STOCK EXCHANGES TROUGH THE PROJECT SEE LINK LINKING OF REGIONAL STOCK EXCHANGES TROUGH THE PROJECT SEE LINK Ahmed Hodžić Sarajevo Stock Exchange Contact phone: +387 33 251 468 Contact e-mail: ahmed.hodzic@sase.ba

THE NUMBER OF POPULATION, GDP PER CAPITA, ECONOMIC JUSTIFICATION OF STOCK EXCHANGE OR ECONOMIC SUSTAINABILITY Stock Exchanges Population GDP per capita (EUR) Annual turnover 2016 (EUR) % Share turnover Sarajevo stock Exchange & Banjaluka Stock Exchange 3.531.159 3.704 386.133.667 18,49% 319.638.567 15,31% Zagreb Stock Exchange  4.284.889 10.338 522.217.044 25,01% Belgrade Stock Exchange  7.131.787 4.760 361.994.482 17,34% Montenegro Stock Exchange 625.266 4.348 115.174.714 5,51% Macedonian Stock Exchange 2.114.550  3.926 48.452.753 2,32% Ljubljana Stock Exchange 2.061.085 17.445 333.675.000 15,98% Total 19.748.736 2.087.286.227 International Conference on Regional Market, Statistics Development and Investment Opportunities, Sarajevo 06-08/11/2017

STOCK EXCHANGE AS FINANCIAL INSTITUTION I HISTORY– TRANSITION BUM CERTIFICATES – SHAREHOLDERS SECURITIES DEBT SECURITIES AS ALTERNATIVE SORCE OF FINANCING DEVELOPED STOCK EXCHANGES TODAY HAVE COMPLETE INFRASTRUCTURE REQUIRED FOR OPERATING THE PROCES OF CONNECTING SUPPLY AND DEMAND OF SECURITIES: BANK, RVP, CCP, SPECIALIZED STOCK EXCHANGES. International Conference on Regional Market, Statistics Development and Investment Opportunities, Sarajevo 06-08/11/2017

ASPECTS TO CONNECTING COALITIONS JOINING ASOCIATIONS FEDERATIONS UNIONS INTEGRATIONS E-TRADING LINK JOINT PLATFORM FOR TRADING International Conference on Regional Market, Statistics Development and Investment Opportunities, Sarajevo 06-08/11/2017

WHAT IS THE BENEFIT – ADD VALUE EFFICIENT AND COMPETITIVE MARKET INCREASE IN THE TRADE RULE OPTIMAL PORTFOLIO CREATION APPROACH TO THE MAXIMUM NUMBER OF INVESTORS FOR EMITTERS INCREASE OF LIQUIDITY ATRACTIVITY OF PLATFORM FOR INVESTITORS SMALLER COSTS AND LARGER REFUNDS EXCHANGE OF EXPERIENCE AND DEVELOPMENT SINERGY EFFECT NEW INVESTMENTS AND POSSIBILITY OF DIVERSIFICATION International Conference on Regional Market, Statistics Development and Investment Opportunities, Sarajevo 06-08/11/2017

TRADE PHASE– PHASE I WILL KNOWLEDGE STAFF FINANCE AGREEMENT ON ESTABLISHING COMMON PLATFORM FOR TRADING (SEE LINK platform) IS IT SUFFICIENT FOR ESTABLISHING QUALITY PLATFORM? IT IS NOT. International Conference on Regional Market, Statistics Development and Investment Opportunities, Sarajevo 06-08/11/2017

Seven markets One market. One goal. Ljubljana Stock Exchange Zagreb Stock Exchange Banjaluka Stock Exchange Sarajevo Stock Exchange Belgrade Stock Exchange Bulgarian Stock Exchange Macedonian Stock Exchange

SEE LINK – HISTORICAL MILESTONES International Conference on Regional Market, Statistics Development and Investment Opportunities, Sarajevo 06-08/11/2017

SEE LINK platform FOUNDERS: Macedonian, Zagreb and Bulgarian Stock Exchange. New members: Belgrade Stock Exchange, Ljubljana Stock Exchange, Banjaluka Stock Exchange, Sarajevo Stock Exchange. At the access stage: Montenegro Stock Exchange, Athens Stock Exchange. The idea behind this cross-border initiative is to integrate regional markets without merging or corporate integration, using only technology that will allow investors easier and more efficient access to these markets through a local broker. SEE Link indexi (SEE LinX and SEE LinX EWI) The indices are composed of the 16 most actively traded regional companies listed on five participating exchanges: 5 from Croatia, 4 from Slovenia, 3 from Bulgaria and 2 from Macedonia and Serbia. The project is funded by the EBRD (http://www.see-link.net) International Conference on Regional Market, Statistics Development and Investment Opportunities, Sarajevo 06-08/11/2017

SEE Link order-routing system now supports trading for total of seven markets, with a combined equity market capitalization of more than US$ 52 billion and over 1200 securities eligible for trading. A total of 32 investment companies (brokerage houses) are licensed to trade via SEE Link. The system aims to increase liquidity and improve access for investors and local brokers. International Conference on Regional Market, Statistics Development and Investment Opportunities, Sarajevo 06-08/11/2017

POST TRADE PHASE – PHASE II CONSOLIDATION AND SUPPORT OF ALL CAPITAL AND OTHER INSTITUTIONS PARTICIPANTS RVP: CALCULATION AND  ALIGNMENT CONNECTION & IT LAW & REGULATIONS MEMBERS AND MUTUAL COMMUNICATION COMMISSION FOR SECURITIES: HARMONIZATION OF RULES CBBH: LAW ON BUSINESS OPERATIONS REGIONAL BANK - PARTICIPANT IN PROCESS OF CALCULATION AND ALIGNMENT IN REGIONAL MARKET International Conference on Regional Market, Statistics Development and Investment Opportunities, Sarajevo 06-08/11/2017

Thank You for Your attention Ahmed Hodžić Sarajevo Stock Exchange Contact phone: +387 33 251 468 Contact e-mail: ahmed.hodzic@sase.ba