Georgia SE Future Outlook

In 2012 the Georgian Stock Exchange plans to:

1. Make important changes in its trading system and trading rules so as to increase the efficiency of trading and increase the liquidity of the market:

• Intensify the trading process. In particular, the trading sessions will be conducted on daily basis and/or time period of the trading sessions will be extended;

•  Further improve remote trading system for brokerage companies;

•  Establish electronic links between securities market participants (stock exchange, central depository, brokerage companies, banks, securities registrars);

•  Increase the efficiency of the government securities trading on the stock exchange;

•  Introduce partially guaranteed trading of securities;

•  Introducing of price quotation both in local and foreign currencies.

1. Launch a new web-site for the GSE, which along with traditional statistics will provide corporate reports database for the companies who are admitted to the trading system. In addition, the creation and publication of a company database will allow companies to publish their annual, semiannual and current reports which are required by law and thus improve disclosure standards and corporate transparency;

1. Sign the data distribution agreements with large global data vendors.

1. Finalize upgrade of the Georgian Central Securities Depository (GCSD – the 99% subsidiary of GSE) clearing and settlement system, thus increasing efficiency of operations for large institutional investors and global custodians.