1. SEE Link Connecting Markets Iliyan Dimitrov Corporate Development, BSE-Sofia Skopje, March 29, 2016 1

2. April 2014 Febr. – Apr. 2015 Febr. – Apr. 2015 July – Dec. 2014 July 2014 July 2014 Apr. – Dec. 2015 Apr. – Dec. 2015 April 2015 Dec - Mar 2016 Dec - Mar 2016 March 2016 March 2016 Selection of project manager and development of ToR Signing the grant agreement between EBRD and SEE Link for financing the SEE Link Project Tender for selection of developer of the project Selecting Evolve DD, Ljubljana и NeoCom AD, Skopje for Project Developer System for order routing Development System testing by the participating exchanges’ members & launching SEE Link’s web-site Establishment of SEE LINK d.o.o. System go-live! 2 Introduction BenefitsConceptMarket DataFEAIndicesUpcoming

3. 3 VisibilityExpandabilityAccessibilityAffordabilityEvolvability Introduction Benefits ConceptMarket DataFEAIndicesUpcoming

4. www.see-link.net 4 Participating Exchange Originating Broker - ErBr (sending orders & receiving trades) Originating Broker - ErBr (sending orders & receiving trades) Orders Trade reports FIX API FEA FIX API FEA Executing Broker - ExBr (receiving orders & sending trades) Executing Broker - ExBr (receiving orders & sending trades) Market data, reference data, news, market messages IntroductionBenefits Concept Market DataFEAIndicesUpcoming

5. 5 Broker “ABC” Inter-Broker Agreement Broker “XYZ” OrBr Agreement Membership Application ExBr Agreement http://www.see-link.net/publications/36 OrBr Agreement Membership Application ExBr Agreement IntroductionBenefits Concept Market DataFEAIndicesUpcoming

6. 6 Front-End Application FIX API IntroductionBenefits Concept Market DataFEAIndicesUpcoming

7. 7 BSE OrBr ZSE OrBr MSE BELEX LJSE OrBr Transferred by the participating exchanges to SEE Link SEE Link – Exchange connection through FiX SEE Link distributes the data only to appropriate Originating Brokers IntroductionBenefitsConcept Market Data FEAIndicesUpcoming

8. 8 Securitie s SharesPreferred sharesRightsTreasuries Orders MarketLimitIceberg Validity DailyGood-till-date Good-till- canceled IntroductionBenefits Concept Market DataFEAIndicesUpcoming

9. 9 IntroductionBenefitsConceptMarket Data FEA IndicesUpcoming

10. 10 IntroductionBenefitsConceptMarket Data FEA IndicesUpcoming

11. 11 IntroductionBenefitsConceptMarket Data FEA IndicesUpcoming

12. 12 IntroductionBenefitsConceptMarket Data FEA IndicesUpcoming

13. 13 CharacteristicsIndex 1 TypeFree-float Market CapEqually weighted Structure5 / 3 / 2 CurrencyEUR CalculationDaily (1 minute) Price usedLast Price Starting value100 RebalancingMarch & September Free float adjustmentMarch, June, September, December IntroductionBenefitsConceptMarket DataFEA Indices Upcoming

14. Thank you! 14