1. INVESTMENT OPPORTUNITIES ON THE SECURITIES MARKET OF UZBEKISTAN 5 April 2012

2. CONTENTS LEGISLATION & REGULATION Ⅰ SECURITIES & MARKET PARTICIPANTS Ⅱ CURRENT TRENDS & PERSPECTIVES Ⅲ

3. - To realize a state policy in such spheres as development, control and coordination of the securities market in Uzbekistan. - To maintain a unified register of securities issues and the list of market participants, regulate circulation of securities, professional activity on securities market. - To enforce securities market legislation. - To adopt legislation providing necessary legal conditions for issuing and effective circulation of securities. - To protect investors’ rights, widely inform public about securities market and its participants. LEGISLATION & REGULATION The main securities market regulator is a Center for Coordination and Control over Functioning of the Securities Market (CSM). The CSM’s core functions are:

4. LEGISLATION & REGULATION 02.09.1993y. №918-XII «On Securities and Stock Exchange» «On Mechanism of Functioning of Securities Market» «On Depositories Activity on Securities Market» «On Protection of Investors Rights on Securities Market» Law «On Securities Market» This legislative act provided for unification and improvement of securities market legislation in line with international standards: 25.04.1996y. №218-I 29.08.1998y. №672-I 30.08.2001y. №262-II

5. (1) establish information disclosure obligation for all securities market participants; (2) remove double recording practices on securities; (3) set dematerialization requirement for issue of shares and corporate bonds; (4) introduce central registrar system; (5) liberalize securities market participants activity. Adoption of Law “On securities market” allowed to: LEGISLATION & REGULATION

6. SECURITIES & MARKET PARTICIPANTS

7. Two-tier Depository System (Central Securities Depository and 32 second level depositories); Clearing and Settlement Systems (clearing chamber «Elsis-Kliring»); Securities trading organizers (stock exchange and 2 OTC trading platforms); Professional participants of securities market. SECURITIES & MARKET PARTICIPANTS

9. стр. 6 SECURITIES & MARKET PARTICIPANTS

10. individuals Stockholders by typeStock ownership by type

11. CURRENT TRENDS & PERSPECTIVES Primary market

12. CURRENT TRENDS & PERSPECTIVES Secondary market

13. CURRENT TRENDS & PERSPECTIVES

14. 2010 Change Joint stock companies Stockholders Securities volume Investment institutions Stock exchange trading 1 309 ед. UZS 213.1 bn 6,6% 3.3 times 2011 1 402 ед. UZS 64.4 bn 130 10,9% 118 10,1% 0,6% 1, 44 mln1,45 mln UZS 7.6 trlnUZS 6.8 trln Avg shareholder capitalUZS 4.9 bnUZS 5.8 bn 18,8% CURRENT TRENDS & PERSPECTIVES Key market figures:

15. CURRENT TRENDS & PERSPECTIVES Stock exchange trading (UZS bn)

16. CURRENT TRENDS & PERSPECTIVES Number of listed companies on the exchange