Minsk, BelarusMinsk, Belarus

FOUNDATION STAGESFOUNDATION STAGES

MarchMarch 1993 1993 INTERBANK CURRENCY EXCHANGE, INTERBANK CURRENCY EXCHANGE,

closed type joint stock companyclosed type joint stock company Main events: organizing foreign currencies trades

(since 24.03.1993), registration of transaction in government securities (August 1994)

SeptemberSeptember 1996 1996

INTERBANK CURRENCY EXCHANGE, INTERBANK CURRENCY EXCHANGE,

State Institution of the National BankState Institution of the National BankMain events: organizing government securities trades (since 16.01.1998)

December December 1998 1998

BELARUSIAN CURRENCY AND BELARUSIAN CURRENCY AND

STOCK EXCHANGESTOCK EXCHANGE (BCSE)

AIMSAIMS

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 TO BECOME THE DOMINANT POWER IN THE BELARUSIAN FINANCIAL MARKET INFRASTRUCTURE AND TO ENABLE IT FINANCIAL MARKET INFRASTRUCTURE AND TO ENABLE IT TO PROVIDE THE FOLLOWING: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.

TASKSTASKS

SERVICES ON FINANCIAL MARKETSERVICES ON FINANCIAL MARKET

Functions of the BCSEFunctions 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 serviceInformation 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 TRADEBCSE TRADE PARTICIPANTSPARTICIPANTS

As of January 1, 2010 Sector Members included 7272 companies including 3322 banks and 4040 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 MARKETCURRENCY 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 FUTURES MARKETMARKET

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 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 $ 11.25 million,

($ 7.6 million in 2008).

GOVERNMENT SECURITIES OF THE NATIONAL BANK ARE GOVERNMENT SECURITIES OF THE NATIONAL BANK ARE ADMITTED TO TRADES AT THE BCSE UNDER OFFICIAL ADMITTED TO TRADES AT THE BCSE UNDER OFFICIAL ISSUE CONDITIONSISSUE CONDITIONS

ONLY LISTED NON-GOVERNMENT SECURITIES ARE ONLY LISTED NON-GOVERNMENT SECURITIES ARE ADMITTED TO TRADES AT THE BCSEADMITTED TO TRADES AT THE BCSE

STOCK MARKETSTOCK MARKET: : securities admission to securities admission to circulation at the BCSEcirculation at the BCSE

In 2009, the stock market turnover amounted to $ 15.06 billion ($ 9.1 billion in 2008)

FIRST LEVEL QUOTATION LIST A

SECOND LEVEL QUOTATION

LIST A

QUOTATION LIST B OUT OF LIST SECURITIES

ADMISSION INITIATOR ISSUER ISSUER 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 YEARS AT LEAST 1 YEAR

n/a 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 ONESHAREHOLDER

NOT MORE THAN 75 % OF SIMPLE EQUITIES OF AN ISSUER, EXCEPT STATE-OWED EQUITIES

n/a

STOCK MARKETSTOCK MARKET: : ListingListing

CLEARING AND SETTLEMENT SYSTEMCLEARING AND SETTLEMENT SYSTEM

Client of PARTICIPANT 1PARTICIPANT 1, Seller

Trade position «money» of a Client

PARTICIPANT 2 BuyerClient 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

BanksTrade 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 BELARUSIAN QUOTATION AUTOMATED SYSTEM BEQASBEQAS (WWW.BCSE.BY/BEKASWWW.BCSE.BY/BEKAS), 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 SystemINFORMATION PRODUCTS: BEQAS System

MAIN CHARACTERISTICSMAIN 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 PRODUCTSBEQAS 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 INFORMATION PRODUCTS: official site of the BCSE

WEB-SITEWEB-SITE ((WWW.BCSE.BYWWW.BCSE.BY)) 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 (WWW.BCSE.BY) AND SYSTEM SITE IS «STOCK MARKET OF BELARUS» (WWW.STOCK.BCSE.BY) 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 viewOfficial information of the National Bank, Ministry of Finance, Securities Committee and others.

INFORMATION INFORMATION PRODUCTS: PRODUCTS: ISIS « «Stock Stock MarketMarket»» Information System «Stock Market» WWW.STOCK.BCSE.BYWWW.STOCK.BCSE.BY based on Internet-technology and based on Internet-technology and

providing the information in the following directionsproviding 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

FOUNDERFOUNDERS OF THE SYSTEMS OF THE SYSTEM::BCSENATIONAL BANKSECURITIES COMMITTEE REPUBLICAN CENTRAL SECURITIES DEPOSITORY

INFORMATION PARTNERSINFORMATION PARTNERS::MINISTRY OF FINANCEMINISTRY OF JUSTICEMINISTRY OF ECONOMY «BELARUSIAN STOCK MARKET», PERIODICAL

IT COMPLEXIT COMPLEX

ASAASA « «EXCHANGEEXCHANGE» » TRADE SYSTEM FOR SECURITIESTRADE SYSTEM FOR SECURITIESTRAINING AND REAL SYSTEMTRAINING AND REAL SYSTEM

ААSASA « «LISTINGLISTING»»ААSETSET « «TRADES IN FOREIGN CURRENCYTRADES IN FOREIGN CURRENCY» » TRADING AND SETTLEMENT TRADING AND SETTLEMENT MODULEMODULE

SETTLMENT AND CLEARING COMPLEXSETTLMENT AND CLEARING COMPLEXDEPOSITORY DEPOSITORY RECORDRECORD SYSTEM SYSTEM

ААSETSET « «TRADES IN FUTURES MARKET INSTRUMENTSTRADES IN FUTURES MARKET INSTRUMENTS»»TRADING AND SETTLEMENT TRADING AND SETTLEMENT MODULEMODULE

««THE OFFICIAL THE OFFICIAL WEB-WEB-SITE»SITE» Software complex Software complex,, ««STOCK MARKETSTOCK MARKET» » ISIS ««BEQASBEQAS»» System System

EDCEDC AND EDSAND EDS

TRADE AND SETTLEMENT COMBINATIONTRADE AND SETTLEMENT COMBINATION

Trading mode Settlement codeMarket 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 dealsS-T+0

S-T+n

NS

S-REPO

MEMBERSHIPMEMBERSHIP

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)

CONTACTSCONTACTS

PhonePhone: (+375 17) 209-41-03 (reception) (+375 17) 206-34-69 (information service)

FaxFax: (+375 17) 209-41-10

office@bcse.byoffice@bcse.by

www.bcse.bywww.bcse.by

AddressAddress: : 48а Surganova str., 220013 Minsk, Belarus