Minsk, Belarus

FOUNDATION STAGES March 1993 INTERBANK CURRENCY EXCHANGE, closed type joint stock company Main events: organizing foreign currencies trades (since ), registration of transaction in government securities (August 1994) September 1996 INTERBANK CURRENCY EXCHANGE, State Institution of the National Bank Main events: organizing government securities trades (since ) December 1998 BELARUSIAN CURRENCY AND STOCK EXCHANGE BELARUSIAN CURRENCY AND STOCK EXCHANGE (BCSE)

AIMS minimization of risks and transaction charges from capital formation in the organized market; transparency of transactions; protection of investors’ legal rights and their interests; implementation of programs on financial resources formation necessary for their development; state monetary and credit policy market mechanisms development; necessary conditions for effective controlling functioning of the State TO BECOME THE DOMINANT POWER IN THE BELARUSIAN FINANCIAL MARKET INFRASTRUCTURE AND TO ENABLE IT TO PROVIDE THE FOLLOWING:

to raise competitive capacity, quality and quantity of services rendered by the BCSE; to increase the efficiency of exchange currency, stock and futures market functioning; to contribute to the effective settlement and clearing system formation, that service main segments of the organized financial market; to provide Belarusian financial market with information transparency; to assist in realization of state investment programs and other projects aimed at financial markets developing; to promote integration processes between Russian and Belarusian financial systems; to create program and technical infrastructure for electronic documents circulation in the organized market; to develop own program and technical base, to implement modern computer technologies into the exchange. TASKS

SERVICES ON FINANCIAL MARKET Functions of the BCSE  Organization of the exchange trading in foreign currencies, futures and securities  Clearing Center in Belarusian settlement clearing system  Registration of OTC transactions with corporate securities of all types  Financial operations control Information service  On-line information products providing current information about trading sessions on different exchange market sectors  Periodical information products on the base of primary stock exchange information data on separate financial market sectors  Information products based on Internet technology The total annual trade volume in 2009 amounted to $ 29.2 billion.

EXCHANGE TRADES ARE CARRIED OUT WITHIN CURRENCY, STOCK AND FUTURES MARKETS SECTORS. BCSE TRADE PARTICIPANTS As of January 1, 2010 Sector Members included companies including banks and broker and dealer companies Main requirements to become a Sector Member of the BCSE: compliance with Belarusian legislation; an acting license on professional and exchange securities activity issued by the Securities Committee, an additional license for banks on conducting bank operations issued by the National Bank; Professional Securities Market Participants’ financial adequacy as defined by the legislation, banks shall meet economical requirements established by the National Bank; balance-sheet without loss disclosing information on financial and economic activity

CURRENCY MARKET  Formation of market rate of national money unit to foreign currencies;  Establishing the official rate of Belarusian rouble upon exchange trade totals;  Providing the obligatory foreign currency sale EXCHANGE CURRENCY MARKET FUNCTIONS: Only banks that are members of the currency market sector and empowered to trade on their own behalf and at their own expense, as well as on their own behalf by their client’s order, have the right to trade with foreign currencies on the BCSE Trades with 15 currencies are carried out on the BCSE in the electronic trade system, but US Dollar, Russian rouble and Euro dominate in the total amount of operations on the exchange currency market. Settlements are carried out:  via transit accounts in the National Bank (for USD/BYR, EUR/BYR, RUB/BYR, UAH/BYR) under obligatory deposition of Belarusian Roubles at the amount of net liability  directly between trade participants (for other financial instruments). The currency market turnover in 2009 amounted to $ 14.1 billion ($ 18.7 billion in 2008).

FUTURES MARKET The following kinds of futures contracts are circulated at the BCSE:  futures on US dollar with 1, 2, 3 and 6 months redemption period  futures on GLTB variable warrant yield MEMBERS OF FUTURES MARKET SECTOR ARE EMPOWERED TO TRADE ON THIS SEGMENT EXCHANGE TRADES WITH FUTURES INSTRUMENTS ARE DAILY CARRIED OUT IN THE ELECTRONIC TRADE SYSTEM SIMULTANEOUSLY WITH ALL INSTRUMENTS IN A “CONTINUOUS DOUBLE AUCTION” MODE. The futures market trade volume in 2009 amounted to $ million, ($ 7.6 million in 2008).

GOVERNMENT SECURITIES OF THE NATIONAL BANK ARE ADMITTED TO TRADES AT THE BCSE UNDER OFFICIAL ISSUE CONDITIONS ONLY LISTED NON-GOVERNMENT SECURITIES ARE ADMITTED TO TRADES AT THE BCSE STOCK MARKET: securities admission to circulation at the BCSE In 2009, the stock market turnover amounted to $ billion ($ 9.1 billion in 2008)

FIRST LEVEL QUOTATION LIST A SECOND LEVEL QUOTATION LIST A QUOTATION LIST BOUT OF LIST SECURITIES ADMISSION INITIATORISSUER ISSUER, BCSE, STATE PROPERTY FUND, MEMBERS OF THE STOCK MARKET SECTOR ISSUER, BCSE, MEMBERS OF THE STOCK MARKET SECTOR ACTIVITY PERIOD OF ISSUER AT LEAST 3 YEARSAT LEAST 1 YEAR n/a NUMBER OF SHAREHOLDERS AT LEAST 1000 AT LEAST 500 MAKE-OUT REQUIREMENTS ABSENCE OF LOSSES BY TOTALS OF 2 YEARS FROM ANY OF LAST 3 YEARS NET WEALTH COST OF ISSUER From EURO 10 mln from EURO 1 mln OWN CAPITAL AMOUNT (FOR BANK) AT LEAST EURO 10 mln OWN CAPITAL AMOUNT (FOR NON-BANK ISSUERS) From EURO 10 mln from EURO 1 mln NUMBER OF SHARES BELONGING TO ONE SHAREHOLDER NOT MORE THAN 75 % OF SIMPLE EQUITIES OF AN ISSUER, EXCEPT STATE-OWED EQUITIES n/a STOCK MARKET: Listing

CLEARING AND SETTLEMENT SYSTEM Client of PARTICIPANT 1PARTICIPANT 1, Seller Trade position «money» of a Client PARTICIPANT 2 Buyer Client of PARTICIPANT 2 Settlement Depository RUE «RCSD» DEPO corr. accounts LORO of authorized depositories 2 -d level Depositories Settlement Bank National Bank Bank corr. accounts/ bank personal account Banks Trade position «money» of a participant Trade organizer BCSE Trade position «securities» of a Client Trade position «securities» of a participant BELARUSIAN CURRENCY AND STOCK EXCHANGE CLEARING AND SETTLEMENT SYSTEM OPERATOR UPON SECURITIES, FUTURES MARKET INSTRUMENTS AND FOREIGN CURRENCY

BELARUSIAN QUOTATION AUTOMATED SYSTEM BEQAS BELARUSIAN QUOTATION AUTOMATED SYSTEM BEQAS ( SERVICING THE OTC MARKET ALLOWS TO PUT-UP INDICATIVE BIDS FOR COUNTER-PART SEARCH, AS WELL AS TO DISCLOSE INFORMATION ON CONCLUDED TRANSACTIONS INFORMATION PRODUCTS: BEQAS System MAIN CHARACTERISTICS: ANY LEGAL ENTITY OR AN INDIVIDUAL MAY BE USERS OF THE BEQAS SYSTEM. POSSIBILITY OF QUOTING ANY KIND OF SECURITIES BEQAS SYSTEM IS THE ONLY SOURCE OF FULL INFORMATION ON THE STATE OF THE OTC MARKET OF EQUITIES OF BELARUSIAN ENTERPRISES QUOTATION SUPPORT BY THE STATE PROPERTY FUND FOR ANALYZING DEMAND FOR STATE-OWNED EQUITIES

BEQAS System: 2 PRODUCTS 1. "INDICATIVE BIDS" aimed at facilitating the submission of indicative bids on a charge-free basis. The BCSE functions as a central registrar of all securities transactions information in the OTC market. The BCSE offers professional participants two BEQAS program modules in the OTC market: 2. IQS "OTC MARKET" launched since February 1, 2010 to automate the submission of all OTC transaction information on a contract basis.

INFORMATION PRODUCTS: official site of the BCSE WEB-SITE ( WEB-SITE ( IS A KEY ELEMENT OF THE SYSTEM OF INFORMATION DISCLOSURE UPON THE BCSE ACTIVITY RESULTS IN THE CURRENCY, STOCK AND FUTURES MARKETS. UPON IAE CIS MEMBERS’ OPINION, THE CORPORATE SITE ( AND SYSTEM SITE IS «STOCK MARKET OF BELARUS» ( BELONG TO THE MOST INFORMATIVE RESOURCES FAVOURISING AN INTERNATIONAL COMMUNICATION. STRUCTURED BY MARKETS, IT INCLUDES INFORMATION ON:  Sector members,  Listed financial instruments,  Exchange trade totals (quotations, trading volumes, etc.),  BCSE legal documents regulating the operation order at the BCSE.  Press-releases, publications, etc.  on-line mode of trade view  Official information of the National Bank, Ministry of Finance, Securities Committee and others.

INFORMATION PRODUCTS: IS «Stock Market» based on Internet-technology and providing the information in the following directions: Information System «Stock Market» based on Internet-technology and providing the information in the following directions:  FULL LIST OF ISSUED SECURITIES IN BELARUS, THEIR PRIMARY DISTRIBUTION AND SECONDARY CIRCULATION;  ISSUERS AND PROFESSIONAL PARTICIPANTS OF THE SECURITIES MARKET, THEIR ACTIVITY RESULTS;  NEWS AND ANALYTICAL INFORMATION ON STATE OF STOCK AND FINANCIAL MARKET OF BELARUS;  EDUCATIONAL DATA FOUNDERS OF THE SYSTEM: BCSE NATIONAL BANK SECURITIES COMMITTEE REPUBLICAN CENTRAL SECURITIES DEPOSITORY INFORMATION PARTNERS: MINISTRY OF FINANCE MINISTRY OF JUSTICE MINISTRY OF ECONOMY «BELARUSIAN STOCK MARKET», PERIODICAL

IT COMPLEX EDC AND EDS

TRADE AND SETTLEMENT COMBINATION Trading modeSettlement code Market Sector Foreign Currency Securities Futures market instruments BEQAS REPO (free pricing) Simple auction Indicative bids REPO auction GS REPO (fixed pricing) Continuous double auction Discreet auctions Forward transactions Fixing Negotiated deals S-T+0 S-T+n NS S-REPO

MEMBERSHIP ASSOCIATION OF BELARUSIAN BANKS BELARUSIAN ASSOCIATION OF PROFESSIONAL SECURITIES MARKET PARTICIPANTS INTERNATIONAL ASSOCIATION OF EXCHANGES OF THE COMMONWEALTH OF INDEPENDENT STATES FEDERATION OF EURO-ASIAN STOCK EXCHANGES (FEAS)

CONTACTS Phone Phone: ( ) (reception) ( ) (information service) Fax Fax: ( ) Address: 48а Surganova str., Minsk, Belarus