NASDAQ OMX Monthly Bulletin  September 2015 

See Inside For: Securities Listed and Delisted in September, 2015 Monthly Exchange Trading Data: Equities Market Exchange Trading Statistics on Stocks Traded at NASDAQ OMX Armenia in September, 2015 Financial Highlights of the Issuers Listed on NASDAQ OMX Armenia Corporate & Government Bonds Market Statistics Credit Market Statistics Foreign Currency Market Statistics Overview of Depository Activities LISTING As of 30 September, 2015, 26 securities of 15 issuers were listed and admitted to trading at NASDAQ OMX Armenia: 11 stocks of 10 issuers and 15 bonds of 7 issuers. In September, 2015 trading of the following securities of Energy Company (Raz TES) OJSC was terminated at NASDAQ OMX Armenia. Number of Stock securities Nominal value Termination NNN List symbol Company issued (in AMD) Date 1 C HRPC Hrazdan Energy Company 1,597,430 10,000 23/09/15 EXCHANGE TRADING

All financial figures are in Armenian Drams (AMD) unless otherwise noted. Exchange rates established by the as of September 30, 2015 were as follows: USD 1 = 473.71, EUR 1 = AMD 531.36. Equities Market In September, 2 trades with total value of AMD 234,200 were concluded in the equities market: 250 stocks of 2 issuer were traded. The trades were concluded both through continuous two-way auction and manual trading mechanizm. Compared to the same period of the previous year (September, 2014) the number of trades, the number of stocks traded and the value traded decreased by 91.7%, 95.0% and 99.9%, respectively. Please refer to the table below for equities market exchange trading statistics for 2015 (by months).

Number of Companies Number of Securities Number of Trades Total Value Traded, AMD Traded Traded Variance Variance Variance over the over the Month over the Variance over the 2015 same of 2015 2015 same of 2015 same of the same of the (by months) the (by months) (by months) the (by months) previous previous year (%) previous previous year (%) year (%) year (%) January 3 200.00 85 608.33 322,896 9,817 2,853,184,564 145,947.53 February 7 133.33 10 -86.84 677,697 393 1,089,947,813 -26.14 March 0 -100.00 0 -100.00 0-100.00 0 -100.00 April 1-50.00 5 -66.67 83 -93.47 249,000 -93.93 May 4 100.00 16 300.00 11,432 -62.70 12,293,900 -99.95 June 2 -50.00 3 -80.00 73 -100 439,200 -98.43 July 1 0.00 1 -93.75 159 -99.57 163,770 -99.60 August 0 n/a 0 n/a 0 n/a 0 n/a September 2 -66.67 2 -91.67 250 -94.98 234,200 -99.94 YTD 2015 122 1,012,590 3,956,512,447

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., 0010, Armenia — tel/fax: +374 10 543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 1 Number of Trades and Value Traded in Equities at NASDAQ OMX Armenia, 2015 (monthly)

3,000,000 90 80 2,500,000 70 2,000,000 60 50 1,500,000 40 1,000,000 30 20 500,000 10 - 0 '000 AMD January February March April May June July August September Value traded (manual) Value traded (two-way auction) Number of trades

Following are the details on prices and values traded for the issuer traded at NASDAQ OMX Armenia in September (on a monthly basis, 2014-2015).

Price Price Price Number Volume, Month Low High Weighted Avg. of Stocks AMD AHEK 2014 700,000 1,090 September 1,050 1,050 1,050 2,500 2,625,000 1,080 600,000 October 1,040 1,040 1,040 1,232 1,281,280 1,070 November - - - - - 500,000 1,060 December - - - - - 1,050 400,000 2015 1,040 January 1,080 1,080 1,080 318,365 343,834,200 300,000 1,030 February 1,030 1,030 1,030 630,275 649,183,250 200,000 1,020 1,010 March - - - - - 100,000 1,000 April ------990 May 1,0301,030 1,030 10,000 10,300,000

15 15 15 15 15 1,080 1,080 1,080 40 43,200 '000 AMD / / / / / AMD June 01 02 02 07 09

/ / / / / July 1,030 1,030 1,030 159 163,770 11/09/14 Value03/10/14 traded12/01/15 14 18 20 Weighted08/05/15 avg.15/06/15 price18 11 August September 1,220 1,220 1,220 210 214,200

Price Price Price Number Volume, Month ESHG Low High Weighted Avg. of Stocks AMD 25 600 2014 500 September - - - - - 20

Thousands October - - - - - 400 November - - - - - 15 December - - - - - 300 2015 10 January - - -- - 200 February - - - -- March - - - -- 5 100 April -- - - - May ------'000 AMD AMD June - - -- - 28/09/15 July --- - - Value traded Weighted avg. price August - - -- - September 500 500 500 40 20,000 0- -2 s n '000d AMD ASEV AMD Value traded Weighted avg. price

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 2 way auction as of 30/09/2015. way auction marketTotal is capitalization calculated for commo mechanism trades manual via auction trading Total two-way "YEREVAN FACTORY OF CHAMPAGNE continuous via trading Total TotalTotal Auction Auction Two-Way Two-Way Continuous Continuous Market capitalization of is calculateda ascompany capitalization capitalization Market Market Manual trades trades Manual Manual ATAHHK JCAHEK "ARTSAKH HEK" OJSC indicator wasnotcalculatedforcompaniesnevertradedatNASDAQOMXArmenia. indicator wasnotcalculatedforcompaniesnevertradedatNASDAQOMXArmenia. companies, whosestockswerenottradedinthereportmonth,priceweightedaveragewasreplacedbylasttradeprice.This companies, whosestockswerenottradedinthereportmonth,priceweightedaveragewasreplacedbylasttradeprice.This P/E =stockpriceweightedavg./(profitaftertax–dividendpayableonpreferredstocks)/numberofstocksoutstanding.Forthose P/E =stockpriceweightedavg./(profitaftertax–dividendpayableonpreferredstocks)/numberofstocksoutstanding.Forthose Annual report Total Assets,Debt/Equity&Equity/Assetsarecalculatedbasedontheissuers'20151stquarterreports,whileotherfigures-2014 ROE ROE ROA ROA EPS (EarningsperShare) EPS (EarningsperShare) PLANT” JSC (MQER) marketranked the by first capital As of 30 September,the 30 Asmarket’s2015, of total capital Top 5 Issuers by Market Capitalization Capitalization Market Market by by Issuers Issuers 5 5 Top Top TotalTotal Auction Auction Two-Way Two-Way Continuous Continuous Market capitalization capitalization capitalization Market Market Manual trades trades Manual Manual indicator wasnotcalculatedforcompaniesnevertradedatNASDAQOMXArmenia. indicator wasnotcalculatedforcompaniesnevertradedatNASDAQOMXArmenia. companies, whosestockswerenottradedinthereportmonth,priceweightedaveragewasreplacedbylasttradeprice.This companies, whosestockswerenottradedinthereportmonth,priceweightedaveragewasreplacedbylasttradeprice.This P/E =stockpriceweightedavg./(profitaftertax–dividendpayableonpreferredstocks)/numberofstocksoutstanding.Forthose P/E =stockpriceweightedavg./(profitaftertax–dividendpayableonpreferredstocks)/numberofstocksoutstanding.Forthose ROE ROE ROA ROA EPS (EarningsperShare) EPS (EarningsperShare) Top 5 Issuers by Market Capitalization Capitalization Market Market by by Issuers Issuers 5 5 Top Top Financial Highlights of the Listed/Ad of Stock Issuers Highlights Financial 1CHRPC ZHBK C C 11 10 ' NNN MQER C ESHG 9 C EVG1 8 C 7 ARBK 6 C 5 4 3 2 1 N NNN N 6 5 4 3 2 1 000 =profitaftertax/avg.annualassetvalue(inpercent) = profitaftertax/avg.annualvalueofequity(inpercent) AMD TotalTotal Other issuers Other BANK" DEVELOPMENT "ARMENIAN DEVELOPMENT ECONOMY "ARMENIAN OJSC HEK" "ARTSAKH OJSC "ARARATBANK" OJSC PLANT" IRON "PURE TotalTotal aktTicker MarketMarket MarketMarket List/List/ List/List/ Free Free Free Free Free Free B B B C C IssuerIssuer IssuerIssuer EJWG ASEV ALMS HEZB AHEK TickerTicker Ticker CompanyCompany CompanyCompany YEREVAN JEWELLERYFACTORY-1 RZA OE OPN 1.36 0 HRAZDAN POWERCOMPANY ARMENIAN DEVELOPMENTBANK PURE IRONPLANT WINES YEREVAN FACTORYOFCHAMPAGNE YEREVAN JEWELLERYFACTORY "GNOMON" ALMAST ARMECONOMBANK HEK ARTSAKH SEVAN ARARATBANK NASDAQ OMXArmenia—5B MherMkrtchyan str.,Yerevan0010, Armenia—tel/fax: +37410543 321 =(profitaftertax-dividendpayableonpreferredstocks)/numberofcommon stocksissued ASEV TickerTicker TickerTicker AHEK CompanyCompany CompanyCompany TickerTicker TickerTicker B B MQER ARBK AHEK ZHBK HEZB List/ n stocks currently listed at stocks n NASDAQ OMX Armenia, wh e-mail: [email protected] —URL:www.nasdaqomx.am the product of the last closing price of last the product closing the and number of Free Market Nominal Nominal Nominal Nominal Nominal Nominal Value Value Value Value Value Value 4,000 1,000 Capitalization, Capitalization, Capitalization, Capitalization, Capitalization, Capitalization, 103,126,923,194 ization, accounting for 58.80% of total of market capi58.80% for ization, accounting ization amounted to AMDto As amounted the in ization prev 103,126,923,194. 11,200,020,000 14,052,511,000 10,863,000,000 60,640,024,194 2,011,600,500 4,359,767,500 (in '000 AMD) AMD) '000 '000 (in (in (in '000 AMD) AMD) '000 '000 (in (in Total Assets Assets Total Total Total Assets Assets Total Total AMDAMD AMDAMD 10,650,000 222,183 Total Value Value Value Total Total Total Value Value Value Total Total IssuedIssued IssuedIssued 132,343 AMD 67,804 47,731 87,401 17,734 10,250 5,751 3,776 4,153 5,110 N/A 1,442 mitted Tradingto at Armenia*OMX NASDAQ Number of of of Number Number 2 2 2 Number of of of Number Number 2 2 2 Total, %% Total, Total, Share in in in Share Share Total, %% Total, Total, Share in in in Share Share TradesTrades TradesTrades 15,470 P/EP/E P/EP/E 8,852 5,214 2,821 4,050 5,165 4,228 ,1 12.45 4,015 10.53 10.86 13.63 58.80 1.95 4.23 N/A 1 1 1 1 Weighted Weighted Weighted Weighted Weighted Weighted PricePrice PricePrice Avg. Avg. Avg. Avg. Avg. Avg. EPSEPS EPSEPS 99.15 -0.17 -0.01 1,020 131313. 13 10.86% .20.937 0.02 0.07 0.18 0.88 2.23 1.00 500 4.23% ...63 3 222 636363% 2 ich have ever been traded through continuous two- have everich been tradedcontinuous through 4 common stocks issued. issued. stocks common 250 250 250 Number of of of Number Number 250 250 250 Number of of of Number Number Securities Securities Securities Securities Securities Securities %%% TradedTraded TradedTraded ROAROA ROAROA 15.443 14.202 -4.907 -3.318 1.170 .3 5.878 4.231 4.235 0.984 2.157 0.527 0.971 210 210 10.53% 40 40 5 Value Traded Traded Value Value Value Traded Traded Value Value ROEROE ROEROE talization 30.09.2015. as of -23.527 214,200 15.705 13.769 8630.480 28.623 -3.733 20,000 20,000 214,200 234,200234,200 234,200234,200 2.357 8.750 7.380 5.931 1.95% ious month “PURE IRON month ious 6 111,091,500 CapitalizationCapitalization CapitalizationCapitalization EquityEquity EquityEquity 58.80%58.80% 58.80%58.80% Debt/ Debt/ Debt/ Debt/ Debt/ Debt/ 10,863,000,000 0.781 0.086 4.141 0.319 5.222 0.126 7.122 1.345 0.382 4.534 Market Market Market Market Market Market 111 1 Equity/ Equity/ Equity/ Equity/ Equity/ Equity/ AssetsAssets AssetsAssets 0.758 0.426 0.139 0.561 0.161 0.888 0.123 0.921 0.724 0.181 0.676 Turn-Turn- Turn-Turn- ratio ratio ratio ratio ratio ratio over over over 0.018 over over over (%)(%) (%)(%) 0.00 3 Corporate Bonds During September, 2015, 19 trades in corporate bonds were concluded for a total value of AMD 94,199,931, of which AMD 61,680,656 equivalent to USD 28,537 were concluded in USD denominated bonds. Overall 8,076 bonds of 5 issuer ս were traded. This month the trades were concluded through continuous two-way auction, as well as manual trading mechanizm. Compared to the same period of the previous year (September, 2014) the number of trades, the number of bonds traded and the total value traded decreased by 13.64%, 39.6% and 31.50%, accordingly. As compared to the previous month the number of trades, the number of bonds traded and the total value traded decreased 1.58, 1.24 and 1.96 times, respectevily.

Please refer to the table below for corporate bonds exchange trading statistics in 2015:

Number of Trades Number of Securities Traded Total Value Traded, AMD

Variance over Variance over Month* the same the same Variance over the Current year Current year Current year month of month of same month of (by months) (by months) (by months) previous year previous year previous year (%) (%) (%) January 19 5.56 8,102 -73.15 431,537,703 230.89 February 21 5.00 4,596 -49.04 53,252,638 -28.38 March 20 -31.03 12,660 -93.37 168,004,626 -80.15 April 5 -77.27 4,632 -91.21 48,741,506 -82.02 May 8 -20.00 2,012 -92.70 76,256,225 -80.34 June 28 -3.45 24,583 -57.51 314,689,572 9.83 July 6 -85.37 3,963 -98.32 200,406,719 -82.35 August 30 7.14 9,985 -57.90 184,776,682 -3.19 September 19 -13.64 8,076 -39.61 94,199,931 -31.50 YTD 2015 156 78,609 1,571,865,603 *In order to ensure consistency of data, provided in the table above, value traded is calculated in AMD according to the official exchange rate of the CBA as of month end.

Number of Trades and Value Traded in Corporate Bonds at NASDAQ OMX Armenia, 2015 1200 70 1000 60 50 800 40 600 30 400 20 200 10 0 0 December January February March April May June July August September

mln AMD Value traded (AMD, manual) Value traded (AMD, two-way auction) FX bonds value traded (manual, in AMD) FX bonds value traded (two-way auction, in AMD) Number of trades

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 4 Below table contains exchange trading statistics on corporate bonds for September, 2015.

Number Number of of Weighted List/Fre Securities Securitie Number of Avg. Yield Turnover Issuer Ticker e Market Nominal Value Issued s Traded Trades (%) Value traded Ratio (%)

Continuous two-way auction Trading in AMD bonds

International Finance Corporation IFCCB1 Abond 10,000 200,000 2,000 1 12.1998 19,891,400 1.000

"ARARATBANK" OJSC ARBKB7 Bbond 10,000 40,000 1,235 1 13.3173 12,627,875 3.088

Total trading via continuous two-way auction (in AMD) 2,000 222 32,519,275

Trading in FX bonds "ARARATBANK" OJSC ARBKB5 Bbond 25 40,000 164 3 5.19024,175 0.410 "ARARATBANK" OJSC ARBKB6 Bbond 25 40,000 4 1 6.7506 101 0.010 "ARARATBANK" OJSC ARBKB8 Bbond 25 40,000 159 3 7.1843 4,086 0.398 "ARARATBANK" OJSC ARBKB9 Bbond 25 80,000 457 2 7.5003 11,386 0.571 "Shen Holding" CJSC SHNCB7 Bbond 100 40,000 54 3 9.9998 5,739 0.135 ARMSWISSBANK CJSC SWISB1 Bbond 1,000 2,000 3 2 7.4001 3,050 0.150 Total trading via continuous two-way auction (in USD) 4,841 17 28,537

Manual trades Trading in FX bonds "ARARATBANK" OJSC ARBKB5 Bbond 25 40,000 500 1 5.1902 12,721 1.250 "ARARATBANK" OJSC ARBKB6 Bbond 25 40,000 2,000 1 6.7506 50,662 5.000 "ARARATBANK" OJSC ARBKB8 Bbond 25 40,000 1,500 1 7.1843 38,287 3.750 Total trading via manual trades mechanism 4,000 3 101,671

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 5 REPO Trading

In September, 2015, no new Repo trades were concluded at NASDAQ OMX Armenia.

Number of Trades Total Value Traded, USD

Variance over the Variance over the Month 2015 2015 same of the same of the (by months) (by months) previous year (%) previous year (%)

January 0 - 0 - February 0 - 0 - March 0 - 0 - April 0 - 0 - May 0 - 0 - June 0 - 0 - July 0 - 0 - August 0 - 0 - September 0 - 0 - YTD 2015 0 0 Number and Value of REPO Trades Concluded at NASDAQ OMX Armenia in 2015 0 8 7 0 6 0 5 4 0 3 2 0 1 0 0 mln AMD January February March April May June July August September Total Value Traded, USD Number of Trades

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 6 Credit Market* In September, 2015, no trades with credit resources were concluded at NASDAQ OMX Armenia. Please refer to the table below for credit market trading statistics for 2015 (by months).

Number of trades Total Value Traded, AMD

Month Variance over the Variance over the 2015 2015 same of the same of the previous (by months) (by months) previous year (%) year (%)

January 61 -65.54 43,750,000,000 -86.79 February 95 -64.94 35,010,000,000 -92.96 March 220 -41.18 110,920,000,000 -81.27 April 188 -51.67104,870,000,000 -85.00 May 261 -26.06 146,880,000,000 -77.84 June 346 20.14 178,530,000,000 -63.31 July 306 11.27 148,210,000,000 -67.80 August 94 -74.53 72,850,000,000 -88.89 September 0 -100.00 0 -100.00 YTD 2015 156 78,760,000,000

200,000 400 180,000 350 160,000 300 140,000 250 120,000 250 100,000 200 100,000 200 80,000 80,000 150 60,000 150 60,000 100 40,000 100 40,000 20,000 50 50 20,0000 0 0 0 mln AMD January February March April May June July August September mln AMD January February March April May June July August September Total Value Traded Number of trades Please refer to table below for credit resources trading statistics on a daily basis:

* Starting from August 17, 2015 trading with AMD denominated credit resources on overnight credit resources market has been terminated pursuant to CEO's resolution of NASDAQ OMX Armenia.

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 7 Government Bonds

In September, 2015, 29 trades in Government bonds were concluded with total value traded (by purchase price) of AMD 907,846,440. As compared to the previous month number of trades and the value traded increased 3.6 and 6.6 times, respectively.

As compared to the same period of the previous year (September, 2014), the number of trades and the value traded decreased by 31.0% and 23.8%, accordingly. Ministry of Finance of RA granted ARARATBANK, ArdshinInvestBank, ArmSwissBank, Converse Bank, HSBC Bank Armenia, VTB BANK (Armenia) and AMERIABANK the status of government debt management agent to provide simultaneous bid and ask quotes of the following benchmark government bonds AMGN36294175, AMGN60294190, AMGB10172218, AMGB1029A232, AMGB20072283 and AMGB20172323 in the trading system. To ensure implementation of this process NASDAQ OMX Armenia in its turn granted the above mentioned agents the status of market maker. Please refer to table below for government bonds trading statistics in 2015. Value Traded Value Traded Number of Trades (by nominal value), AMD (by purchase price), AMD Variance over Variance over Month the same the same Variance over the Current year Current year Current year month of the month of the same month of the (by months) (by months) (by months) previous year previous year previous year (%) (%) (%) January 0 -100.00 0 -100.00 0 -100.00 February 31 -70.75331,815,000 -94.59 306,152,110 -95.28 March 38 -51.90 864,200,000 -65.95 768,921,690 -71.49 April 40 0.00 2,143,200,000 27.901,942,616,278 10.81 May 48 11.63 2,225,831,000 -28.43 1,893,494,683 -39.86 June 22 -52.17 740,286,000 -72.35 663,733,766 -76.94 July 20 -23.08 920,400,000 148.34 853,500,284 113.51 August 8 -82.22 161,550,000 -88.46 138,040,895 -90.91 September 29 -30.95 1,075,000,000 -3.31 907,846,440 -23.82 YTD 2015 236 8,462,282,000 7,474,306,146 Trades in Government Bonds at NASDAQ OMX Armenia in 2015 2,500 60

2,000 50 40 1,500 30 1,000 20

500 10

0 0 mln AMD January February March April May June July August September Value traded (by purchase price) Number of Trades

Please refer to the table below for exchange trading statistics in Government bonds at NASDAQ OMX Armenia in September, 2015. Date Number Weighte Value Traded Value Traded (by Turnover ISIN* Date Issued Value Issued Matures of Trades d Avg. (by nominal purchase price) Ratio (%) AMGB10172218 17/03/2011 17/02/2021 19,757,000,000 3 14.4001 50,000,000 46,116,750 0.2531 AMGB1029A232 29/10/2013 29/10/2023 16,125,000,000 2 15.1500 20,000,000 16,056,700 0.1240 AMGB20072283 07/02/2008 07/02/2028 18,690,090,000 1 15.2401 19,000,000 14,808,847 0.1017 AMGB20172323 17/02/2012 17/02/2032 45,500,000,000 22 15.9407 970,000,000 817,021,247 2.1319 AMGN60294190 29/04/2014 29/04/2019 15,690,000,000 1 14.0100 16,000,000 13,842,896 0.1020 Total Gbonds in AMD 292929 1,075,000,000 907,846,440 *Transcription of ISIN codes can be understood from the example of AMGB20072283: AM - Armenia, G - Issuer, Government (CB - the Central Bank of Armenia), B - long-term (N - mid-term, M - mid-term bonds with partial redemption, T - short-term), 20 - 20 weeks (terms of circulation ), 07 - day of repayment, 2 - month of repayment, 28 - 2028 year of repayment, 3 - numeric affix.

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 8 Currency In September, 2015, 110 trades in the foreign currency market were concluded at NASDAQ OMX Armenia, all of them in US Dollars. Total value traded was AMD 8,175,032,859 (USD 16,940,000). As compared to the previous month the number of trades and the value traded in USD decreased by 58.27% and 57.97%, accordingly. Max Weighted Close Number of Month FXFXFX Min Price Value Traded, FX Value Traded, AMD Price Avg. Price Price Trades January USD 470.00 475.00 470.74 474.5029 4,000,000 1,882,950,000 February USD 478.00 480.00 479.44 478.00 103 14,950,000 7,167,614,714 March USD 471.00 483.00 474.38 472.25 238 38,680,000 18,349,208,779 April USD 472.00479.25 474.29 479.25 180 31,750,000 15,058,708,617 May USD 475.50 483.75 480.13 479.50 134 19,800,000 9,506,588,970 June USD 471.80 478.30 474.12 471.98 471 72,410,000 34,330,757,700 July USD 472.50 481.50 478.60 477.50 264 41,180,000 19,708,882,969 August USD 477.20 483.75 479.16 482.80 254 40,590,000 19,449,190,954 September USD 473.00 486.25 482.59 473.00 110 16,940,000 8,175,032,859 YTD 2015 USD 1,900 280,300,000 133,628,935,561 Monthly Number of Trades and Values Traded in FX at NASDAQ Monthly Close and Weighted Average Prices of FX Trading OMX Armenia in 2015 in the Past 12 Months 80 500 490.00 USD 480.00 70 450 400 470.00 60 350 460.00 450.00 50 300 440.00 40 250 430.00 30 200 420.00 150 20 410.00 100 400.00 10 50 390.00 - 0 380.00 15 15 15 15 14 - - - - - May July April June Jul-15 Oct-14 Apr-15 Mar Jan Nov Jun-15 Feb-15 Sep-14 Sep-15 Dec-14 May Aug

mln March August

USD January February Value traded, USD Number of Trades Close price, USD Weighted avg. price, USD September

Please refer to table below for FX trading statistics in September, 2015 on a daily basis: Weighted Avg. Number of Date Close Price Value Traded, FX Value Traded, AMD Price Trades USD 02/09/15 486.04 486.04 32 5,150,000 2,503,102,708 03/09/15 485.50 485.50 7 1,300,000 631,150,000 08/09/15 485.50 485.50 9 900,000 436,950,000 09/09/15 486.00 486.00 19 2,700,000 1,312,200,000 10/09/15 485.50 485.50 9 1,200,000 582,600,000 17/09/15 480.25 480.00 3 300,000 144,075,000 22/09/15 476.00 476.00 1 100,000 47,600,000 25/09/15 475.98 475.98 28 5,090,000 2,422,755,151 29/09/15 473.00 473.00 2 200,000 94,600,000

USD 6,000 USD 500.00 490.00 5,000 480.00 4,000 470.00 460.00 3,000 450.00 440.00 2,000 430.00 1,000 420.00 410.00 - 400.00 15 15 AMD / / 09 thsnd 09 / / 02/09/15 08/09/15 22/09/15 25/09/15 29 USD 03/09/15 09 10/09/15 17/09/15

Value traded, USD Weighted Avg. Price Close Price

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 9 Overview of Depository Activities As of September 30, 2015, 2,248 companies had their shareholder registries kept with the CDA. In September, 2015, the Depository registered placement of 4,114,393 securities with total value traded of AMD 10,235,830,000. Please refer to chart below for dynamics of securities placements, registered at the Depository: Securities placements, registered at the Depository in 2015

30,000 26,553.337 25,000 mlnmlnAMD AMD mlnmlnAMD AMD 20,000 16,126.151 15,000 11,437.249 10,235.830 10,000 3,865.538 3,077.311 5,000 1,027.920 706.233 75.360 - January February March April May June July August September October November December Securities placement value (nominal value)

Dynamics of stocks' transfers, serviced by Corporate Bonds transfers, serviced by the Central Depository of Armenia the Central Depository of Armenia 60,000 100 16 600,000 90 14 50,000 500,000 80 12 40,000 70 400,000 60 10 30,000 50 8 300,000 40 6 20,000 30 200,000 4 10,000 20 10 2 100,000 - - - - 14 15 15 mln AMD 15 14 15 15 15 15 15

- - - mln AMD ------Jul-15 Oct-14 Apr-15 Mar-15 Jan Nov-14 Jun Feb-15 Sep-14 Dec Sep-15 May Aug-15 Jul Oct-14 Apr-15 Mar-15 Jan Nov-14 Jun-15 Feb Sep-14 Dec Sep May-15 Aug Value traded Number of trades Value traded Number of trades In September 2015, the Depository registered transactions in In September 2015, the Depository registered transactions in equities for a total value of AMD 52,757,394,536, AMD corporate bonds for a total value of AMD 966,040,000, all of which 44,980,399,360 of which fell to the share of equity trading. fell to the share of corporate bonds trading.

Trading in Equity Trading in Corporate Bonds

Number of Number of Value traded Value traded trades trades

Month

Securities of which for Securities of which for transfers trading (OTC) transfers trading (OTC) SecuritiesSecurities transfers transfers SecuritiesSecurities transfers transfers of of which which for for trading trading of of which which for for trading trading SecuritiesSecurities transfers transfers SecuritiesSecurities transfers transfers of of which which for for trading trading of of which which for for trading trading January 14 10 8,485,248,061 206,458,806 7 3 1,427,062,250 1,424,670,000 February 69 47 1,067,032,936 975,087,936 14 14 8,051,062,000 8,051,062,000 March 63 48 440,772,802 361,403,802 3 3 1,459,060,000 1,459,060,000 April 66 53 3,392,228,640 3,309,114,120 3 3 1,995,368,000 1,995,368,000 May 58 34 595,978,397 490,382,560 1 1 130,000,000 130,000,000 June 84 64 290,482,601 208,686,357 3 3 1,012,730,000 1,012,730,000 July 65 46 23,773,146,720 13,245,185,430 - - - - August 89 75 362,560,583 305,107,983 3 3 1,152,868,000 1,152,868,000 September 81 54 52,757,394,536 44,980,399,360 1 1 966,040,000 966,040,000 YTD 2015 589 431 91,164,845,276 64,081,826,354 35 31 16,194,190,250 16,191,798,000 * Value of USD denominated corporate bonds transfers is mentioned in AMD, calculated based on the CBA rate at the end of the given month. ** Transfers of corporate bonds don't include REPO trunsuctions.

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 10 NASDAQ OMX Armenia and Central Depository of Armenia Member Companies (in alphabetical order)

ACBA-Credit Agricole Bank CJSC Armenian Development bank OJSC Inecobank CJSC 21/1 Paronyan str., 0015 Yerevan, 1 Byron str., Yerevan 0009, Armenia 17 Tumanyan str., 0001 Yerevan, Armenia Armenia tel.: (374 10) 31-88-88 tel.: (374 10) 59-15-15 tel.: (374 10) 54-51-67 fax: (374 10) 54-34-85 fax: (374 10) 59-14-62 fax:(374 10) 56-59-74 [email protected] [email protected] [email protected] www.acba.am www.armdb.com www.inecobank.am Central Depository of Armenia Member Central Depository of Armenia Member 0

Ameriabank CJSC Armswissbank CJSC ProCreditBank CJSC 9 G. Lusavorchi str., 0015 Yerevan, Armenia 10 V. Sargsyan str., 0010 Yerevan, 105/1 Teryan str., Citadel Business Center, 7th Armenia floor, Yerevan 0009, Armenia tel.: (374 10) 56-11-11 tel.: (374 10) 52-95-93, 58-44-19 tel.: (374 11) 51-48-60 fax: (374 10) 51-31-33 fax: (374 10) 52-95-91 fax:(374 11) 51-48-53 [email protected] [email protected] [email protected] www.ameriabank.am www.armswissbank.am 0

Central Depository of Armenia Member Central Depository of Armenia Member 0

Anelik bank CJSC Artsakhbank CJSC Prometey Bank LLC 13 Vardanants, 0010 Yerevan, Armenia 25 Knunyantsneri str., 44/2 Hanrapetutyan str., 0010 Yerevan, Stepanakert 375000, NKR Armenia tel.: (374 10) 59-33-33 tel.: (374 47) 94-34-12 tel.: (374 10) 56-20-36 fax: (374 10) 59-33-43 fax: (374 47) 97-15-42 fax: (374 10) 54-57-19 [email protected] [email protected] [email protected] www.anelik.am www.artsakhbank.am www.prometeybank.am 0 0 0

Araratbank OJSC BTA Bank CJSC Renesa CJSC 19 Pushkin str., 0010 Yerevan, Armenia 48/1 Nalbandyan str., 0010 Yerevan, 16 Vardanants str., 0010 Yerevan, Armenia tel.: (374 10) 59-23-23 tel.:Armenia (374 10) 50-07-77 tel.: (374 10) 54-83-83, 54-83-87 fax: (374 10) 54-78-94 fax: (374 10) 54-45-27 fax:(374 10) 54-83-83,54-83-87 [email protected] [email protected] [email protected] www.araratbank.am www.bta.am www.renesa.am Central Depository of Armenia Member 0 Central Depository of Armenia Member

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 11 Ardshinbank CJSC Byblos Bank Armenia CJSC Tonton Investment LLC 13, Grigor Lusavorich str., 0015 Yerevan, 18/3 Amiryan str., 0002, Yerevan, 10 Adontsi str., Yerevan 0021, RA Armenia Armenia tel.: (374 10) 54-04-04 tel.: (374 10) 53-03-62 tel.: (374 10) 20-38-15, 20-38-16, 20-38-17 fax: (374 10) 56-74-86 fax: (374 10) 53-52-96 fax: (374 10) 20-38-12 [email protected] [email protected] [email protected] www.ashib.com www.byblosbankarmenia.am www.tontoninvest.com 0 0 Central Depository of Armenia Member

AREXIMBANK-GAZPROMBANK GROUP CJSC "Capital Investments" CJSC Unibank CJSC office 6, 2d floor, 15 Khorenatsi str., N 53, 12 Charents str., Yerean 0025, Armenia 6-10 Northern ave., Yerevan 0001, RA Yerevan 0010, RA tel.: (+374 10) 51-40-23, 51-40-01 tel.: (374 10) 54-64-31, 54-74-31 tel.: (374 10) 59-22-59 fax: (374 10) 51-40-60 fax: (374 10) 54-74-31 fax: (374 10) 55-51-40 [email protected] [email protected] [email protected] www.areximbank.am www.capital.com.am www.unibank.am 0 0 Central Depository of Armenia Member

Armbusinessbank CJSC Converse Bank CJSC VTB Bank (Armenia) CJSC 26/1 V. Sargsyan str., 46 Nalbandyan str., 0010 Yerevan, Armenia 48 Nalbandyan str., 0010 Yerevan, Armenia 0010 Yerevan, Armenia tel.: (374 10) 59-20-20 tel.: (374 10) 51-12-00 tel.: (374 10) 54-72-49,54-37-49 fax: (374 10) 54-40-16 fax: (374 10) 51-12-12 fax: (374 10) 56-55-78 [email protected] [email protected] [email protected] www.armbusinessbank.am [email protected] www.vtb.am Central Depository of Armenia Member [email protected] Central Depository of Armenia Member

Armeconombank OJSC Future Capital Market LLC HSBC Bank Armenia CJSC 23/1 Amiryan str., 0002 Yerevan, Armenia office 50, 1 Byuzand, Yerevan 0010, RA 66 Teryan str., 0009 Yerevan, Armenia tel.: (374 10) 51-09-10 tel.: (374 10) 54-45-87 tel.: (374 10) 51-50-00 fax: (374 10) 53-89-04 fax: (374 10) 544 587 fax: (374 10) 51-50-09 [email protected] [email protected], [email protected] www.aeb.am www.fcm.am www.hsbc.am Central Depository of Armenia Member Central Depository of Armenia Member Central Depository of Armenia Member

Armenbrok OJSC N 8, 32/01 Tirgan Mets str., 0018 Yerevan, Armenia tel.: (374 10) 53-87-00 fax: (374 10) 52-89-86 [email protected] www.armenbrok.am, www.armenbrok.com

Central Depository of Armenia Member

NASDAQ OMX Armenia — 5B Mher Mkrtchyan str., Yerevan 0010, Armenia — tel/fax: +374 10 543 321 e-mail: [email protected] — URL: www.nasdaqomx.am 12