co. 9714 2222440 2228668Waha Capital Co. 9712 6677343 6677383PAGE 111

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Amman 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 AddressABC Investments 6 5629300 5682941 info@abci.com.joAhli Brokerage Company 6 5624361 5624362 brokerage@jnb.com.joAjiad for Securities 6 5622269 5622293 ajiad56@hotmail.comAl- Shorouq Financial Brokers 6 5695512 5695551 www.alshorouqfb.comAl Wameedh for Financial Services and Investment 6 5681960 5681030 alwameed1@yahoo.comAl-Amal Financial Investments Co. LTD. 6 5671485 5667993 alamal.investments@gmail.comAl-Arabi Investment Group 6 5526491 5519064 mail@ab-invest.netAl-Aula Financial Investments 6 5201450 5653564 info@first.com.joAl-Awael International Securities 6 5633222 - admin@alawaelsec.comAl-Bilad For Securities And Investment 6 5105900 5105700 info@biladcapital.comAleman Financial Investment 6 5663173 5664988 nidbass@yahoo.comAlFares Financial Investments 6 5658211 5657724 www.alfaris.com.joAl-Hekma Financial Services 6 5654046 5654049 info@hekmah-fs.comAl-Mawared For Brokerage 6 5630500 5622405 brokerage@investbank.joAl-Multaqa Brokerage and Financial Services 6 5828872 5828834 info@al-multaqaa.comAl-Nadwa For Financial Services and Investment 6 5105213 5105217 info@ndwa.com.joAlNour For Financial Investments 6 5666690 5656520 -Al-Omana'a Portfolio and Investment 6 5549700 5549702 alomana@hotmail.comAlSafwa Finincial Investments 6 5201230 5655639 info@safweh-inv.comAl-Sahm International for Investment & Brokerage 6 5691662 5691665 info@alsahem-broker.comAl-Salam For Financial Investments 6 5820628 5820630 al_salam_investment@batelco.joAl-Watanieh for Financial Services Co. 6 5503800 5503802 compliance@awraq.comAl-Yasmeen for Securities & Investments 6 5656645 5656334 yasmeen@alyasmeen.netAman for Securities 6 5201444 5201441 info@amansecurities.joAmman Investment & Securities 6 5669689 5672572 ammanls_21@yahoo.comAmwal Brokerage 6 5650372 5685931 info@amwalinvest.comArab Falcon For Selling & Buying Securities 6 5682225 5623118 fifco@joinnet.com.joCapital Investments 6 5200330 5692872 info@caitalinv.joDelta Financial Investments 6 5824373 5827388 clientrelations@deltafi.comEFG-Hermes Jordan 6 5543200 5543207 www.tadawol.joElite Financial Services 6 5505755 5547878 info@elite-fs.comEmerging Markets for Financial Services and Investment Co. 6 5674141 5651549 info@aswaqinvest.comExcel For Financial Investment 6 5600923 5675951 info@excelinvest.joExperts Financial Services 6 5661608 5663905 info@efs.joFriends Financial Investment & Brokerage 6 5639088 5680298 friendsf@wanado.joGlobal Investment House-Jordan 6 5005060 5005066 -Imcan for Financial Services 6 5604222 5601444 info@imcan.joInternational Brokerage & Financial Markets 6 5503300 5855362 info@ibfm.joInternational Financial Advisors 6 5690933 5626665 info@ifa-jo.comInternational Financial Center 6 5674558 5696720 www.ifc.com.joInvestment House for Financial Services 6 5685525 5685344 inhojo@in-ho.comIstithmar For Financial Services 6 5610500 5610555 info@istithmar.joJordan & Gulf Investment 6 5675617 5607313 jgfinance@wanadoo.joJordan Expatriates For Financial Brokerage 6 5653702 5653702 -Jordan River Financial Investment 6 5560023 5530801 info@jrfic.comJordanian Saudi Emirates Financial Investment 6 5620011 5620050 info@jescoonline.netlbda' for Financial Investment 6 5925301 5817107 ibda@jiig.comMisc Financial Brokerage Corporation 6 5682765 5682850 MAJDI.ALTEENAH@JDIB.JOMubadala Financial Investments 6 5925252 5927146 mufinv@gmail.comNational Portfolio Securities 6 5609000 5609001 info@mahfaza.com.joSabaek for Financial Services 6 5563110 5540785 info.fs@sabaekinvest.comSanabel AlKhair for Financial Investments 6 5653046 5653047 sanabelinvest@hotmail.comShareco Brokerage Co. 6 5100700 5684788 shareco@nets.com.joShua'a for Securities Trading and Investments 6 5623006 5623004 rana@shuaa-brokerserv.comSociete Generale Jordan - Brokerage 6 5681651 5681251 sgbj@sgbj.com.joTanmia Securities Inc. 6 5672460 5683559 info@tanmiainc.comThe Arab Financial Investment 6 5002000 5692423 info@arabinvestco.comPAGE 112

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Amman Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressThe Bankers for Brokerage and Financial Invest 6 5825380 5827590 bankers.brokerage@gmail.comThe Financial Investment Company for Shares and Bonds 6 5671569 5699626 info@fic.com.joUmniah For Financial Investments 6 5699925 5699924 umniahinvest@gmail.comUnion Financial Brokerage 6 5675558 5606996 union.brokerage@orange.joUnited Arabian Jordanian for Investment and Brokerage Services 6 5671578 5696156 -United Co. for Financial Investment 6 5105111 5694026 info@ufico.comBahrain BourseAddress: 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) 4371440 Fax: (12) 4977805 E-mail: aba@bbvb.orgWeb Address: www.bbvb.org Country Code: 994Company’s Name City Code Telephone Fax E-mail Address“Azerpost” MMC 12 493 56 00 493 00 37 office@.azerpost.az“Bank Avrasiya” ASC 12 598 85 85 598 03 07 info@bankavrasiya.az“BTB” Bank ASC 12 492 20 20 497 03 02 info@btb.az“PAŞA Bank” ASC 12 496 50 00 496 50 10 office@pashabank.azAccessBank 12 493 07 26 493 07 96 bank@accessbank.azAFB BANK 12 565 65 65 565 65 75 info@azfinansbank.comAmrahbank 12 4978 862 4978 863 info@amrahbank.comAqrarkredit Non Bank Credit Organization 12 4389 248 498 15 17 aqrarkredit@aqrarkredit.comAtabank 12 497 87 00 4987 447 atabank@atabank.comAtra 12 4958 093 4981 274 office@atrabank.azAzerbaijan Credit Bank 12 5.982.424 5982427 office@azkreditbank.comAzerigazbank 12 4975 017 4989 615 info@agbbank.azAzer-Turk Bank 12 464 42 19 464 42 03 atb@azertyrkbank.bizBank Melli İran 12 5989005 5989006 bmiaz@intrans.azBank of Azerbaijan 12 499 70 00 499 70 15 info@bank.azBank of Baku 12 4470 055 498 82 78 root@bankofbaku.comBank Respublika 12 498 08 00 498 08 80 info@bankrespublika.azBank Silk Way 12 4980 412 496 28 25 bsw@banksilkway.azBank Standard 12 4971 070 4980 778 bank@bank.comBank VTB Azerbaijan 12 492 00 80 437 71 21 info@vtb.com.azCapital Investment Bank 12 4934 949 4938 450 info@asb.azCapitalBank 12 4936 630 4986 605 Afig.Khudayev@kapitalbank.azCaucasian Development Bank 12 4973 272 4971 222 office@tdb.azDekaBank 12 4981 157 4981 147 office@dekabank.comDemirbank 12 444 71 71 496 09 77 info@azerdemiryolbank.comEurobank 12 4977 455 497 89 07 office@eurobank.azExpressbank ASC 12 561 22 88 561 26 88 mail@anb.azGunayBank 12 4980 456 4981 439 info@gunaybank.comKredobank 12 4989 437 4984 235 bank@kredobank.azMuganBank 12 4982 035 4983 511 mail@muganbank.azPAGE 113

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Baku Interbank Currency Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressNBC Bank 12 5666 856 498 94 78 info@nbcbank.azNikoyl Bank 12 4972 972 4973 379 bank@nikoil.azParaBank 12 4471 000 4930 882 office@parabank.azRabitabank 12 5984 488 4971 101 rb@rabitabank.comRoyal Bank of Baku 12 5107837 510 78 35 info@royalbank.azTekhnikabank 12 447 77 44 447 44 22 info@texnikabank.comThe Central Bank of the Azerbaijan Republic 12 4931 122 4935 541 info@cbar.azThe International Bank of the Azerbaijan Republic 12 493 00 91 4989 128 IBAR@IBAR.AZTuranBank 12 510 79 11 4972 577 office@turanbank.azUnibank 12 4982 244 4980 953 bank@unibank.azUnited Credit Bank 12 4900 641 490 05 22 ucb@ucb.azXalq bank 12 404 43 43 404 43 34 mail@xalqbank.azYapi Credit Bank Azerbaijan Ltd. 12 4977 795 497 74 55 office@yapikredi.com.azZaminbank 12 464-14-01 464-14-02 info@zaminbank.azBaku Stock ExchangeAddress: 19, Bul-Bul Avenue A31000 Baku, Azerbaijan Phone: (12) 498 9820 Fax: (12) 493 7793 E-mail: k.aliyev@bse.azWeb Address: www.bse.az Country Code: 994Company’s Name City Code Telephone Fax E-mail Address«ADB Broker» LLC 12 440-24-29 496-09-77 broker@azerdemiryolbank.com“Azerbaijan Industrial Bank” OJSClicense temporarilystopped«AzerTurkBank» OJSClicense temporarilystopped«BoB Broker» LLC 12 447-00-55 498-82-78 ehbabayev@banofbaku.com«Brokdil-AZ» LLC 12 497-87-00 498-74-47 faig@atabank.com«Caspian Financial» LLC 12 437-30-14 437-30-15 tkalayev@kazimir.com“Chelsea Capital” LLC 12 598-25-71 s.intiqam@chelseacapital.az«International Transaction Systems» LLC 12 436-84-90 436-84-85 murtuzayev.s@gcc.az«Kapital Partners» LLClicense temporarilystopped«Mars Investment» LLC license temporarilystopped«Respublika Invest» LLC 12 598-08-00 598-08-80 teymurt@bankrespublika.az«Standard Capital» LLC 12 497-55-01 497-55-03 t.gadirli@standardcapital.az«Tekhnika Capital Management» LLC 12 440-29-61 493-87-11 cafer.ibrahimli@texnikabank.az«UniCapital» OJSC 12 498-22-44 498-09-53 heydar.ibrahimli@unibank.az«YapiKredi Invest Azerbaijan» LLC 12 497-77-95 497-02-76 hikmat.cafarov@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: office@blberza.comWeb Address: www.blberza.com Country Code: 387Company’s Name City Code Telephone Fax E-mail AddressAdvantis broker a.d. Banja Luka 51 233-710 233-711 tatjana.tomanic@advantisbroker.comBalkan Investment Bank a.d. Banja Luka 51 245-142 245-069 broker@bib.baBobar Banka a.d. Bijeljina 55 233-345 233-302 bobar@bobarbanka.comEurobroker a.d. Banja Luka 51 230-820 230-836 milana.ostic@eurobroker.baFima a.d. Banja Luka 51 226-371 226-370 info@fimabl.baHypo-Alpe-Adria Bank a.d. Banja Luka 51 336-530 336-535 tadija.pilipovic@hypo-alpe-adria.comMonet broker a.d. Banja Luka 51 345-600 345-601 mail@monetbroker.comNova Banka a.d. Banja Luka 51 328-392 328-390 boris.kacavenda@novabanka.comRaiffeisen a.d. Banja Luka 51 231-490 243-491 info.raiffeisencapital@rbb-sarajevo.raiffeisen.atUniCredit Bank a.d. Banja Luka 51 212-570 243-267 unicreditbroker@unicreditgroup.baZepter Broker a.d. Banja Luka 51 233-170 233-180 zepterbroker@teol.netRaiffeisen a.d. Banja Luka 51 231-490 243-491 info@raiffeisencapital.baZepter Broker a.d. Banja Luka 51 233-170 233-180 zepterbroker@teol.netPAGE 114

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Belarusian 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 17 267-77-18 root@absolutbank.byAgrocapital, CJSC 375 17 209-42-59 depo@ depo.byAktsiya, LLC 375 17 293-16-93 action2004@tut.byAlfa-Bank, CJSC 375 17 210-48-85 oleg.lebedev@alfa-bank.byAndes Capital, LLC 375 29 610-03-95 andesoffice@gmail.comASB Broker, UE 375 17 200-33-42 kostya_ra@hotmail.comAygenis, CJSC 375 17 205-40-42 info@aigenis.byBank BelVEB, OJSC 375 17 218-66-85 golovko_na@bveb.minsk.byBank Moscow-Minsk, OJSC 375 17 288-64-38 kovzov@mmbank.byBank VTB (Belarus), CJSC 375 17 309-15-15/30 info@vtb-bank.byBelagroprombank, JSC 375 17 218-56-02 (03) hurs@belapb.byBelarusbank, JSC 375 17 218-84-14 info@belarusbank.byBelgazprombank, OJSC 375 17 218-36-27 (28) bank@bgpb.byBelinvestbank, JSC 375 17 289-35-57 invest@belinvestbank.byBelMezhKomInvest, JSC 375 17 306-23-21 belzetsky@mail.ruBelrosbank, CJSC 375 17 289-51-69 mailbox@belrosbank.byBelswissbank, CJSC 375 17 306-49-40 lutsko@bsb.byBG Capital, FLLC 375 17 280-29-33 ogud@bgcap.geBNB-Bakn, JSC 375 17 287-38-51 bnb@bnb.byBPS-Sberbank, JSC 375 17 289-46-68 inbox@bps-sberbank.byBrokerage company Analytic, LLC 375 17 335-23-34 bc-analitik@mail.ruBrokerInvest, PC 375 29 794-14-70 29kirill73@mail.ruBROSTOK, CJSC 375 17 213-58-59 brostock@solo.byBSVT-finance, SE 375 16 220-87-10 bsvt_finance@tut.byBTA-Bank, JSC 375 17 289-58-19 info@btabank.byB -Trust, LLC 375 162 40-96-95 bmm_trust@inbox.ruCapital-Active, CJSC 375 232 74-74-54 kapitalaktivzao@mail.ruClassic-Invest, LLC 375 22 270-00-42 classic2011@tut.byDelta-Bank, CJSC 375 17 279-02-98 info@deltabank.byDenim Trading, UE 375 17 294-52-49 denimby@altdenim.comDERZHAVAINVEST, JSC 375 17 292-25-98 info@derzhava.byDiamondinvest, PC 375 29 629-17-57 redgraham@tut.byEgal-Invest, LLC 375 232 74-73-70 oooegal@bk.ruESPAS, UE 375 17 210-24-78 consult@espas.solo.byEurotorginvestbank, JSC 375 17 299-69-00 info@irb.byFinansovy Impuls, PC 375 232 71-68-93Fondovy aliance, LLC 375 17 265-96-57 fondovy_alians@mail.ruFransabank, OJSC 375 17 206-44-26 office@fransabank.byGeneral Investment System, CJSC 375 17 385-24-61/65 chernik@uniter.byGomel Regional Depository Center, CJSC 375 232 71-97-58 grdc@bk.ruGrodno investment stock company, LLC 375 15 245-00-39 qazzzz-123@tut.byHCBank, JSC 375 17 299-68-85 info@homec redit.byHonorbank, CJSC 375 17 306-06-90 info@hbank.byIdea Bank, CJSC 375 17 210-48-49 info@sbb.byInterPayBank, JSC 375 17 287-83-10 egorov@ipaybank.byIntertrust Group, JSC 375 17 211-31-13 a_gromyko@tut.byInvestment Company BelASKO-Invest, CJSC 375 232 77-02-28 belasko@bk.ruInvestment Company GRB, JSC 375 17 306-26-21 office@grb.byKaskad-93-Invest, LLC 375 17 298-57-68 kaskad-invest@anitex.byLeader-Invest, LLC 375 17 213-02-13 2c3@tut.byLeovest, JSC 375 17 280-87-35 leovest@mail.ruMTBank, CJSC 375 17 213-29-20 srusinovich@mtb.byMTG, CJSC 375 17 283-18-34 depomtg@tut.byPAGE 115

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Belarusian Currency and Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressNational Bank of the Republic of Belarus 375 17 219-24-90 email@nbrb.byParitetbank, JSC 375 17 288-49-49 lopatin@paritetbank.byPaternus Air, LLC 375 17 239-21-81 a@investar.byPriorbank, JSC 375 17 289-92-32/33 info@priorbank.byProfit Investments Ltd 375 17 385-60-79 doc@pif.byProfRateInvest, LLC 375 17 254-90-74 sveta-exe@yandex.ruPromreestr, LLC 375 17 200-02-72 promreestr@tut.byReestr IC, LLC 375 2162 61-662 reestr@tut.byRRB-Bank, CJSC 375 17 269-23-09 info@rrb.bySovmedia, UE 375 17 213-54-72 sovmedia@tut.byState Property Fund 375 17 200-60-47Technobank, JSC 375 17 283-15-00 info@technobank.byTK Bank, CJSC 375 17 202-57-77 info@tcbank.byTrustbank, CJSC 375 17 250-43-93 office@trustbank.byTrust-Zapad, CJSC 375 162 20-32-07 trast-zapad@mail.ruWestBusinessGroup, LLC 375 16 221-17-00 office@wbg.byWestern Stock Bureau, CJSC 375 162 21-58-36 zfb@mail.ruZepter Bank, CLSC 375 17 331-90-32 info@zepterbank.byBelgrade Stock ExchangeAddress: 1, Omladinskih Brigada Street, 11000, Belgrade, Serbia Phone: (11) 322 1599 Fax: (11) 2138 242 E-mail: info@belex.co.yuWeb Address: www.belex.rs Country Code: 381Company’s Name City Code Telephone Fax E-mail AddressABC BROKER 11 2282 327 3139 949 office@abcbroker.rsAC-BROKER 11 202 77 00 202 77 00 info@ac-broker.rsALPHA BANK SRBIJA 11 3023 950 33 42 349 broker@alphabankserbia.comATHENA CAPITAL 11 2631 854 2629 463 office@athenacapital.rsBANCA INTESA 11 201 3622 201 1260 broker@bancaintesabeograd.comBANKA POSTANSKA ŠTEDIONICA 11 3024-329 3024 227 broker@posted.co.rsBELGRADE INDEPENDENT BROKER 11 311 6243 213 8689 office@bibroker.rsCACANSKA BANKA 32 320-657 348-146 brokeri@cacanskabanka.co.rsCAPITAL BROKER 18 250 020 257 058 capitalbroker@open.telekom.rsCITADEL SECURITIES 11 3020 030 222 3656 office@citadel-securities.comCONVEST 21 422 081 - office@convest.rsCREDY BANKA 34 331 971 336 118 bdd@credybanka.comDELTA BROKER 11 201 2690 201 2677 broker@deltabroker.rsDIL BROKER 11 33 47 757 33 47 757 office@dilbroker.co.rsDUNAV STOCKBROKER 11 3223-764 3223-763 dunavstockbroker@dunavstockbroker.comENERGOBROKER 11 311 5313 311 5312 broker@energobroker.rsERSTE BANK 11 220 9179 021/489 0631 brokeri@erstebank.rsEURO FINEKS BROKER 11 309 8180 309 8185 fineks@eunet.rsEUROBANK 11 3027 537 2624 933 ivan.radovic@eurobank.rsFIMAKS BROKER 11 2631 052 2631 062 broker@fimaks.rsGALENIKA BROKER 11 316 2260 219 6572 company@galenikabroker.co.rsILIRIKA INVESTMENTS 11 330 1000 330 1050 info@ilirika.rsINTERCAPITAL SECURITIES 11 337 3855 2630 306 intercapital@intercapital.rsINTERCITY BROKER 11 308 3100 308 3150 firma@icbbg.rsINVEST BROKER 11 324 8650 303 5006 office@investbroker.co.rsJORGIC BROKER 11 311 7835 311 7840 jorgic.broker@gmail.comJUBMES BANKA 11 2205 732 311 3851 broker@jubmes.rsKBK BROKER 11 2434 820 2434 820 kbkbrok@eunet.rsKOMERCIJALNA BANKA 11 333 9031 323 9157 brokeri@kombank.comM&V INVESTMENTS 21 6612 788 6612 788 bg@mvi.rsMAKLER INVEST 11 334 5351 334 5351 office@maklerinvest.co.rsMEDIOLANUM INVEST 11 367 0137 367 0137 velimir.mediolanum@sbb.rsMOMENTUM SECURITIES 21 67-28-700 452-895 office@momentum.rsOLIMPIA INVEST 11 301 7200 313 3115 olimpiainvest@yahoo.comPRIVREDNA BANKA 11 3816 516 3816 711 office@pbb-banka.comRAIFFEISENBANK 11 220 71 41 220 71 70 brokeri@raiffeisenbank.rsRAZVOJNA BANKA VOJVODINE 21 488 4670 488 4696 hov@rbv.rsSAB MONET 11 2633 635 2628 927 office@sabmonet.comPAGE 116

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Belgrade Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressSBD BROKER 24 558 275 554 003 office@sbdbroker.co.rsSBERBANK SRBIJA A.D., BEOGRAD 11 20-17-034 31-32-152 aleksandar.jaredic@sberbank.rsSINTEZA INVEST GROUP 11 20 99 500 20 99 550 info@sinteza.netSOCIETE GENERALE YUGOSLAV BANK 11 30 11 427 328 2230 arif.hadzini@socgen.comSUMADIJA BROKER 34 303 011 303 085 sumadijabroker@sbb.rsTANDEM FINANCIAL 21 425 777 425 777 office@tandemfin.comTEZORO BROKER 11 2632 346 2632 057 office@tezorobroker.co.rsTRADEVILLE 11 3623 979 3623 979 office@tradeville.rsUNICREDIT BANK SRBIJA 11 3770 993 3770 977 broker@unicreditbank.rsVOJVODJANSKA BANKA 11 2251 380 222 8541 broker@voban.groupnbg.comWISE BROKER 11 2910 696 2910 696 office@wisebroker.rsBucharest Stock ExchangeAddress: 34-36 Carol I Boulevard, 14th Floor, District 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 office@actinvest.roACTIVE INTERNATIONAL 21 3076020 3076024 office@active.roALPHA FINANCE ROMANIA 21 2092233 2315332 office@alphafinance.roBALKAN ADVISORY COMPANY IP - EAD 00359 29813559 00359 29803954 p.krastev@bac.bgBANCA COMERCIALA ROMANA 21/372 4085592 264829 valerian.ionescu@bcr.roBANK LEUMI ROMANIA 21 3120368 3120498 dpc@leumi.roBRD Groupe Societe Generale 21 3016100 3016636 comunicare@brd.roBT SECURITIES 264 430564 431718 office@btsecurities.roCARPATICA INVEST 269 217781 211398 carpaticainvest@carpaticainvest.roCONFIDENT INVEST BUCURESTI 21 3202102 3202103 contact@confidentinvest.roCREDIT EUROPE BANK (ROMANIA) 21 4064629 3107331 office@crediteurope.roDELTA VALORI MOBILIARE 21 3179244 3179250 ssif_delta@shares.roDORINVEST 21 3129970 3129962 dorinvest@dorinvest.roEASTERN SECURITIES 21 3140892 3140892 office@easternsecurities.roEFG EUROBANK SECURITIES SA (CAPITAL 21 2062300 3167745 office@efgsec.roSECURITIES)EGNATIA SECURITIES (FOST NETINVEST) 21 3135350 3135351 office@egnatia-securities.roELDAINVEST 236 472113 473393 eldainvest@gmail.comEQUITY INVEST 21 3117930 3104362 office@equity.roESTINVEST 237 238901 237471 esin@estinvest.roEUROSAVAM 344 401188 401189 eurosavam@ploiesti.rdsnet.roFAIRWIND SECURITIES 21 3057777 3030858 office@fairwind.roFINACO SECURITIES 21 6664870 6664870 finaoffice@yahoo.comGM INVEST 21 3273151 3273155 office@gminvest.roGOLDRING 265 269195 269195 goldring@goldring.roH B INVEST 268 542500 542503 hbinvest@easynet.roHARINVEST 250 733898 733898 office@harinvest.roHTI VALORI MOBILIARE 21 3087200 2522483 office@hti.roIEBA TRUST 21 3130102 3131595 office@iebatrust.roIFB FINWEST 257 281611 281611 office@ifbfinwest.roING BANK 21 2221600 2221401 office@ingbank.roINTERCAPITAL INVEST 21 2228731 2228731 office@intercapital.roINTERDEALER CAPITAL INVEST 264 433212 432266 office@interdealer.roINTERFINBROK CORPORATION 241 639071 547829 office@interfinbrok.roINTERVAM 21 3157010 3158222 intervam@intervam.roINVEST TRUST 251 415287 417658 office@investtrust.roKBC SECURITIES ROMANIA SSIF” SA (FOSTA 21 4084200 4084227 office@kbcsecurities.roSWISS)KD CAPITAL INVEST MANAGEMENT 21 6500446 6500448 office@kd-group.roMKB Romexterra 21 4051745 4051759 info@romexterra.roMUNTENIA GLOBAL INVEST 21 3372279 3370947 office@rainvest.roNHL SECURITIES S.S. (MAXWELL RAND 21 3374765 3374767 office@mrsi.roSECURITIES INTERNATIONAL)NOVA INVEST 261 768875 768870 ssif@nova.roOLTENIA GRUP INVEST 251 410502 418215 office@olteniagrup.roPRIME TRANSACTION 21 3224614 3215981 office@primet.roPAGE 117

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Bucharest Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressRAIFFEISEN CAPITAL & INVESTMENT 21 3061233 2300684 office.rci@rzb.roRAIFFEISEN CENTROBANK AG 043 1 51520-0 043 1 5134396 office@rcb.atRBS Bank (Romania) S.A. 21 2020400 3191169 office@rbs.comROINVEST BUCOVINA 230 520133 520133 roinvestbucovina@yahoo.comROMBELL SECURITIES 21 3110024 3111038 rombell@grivco.roROMCAPITAL 256 490121 office@romcapital.roS.S.I.F. PIRAEUS SECURITIES ROMANIA S.A. 21 3050370 3050375 office@piraeus-sec.ro(EUROPEAN SECURITIES)S.S.I.F. VIENNA INVESTMENT TRUST (FOST 21 2074880 2074897 office@viennainvestment.roFINANSSECURITIES)SC BANK LEUMI ROMANIA SA 21 3120368 3120498 dpc@leumi.roSC VALAHIA CAPITAL SA 31 8241572 8241573 valahiaconfirmari@gmail.comSOCIETATEA DE SERVICII DE INVESTITII 264 433677 0364 401710 staff@ssifbroker.roFINANCIARE “BROKER”SOCIETATEA DE SERVICII DE INVESTITII 268 410605 410592 gabriel.marica@onlinebroker.roFINANCIARE ROMINTRADESSIF ESTEURO CAPITAL SA 21 2316882 2316882 office@esteurocapital.roSSIF FORTIUS FINANACE SA (EURO INVEST 21 3107571 3107570 office@fortius.roVISION)SSIF STK TRADING SA 0264 441554 0264 441554 office@stk.roSUPER GOLD INVEST 248 213417 215862 sold@geostar.roTARGET CAPITAL 264 444 500 590775 targetcapital@targetcapital.roTGH INVESTMENT 232 216562 212744 info@tgh.roTRADEVLLE S.A. (VANGUARD) 21 336 93 25 336 92 33 office@tradeville.euTRANSILVANIA CAPITAL 266 206440 206442 transilvania.office@rdsbv.roTREND 234 519346 519346 ssiftrend@yahoo.comUNICAPITAL 21 2318992 2318991 office@unicapital.eunet.roUniCredit CAIB ROMANIA SECURITIES (fost CA 21 2064680 2064690 calenicm@ca-ib.comIB SECURITIES)VALMOB INTERMEDIA 248 214661 211476 valmob@gic.roVENTRUST INVESTMENT) fost IFC INVESTITII) 265 268888 261752 office@ventrust.roVOLTINVEST 251 419342 voltinvest@sifolt.roWBS ROMANIA 314 56 87 314 56 89 office@wbs.roWOOD & COMPANY FINANCIAL SERVICES420 2 220 96 111 420 2 220 96 222 wood@wood.czPRAGABulgarian 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 AddressABS Finance EAD 359 2 917 05 72 917 04 97 abcfinance2009@gmail.comABV Investment EOOD 359 2 930 55 20 955 59 25 abvinvest@mnet.bgAdamant Capital Partners AD 359 2 489 12 75 422 59 93 miroslav.velikov@adamantcapital.euAllianz Bank Bulgaria AD 359 2 921 54 80 980 21 02 admin@bank.allianz.bgAval IN AD 359 2 987 33 60 986 09 11 aval.in@ibn.bgBalkan Advisory Company IP EAD 359 2 981 35 59 980 39 54 vladimir@bac.bgBalkan Investment Company AD 359 2 943 92 15 943 47 18 office@balinco.comBBG Simex - Bulgaria OOD 359 2 980 75 10 980 93 30 bbgsimex@mail.wtcsofia.bgBenchMark Finance AD 359 2 962 54 81 965 16 52 office@benchmark.bgBeta Corp AD 359 2 986 55 66 986 55 66 mail@beta-corp.comBG ProInvest AD 359 2 989 30 02 981 00 48 bgproinvest@mail.bgBMFN EAD 359 2 401 26 36 401 26 36 info@bmfn.euBNP Paribas S.A. Sofia Branch 359 2 921 86 40 981 69 91 minevam@bnpdreba.ttm.bgBulbrokers EAD 359 2 489 36 40 942 31 20 office@bulbrokers.bgBulgarian American Credit Bank AD 359 2 965 83 58 944 50 10 bacb@bacb.bgBulgarian Development Bank AD 359 2 930 63 33 930 62 61 office@bdbank.bgBull Trend Brokerage OOD 359 2 815 56 65 815 56 66 bull_trend@spnet.netCapital Invest EAD 359 2 981 86 00 981 17 58 office_ci@investcapital.bgCapital Markets AD 359 2 933 00 30 933 00 34 capital_markets@netissat.bgCapman AD 359 2 810 60 810 60 33 mail@capmanbg.comCentral Cooperative Bank AD 359 2 926 62 88 988 81 07 office@ccbank.bgCIBANK AD 359 2 939 92 40 981 25 26 legal@hq.eibank.bgPAGE 118

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Bulgarian Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressCorporate Commercial Bank AD 359 2 980 93 62 980 89 48 corpbank@corpbank.bgD Commerce Bank AD 359 2 989 44 44 989 48 48 office@dbank.bgD.I.S.L. Securities AD 359 2 846 55 91 944 60 14 office@disl-securities.comDe Novo EAD 359 2 950 51 94 950 51 94 contact@denovo.bgDealing Financial Company AD 359 2 987 02 35 988 26 77 dfco@b-trust.orgDeltaStock AD 359 2 811 50 50 73 99 57 office@deltastock.bgDSK Bank EAD 359 2 939 12 20 980 64 77 -Elana Trading AD 359 2 810 00 00 810 00 10 info@elana.netEmporiki Bank Bulgaria AD 359 2 917 17 11 917 11 56 -Euro Finance AD 359 2 980 56 57 981 14 96 contact@euro-fin.comEurobank EFG Bulgaria AD 359 2 816 64 92 983 81 04 pkp@postbank.bgFactory AD 359 2 400 15 00 943 32 89 factory@abv.bgFavorit AD 359 2 981 34 69 981 34 67 favorit@ipfavorit.comFinancial House Ever AD 359 2 873 77 24 873 49 26 ever@ever.bgFinancial House FINA-S AD 359 2 818 55 38 955 59 89 martin.apostolov@fina-s.comFirst Financial Brokerage House OOD 359 2 810 64 53 810 64 01 ffbh@ffbh.bgFirst Investment Bank AD 359 2 910 01 00 980 50 33 invest@fibank.bgFocal Point Investments AD 359 2 819 91 42 819 93 22 office@focalpoint.bgING Bank N.V. Sofia Branch 359 2 917 67 16 917 65 79 asparouhov@ingbank.comIntercapital Markets AD 359 2 921 05 10 921 05 21 office@intercapital.bgInternational Asset Bank AD 359 2 812 02 53 986 28 79 iabank@iabank.bgInvestbank AD 359 2 818 61 12 854 81 99 office@ibank.bgKaroll AD 359 2 981 13 81 986 53 63 office@karoll.bgKBC Securities N.V. - Bulgaria 359 2 858 33 11 858 33 66 scarlatov@kbcsecurities.bgMKB Unionbank AD 359 2 915 33 55 980 23 67 unionbank@unionbank.bgMunicipal Bank AD 359 2 930 01 11 930 02 70 contacts@municipalbank.bgNaba Invest AD 359 52 69 95 50 69 95 50 office@naba.bgPiraeus Bank Bulgaria AD 359 2 969 07 23 981 85 79 customerservice@piraeusbank.bgPositiva AD 359 2 846 66 23 846 66 23 office@positiva.bizRaiffeisen Bank (Bulgaria) EAD 359 2 919 85 101 943 45 28 ibgasni@rbb-sofia.raiffeisen.atReal Finance AD 359 52 60 38 28 60 38 28 real-finance@real-finance.netRNK Capital AD 359 2 951 52 01 954 99 82 office@rnkcapital.bg.Sofia International Securities AD 359 2 988 63 40 937 98 77 info@sis.bgSomony Financial Brokerage OOD 359 42 25 41 97 60 52 02 somonifb@somonifb.comStatus Invest AD 359 2 946 17 40 946 15 73 contact@status-invest.bgTBI Invest EAD 359 2 935 06 26 973 50 62 office@tbi-invest.bgTexim Bank AD 359 2 935 93 62 931 12 07 us@teximbank.bgTokuda Bank AD 359 2 403 79 00 981 53 78 headoffice@tcebank.comUG Market AD 359 32 62 54 01 62 54 02 office@ugmarket.comUniCredit Bulbank AD 359 2 923 25 96 932 01 30 b.dimitrova@sof.bulbank.bgUnited Bulgarian Bank AD 359 2 811 37 53 988 08 11 dimitrova_k@ubb.bgVarchev Finance EOOD 359 52 63 10 00 63 10 00 info@varchev.bgWOOD & Company Financial Services, a.s. 420.222 96.240 96.222 jan.sykora@wood.czZagora Finacorp AD 359 42 60 02 03 234 43 zagora98@hotmail.comZlaten Lev Brokers OOD 359 2 965 46 50 965 45 51 zlatenlev@online.bgDamascus Securities ExchangeAddress: P.O.Box: 6564, Damascus Syria Phone: (11) 519-0000 Fax: (11) 519-0099 E-mail: info@dse.syWeb Address: www.dse.sy Country Code: 963Company’s Name City Code Telephone Fax E-mail AddressAgricultural Engineering Co For Investments - Nama’a 96311 2718027 2719571 nama-co@scs-net.orgAl-Aqeelah Takaful Insurance. 96311 3352244 3328546 info@atisyria.comArab Bank-Syria 96311 9421 3349844 info@ arabbank-syria.comAlahliah Vegtable Oil Company 96311 412751 421247 Avoco@scs-net.orgAlahliah.Co For Transport 96333 2473260 2473261 Alahliah.co@gmail.comBank Alsharq 96311 66803000 66803300 info@bankalsharq.comBank Audi Syria 96311 23888000 2248510Bank Of Jordan Syria 96311 22900229 2315368 info@bankofjordansyria.comBank of Syria and Overseas 96311 2460560 2460560 bsomail@bso.com.syBanque Bemo Saudi Fransi 96311 2317778 2318778 bbsf@mail.syByblos Bank Syria 96311 9292 3348208PAGE 119

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Damascus Securities Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressFransabank Syria 96311 2320008 2113150 info@fransabank.syNational Insurance Company 96311 9248 3348690 info@natinsurance.comQatar National Bank- Syria 96311 3353660 3353670Syria Gulf Bank 96311 2326111 2326112 bank@sgbsy.sySyria International Islamic Bank 96311 2004 3352064 info@siib.sySyria International Insurance- Arope 96311 9279 3348144 info@aropesyria.comThe International Bank For Trade & Finance 96311 23880000 2325788 info@ibtf.com.syUnited Insurance Company 96311 5046 3341934 Info@uic.com.syUnited Group For Publishing Advertising and Marketing 96311 6129877 6124567 info@ug.com.syEgyptian ExchangeAddress: 4A, El Sherefeen St., Down Town, Cairo, Egypt Phone: (2) 2392 8698 Fax: (2) 2392 4214 E-mail: Heba.Serafi@egx.com.egWeb Address: www.egx.com.eg Country Code: 20Company’s Name City Code Telephone Fax E-mail AddressAlfa brokerage 2 27735738 27735739A.T. Brokerage 2 37493373Abo Dhabi Securities Brokerage 2 23913186 23928162Agyad Stock Brokers 2 33023735 33030240 agyad@yahoo.comAl Ahram Stock Exchange Securities Brokers 2 23933543 23906579 ahrambrk@hotmail.comAl Amalka for Stock Dealing 2 33039151 330441255 alaliaa@mist-net.netAl Arabia Securities Brokerage 2 23963351 23903315 alamalk@thewayout.netAl -Etehad Brokerage 2 26718416 22739429Al Madina Stock Brokers Company 2 25747570 25747570Al Manar for Stock Exchange 2 23961906 23961907Al Noran Securities & Brokerage 2 23957664 23957980Al Omanaa Al Mottaheden 3 03/4845089 03/4844712Al Rowad for Securities Brokerage 3 37497601 37616166Al Shourouk Brokerage 2 25781188 25781166 alshorouk@link.com.egAlamal Stock Brokerage Company 2 03/4839384 03/5458947Alexandria Securities Brokerage 2 03/4841021 03/5854831Alhelal Alsaudi Securities & Brokerage 2 23959718 23959780Alhmd Stock Brokerage 2 26242376 26234176Aliaa Brokerage House 2 33386394 37617509Aljouhara Alsaudi for Securities & Brokerage 2 35728520 35728520Aman for Securities Co. 3 27942885 27943232 amanbrok@yahoo.comArab African International Securities 2 27929035 27929033Arab Finance 2 33311831 www.arabfinance.comArabeya Online Securities 2 24140025 24180666 arabia_brokers@hotmail.comBab El-Mlouk for Securities Brokerage 3 03/4859551 03/4859551 Bab_ El_ Molouq@mist-nBankers Group 2 23958381 23958384 Ramzytolba@hotmail.coBaraka secutities 2 23956111 23921478 baraka@linknet.comBeltone Arabia Securities 2 27924027 27925884 www.beltonefinancial.comBeltone Securities Brokerage 2 27924027 27925884 www.beltonefinancial.comBlom Egypt Securities 2 37617687 37617680Brokers Securities 3 03/4838057 03/4838057 brokers_com@yahoo.comCairo Capital Securities 2 27974344Cairo International for Securities Exchange 2 22879905 22753864 cise@hotmail.comCairo National Co. for Securities Negotiation 2 37609367 37609438 cnrs@mist-net.comCairo Stock Brokerage Co 2 24322260 24322261Capital Securities Brokerage 2 33451502 33451503 csb@gega.netCity Stars for Brokerage 2 22626063 22626076City Trade Securities & Brokerage 2 23954691 23912708Commercial International Brokerage company (CIBC) 2 33364281 helguindy@cibcegypt.comContinental for Securities Trading 2 37488697 33369725 continentalforsecuritiestrading@yahoo.comCorrect Line Brokerage Securities & Stock Exchange 2 33380568 37497335 correctline2003@hotmail.comCounsel 2 27921100 27921300 counselinc@consultant.comDelta Rasmala Securities 2 35353575 35370570 info@delta-Securities.comDirect Broker for Securities 2 33047331 33047058 info@d-Securities.comDynamic Securities Trading 2 33444919 33038373Economic Group 2 33375919 33375860Egypt & Middle East Brokerage Company 2 24619993 gfm.01014@mcsd.com.egPAGE 120

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Egyptian Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressEgypt Stocks Securities and Brokerage 2 33033485 eab1091@hotmail.cimEgypt Trust Securities 2 23952515 e_trust@hotmail.comEgyptian Arabian Company (Themar) 2 37625812 37625817 EgSecurities@hotmail.comEgyptian British for securities brokerage 2 24328444 24309292 egku181@hotmail.comEgyptian Emirates Brokerage 2 33398524 33398521Egyptian Group for Securities 2 27921789 27926601Egyptian Kuwaiti Securities 2 25798552 25798554 www.kmefic.co.kwEl Alamia for Brokerage 3 23921890 23931424 alamia-b@internetegypt.comEl Dawlia for Securities Brokerage 3 034844445 34844477El Fath Stock Brokers 2 27920373 27946216El Giza for Securities Trading 2 35682701 35713179 gizabk@link.netEl Horreya Securities 2 23904940 23952172 horreya105@hotmail.comEl Khair Financial Securities Corporation 2 0100094230 03/4803767 elkhair.comp@maileitEl Khalegya 3 03/5436601 03/5436601El Kinanah Brokerage Securities Company 3 23955057 23955046 info_kinanah.com.egEl Lewaa Stock Brokerage 2 23961644 23951672 www.isbrokerage.comEl Marwa Brokerage 2 25780627 25783855El Orouba Securities Brokerage 2 27920338 27920390El Tadamoun El Arabi Brokerage Company 2 33385466Elkarma Securities Brokerage 2 24173597 gfm.01086@mcsd.com.egEl-Karnak Stocks Brokerage 3 23901803El-Mokattam Securities Brokerage 2 25756946 25756898El-Safa Securities Brokerage 2 03/4834030 03/4874030 tadamonar@link.netFinancial Brokerage Group 2 33388859 3338866 www.efg-hermes.comFirst Stock Brokerage 2 23955687 23951955Fortune Securities 2 33365452 33362373 fortune@link.com.egGlobal Capital Securities 3 22909911 24157313Global Investment house 2 03/4848139 03/4848265Golden Way Securities 2 23384172 33386533 golden_hand98@hotmail.comGolden Hand for Securities Brokerage 2 23959796 23924570 goldenway@golden-way.netGolden Share Securities 2 24183342 24183329Grand Investment Securities 2 37495883 37601514Guarantee Co. for Brokerage Exchange 2 23926579 23924255 gurantee_1136@yahoo.comH.A. Brokerage 2 33025181HC Brokerage 2 37496009 37496051 hcgroup@hc-si.comHelwan Brokerage Co. 2 25577945 25576771 helwan_co@hotmail.comHermes Securities Brokerage 2 33388859 33388866Honest Brokerage & Book Keeping 2 25190333 25190666Horas Stock Brokers 2 25913638 25889410 horas2003_8@hotmail.comHorizon Securities Brokerage Company 2 25780912HSBC Securities Egypt S.A.E 2 25296093/94 Shereenghattass@hsbc.comIfa Securities Brokerage 2 33041652 33441177 www.ifaegypt.comInternational Brokerage Group 2 25929901 25905195 lbggroup@egypto line.comInternational for Securities 2 24553232 24555273 INT_FOR_SEC@hotmail.comJazira Securities Brokerage 2 25780932 25780933Leaders Securities 2 33472266 M_saleh2003@yahoo.comLepon Securities Brokers 2 25920635 25929072Maadi for Stock Dealing 2 37619351 37619351 maadi@mist-net.netMahrosa Securities and Trading 3 4868267 4856665 gfm.01051@mcsd.com.egMashreq trade 2 33035673 33035689Mediterranean for Brokerage 2 25766859 25767879Mega Investment Securities 2 33388635 37488820Metro Co. for Book Keeping & Stock Dealing 2 25260446 25260447 info@metroBrokerage.comMina Company Stock Exchange Brokers 2 24193134 24172930Miracle for Securities 2 23921378 23921378 miracle_Securities@hotmail.comMirage Brokerage 2 33026287 33048048 www.miragebrokerage.netNaeem Brokerage 2 33037677 33469287 www.naeembrokerageegy.comNamaa Securities Brokerage 2 33381760 38356100National Securities 2 33382930 33382950 nasecinfo@gmail.comNew Brent Brokerage 2 33362748 33359046Okaz Stockbrokers & Investment Consultants 2 25895321 25891499 okaz@okaz-Stockbrokers.comOptima Securities Brokerage 2 25784725 25784726 optimabrokrage.comPAGE 121

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Egyptian Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressOsool Esb for Securities Brokerage 2 24139100 24172295 oroba@link.netPharaonic Brokerage Company 2 25756655 pharonic_b@hotmail.comPharos Securities 2 27393671 27350661Pioneers Securities 2 22726554 pioneers_brokers@usa.netPremiere Securities 2 33369671 37627584Prime Securities Brokerage 2 33005650 33054622 prime@primeegypt.comPrizma Securities 2 37493726 33381810Profit Securities Brokerage 2 23903843 23903843 profit_Securities@yahoo.comPyramids Capital 2 33368781 33368783Regent Securities 2 25296950 25288235 queenq@hotmail.comSafir for Stock Brokers 2 26395081 26335752 safirnet@inteotch.comSamba Tadawol Misr Brokerage 2 37481464 37624047 www.Sambatadawol.comSaudi Egyptian Co. for Securities Brokerage 2 24605577 24605577Shuaa Securities 2 24619708 24619708Sigma Securities Brokerage 2 33355353 33350066Solidaire Securities Brokerage 2 16650 22903115Standard for Securities 2 24512537 24552850 www.standardbr.comStrategic Securities Group 2 33041280 33041290 ssgroup@link.netSwiss Group 2 24512030 24535805Takamol Brokerage Co. 3 4848036 4848036Team for Securities Trade 3 4833939 4848926The Financial Arabian for Securities Brokerage 3 24525492 24525494The Roots Co. for Stock Brokerage 3 23953041 23952799Three Way Brokerage 2 27925029 27950213Tiba Brokerage & Bookkeeping 2 23905906 23905906 gfm_01116@mesd.com.egTop for Brokerage 2 26236941 26236941 www.fabrokerage.comTrend for Securities 2 23922132 23922407 tiba4@excite.comTriple A Securities Co. 2 33052140 33052133 TOP_ 4_ Brokerage@yahoo.comTropicana for Stock Exchange 2 23950015 23950015 tropicana@mbox.link.com.egTycoon 2 26908079 26908078 sadany2@yahoo.comUnited Brokerage Corporation 2 37744968 35699108 U.B.C@LINK.NETUniversal Securities Brokerage 2 23801162 23801173Venex Group 2 29240338 25899330 www.visionmisr.comWallstreet Securities Brokerage 2 37487506 37487505 wallstr2000@yahoo.comWatania Brokers 3 4856162 4844544Wathika brokerage 2 27984200 27984228Wedian Securities Brokerage 3 23912569 23939235Yasmine Brokerage Company 3 4858444 4844216 gfm_01082@mcsd.com.egGeorgian Stock ExchangeAddress: 74a Chavchavadze Avenue Tbilisi 0162 Georgia Phone: (32) 222 07 18 Fax: (32) 225 18 76 E-mail: info@gse.geWeb Address: www.gse.ge Country Code: 995Company’s Name City Code Telephone Fax E-mail AddressBG CAPITALl 32 223 58 00 223 58 04 ikirtava@bgcap.geCARTU BROKER 32 291 28 90 291 22 78 cartubroker@yahoo.comCAUCASUS CAPITAL GROUP 32 223 19 00 info@capital.geCAUCASUS FINANCIAL SERVICES 32 255 99 00 255 99 03 marina.guledani@caucasusfinancial.comGEORGIAN INVESTMENT GROUP+ 995 599 56 93 97 n.tandashvili@investgroup.geLIBERTY SECURITIES 32 255 55 00 299 80 42 temur.iremashvili@libertysecurities.geTBC BROKER 32 227 27 33 227 27 33 tchichua@tbcbroker.gePAGE 122

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Iraq Stock ExchangeAddress: P.O. Box, 3607 AlAlwiya, Iraq Phone: (77) 11211522 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 AddressAhli United Company 964 07804191533 ahlee-mutahd@isx-iq.netAl Ithmar Company 964 07901930414 alathmar@isx-iq.netAl-Abrar Company 964 07901357947 alabrar@isx-iq.netAl-Aseel Company 964 07901834586 alaseel@isx-iq.netAl-Baraka Company 964 07901457102 albaraka@isx-iq.netAl-Batek Company 964 07901911373 albatic@isx-iq.netAl-Eqtisad Al-Hur Company 964 07706770787 eq.alhur@isx-iq.netAl-Fawz Company 964 07902205922 alfawz@isx-iq.netAl-Forat Company 964 07808966179 alfurat@isx-iq.netAl-Hadher Company 964 07905286561 alhathar@isx-iq.netAl-Hamy 964 07704426590 alhamee@isx-iq.netAl-Hayat Company 964 07901386461 al-Hayat@isx-iq.netAl-Hikma Company 964Al-Iraq Company 964 07706348675 aliraq@isx-iq.netAl-Jawhara Company 964 07901905870 aljawhara@isx-iq.netAl-Jazeera Company 964 07901478973 aljazerabrokerage@isx-iq.netAl-Karmal Company 964 07901395074 alkarmal@isx-iq.netAl-Mutahida Company 964 07805488983 almutahda@isx-iq.netAl-Nibras Company 964 07810687561 alnibras@isx-iq.netAl-Qidwa Company 964 07901396244 alqdwa@isx-iq.netAl-Rabiee’Company 964 07901331492 alrabee@isx-iq.netAl-Rafidain Company 964 07704426953 alrafidain@isx-iq.netAl-Sameem Company 964 07704429752 alsameem@isx-iq.netAl-Sharqiya Company 964 07906788644 alsharqei@isx-iq.netAl-Shimal Company 964 alshemal@isx-iq.netAl-Waha Company 964 07712365244 alwaha@isx-iq.netAtlas Company 964 07901721040 atlas@isx-iq.netA-Wafa’a Company 964 07803990981 alwafa@isx-iq.netBabil Company 964 07810800820 babil@isx-iq.netBaghdad Company 964 07901598234 Baghdad@isx-iq.netBaram Al-Khair Company 964 07904194706 baraomalkaeer@isx-iq.netCredit company 964 07901351075 aletman@isx-iq.netDarAl-Salam company 964 07901922831 daressalam@isx-iq.netDijila Company 964 07901349040 dijla@isx-iq.netElaf Company 964 07901862324 elaf@isx-iq.netKassab Company 964 07901908926 kassabcomp@isx-iq.netKurdistan Company 964 07901388976 kurdstan@isx-iq.netNaseem Al-Shmal company 964 07901367787 naseem_alshmal@isx-iq.netNoorAl-Wamidh company 964 07901106666 noor-alwameedh@isx-iq.netOkadh Company 964 07901908925 okadh@isx-iq.netTameam Company 964 07801998184 timiem-ex@isx-iq.netUmal Rabieain Company 964 07901379559 umalrabeean@isx-iq.netUnited International Company 964 07901727015 dawlee-almutahd@isx-iq.netWahat Al-Nakeel Company 964 07711011440 waha-alnakheel@isx-iq.netWarkaa Company 964 07901403662 warka@isx-iq.netZahrat Alkhalij Company 964 07901396695 zahrat-alkhleej@isx-iq.netIstanbul Gold ExchangeAddress: Rıhtım Cad. No: 231 34425 Karakoy/Istanbul, Turkey Phone: (212) 292 6600 Fax: (212) 292 6618E-mail: iab@iab.gov.tr Web Address: www.iab.gov.tr Country Code: 90Company’s Name City Code Telephone Fax E-mail AddressADABANK A.Ş. 0212 272 64 20 info@adabank.com.trAHLATCI DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0364 224 66 66 ahmet@ahlatci.com.trAKBANK T.A.Ş 0262 686 00 00 serife.gokce@akbank.comALBARAKA TÜRK KATILIM BANKASI A.Ş. 0212 274 93 61 hongoren@albarakaturk.com.trALBAYRAK KIYMETLİ MADENLER SANAYİ VE TİC. A.Ş. 0212 511 18 92 info@algold.com.trPAGE 123

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Istanbul Gold Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressALTERNATİFBANK A.Ş. 0212 315 70 73 murat.ozer@abank.com.trALTINBAŞ KIYMETLİ MADENLER TİCARETİ A.Ş. 0212 520 20 26 fon@altinbas.comALTINKAYNAK DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0312 306 06 06 mguler@altinkaynak.comANADOLU DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 511 76 40 mushakantar@hotmail.comARABACI DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 638 67 30 ismet_vtsvr@e-kolay.netARAP TÜRK BANKASI A.Ş. 0212 225 05 21 bkamberoglu@arapturkbank.comASYA KATILIM BANKASI A.Ş. 0212 554 50 00 hazinemudurlugu@bankasya.com.trATASAY DÖVİZ VE KIYMETLİ MAD. TİCARETİ A.Ş. 0212 652 33 66 suleyman.guner@atasay.comATASAY KIYMETLİ MAD. A.Ş. 0212 451 64 95 selman.bayoglu@atasay.comAYKAÇ DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş. 0342 232 67 77 muhasebe@aykacmucevherat.comÇITAK DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş. 0212 526 09 62 darkdgn@hotmail.comDENGE DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 511 82 80 dengeas@hotmail.comDENİZBANK A.Ş. 0212 356 84 43 murat.dosay@denizbank.comDORUK DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş. 0212 514 60 69 doruk.dvz@hotmail.comETİ GÜMÜŞ A.Ş. 0274 246 36 36 erolkoca@yahoo.comEUROBANK TEKFEN A.Ş. 0212 371 36 76 MAkpara@eurobanktekfen.comFAHRET DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş. 0212 520 58 58 info@fahretdoviz.com.trFİNANSBANK A.Ş. 0212 318 59 31 omer.unveren@finansbank.com.trFORTİS BANK A.Ş. 0212 318 38 38 orhan.kaya@fortis.com.trFULCRUM KIYMETLİ MADENLER TİCARET A.Ş. 0212 438 30 21 info@fulcrumpreciousmetals.comGOLDAŞ KIYMETLİ MAD.TİC.A.Ş. 0212 637 40 00 info@goldas.comGÜLKAY DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş. 0352 232 21 27 gulkay@iab.gov.trGÜVEN DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 520 51 33 guvendoviz@yahoo.comHAS KIYMETLİ MADENLER TİC.A.Ş. 0212 514 26 26 info@hasglobalgold.comHSBC BANK A.Ş. 0212 376 60 59 duygubeylan@hsbc.com.trING BANK A.Ş. 0212 335 10 00 hakan.uzun@ingbank.com.trİSTANBUL ALTIN RAFİNERİSİ A.Ş. 0212 603 01 01 ozguranik@iar.com.trKALOTI JEWELLERY INTERNATIONAL KIY.İ MAD.TİC. 0212 465 00 89 accounts.istanbul@kalotico.comKAPADOKYA DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0384 212 33 32 esat_ozaltin@hotmail.comKAPALI ÇARŞI DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 511 95 75 info@kapalicarsi.com.trKARAKÖY DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0342 215 40 01 mustfa_82@hotmail.comKARAT DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0232 445 12 07 necmi@karatgold.com.trKASABI KUYUMCULUK SANAYİ VE TİC.A.Ş. 0212 513 42 07 kasabi@ttmail.comKUVEYT TÜRK KATILIM BANKASI A.Ş. 0212 354 11 11 ceting@kuveytturk.com.trLCO KIYMETLİ MAD.TİC.A.Ş. 0212 520 77 57 cumhur@lcofinans.comLİDYA KIYMETLİ MAD. SANAYİ VE TİC.A.Ş. 0212 265 60 00 info@lidyametals.comMARMARA KIYMETLİ MADENLER TİCARETİ A.Ş. 0216 306 86 76 info@goldmarmara.comMERKEZ DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 519 68 80 ulas.erman@gmail.comMETSA KIYMETLİ MADENLER TİCARETİ 0212 519 35 50 oguz@metsagold.comMEYDAN DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 526 04 53 meydan@meydan.com.trMKS KIYMETLİ MADENLER TİCARETİ A.Ş. 0212 514 85 95 ctimucin@mks.chMTO KIYMETLİ MADENLER TİCARETİ A.Ş. 0212 252 51 50 m.aslan@mtogold.comNADİR DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 513 13 95 a.tutuncu@nadirmetal.com.trODAK DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0232 441 86 68 h1985_t@hotmail.comOLGAÇ DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 520 62 63 irfan@olgacdoviz.comONS KIYMETLİ MADENLER TİCARETİ 0212 513 58 32 info@onsmetal.com.trÖZBEY KIYMETLİ MADENLER TİCARETİ A.Ş. 0212 512 68 74 ozbeykiymetlimadenler@gmail.comPEKER KUYUMCULUK SANAYİ VE TİCARET A.Ş. 0212 527 78 31 hpeker2002@yahoo.comPUSULA KIYMETLİ MADENLER TİC.A.Ş. 0212 520 03 03 kudretozcan@hotmail.comRONA DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 512 71 33 ronadvz@hotmail.comSARAY DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş. 0212 519 63 03 saraydoviz@hotmail.comSAVAŞ DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 327 23 20 cumhur@biblos.com.trSEMBOL DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 511 18 75 info@semboldoviz.com.trSONGOLD KIYMETLİ MAD.TİC.A.Ş. 0212 483 06 29 info@songold.com.trSOYMETAL SOYMETALLER SANAYİ VE TİCARET 0232 441 49 88 feyyazporsuk@gmail.comSULTAN KIYMETLİ MADENLER TİCARETİ A.Ş. 0212 514 17 51 sultankymd@hotmail.comT.C. ZİRAAT BANKASI 0212 276 59 60 bunal@ziraatbank.com.trT.EKONOMİ BANKASI 0212 251 21 21 hakan.ozden@teb.com.trT.GARANTİ BANKASI A.Ş. 0212 318 11 68 AlperK@garanti.com.trT.İŞ BANKASI 0212 316 35 11 esma.celikten@isbank.com.trT.VAKIFLAR BANKASI T.A.O 0212 249 67 11 oktaybaltali@mynet.comPAGE 124

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Istanbul Gold Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressTAŞBAŞI DÖVİZ VE KIYMETLİ MADENLER TİCARETİ A.Ş. 0342 215 37 81 tasbasidoviz@hotmail.com.TEKSTIL BANKASI 0212 335 51 83 bmetin@tekstilbank.com.trTROY KIYMETLİ MAD.TİC.A.Ş. 0212 465 65 70 ctasdelen@troypreciousmetals.comTURAN KIYMETLİ MADEN TİCARETİ A.Ş. 0212 513 31 08 emreturan@turankıymetli.comTÜPRAG METAL MAD. SAN.VE TİC. A.Ş. 0312 468 45 36 tuprag@tuprag.comTÜRKİYE FİNANS KATILIM BANKASI A.Ş. 0212 393 10 41 tarik.borekci@turkiyefinans.com.trTÜRKİYE HALK BANKASI A.Ş. 0212 393 05 85 menkulopr@halkbank.com.trUĞURAS KIYMETLİ MADEN SANAYİ VE DIŞ TİC. A.Ş. 0212 520 42 53 ugur.as@hotmail.comULUKARTAL KIYMETLİ MAD.TİC.A.Ş. 0212 328 21 02 bilgi@ulukartalccapital.comUZER DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0384 212 66 59 hdagaslan@hotmail.comÜNLÜLER DÖVİZ VE KIYMETLİ MADENLER TİC. A.Ş. 0212 210 97 00 cem@altunbuken.comYAPI VE KREDİ BANKASI A.Ş. 0212 371 89 20 birgul.saltan@yapikredi.com.trYILDIRIM DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 665 63 01 yildirimdoviz@mynet.comYILDIZ DÖVİZ VE KIYMETLİ MAD.TİC.A.Ş. 0212 512 69 02 yildizdoviz@yahoo.comİstanbul Menkul Kıymetler BorsasıAddress: Borsa Istanbul Building, Resitpasa Mah., Tuncay Artun Cad., Emirgan, 34467 Istanbul, Turkey Phone: (212) 298 2100 Fax: (212) 298 2500E-mail: international@ise.org Web Address: www.ise.org Country Code: 90Company name City Code Telephone FaxACAR YATIRIM MENKUL DEĞERLER A.Ş. 212 2162661 2660543ADA MENKUL DEĞERLER A.Ş. 212 3474218 2887863ADABANK A.Ş. 212 2726420 2726446AK YATIRIM MENKUL DEĞERLER A.Ş. 212 3349494 2491287AKBANK T.A.Ş. 212 3855555 2697383AKTİF YATIRIM BANKASI A.Ş. 212 3408000 3408865ALAN MENKUL DEĞERLER A.Ş. 212 3702222 3702232ALFA MENKUL DEĞERLER A.Ş. 216 4290807 4290744ALKHAIR CAPITAL MENKUL DEĞERLER A.Ş. 212 2364141 2363918ALTERNATİF YATIRIM A.Ş. 212 3155800 2313842ALTERNATİFBANK A.Ş. 212 3156500 2257615ANADOLU YATIRIM MENKUL KIYMETLER A.Ş. 212 3687700 2333318ANADOLUBANK A.Ş. 212 3687000 2965715ARAP TÜRK BANKASI A.Ş. 212 2250500 2249687ARTI MENKUL KIYMETLER A.Ş. 212 6615027 6615299ATA YATIRIM MENKUL KIYMETLER A.Ş. 212 3106200 3106210ATAONLINE MENKUL KIYMETLER A.Ş. 212 3106060 2590764ATIG MENKUL DEĞERLER A.Ş. 212 3961100 3961111AYBORSA MENKUL DEĞERLER TİC.A.Ş. 212 2200930 2203851BAHAR MENKUL DEĞERLER TİCARETİ A.Ş. 216 3362953 3478980BANKPOZİTİF KREDİ VE KALKINMA BANKASI A.Ş. 216 5382525 5384241BAŞKENT MENKUL DEĞERLER A.Ş. 212 2912121 2240700BGC PARTNERS MENKUL DEĞERLER A.Ş. 212 3394200 3531301BİRLEŞİK FON BANKASI A.Ş. 212 3401000 3473217BİZİM MENKUL DEĞERLER A.Ş. 216 5471300 5471398CAMİŞ MENKUL DEĞERLER A.Ş. 212 3300700 3300601CENSA MENKUL DEĞERLER A.Ş. 216 5726600 5776868CEROS MENKUL DEĞERLER A.Ş. 216 6813030 6813001CITI MENKUL DEĞERLER A.Ş. 212 3194700 3194799CITIBANK A.Ş. 212 3194500 5245050CREDIT AGRICOLE CHEUVREUX MENKUL DEĞERLER A.Ş. 212 3711900 3711901CREDIT AGRICOLE YATIRIM BANKASI TÜRK A.Ş. 212 3393700 2809870CREDIT SUISSE İSTANBUL MENKUL DEĞERLER A.Ş. 212 3490400 3490409DEĞER MENKUL DEĞERLER A.Ş. 212 3440701 2906491DEHA MENKUL KIYMETLER A.Ş. 212 2527190 2527198DELTA MENKUL DEĞERLER A.Ş. 212 3100800 2366567DENİZ YATIRIM MENKUL KIYMETLER A.Ş. 212 3364040 2125412DENİZBANK A.Ş. 212 3550800 2672724DESTEK MENKUL DEĞERLER A.Ş. 212 3715000 3715060DEUTSCHE BANK A.Ş. 212 3170100 3170105DEUTSCHE SECURITIES MENKUL DEĞERLER A.Ş. 212 3190319 3190399DİLER YATIRIM BANKASI A.Ş. 212 2536630 2539454PAGE 125

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013İstanbul Menkul Kıymetler Borsası (con’t)Company’s Name City Code Telephone Fax E-mail AddressDÜNYA MENKUL DEĞERLER A.Ş. 212 5128434 5272337ECZACIBAŞI MENKUL DEĞERLER A.Ş. 212 3195999 3195790EFG İSTANBUL EQUITIES MENKUL DEĞERLER A.Ş. 212 3172727 3172726EGEMEN MENKUL KIYMETLER A.Ş. 232 4894530 4896130EKİNCİLER YATIRIM MENKUL DEĞ.A.Ş. 216 5774242 5778131EKSPRES YATIRIM VE MENKUL DEĞERLER A.Ş. 212 3364000 3365114ENDEKSTÜREV MENKUL DEĞERLER A.Ş. 216 3854300 3854030ENTEZ MENKUL DEĞERLER TİCARETİ A.Ş. 212 2879668 2879688ERSTE SECURITIES İSTANBUL MENKUL DEĞERLER A.Ş. 212 3712500 3712502ETİ YATIRIM A.Ş. 212 3213838 2949393EURO YATIRIM MENKUL DEĞERLER A.Ş. 212 3540700 3562076EUROBANK TEKFEN A.Ş. 212 3713737 3570808FİBABANKA A.Ş. 212 3818282 2583778FİNANS YATIRIM MENKUL DEĞERLER A.Ş. 212 2821700 2822250FİNANSBANK A.Ş. 212 3185000 3185850GALATA YATIRIM A.Ş. 212 3933900 2931010GARANTİ YATIRIM MENKUL KIYMETLER A.Ş. 212 3841010 3524240GEDİK YATIRIM MENKUL DEĞERLER A.Ş. 216 4530000 3771136GFC GENERAL FİNANS MENKUL DEĞERLER A.Ş. 212 - -GLOBAL MENKUL DEĞERLER A.Ş. 212 2445566 2445567GSD YATIRIM BANKASI A.Ş. 216 5879000 4899774GÜNEY MENKUL DEĞERLER A.Ş. 212 4413300 4413388GÜVEN MENKUL DEĞERLER A.Ş. 212 2366700 2361177HAK MENKUL KIYMETLER A.Ş. 212 2968484 2329823HALK YATIRIM MENKUL DEĞERLER A.Ş. 212 3148181 2213181HSBC BANK A.Ş. 212 3764000 2674794HSBC YATIRIM MENKUL DEĞERLER A.Ş. 212 3764600 3362472ING BANK A.Ş. 212 3351000 2866100ING MENKUL DEĞERLER A.Ş. 216 3677000 3677070İNFO YATIRIM A.Ş. 212 3192600 3248428İNTEGRAL MENKUL DEĞERLER A.Ş. 212 3283938 3283081İŞ YATIRIM MENKUL DEĞERLER A.Ş. 212 3502000 3502001J.P. MORGAN MENKUL DEĞERLER A.Ş. 212 3198500 3198664JPMORGAN CHASE BANK MERKEZİ NEW YORK İSTANBUL-TÜRKİYE ŞB. 212 3198500 3198664K MENKUL KIYMETLER A.Ş. 212 2745527 2740991KAPİTAL MENKUL DEĞERLER A.Ş. 212 3300333 3300369KARE YATIRIM MENKUL DEĞERLER A.Ş. 216 5596000 5596060MARBAŞ MENKUL DEĞERLER A.Ş. 212 2863000 2863050MED MENKUL DEĞERLER A.Ş. 212 2745444 2745082MEKSA YATIRIM MENKUL DEĞERLER A.Ş. 216 6813400 6930570MERRILL LYNCH MENKUL DEĞERLER A.Ş. 212 3199669 3199512MERRILL LYNCH YATIRIM BANK A.Ş. 212 3199500 3199511METRO YATIRIM MENKUL DEĞERLER A.Ş. 212 3440900 3440913MORGAN STANLEY MENKUL DEĞERLER A.Ş. 212 3980200 3980280NETA YATIRIM MENKUL DEĞERLER A.Ş. 212 2871628 2638875NOOR CAPITAL MARKET MENKUL DEĞERLER A.Ş. 212 2806666 2806692NUROL YATIRIM BANKASI A.Ş. 212 2868000 2868101OPTİMAL MENKUL DEĞERLER A.Ş. 212 3297932 3297979OSMANLI MENKUL DEĞERLER A.Ş. 212 3668800 3284070OYAK YATIRIM MENKUL DEĞERLER A.Ş. 212 3191200 3510599ÖNER MENKUL KIYMETLER A.Ş. 212 2344060 2259892PAY MENKUL DEĞERLER A.Ş. 212 2751708 2750185PİRAMİT MENKUL KIYMETLER A.Ş. 212 2939500 2939560POLEN MENKUL DEĞERLER A.Ş. 212 2525500 2522005PRİM MENKUL DEĞERLER A.Ş. 212 2838888 2838890RAYMOND JAMES YATIRIM MENKUL KIY. A.Ş. 212 3356406 3352536RENAISSANCE CAPITAL MENKUL DEĞERLER A.Ş. 212 3623500 3236394SANKO MENKUL DEĞERLER A.Ş. 212 4100500 4100505SARDİS MENKUL DEĞERLER A.Ş. 212 3460991 3460989SAYILGAN MENKUL DEĞERLER TİCARETİ A.Ş. 212 5204242 5135209PAGE 126

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013İstanbul Menkul Kıymetler Borsası (con’t)Company’s Name City Code Telephone Fax E-mail AddressSOCIETE GENERALE PARİS MRK. FRANSA İST. TR. MRK. ŞB. 212 2821942 2821844STANDARD ÜNLÜ MENKUL DEĞERLER A.Ş. 212 3673600 3461040STRATEJİ MENKUL DEĞERLER A.Ş. 212 3547900 2884811ŞEKER YATIRIM MENKUL DEĞERLER A.Ş. 212 3343333 3343334ŞEKERBANK T.A.Ş. 212 3197000 3197429T.C ZİRAAT BANKASI GEN. MD.SERMAYE PİYASALARI MD. 212 2765960 5843140T.HALK BANKASI A.Ş. 212 3930600 3400919T.İHRACAT KREDİ BANKASI A.Ş. (EXIMBANK A.Ş.) 312 4171300 4257896T.İŞ BANKASI A.Ş. 212 3160000 3160404T.KALKINMA BANKASI A.Ş. 312 2318400 2313125T.SINAİ KALKINMA BANKASI A.Ş. 212 3345050 3345234T.VAKIFLAR BANKASI T.A.O. 212 3981000 3981155TACİRLER YATIRIM MENKUL DEĞERLER A.Ş. 212 3554646 2820998TAIB YATIRIM MENKUL DEĞERLER A.Ş. 212 3451191 3451192TAİB YATIRIM BANK A.Ş. 212 3450711 3450712TAKSİM YATIRIM A.Ş. 212 2517116 2497483TASFİYE HALİNDE KALKINMA YATIRIM MENKUL DEĞERLER A.Ş. 212 2119797 2119798TEB YATIRIM MENKUL DEĞERLER A.Ş. 216 6364444 6314400TEKSTİL BANKASI A.Ş. 212 3355335 3281328TEKSTİL YATIRIM MENKUL DEĞERLER A.Ş. 212 2762727 2762900TERA MENKUL DEĞERLER A.Ş. 212 3651000 2906995THE ROYAL BANK OF SCOTLAND N.V. MERKEZİ AMSTERDAM İST.MR. ŞB 212 3594040 3595050TİCARET MENKUL DEĞERLER A.Ş. 212 2515121 2514921TOROS MENKUL KIYMETLER TİCARETİ A.Ş. 212 2315252 2313849TURKISH BANK A.Ş. 212 3736373 2300844TURKISH YATIRIM A.Ş. 212 3151000 3151002TURKLAND BANK A.Ş. 212 3683434 3683535TÜRK EKONOMİ BANKASI A.Ş. 216 6353535 6363636TÜRKİYE GARANTİ BANKASI A.Ş. 212 3181818 3181888UBS MENKUL DEĞERLER A.Ş. 212 3192000 3192015ULUS MENKUL DEĞERLER A.Ş. 212 2824515 2824808UNICREDIT MENKUL DEĞERLER A.Ş. 212 3859500 2834969VAKIF YATIRIM MENKUL DEĞERLER A.Ş. 212 3523577 3523620WESTLB AG MERKEZİ DÜSSELDORF İST. MRK. ŞB. 212 3392500 2830460X TRADE BROKERS MENKUL DEĞERLER A.Ş. 212 7051000 7051010YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş. 212 3198000 3252245YAPI VE KREDİ BANKASI A.Ş. 212 3397000 3396000YATIRIM FİNANSMAN MENKUL DEĞERLER A.Ş. 212 3176900 2821550ZİRAAT YATIRIM VE MENKUL DEĞERLER A.Ş. 212 3398080 2690960Karachi 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 AddressInvestment Managers Securities (Private) Ltd. 35303145-49 info@imsecurities.comA. Sattar Motiwala Securities (Pvt.) Ltd 32446230-31A.A.K. Securitie (Private) Limited 32419422A.H.K.D. Securities (Pvt.) Limited 2412165A.H.M. Securities (Private) LimitedA.I. Securities (Private) Limited 32429277-81A.R.Securities (Pvt.) LimitedAAU Securities (Private) Limited 32412280AAZEB Securities (Private) Limited 35670751Aba Ali Habib Securities (Private) Limited 32412491Abbasi Securities (Private) Limited 32423785 aijaz_abbasi@hotmail.comAbid Ali Habib Securities (Private) Limited 32428801 abaalihabib@yahoo.comACE Securities (Private) Limited 35363439-50Adam Securities (Pvt.) Ltd 32420909Akbani Securities (SMC-Private) LimitedAKD Securities LimitedAkhai Securities (Pvt.) Limited 32418672PAGE 127

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Karachi Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressAKY Securities (Private) LimitedAL Habib Capital Markets (Pvt.) LimitedAl-Asar Securities (Pvt.) Limited 32436786shares@akystocks.comaftab.munshi@bankalhabib.comAlfa Adhi Securities (Pvt.) Ltd. 32422550 info@alfa-tec.comAlfalah Securities (Private) Limited 32422359 smemon@alfalahsec.comAl-Hoqani Securities & Investment Corporation (Pvt.) Ltd.Ali Husain Rajabali Limitedahrl@cyber.net.pkAl-Mal Securities & Services Ltd. 35463271 al-mal@cyber.net.pkAlpha Beta Capital Markets (Private) Limited 34306878 zk@dcdpk.comAltaf Adam Securities (Private) Limitedaltafadam001@hotmail.comAmber Haroon Saigol 35670001 amber@saigol.comAmin Tai Securities (Private) Limited 32429505-12Ample Securities (Pvt.) Limited 32446796AMZ Securities (Private) Limited 32418491-3 info@amzsecurities.comApex Capital Securities (Private) Ltd. 32466912-27Arif Habib Limited 32415213-5 ahsl@cyber.net.pkAshfaq Ashraf Securities (Private) LimitedAsian Securities Limited 32426649 asian@khi.comsats.net.pkAtlas Capital Markets (Pvt.) Limited 35866919-20 aibkhi@atlasbank.com.pkAzee Securities (Private) Limitedgoldencapital@mail.comAziz Dawood Securities (Private) LimitedAziz Fidahusein & Co. (Pvt.) Limited 32410091-4 azizsarfaraz@hotmail.comB&B Securities (Pvt.) Ltd.Bawa Securities (Pvt.) Limited 32418253 mhbawa@cyber.net.pkBhayani Securities (Private) Limited 32429774-7 kabsec@cyber.net.pkBMA Capital Management Limited 111-262-262Cassim Investments (Private) Limited 2421626Cedar Capital (Private) LimitedConcordia Securities (Pvt) Ltd. 32424526Continental Capital Management (Pvt) Ltd. 32446723Creative Capital Securities (Private) Limited 32430843 hanifashraf_creativecapital@yahoo.comCrosby Securities Pakistan (Private) LimitedD.J.M. Securities (Pvt.) Limited 32441193-4Dalal Securities (Pvt.) Limited 32467054-61 msdalal@cyber.net.pkDarson Securities (Private) Limited 32470755-65 darson50@hotmail.comDattoo Securities (Private) Limited 32419713 sajjad_d@cyber.net.pkDawood Equities Limited 32271908Dawood Mohammed 32413931Durvesh Securities (Private) Limited 32416059 durvesh@cyber.net.pkEleven Stars Securities (Private) Limited 32410240Elixir Securities Pakistan (Private) Limited 32401021-28 info@elixirsec.comEscorts Capital Limitedceo@escortsbank.netFairtrade Capital Securities (Private) Limited 32429042-46Farooq Abdullah Securities (Private) Limited 35380842Fawad Yusuf Securities (Private) Limited 32444554-5 fysec@yahoo.comFDM Capital Securities (Pvt.) Limited 32214734 info@fdm.com.pkFirst Capital Equities Limited 32425698First Choice Securities LimitedFirst Equity Modaraba 35672815-8First National Equities Limited 042-35843721-7 alimalik@fnetrade.comFort Securities (Private) Limitednmuqeet@elixirsec.omFortune Securities Limitedinfo@fortunesecurities.comFoundation Securities (Private) Limitedinfo@fs.com.pkFriendly Securities (Pvt.) Limited 32442174 fsl@sat.net.pkGazipura Securities & Services (Pvt.) Limited 32418903 bsgkse@sat.net.pkGhani Osman Securities (Private) Limited 32470220-29Ghory’s Securities (Private) Limitedghorry@cyber.net.pkGlobal Securities Pakistan Limited 32457500GMI Capital Securities (Private) Limited 32417628 gmismail-131@yahoo.comGrowth Securities (Private) LimitedH & H Securities (Private) Limited 34939854H. M. Idrees H. Adam 32425001PAGE 128

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Karachi Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressH.H.K. Securities (Pvt.) Limited 111-633-633 hhksesecurities@kapadia.com.pkH.M.Y. Securities (Private) Limited 32419885Habib Metropolitan Financial Services LimitedHaroon Suleman 32412622HH Misbah Securities (Private) Limited 32429106 hh_misbahsecurities@hotmail.comHum Securities LimitedHussain Ebrahim (LATE) 32417601-5 ahrt@cyber.net.pkIGI Finex Securities LimitedIntermarket Securities (Pvt.) LimitedInvest & Finance Securities Limitedinfo@investfinance.com.pkInvest Capital Investmen Bank Limited 111-111-097 research@investcapital.comInvestec Securities Limited, (Under Suspension) 32444428-31Invisor Securities (Private) Limited 35611492-5 jawad.ajmad@invisorsec.comIqbal Usman Kodvavi Securities (Pvt.) Ltd. 32432911-12 iuksec@hotmail.comIrfan Mazhar Securities (Pvt.) Limited 32446155-56Ismail Iqbal Securities (Pvt.) Ltd. 32470998 info@ismailiqbal.comJ.P. Morgan Pakistan Broking (Private) Ltd. 35610861Jahangir Siddiqui & Co. Ltd.info@jahangirsiddiqui.comJan Mohammed A. Latif Nini & Sons (Pvt) Ltd. 32411284-5 tufaily@cyber.net.pkJaved Omer Vohra & Co. Ltd. 32410849 javcoltd@hotmail.comJawed Zakaria Gulabi Securities (Private) Limited 34911110JS Global Capital LimitedKAI Securities (Private) Limited 32446581-84KASB Securities Limitedkasbho@kasb.comKhanani Securities (Private) Limited 32421752 azizkhanani1@hotmail.comKhoja’s Capital Management (Pvt) Limited 34326556Kosmopolitan Securities (Private) LimitedLakhani Securities (Private) Limited 32413741Latif Suleman Securities (Private) Limited 32431957Live Securities Limitedlive@livesecurities.comM H Securities (Private) Limitedmhak_sec@hotmail.comM.A.N. Securities (Pvt.) Limited 32410240M.B.J. Securities (Pvt.) Limited 32412265M.J. Memon Securities (Private) Limited 32436948 ikbalg@cyber.net.pkM.M. Securities (Private) Limited 35891762 moulvi@cyber.net.pk,pride@cyber.net.pkM.R.A. Securities (Pvt.) LimitedMAC Securities (Private) Limited 32446550 mac_securities@yahoo.comMAK Securities (Private) Limitedinfo@kapadia.com.pkMannoo Capital (Private) Limited 32419393MAS Capital Securities (Pvt.) Ltd.asifsultan@cyber.net.pkMasons Securities (Pvt.) Limited 32416629 saleem_shakoor@hotmail.comMayari Securities (Private) Limitedzms.mayari@gmail.comMazhar Hussain Securities (Pvt) Limited 32410456 khisales@mzhsecurities.comMemon Securities (Private) Limited 32417511 amin_memon@hotmail.comMerchant Investments (Private) Limited 32417434 afrozmerchant@yahoo.comMillennium Capital Management (Pvt.) Limited (051) 2802271-5Mohammed Tariq Moti 32413024Moonaco Securities (Private) Limitedsaleem@moonaco.comMoosa, Noor Mohammed, Shahzada & Co. (Pvt) Ltd. 32441991-3Moosani Securities (Pvt) Limited 32400871-5 info@moosani.comMotiwala Securities (Pvt.) Ltd. 32401933-35 themotiwala.comMSMANIAR Financials (Private) Limited 32427414Muhammad Anaf Kapadia Securities (SMC-PVT.) Ltd. 111-633-633 anaf@kapadia.com.pkMuhammad Ashfaq Hussain Securities (Private) Ltd. 32427814 mahussain@cyber.net.pkMuhammad Bashir Kasmani Securities (Private) Limited 32411460Muhammad Hussain Ismail Securities (Private) Ltd. 32417326Muhammad Munir Muhammad Ahmed Khanani Securities (Pvt.) Ltd. 32443434 info@munirkhanani.comMuhammed Salim Kasmani Securities (Private) Ltd. 32411460Multiline Securities (Pvt.) Ltd. 32440192-4PAGE 129

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Karachi Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressMunaf Sattar Securities (Private) Limited 32410713-15 ms-hoff@hotmail.comMYTP Securities (Private) Limited 32416647N.U.A. Securities (Private) Limited 32438783 info@ashrafi.com.pkNael Capital (Private) Limitedabava@naelcapital.comNaveed H.M. Idrees 32433830Next Capital LimitedNini Securities (SMC-PRIVATE) Limited 32411284Noman Abid & Company Limited 35221740-43 nomanabid.org.pkOriental Securities (Private) Limited 32446741-44Orix Investment Bank Pakistan Limitedasif@orixbank.comPak Libya Holding Company (Private) Limited 35630638-53 paklibya@paklibya.com.pkPak Meezan Securities (Pvt.) LimitedPardesi Securities (Private) Limited 32428973-4Patel Securities (Private) Limited 32416647Pearl Capital Management (Private) LimitedPearl Securities Limited 32446651-4 kandlstick@gmail.comPervez Ahmed Capital (Private) Limited 042-35759621Prime Securities (Pvt.) Limited 32437334-36R.F.R. Securities (Private) Limited 32413087R.T. Securities (Pvt.) Limited 35343440Rafi Securities (Private) Limitedinfo@rafionline.comRah Securities (Private) Limited 32472067-71Rayomund Jal H.P. Byramji 32443582 gogo@cyber.net.pkS. Nasir HussainSAAO Capital (Private) Limited 32466922-26 alisaeed77@hotmail.comSakarwala Capital Securities (Pvt.) Ltd. 2411998 sakarwala_stockex@hotmail.comSalim Sozer Securities (Private) Limited 32411564 salimsozer@hotmail.comSalman Capital Investments (Pvt.) Limited 32425570 salmanmasujd_fca@yahoo.comSattar Chinoy Securities (Pvt.) Limited 32429715 chinoy@gerrys.netSaya Securities (Private) Limited 32417393SAZ Capital Securities (Pvt.) Ltd. 32437195Schon Capital Markets Limited 32636000 (10Lines)Security Investment Bank Limited 32418410-13 sibl@cyber.net.pkSeven Star Securities (Private) Limited 32441100Shahid Ali Habib Securities (Pvt.) LimitedShehzad Chamdia Securities (Pvt.) Limitedinfo@shehzadchamdia.com.pkSherman Securities (Pvt.) Limited 32426002-5Siddiq Motisiddiqmoti@hotmail.comSmart Investments Capital Management (Pvt.) Ltd. 32214734 smartinvestment@live.comSNM Securities (Pvt.) LimitedStandard Capital Securities (Private) Limited 32432367-scs@cyber.net.pk32430657Sunrise Capital (Private) Limited 111-786-772Surmawala Securities (Private) Limited 32413346 mjs_kse035@hotmail.comTariq Vohra Securities (Private) Limited 35805682Taurus Securities Limited 32423772Tewfiq Mohammed Amin Fikree 32423113Time Securities (Pvt.) Limitedtimekse@hotmail.comTopline Securities (Pvt) Ltd. 35303330Trade-In-Securities (Private) Limited 32416321TS Securities (Private) Limited 32429124-5 tshafiq@cyber.net.pkUnited Capital Securities (Pvt.) Limited 34316645 info@unitedcapital.com.pkWE Financial Services Limited 32429288-9 info@we.com.pkY.H. Securities (Pvt.) Limited 32446100Z.A. Ghaffar Securities (Private) Limited 32419326Zafar Moti Capital Securities (Pvt.) Ltd. 32410307ZHV Securities (Private) Limited 32412196 info@zhvsec.comZillion Capital Securities (Pvt.) Ltd.info@mail.zcs.com.pkZubeda Abdul Sattar 32422306PAGE 130

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Kazakhstan Stock ExchangeAddress: 8th floor, Nothern Tower, Almaty Towers BC, 280Baizakov Str, Almaty, 050040 Republic of Kazakhstan Phone: (327) 272 98 98 Fax: (327) 272 09 25E-mail: info@kase.kz, kase@kase.kz Web 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 OF HALYK BANK OF 727 2397 028 2730 227 npfnbk00k@halykbank.kzKAZAKHSTANAFC 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 PROPERTY AND 717 2320 374 2322 397 broker@gosreestr.kzPRIVATIZATION COMMITTEE OF THE MINISTRY OF FINANCEINTERNATIONAL 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.kzKAZAKHSTAN 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.comPAGE 131

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Kazakhstan Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressKAZEXPORTASTYK-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 MANAGEMENT COMPANY 727 250 73 81 250 73 82 support@bailyk.kz“BAILYK ASSET MANAGEMENT”PENSION ASSETS INVESTMENT MANAGEMENT COMPANY 727 2667 177 2667 077 office@kupa.resmi.kz“PREMIER ASSET MANAGEMENT”PENSION ASSETS INVESTMENT MANAGEMENT COMPANY 727 2442 661 2694 347 zhetysu@mail.online.kz“ZHETUSY”PRIME 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) 31 14 84 Fax: (312) 31 14 83 E-mail: kse@kse.kgWeb Address: www.kse.kg Country Code: 996Company’s Name City Code Telephone Fax E-mail AddressAalam 312 48 64 38 48 64 87 kras-vit@rambler.ruAsko & Co. 312 59 14 07 59 17 42 pansher6666@mail.ruATO Finance 312 65 22 34 24 09 22 atofinans@infotel.kgBBB 312 66 35 07 66 35 07 bbb_123@mail.ruBNC Finance 312 62 09 47 62 09 49 bnc@bnc.kgGlobal Finance 312 47 49 30 62 10 57 global_finance@mail.ruJS Halyk Bank Kyrgyzstan 312 32 35 99 32 35 98 halykbank@halykbank.kgKLS Securities 555 61 16 93 61 16 93Masterfiber 3133 3 37 47 3 37 47 chuinvest@mail.ruNiet-Araket 312 91 01 22 91 01 23 naraket@infotel.kgOrient Capital 312 61 53 99 61 53 99 nurlan@eastcapital.kgSenti 312 61 45 89 61 00 25 senti@senti.kgPAGE 132

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Lahore Stock ExchangeAddress: 19-Khayaban-e-Aiwan-e-Iqbal, P.O. Box: 1315, Lahore-54000 PAKISTAN Phone: (92-42) 36368000 Fax: (92-42) 36368484-85E-mail: secretary@lahorestock.com Web Address: www.lse.com.pk Country Code: 92Company’s Name City Code Telephone Fax E-mail AddressEngr. Mian Sajid Masood (042) 36313981-84 (042) 36313985 engr.sajidmasood@yahoo.comM/S 128 Securities (Pvt) Limited (042) 36372747 (042) 35734501 shahidlse@hotmail.comM/S A. S. Securities (Pvt) Limited (042) 36314551-3(042) 6316400 (042) 36314558 as_securities@hotmail.comM/S Abbasi & Company (Pvt) Limited (042) 36282700 (042) 36282727 info@abbasiandcompany.comM/S Abid Investments (Pvt) Limited (042) 35756161-65 (042) 35753399 abidgroup@wol.net.pkM/S ABM Sec (Pvt) Limited (042) 36310555-6 (042) 36310557 abm_securities@hotmail.comM/S Adam Sec (Pvt) Limtied (021) 32444316 (021) 32437380 adamsecurities145@hotmail.comM/S Adeel & Nadeem Sec (Pvt.) Limited (042) 35781601-5 (042) 35781660 nadeem.ejaz@hotmail.comM/S Adeel Zafar Securities (Pvt) Limited (042) 36280807 (042) 36368222 az_063@hotmail.com.ukM/S AFIC Securities (Pvt) Limited (042) 36300101-3 (042) 36300104 aficsecurities_421@yahoo.comM/S Al-Hamd Investment & Sec. (Pvt) Limited (042) 36300277-81al_hamdinvsec@yahoo.com(042) 36300282M/S Al-Haq Sec.(Pvt) Limited (042) 36314710 (042) 36368782 ammar_hqs@yahoo.comM/S Al-Hoqani Securities & Investment Corporation (Pvt)(021) 32275353-56 (021) 32275357 asim.jan@al-hooqani.comLimitedM/s Ali Usman Stock Brokerage (Pvt) Limited (042) 111-254-254 (042) 36368884M/S Allied Bank Limited (042) 36311426 (042) 36311418 masood.hassan@abl.com.pkM/S Allied Securities (Pvt) Limited (042) 35894525-26M/S Altaf Adam Securities (Pvt) Limited (021) 32440242-3 (021) 32427768 altafadam001@yahoo.comM/S AMCAP Securities (Pvt) Limited (042) 35792092-3 (042) 35787559 info@amcapsecurities.comM/S Amer Sec (Pvt) Limited (042) 36309687-90 (042) 36309690 amer_securities@hotmail.comM/S Arif Habib Limited (021) 2415213-5 (021) 32416072 samad.habib@arifhabibltd.comM/S Atlas Capital Markets (Pvt) Limited (042) (021)5875706 (042) 36304092 contact@atlascaptail.com.pkM/S BMS Capital (Pvt) Limited (021) 35871058 (021) 35681296 bmscapital@gmail.comM/S Bridge Securities (Pvt) Limited (042) 36280884-5 (042) 36280886 bridgesecurities110@hotmail.comM/S Bright Securities (Pvt) Limited (021) 35860668-69 (021) 35869715 ehsan.ahmad@akdtrade.comM/S Capital Vision Sec (Pvt) Limited (042) 36372456 (042) 36368466 ejaz@cvs.com.pkM/S Darson Sec (Pvt) Limited (042) 36317111 (042) 36314293 info@darsononline.comM/S Dosslani’s Sec (Pvt) Limited (042) 36375046-49dsbrokerage@hotmail.com(042) 36367999M/S Dr. Arslan Razaque Sec. (SMC-Pvt) Limited (042) 35884071 (042) 35889315 arslanr@yahoo.comM/S Equity Master Securities (Pvt) Limited (042) 36280875-9 (042) 36280880 equitymastersec@yahoo.comM/S Escorts Capital Limited (042) 36371931-34 (042) 36375950 hasan.zaidi@escortsbank.netM/S F.M. Securities (Pvt) Limited (042) 36315135-6 (042) 36315477 f.m.securities@hotmail.comM/S Fairway Securities (Pvt) Limited (042) 35878940 (042) 35878941 info@fairway.com.pkM/S Financial Harbour (Pvt) LimitedM/S First Pakistan Sec Limited (042) 36311407 (042) 35843730 info@fpsl.com.pkM/S First Punjab Modaraba (042) 35913602 (042) 35913615 info@punjabmodaraba.com.pkM/S Float Securities (Pvt) Limited (021) 32067280 (021) 35876068 imrankhalil@hotmail.comM/S Fort Invetments (Pvt) Limited (042) 35756161-65 (042) 35753399 info@fortricemills.comM/S GPH Securities (Pvt) Limited (042) 36310715-16 (042) 37662939 202@hotmail.comM/S Guardian Securities (Pvt) Limited (042) 35758970 (042) 35763247 info@guardiansecurities.com.pkM/S Gul Dhami Securities (Pvt) Limited (042) 36368401-09 guldhami@hotmail.comM/S Gulrez Securities (Pvt) Limited (042) 36309851-54 (042) 36309855 gulrezsecurities@gmail.comM/S H. H. Misbah Securities (Pvt) Limited (021) 32429103-05 (021) 32426938 info@hhmisbahsec.comM/S H.S.Z Sec (Pvt) Limited -Suspended (042) 36309439-40 (042) 36309559 hszsecurities@gmail.comM/S Habib Ulah Sheikh (Pvt) Limited (042) 36311383-7 (042) 36368220 husheikh@gmail.comM/S Haji Abdul Sattar Securities (Pvt) Limited (042) 36368963 (042) 37212072 arshadmahmood103@hotmail.comM/S Harvest Smartrend Sec (Pvt) Limited (042) 111-800-000 (042) 36314038 hss101@nexlinx.net.comM/S HighlinkCapital (Pvt) Limited (042) 35747820-22 (042) 35747819 highlinkcapital@hotmail.comM/S Horizon Securities (SMC-Pvt) Limited (042) 35771185-87 (042) 35771191 zafar-iqbal-456@hotmail.comM/S IGI Finex Securities Limited (042) 35777861-70 (021) 35301729 azhar.batla@igi.com.pkM/S Ilyas Securities (SMC-Pvt) Limited (042) 111-135-135 (042) 37590376 chairman@haleebfoods.comM/S Infinite Securities Limited (042) 35714810 (042) 35710312M/S Integrated Equities (Pvt) Limited (042) 35841546 (042) 35891516 aliwattoo@yahoo.comM/s Invest & Finance Sec Limited (042) 35787732-6 (021) 32276969 info@investfinance.com.pkM/S Jamshed & Hasan Sec (Pvt) Limited (042) 36371901-3 (042) 36310154 jamshaid.hasan@gmail.comM/S Javed Iqbal Sec (Pvt) Limited (042) 36369112-6 (042) 36369117 javediqbal@jis-lse.comM/S Khalid Javed Sec. (Pvt) Limited (042) 36307680-83 (042) 36369143 khushnudgulzar@hotmail.comM/S Khawaja Securities (Pvt) Limited (042) 36308717 (042) 36309489 usmankhawaja11@hotmail.comM/S KSR Stock Brokerage (Pvt) Limited (042) 36316611-45 (042) 36371868 ksr608@hotmail.comM/S M. R. Securities (SMC-Pvt) Limited (042) 36312222 (042) 36368303 info@mrsecurities.com.pkM/S Maan Sec (Pvt) Limited (042) 6308000-02 (042) 36315558 maansecurities@yahoo.comM/s MAHA Securities (Pvt) Limited (042) 3609435 (042) 36368526 headoffice@mahasecurities.comM/S Maximus Sec (Pvt) Limited (042) 36315772-4 (042) 36309216 maximus1_sec@yahoo.comPAGE 133

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Lahore Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressM/S Mazhar Hussain Sec. (Pvt) Limited (042) 36278787 (042) 36317329 ashad_lhr2003@yahoo.comM/S MGM Sec (Pvt) Limited (042) 36279181-82 (042) 36372475 mgmsecurities@yahoo.comM/S Millennium Brokerage (SMC-Pvt) Limited (042) 36280771-6 (042) 36308333 ahsan.bhatty@gmail.comM/S Money Line Sec (Pvt) Limited (042) 36279141-43 (042) 36279144 moneyline_of_lse@hotmail.comM/S Moosani Sec (Pvt) Limited (021) 35835363 (021) 32416004 info@moosani.comM/S MRA Sec. (Pvt) Limited (021) 32433090 (021) 32417729 owais@hotmail.comM/S MTM Sec (Pvt) Limited (042) 36369991-8 (042) 36279101 info@mtmsecurities.comM/S Mumtaz Enterprises (Pvt) Limited (021) 32412145-46 (021) 32416104 mumtaz_ent@cyber.net.pkM/S MY Securities (Pvt) Limited (021) 32212882-89 (021) 32212890 hnhexchange@hotmail.comM/S N. H. Sec (Pvt) Limited (042) 37235084-87 (042) 37235083 hcc@orbit.net.pkM/S Nayyar Sheikh Sec (Pvt) Limited (042) 36316117-8 (042) 36316448 nayyar.securities@gmail.comM/S Networth Sec Limited (042) 36307701-4 (042) 36307705 mail@networth.pkM/S Nizam Securities (Pvt.) LimitedM/S Orix Leasing Pakistan Limited (021) 35861266 (021) 35831634 muhammad.tariq@orixbank.comM/S Pearl Brokerage (Pvt) Limited (042) 36280932-4 (042) 36280931 m.asgharmalik@hotmail.comM/S Pervez Ahmed Securities Limited (042) 35759621 (042) 35710312M/s Plus Sec (Pvt) Limited (041) 32635177 (041) 32629967M/S Progressive Sec (Pvt) Limited (042) 36317049 (042) 36317048 pspl056@yahoo.comM/S Q. F. Securities (Pvt) Limited (042) 36639929 (042) 36639753 kamranqaiser@live.comM/S Qasim Mahmood Sec. (SMC-Pvt) Limited (042) 36372747-50 (042) 35727909 casseem@lycos.comM/S R. F. J. Equity (Pvt) Limited (021) 32412265-66 (021) 32416791 shakoo@khi.compol.comM/S R. S. Equities (Pvt) Limited (042) 35747905 (042) 35747904M/S Rahat Sec Limited (042) 36303876-78 (042) 36314253 info@rahatonline.comM/S Reliance Capital (Pvt) Limited (042) 35750174 (042) 35710972M/S RUC Securities (Pvt) Limited (042) 36681792 (021) 35686424M/S S. D. Mirza Sec (Pvt) Limited (042) 36368748 (042) 36369108 sdmirza@hotmail.comM/S S. Z. Securities (Pvt) Limited (042) 36315967-9 (042) 36280731 szsecurities@hotmail.comM/S SAFE Securities (Pvt) Limited (042) 36316719-22 (042) 36316719 safesecurities@hotmail.comM/S Salman Majeed Securities (SMC-Pvt) Limited (042) 36280911-4 (042) 36280915 salmanmajeedsec@hotmail.comM/S Sethi Securities (SMC-Pvt) Limited (042) 36365756 (042) 36368113 sethisecurities@hotmail.comM/S Shaffi Sec (Pvt) Limited (042) 36311458-9 (042) 36280706 shaffisec201@hotmail.comM/S Shewani Sec (Pvt) Limitedimran.armees22@hotmail.comM/S SLAS Sec. (SMC-Pvt) Limited (042) 35831644M/S Sohail Raza Moosani (SMC-Pvt) Limited (021) 32400871 (021) 32416004 aamir_hussain@yahoo.comM/S Stock Master Sec. (Pvt) Limited (042) 36316454-7 (042) 36316458 aqchishtee@hotmail.comM/S Techno Fundamental Sec (Pvt) Limited (042) 36317351 (042) 36317350 moatismde_@hotmail.comM/S Trust Capital (Pvt) Limited (042) 35775401 (042) 57183411 iqbal.mehdi@trustbank.com.pkM/S Trust Sec & Brokerage Limited (042) 36373041-43 (042) 36373040 info@trustsecu.comM/S Union Sec (Pvt) Limited 00971 506440183 (042) 35863126 aiafafu7@hotmail.comM/S Universal Equities (Pvt) Limited (042) 6280887-8 (042) 36317384 asim_sheikh0496@hotmail.comM/S Value Stock Securities (Pvt) Limited (042) 111-548-726 (042) 35770190 kamran@valuestock.pkM/S Wasi Securities (SMC-Pvt) Limited (042) 36367935-36 (042) 36360067 wasiwasi1@hotmail.comM/S Y. S. Sec & Services (Pvt) Limited (042) 36315889 (042) 36310186 info@yssecurities.comM/S Yasir Mahmood Securities (Pvt) Limited (042) 35751212 (042) 35788220 info@invest.pkM/S Zafar Sec (Pvt) Limited (042) 36372470-2 (042) 36368522 info@zafarstocks.comM/S. First Prudential Modaraba (051) 2876798 info@firstprudentialmodaraba.comM/s. INA Securities (Pvt.) Limited (042) 35756953-54 (042) 35710604 inasecurities@hotmail.comM/s. Innovative Brokerage (Pvt) Limited (042) 35987400-10 (042) 5987420M/s. SME Bank Limited (051) 9217000 (051) 9217001 info@smebank.orgM/s. Switch Securities (Pvt) Limited (042) 35843722-27 (042) 35860497 jaffery@switch.com.pkM/S.Gazipura Securities & Services (Pvt.) Ltd. (021) 32418903 (021) 32422893 msasecurities@yahoo.comMalik Hamid Ali Noon (042) 35762083 (042) 35762082 m_h_a_noon@hotmail.comMian Asif Maqbool Sukhera (042) 36305663-5 (042) 36313803 lse002@hotmail.comMian Khalid Bashir (042) 35760379 (042) 35760376 kaybee@suraj.comMian Mohammad Saeed (Deceased)Mian Shaukat Shafi (021) 35685231 (021) 35683662 shaukatshafi@fascom.comMian Tajammal Hussain (042) 37311390 (042) 37242839 mthlhr@gmail.comMirza Yasin Mhmood (021) 35869398Miss Sonia NisarMr Tanveer Malik (Removed by SECP)Mr. Arif Latif (042) 36311611-14ariflatifmlse@hotmail.com(042) 36360613Mr. Arif Majeed Ch. (042) 36310412 (042) 36310401 arifmajid@amctrade.comMr. Ather Ali Shah (042) 3636830-3 (042) 36367502Mr. H. Hatim H. Karim (021) 9217084-6 (021) 39212374Mr. Hameed Mukhtar Ch. (042) 36375470-71mmajeedmukhtar@gmail.com(042) 36369088Mr. Humayun Saeed Sheikh (042) 35837517-8 (042) 36374615 hsslse143@hotmail.comPAGE 134

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Lahore Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressMr. Iftikhar Ahmad Malik (042) 35716134-36hisvil@brain.net.pk(042) 35711530Mr. Mohammad Iqbal Khawaja (042) 36376808 (042) 36315803Mr. Mohammad Shabbir Malik (042) 37668188 (042) 37662303Mr. Muhammad Amer Riaz (042) 36310719 (042) 36313910 amerriaz67@hotmail.comMr. Muhammad Javed (042) 111-263-263 (021) 32631021 jdkki@hotmail.comMr. Muhammad Naveed Usman (042) 35762494 naveedusman@hotmail.comMr. Muhammad Tauqir Malik (042) 36311401-4 (042) 36360438 mtmlse@hotmail.comMr. Najam Riaz Ghauri (042) 36133723 info@ggi.com.pkMr. Nasir Ali Shah Bukhari (042) 111-222-000 (042) 35872640 nasb@kasb.comMr. Shahid Hassan Awan (Suspended) (042) 36316383-5 (042) 36316389Mr. Shahid Iqbal (042) 37604184Mr. Shahid Nauman Rana (Suspended) -Mr. Zahid Ali Habib (021) 32429664-67 (021) 32413822 zahid@asaalihabib.comMr.Muhammad Ayub Ch. (042) 36369002-3 (042) 36369096 mayubch@hotmail.comMr.Zafar Moti (021) 32410307 (021) 32446536 zafarmoti@hotmail.comMrs. Qaisra Sajid (042) 35847325 (042) 35847327Mrs. Saliha Haroon (042) 35774805-7 (042) 35774808Mrs. Seema Mubashir (042) 37655578-79 murtazatrader@gmail.comMs. Saima Qaiser (042) 37661041 (042) 37660212Sheikh Mohammad Iqbal (042) 35862168Syed Sarmad Maqsood Al- Husainy (Suspended) -Wing Comdr. ® Ahmad Kuli Khan Khattak (021) 32563138 (021) 32564458Macedonian Stock ExchangeAddress: Orce Nikolov 75, 1000 Skopje, 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 AD Skopje 2 3217-103 3217-103 info@altavistabroker.com.mkCentralna koopetativna banka AD Skopje 2 3204-033 3213-159 shv@ccbank.mkEURObroker AD Skopje 2 3215-198 3223-397 eurobroker@mt.net.mkEurohaus AD Skopje 2 3217-095 3217-035 s.drakulovski@eurohaus.com.mkFersped Broker AD Skopje 2 3219-333 3219-477 broker@fersped.com.mkILIRIKA INVESTMENTS AD Skopje 2 3296-853 3213-785 info@ilirika.com.mkINOVO BROKER AD Skopje 2 3120-941 3110-950 office@innovobroker.comINVESTBROKER AD Skopje 2 3110-290 3110-291 investbroker@investbroker.com.mkKomercijalna banka AD Skopje 2 3218-218 3218-222 kbbroker@kb.com.mkMoj Broker AD Skopje 2 3221-012 3221-041 info@mojbroker.com.mkNLB Tutunska broker AD Skopje 2 5100-354 3296-219 broker@tb.com.mkPeon Broker AD Skopje 2 3203-850 3203-842 peonbroker@mt.net.mkPostel Broker AD Skopje 2 3224-300 3224-300 palevski@postbank.com.mkStopanska Banka AD Skopje 2 3295-405 3295-551 broker@stb.com.mkTTK Banka Skopje 2 3216-530 3216-530 ttkbroker@ttk.com.mkMoldova Stock ExchangeAddress: 73 Stefan cel Mare Blvd., Chisinau 2001, Moldova Phone: (22) 277 594 Fax: (22) 277 356 E-mail: valeria@moldse.mdWeb Address: www.moldse.md Country Code: 373Company’s Name City Code Telephone Fax E-mail AddressAD-Manager 22 227-484 278-060 tatianacoltsa@yahoo.comBanca de Economii 22 244-103 244-731 angela.toderita@bem.mdBanca de Finante si Comert 22 220-080 237-308 kuznetsova_v@fincombank.comBanca Sociala 22 220-070 220-070 paladi@socbank.mdBroker M-D 22 276-561 258-442 gh.bacaliuc@gmail.comBrokwest 22 256-017 256-017 brokwest@gmail.comDaac Prom 22 755-932 746-397 nadea.ganya@daac-prom.comDaac-Invest 22 220-677 746-397 invest@daac.mdEnergbank 22 276-033 544-378 nkorono@office.energbank.comEurocreditbank 22 548-827 500-153 igoro@eurocreditbank.mdEximbank 22 300-140 601-619 info@eximbank.comFincom 22 541-917 272-564 mail@fincom.mdGest-Capital-MF 22 270-965 272-256 gestcapital@rambler.ruInvestprivatbank 22 279-523 540-555 burlea@ipb.mdIuventus-DS 22 271-337 270-035 stela.lavric@iuventus.mdM-Invest 22 256-325 541-935 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.ruPAGE 135

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Moldova Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressPassim 22 555-579 522 -049 moscovciuc@rambler.ruProajioc 22 507-085 507-085 proajioc@mail.ruUnibank 22 253-853 220-530 iovu@unibank.mdVal-Invest 22 449-113 449-697 o_roic@list.ruVictoriabank 22 576-350 233-089 natalia.paraschiv@vb.mdMongolian 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 AddressALTAN KHOROMSOG 11-450899 altankhoromsor@yahoo.comALTAN SAN 11-311558 info@mongolia-investment.com,ARGAI BEST 11-327026 argaibest_broker@yahoo.comARTA INVEST 70110637 info@arta-invest.mnBATS 11-326042 bats_bdllc@chinggis.comBDSEC 11-321763 info@bdsec.mnBLOOMSBURY SECURITIES 11-356060 info@bloomsbury.mnBULGAN BROKER 11-322708 bulgan_broker@yahoo.comBUMBAT ALTAI 0143-22166CCP 11-331754 info@ccp.comDARKHAN BROKER 99083719 dar_broker@yahoo.comDCF 11-328946 dcf@mongol.netDELGERKHANGAI SECURITIES 55252453 batorgil@dhsecurities.mnERDENEST 99116322 erdenest17@yahoo.comEURASIA CAPITAL MONGOLIA 70130078 oyunbold.gombo@eurasiacm.comFCX 70163109 contact@fcx.mnFINANCE LINK GROUP 70117116 chimgee_mhh@yahoo.comFRONTIER 70119999GAULI 70153301GENDEX 77224777 gendex@fin.mnGLOBAL ASSET 11-320889 ckhishigbayar@yahoo.comGOODSEC 11-331878 goodsec@chinggis.comKHANSH INVEST 11-325849 hansh_investment@yahoo.comLIFETIME INVESTMENT 70121418 info@lifetime.mnLONDON ASIA CAPITAL MONGOLIA 11-312307MASDAQ 99881008 masdaq_mongolia@yahoo.comMERGEN SANAA 11-451626MIBG 70111403MICC 70112023MONET 11-320773 broker@batsinvest.mnMONGOL SECURITIES 11-462130 mongolsecurities@magic.netMONKHAN TRADE 70160000MONSEC 11-70153090 monsec99@yahoo.comMWTS 70116030NICI 99117970 nici_t@yahoo.comNORTHERNSEC 11-311062 info@northern-securities.comSANKHUUGIIN KHUGJIL INVEST 70111335 bolor_eldev@yahoo.comSANSAR 11-462634 snr04@yahoo.comTAVAN BOGD 99089224 tavanbogd@mail.mnTENGRI SECURITIES 70130695TTSEC 50055225 buren_jargal@yahoo.comTULGAT CHANDMANI BAYAN 99193322 tulgatchb@yahoo.comUNDURKHAAN INVEST 11-318590 undurkan_09@yahoo.comWORLDKEY 11-330594 worldkey@yahoo.comZERGED 11-367609 erdene05@yahoo.comZEUS CAPITAL 11-331436PAGE 136

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Montenegro Stock ExchangeAddress: Moskovska 77, Podgorica 81000, Montenegro Phone: +382 20 229 706 Fax: +382 20 229 711 E-mail: info@mnse.meWeb Address: www.mnse.me Country Code: 382Company’s Name City Code Telephone Fax E-mail AddressBULL&BEAR BROKER-DEALER-INVESTMENT ADVISER 77 272 044 272 040 office@bullandbear.meAD PODGORICACG BROKER-DEALER AD PODGORICA 20 230 490 230 497 cgbroker@t-com.meFIRST FINANCIAL BANK AD PODGORICA 20 481 413 481 482 broker@ffbank.orgGLOBAL BROKER-DEALER AD PODGORICA 20 667 280 667 281 info@global-montenegro.comHIPOTEKARNA BANK AD PODGORICA 77 700 084 700 195 brokeri@hb.co.meINVEST BANK MONTENEGRO AD PODGORICA 20 407 900 407 959 info@invest-banka.comMARKET BROKER AD BIJELO POLJE 50 430 360 430 363 marketbroker@t-com.meMARKETIVA BROKER-DEALER AD PODGORICA 20 664 310 664 130 info@marketiva.meMONTE ADRIA BROKER - DEALER AD PODGORICA 20 231 305 210 641 office@monteadria.co.meMONTE BROKER AD BERANE 51 230 514 230 515 montebroker@t-com.meNK BROKER AD NIKSIC 40 220 044 220 045 nk_broker@t-com.mePODGORICKI BROKER-DEALER AD PODGORICA 20 205 365 205 366 pgbroker@t-com.meVIP BROKER AD PODGORICA 20 229 500 229 501 info@vipbroker.netMuscat 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.omNASDAQ OMX ArmeniaAddress: 5B M. Mkrtchian Street, Yerevan AM0010, Republic of Armenia Phone: (10) 543321 Fax: (10) 543324 E-mail: info@armex.amWeb Address: www.nasdaqomx..am Country Code: 374Company’s Name City Code Telephone Fax E-mail AddressACBA-Credit Agricole Bank CJSC 10 565 858, 568 585 543 485 acba@acba.amAmeriabank CJSC 10 561 111 513 133 office@ameriabank.amAnelik bank CJSC 10 593 300 593 343 anelik@anelik.amAraratbank OJSC 10 547 935 547 936 araratbank@araratbank.amArdshininvestbank CJSC 10 590 404 567 486 office@ashib.amAREXIMBANK-GAZPROMBANK GROUP CJSC 10 (+374 10) 514-060 info@areximbank.am51-40-23, 51-40-01Armbusinessbank CJSC 10 592 020 540 324, 545 835 info@armbusinessbank.amArmeconombank OJSC 10 51-09-10, 51-09-09 563-697 bank@aeb.amArmenbrok OJSC 10 538 700 528 986 info@armenbrok.comArmenian Development bank OJSC 10 591 400, 591 404 591 405 info@armdb.comArmswissbank CJSC 10 529 593, 584 419 54-06-27 info@armswissbank.amArtsakhbank CJSC 79 4-34-12 7-15-42 dealing@artsakhbank.amBTA Bank CJSC 10 544 527 544 527 bta@bta.amByblos Bank Armenia CJSC 10 530 362 535 296 info@byblosbankarmenia.amCapital Investments CJSC 10 501 526, 501 527 501 528 mail@capital.com.amConverse Bank CJSC 10 511 206, 511 247, 511 212 conversebank@conversebank.am511 248Future Capital Market LLC 10 544 587 544 587 a.hakobyan@fcm.am, a.mirzoyan@fcm.amHSBC Bank Armenia CJSC 10 515 000 515 009 hsbc.armenia@hsbc.comInecobank CJSC 10 545 167, 565 974 565 974 inecobank@inecobank.amPAGE 137

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013NASDAQ OMX Armenia (con’t)Company’s Name City Code Telephone Fax E-mail AddressPrometey Bank LLC 10 562 036 560 332 info@prometeybank.amRenesa CJSC 10 548 383, 548 387 548 383, 548 387 info@renesa.amTonton Investment LLC 10 20-38-15, 20-38- 20-38-12 info@tontoninvest.com16, 20-38-17Unibank CJSC 10 592 259 (102) 555 140 unibank@unibank.amVTB Bank (Armenia) CJSC 10 547 249, 543 749 547 245 info@vtb.ruPalestine ExchangeAddress: Amman Street, Trust Building, P.O. Box 128, Nablus, Palestine Phone: (9) 2390999 Fax: (9) 2390998 E-mail: pex@pex.psWeb Address: www.pex.ps Country Code: 970 or 972Company’s Name City Code Telephone Fax E-mail AddressAl Arabi Investment Group 2 298 0240 298 0249 info@abinvest.psAl-Wasata Securities Company 8 288 6050 288 6055 info@alwasata.psAl-Watanieh Securities Company 2 298 0420 298 7277 watanieh@palnet.comGlobal Securities Company 9 238 7880 238 5060 info@gsc.psLotus Financial Investments Company 2 297 1729 297 1727 info@lotus-invest.psSahem Trading & Investments Company 2 296 5710 296 5713 sahem@sahem-inv.comTarget Jordan Palestine Securities Company 9 238 6111 238 6119 info@tjps.psUnited Securities Company 2 240 3090 240 3091 info@united.psSarajevo Stock ExchangeAddress: Djoke Mazalica 4, 71000 Sarajevo, Bosnia and Herzegovina Phone: (33) 251 460 Fax: (33) 559 460 E-mail: contact@sase.baWeb Address: www.sase.ba Country Code: 387Company’s Name City Code Telephone Fax E-mail AddressAW Broker Sarajevo 33 766 666 766 725 info@aw-broker.baBond Invest Mostar 36 334 140 316 612 bond.invest@tel.net.baeBrokers Sarajevo 33 552 205 552 206 info@ebrokers.baEurohaus Sarajevo 33 720 900 710 611 info@eurohaus.baFIMA International Sarajevo 33 710 840 710 842 info@fima.baGeneral Broker Sarajevo 33 565 165 565 166 info@generalbroker.baHypo Alpe Adria Bank Sarajevo 33 755 736 755 790 vrijednosnice.bih@hypo-alpe-adria.comMoja Banka Sarajevo 33 720 125 720 100 broker@moja-banka.baRaiffeisen Bank Sarajevo 33 443 911 287 649 investicijsko.bankarstvo@rbb-sarajevo.raiffeisen.atSEE 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.baTehran 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 88553030 88556080 info@ababroker.comAgah 21 88674421 88674526 info@agah.bizAmin Sahm 21 66726227 88713535 aminsahm@aminsahmbroker.comAndishe Bartar 21 8872 1100 88711701 info@andishehbartar.comApadana 21 88732873 88741582 info@apadanabrokering.comArg Hooman 21 88736304 88738412 info@argbroker.comArman Tadbir Naghshe Jahan 311 6615937 6615973 info@armantadbir.comArmoon Bourse 21 8871 8056 88718879 s-ajami@armoonbourse.comArya bours 21 88756082 88842470 aryabours@yahoo.comArya novin 21 88323530 88303633Asel 21 88715847 88701890 f_zamanfar@yahoo.comAti saz 21 66748880 66748881 nhianani@yahoo.comAtieh 21 6671 6285 66701235 atiehsotockbrokerage@yahoo.comBadreh Saham 21 8871 1083 8870 1256Bahman 21 88100434 88724241 info@bahmanbroker.comBank Eghtessad novin 21 66743848 66744240 barzani@novinbourse.comBank karafarin 21 88061378 22011514 m.amindavar@karafarinbank.comBank keshavarzi 21 88705580 88728155 kharazi@agribourse.comBank Maskan 21 88720383 88527063 mail@maskanbr.comBank Mellat 21 66709995 66709996 mellatbroker@yahoo.comPAGE 138

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Tehran Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressBank Melli Iran 21 88707324 88709698 rouhi@bmibourse.comBank Pasargad 21 88101723 88101723 Mhaji_teh@yahoo.comBank Refah Kargaran 21 88550109 88550109 refahbroker@yahoo.comBank Saderat Iran 21 88707107 88726157 saderatbankbroker@yahoo.comBank Saman 21 8877 4669 8877 4689 info@samanbourse.comBank Sanat va madan 21 22925761 22925770 info@sanatomadan.comBank Tejarat 21 88702570 88702571 bt_broker@yahoo.comBank Towse-e Saderat Iran 21 88701161 88701160 broker@edbi.comBazar Saham 21 22254127 22254165 yahyayan@bazarsaham.comBehgozin 21 66724827 66724827 info@behbroker.comBehin Pouya 311 6681745 6681745Bimeh Iran 21 8897 3529 8896 4040 bimehbroker@yahoo.co.ukBorhan Sahand 21 66719253 66724859Boursiran 21 8883 2891 88810329 boorsiran@yahoo.comCity Broker Mercantile Exchange Co. 21 83364000 83364433 info@ cityboorse.comDonyaye Khobreh 21 6672 4001 66724003 dkhobreh@yahoo.comDonyaye Novin 21 6670 5889 66705889Ebraz 21 88318884 88313336 info@ebrazbourse.comEtminan Sahm 21 6672 8080 66742381 etminasahm@yahoo.comFarabi (Omran) 21 88553442 88557278Ganjineye Saham 21 66738588 66724916 sadat@ganjinehbourse.comGolchin 21 6674 3713 golchinbroker@ganjinehbourse.comHafez 21 88729810 88729820 tehran@hafezbourse.comImen Bourse 21 66719920 66705292 imenboors1@yahoo.comIran Sahm 21 88873236 88797940 iran-sahm@yahoo.comIsatis Poya 21 66726443 isatispoooya@yahoo.comJahan Sahm 21 66726670 66707888 jahan_sahm@yahoo.comKaramad 21 22012620 22011514 info@karamadbroker.comKaspian Mehr Iranian (Bank Sepah) 21 8872 6057 88725599 info@sapahbourse.comKhobregan Saham 21 66738604 66717760 info@khobregan.comMahak Sahame Sanayeh 21 66725706 66725788 mahaksaham@gmail.comMehr Afarin 21 66743900 66725788 mehr_saham@yahoo.comMerchanti 21 87168 info@ mecbroker.irMeyar Saham 21 66700265 66737679 brijaniyan@meeyarbroker.irMobin Sarmayeh 21 88382904 88382908 info@mobinsb.comMoein sahm 21 88797973 66716945 moinsahm@yahoo.irMofid 21 81900 66726499 info@mofidbourse.comMoshaveran Saham 21 88718406 88719814 info@tehranstock.comMovahedan 21 22224536 22224517Nahayat Negar 21 88601766 88601764 f.abdollahzadeh@gmail.comNoandishan Bazar Sarmayeh 21 8873 9378 84051111 info@noandishan.comNovin Investment Bank (Roshd Paydar) 21 88720933 88720935 info@roshdbroker.comOmid Sahm 21 88345220 88345220 omidsahm@yahoo.comOmran Fars 21 22600388 22004208Ordibeheshte Iraniyan 21 8873 7367 8873 6260 info@oibroker.comPars Gostar Khobre 511 7640806 7638518 info@parsbourse.comPars Ideh Bonyan 21 88928223 88933896 info@ /pi.rhbroker.comPars Nemoudgar 21 88042053 88601808 info@parsnem.comParsiyan 21 22909117 22909118 info@pim_co.comRahbord Sarmayegozari 21 66731087 66732394 info@rahbord-investment.comRahnamaye Sarmayegozaran 21 66723355 66726011 rahnamabourse@yahoo.comRazavi 21 88670505 88207135 info@razavibroker.comSaba Jahad 21 88916837 88919672 info@ sjb.co.irSaba Tamin (Kimia sahm) 21 88550662 88550665 info@kimiabroker.comSaham Barez 21 6673 1315 6671 5372 clients@sahambarez.comSaham Gostaran Sharg 21 66724987 66727235 info@sahamgostaran.comSaham Pajoohan Shayan 21 6671 7988 6673 5361 shayanbroker_co@yahoo.comSaham Pouya 21 66738142 6672 4120 @yahoo.compouyabrokerSahm Andish 21 66743958 66700524 sahmandish@yahoo.comSahm Ashena 21 66716891 66717217 info@abco.irPAGE 139

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013Tehran Stock Exchange (con’t)Company’s Name City Code Telephone Fax E-mail AddressSahm Azin 21 88515748 88741331 sahmazeen@yahoo.comSahm Yar 21 8871 0357 88701631 brk_sahamyar@yahoo.comSarmayegozari Melli Iran 21 88784215 88784214 kargozari@nici.irSarmayeh va Danesh 21 66743087 66716428 info@ckbroker.comShakhes Saham 21 8879 7885 8879 7884 shakhes_saham@yahoo.comSimabgoon 21 66732888 66718808 info@simabbroker.comTadbirgar Sarmaye 21 8888 2265 88873381 info@tadbirgar.comTadbirgaran Farda 21 88790821 88798734 info@tadbirbroker.comTahlilgarane Basir 21 6674 8990 6674 8994Towse-e Sahand 21 66734189 66725714 sahanddevelopment@iss2000.netTowse-e Sarmaye Donya 21 6672 9121 66742104 sinfo@tse-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 4534Zagreb Stock ExchangeAddress: Ivana Lucica 2a, 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 AddressAgram brokeri d.o.o. 1 5545 556 5545 560 info@agram-brokeri.hrAktiv brokeri d.o.o. 1 492 0350 4920 351 info@aktiv-broker.hrAntea brokeri d.o.o. 1 231 9715 232 0110 info@antea-brokeri.hrBanka Splitsko Dalmatinska d.d. 21 368 126 367 249 brokeri@bsd.hrCentar Banka d.d. 1 487 7444 488 0375 centarbanka@centarbanka.hrCredos d.o.o. 1 236 3431 236 3433 credos@credos.hrCroatia banka d.d. 1 239 1120 233 8141 brokeri@croatiabanka.hrErste&Steiermärkische Bank d.d. 62 371 013 371 021 erstebank@erstebank.hrFima-Vrijednosnice d.o.o. 42 660 961 390 989 trading@fima.comHita Vrijednosnice 1 480 7750 480 7770 hita@hita.hrHrvatska postanska banka d.d. 1 488 8222 481 3111 brokeri@hpb.hrHypo Alpe Adria Bank d.d. 1 603 5380 603 5110 investment-banking.croatia@hypo-alpe-adria.comInterkapital Vrijednosni Papiri d.o.o. 1 4825 890 4825 899 brokeri@intercapital.hrIstarska kreditna banka d.d. 52 702 340 702 388 kunsred@Ikb.hrNava banka d.d. 1 3656 787 3656 707 navabanka@navabanka.hrOTP banka 62 201 707 201 711 kcveljo@otpbanka.hrPodravska Banka d.d. 48 655 259 655 261 brokeri@poba.hrPrivredna Banka Zagreb d.d. 1 489 1332 636 0771 brokeri@pbz.hrRaiffeisenbank Austria d.d. 1 469 5074 4566 490 brokeri@rba.hrRast d.o.o. 42 658 910 658 901 rast@rast.hrSociete Generale - Splitska Banka d.d. 21 304 621 304 607 brokeri@splitskabanka.hrZagrebacka Banka d.d. 1 4801 544 6310 211 brokeri@unicreditgroup.zaba.hrPAGE 140

VISIT THE FEAS WEBSITEwww.feas.org• Trading statistics• Company data• Price information• Ratios• and much, much more...Subscribe to FEAS RSS Feed atwww.feas.org/feed/index.aspxfor the latest news