Nasdaq Omx Armenia and Central Depository of Armenia Annual Results 2011

Pre-trading session and open auction mechanism introduced

Securities IPO auction module was launched, thanks to which first ever IPO of corporate bonds , issued by “National Mortgage Company” RCO CJSC was organized in November, 2011

Within cooperation with Armenian Development Agency, investment program of the Exchange issuer, “Arstakh HEK”, was presented during a road show in 4 European countries

New listing rules were developed to ensure application of corporate governance principles in listed companies DEPOSITORY ACTIVITY Foreign nominee accounts servicing Notifications to issuers on securities’ flow (securities transfer orders and securities blockage for In 2011 the Central pledge) Depository of Armenia launched the following Corporate securities transfer based on Delivery new services vesus Payment (DVP) principle for OTC market Temporary termination of blocked stocks’ voting righ ts in General meeting of a company’s shareholders in 2011 in cooperation with ANNA (Association of National Numbering Agencies) the Depositor started to provide CFI codes , along with ISIN codes, to listed securities. IMPORTANT EVENTS 2011 In October, 2011 NASDAQ OMX Armenia hosted 1st International Joint Conference of AECSD and IAEx of CIS with 116 participants, representing 77 companies from 14

NASDAQ OMX Armenia participated in one of the world’s leading economic forums – Saint Petersburg International Economic Forum in Russia, presenting Armenian experience of preparation to market integration

Central Depository of Armenia participated in Central Securities Depositories CSD 11 International

NASDAQ OMX Armenia held “Why and How to List” seminars for the members of Yerevan Chamber of Trade and Commerce and FREDA STOCK EXCHANGE TRADING SUMMARY

2011

80% 60% 40% 20% 0% -20% 2006 2007 2008 2009 2010 -40% -60% -80% -100% Value traded growth, in % to the previous year STOCK MARKET CAPITALIZATION 2002-201 1, as of year-end

bln 53.8 AMD 60,000

50,000

40,000

30,000

20,000

10,000

- mln AMD 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 STOCKS LISTED AND ADMITTED TO TRADING AT NASDAQ OMX ARMENIA as of 31.01.2012

Listed/ Admit- ted to Company Ticker trading B ARTSAKH HEK AHEK B ARPA SEVAN ASEV B ARMECONOMBANK HEZB C ALMAST ALMS C ARARATBANK ARBK C YEREVAN JEWELLERY FACTORY EJWG C YEREVAN FACTORY OF CHAMPAIGNE WINES ESHG C YEREVAN JEWELLERY FACTORY-1 “GNOMON” EVG1 C HRAZDAN POWER COMPANY (HrazGEK ) HRPC C PURE IRON PLANT MQER ARMENIAN DEVELOPMENT BANK (common and preferred ZHBK և C stocks) ZHBKP4 CORPORATE BONDS TRADING 2006-2011

12,000 800 719 700 10,000 600 8,000 500

6,000 400 329 10,546 300 4,000 133 200 99 91 2,000 47 2,856 100 2,246 709 0 477 703 0 mln AMD 2006 2007 2008 2009 2010

Value traded Number of trades CORPORATE BONDS LISTED AND ADMITTED TO TRADING AT NASDAQ OMX ARMENIA as of 31.01.2012

Listed/ Admit-ted to Company Ticker trading Bbond ARARATBANK ARBKB4 SHNCB5, Bbond SHEN CONCERN SHNCB6 Bbond VALLETTA VALTB3 Cbond National Mortgage Company NMCCB1 REPO TRADING 2009-201 1

6,000 100 95 90 5,000 80 mln mln mln AMD AMD mln mln mln AMD AMD 5,093 66 70 4,000 58 60 3,770 3,000 50 40 2,000 30 2,051 20 1,000 10 0 0 2009 2010 2011 Value traded Number of trades GOVERNMENT BONDS TRADING 2008-2011

6,000 500 460 450 5,000 400 39.2% 350 4,000 300 76.8% 249 3,000 191 250 11.6% 31.9% 200 2,000 7.12% 150 69.9% 47.4% 100 1,000 81 23.2% 28.9% 50 49.5% 26.9% 27% 0 49% 0 mln AMD 2008 2009 2010 2011

Long-term government bonds Mid-term government bonds

Short-term government bonds Number of trades FOREIGN CURRENCY TRADING , 2005-201 1 (in USD)

1,200 10,000

1,000 8,000 800 6,000 600 4,000 400

200 2,000

0 0 mln USD 2005 2006 2007 2008 2009 2010 2011 Value traded, USD Number of trades, USD WEIGHTED AVERAGE EXCHANGE RATE, USD 2010-2011 (by months)

400.00 395.00 390.00 385.00 380.00 375.00 370.00 365.00 360.00 355.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Weighted average price, 2011 Weighted average price, 2010 CREDIT RESOURCES MARKET

• In 2011 AMD 2,734 bln was traded at credit resources market. In 2011 average monthly value traded was AMD 227.9 bln, a 3.5 times increase over the same of the previous year.

• Interest rate fluctuated within minimum of 4% and maximum of 11.5% during the year.

350.00 12.00

300.00 10.00 bln AMD AMD blnbln 250.00 8.00 200.00 6.00 150.00 4.00 100.00

50.00 2.00

0.00 0.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Value traded, 2010 Value traded, 2011 Weighted average interest rate, 2010, in % Weighted average interest rate, 2011, in % DEPOSITORY ACTIVITY

2011

© Copyright 2010, The NASDAQ OMX Group, Inc. All rights reserved. CENTRAL DEPOSITORY OF Securities 159,000 ARMENIA personal accounts 158,500 158,422 as 158,000 of 31.12.2011 Statistics of securities personal 157,500 0,64 % 2011 accounts and companies’ 157,000 growth as 2010 shareholders registries kept with compared to 156,500 2010 the Depository 156,000 1,004 new accounts in 155,500 2010-2011 (by months) 2011 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Company’s 1,640 shareholders 1,620 registries 1,600 1,616 as of 31.12.2011 1,580 1,560 2,23 % 2011 growth as 1,540 2010 compared to 1,520 2010 1,500 132 new issuers in 2011 1,480 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SERVICING SECURITIES TRADING In 2011 the Depository serviced transactions in stocks , not participating in the Exchange trading, for total value of AMD 29.9 bln, 52% over the same of the previous year. Central Depository of Armenia services securities transactions of Only one trade transaction in corporate bonds was registered with the CJSC and those OJSC, not Depository in 2011 for total value of AMD 191.2 mln participating in stock exchange trading..

Trading in securities, not participated in stock exchange trading and services by the Depository, 2010-2011

350.00 12.00

300.00 10.00 bln AMD bln 250.00 8.00 200.00 6.00 150.00 4.00 100.00

50.00 2.00

0.00 0.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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