Contents

As of December 31, 2009, 12 stocks of 11 issuers were in circulation on NASDAQ OMXArmenia: two of them were included in the exchange’s B list (“Artsakh HEK” jsc and“Armeconombank” jsc (HEZB), and the rest ten were admitted to trading on the free Cmarket for equities (see Figure 4). Equities listed on NASDAQ OMX Armenia were allcommon nominal stocks, except for preferred stocks of “Armenian Development Bank” jsc(ZHBKP4).After recording a steady growth in 2002-2008, market capitalization saw a minor1.7% reduction in 2009, attributable solelyto the general fall in prices brought aboutby the global crisis. With monthlyfluctuations not exceeding 10%, themarket capitalization reached AMD53,097,234,300 as of December 31, 2009.Figure 4. Securities by Markets and Lists(as of 31.12.2009)C47.62%Bonds42.86%Cbond14.29%Bbond23.81%For a monthly comparison of marketcapitalization indicators in 2007 - 2009, aswell as on a yearly basis starting 2002,please refer to Figures 5 and 6.A0.00%B9.52%Abond4.76%Figure 5. Market Capitalization by Months (atmonth end), 2007-2009Figure 6. Market capitalization at year end,2002-200960,00050,00060,00050,00040,00040,00030,00030,00020,00010,00020,000-mln AMDnaJbeFa r M A pr M ay J un J ul A ug S ep O ct N ov D ec2008 2007 200910,000-mln AMD 2002 2003 2004 2005 2006 2007 2008 2009NASDAQ OMX Armenia | Annual Review 2009 | 11