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1.

The emerging stock markets in the transition economies of Central and Eastern Europe have been
trying to revitalise their stock markets through private floatations and privatisation of public
enterprises.1 Consequently, most of these emerging markets have captured the attention of investors
in recent years.

The four stock exchanges of Budapest, Ljubljana, Prague and Vienna, which together form the CEE Stock
Exchange Group (CEESEG), entered their third year of cooperation in 2012. Numerous joint projects have been
realized since the Groups official formation in 2009. These include the establishment of a central holding
company (CEESEG AG), the bundling of data vending operations in the ADH data feed of the Vienna Stock
Exchange for all Group members, and the creation of many new products, especially indices. In the first half of
2012, CEESEG continued to work on the implementation of several medium to long-term projects such as cross
membership and the introduction of XetraR as a uniform trading system for all Group members. The Ljubljana
Stock Exchanges successful changeover to XetraR in 2010 significantly increased the number of remote
members, and consequently, the share in total trading volumes of international trading members. The second
stock exchange to follow with the changeover will be Prague where preparations are already in progress. With
the Budapest Stock Exchange scheduled to implement XetraR next year, this major long-term project to further
cooperation by also setting up a common trading platform should be finalized by 2013. Numerous projects were
successfully brought to conclusion at the four member exchanges. The approval of the general shareholders
meeting to replace the current trading system by XetraR marks the most important highlight of the Budapest Stock
Exchange (BSE) in the first half of 2012. A new market maker model was also introduced and following the
successful launch of the new BETa Market in 2011, the BETa Futures Market started in May 2012 with ten
contracts on foreign shares. The Ljubljana Stock Exchange (LJSE) continued the intense efforts to promote
Slovene issuers and stimulate trading by acquiring remote members and international investors. In February,
SunGard extended its SaaS-based Valdi market connectivity service by adding the LJSE. Using SunGards Valdi,
trading members can now access and trade LJSE-listed products simply and more cost-efficiently. In April, the
reinsurer Pozavarovalnica Sava d. d. (SAVA RE) joined the ranks of the top Slovene companies, which meet the
highest quantitative and transparency criteria, when it was transferred from the standard market to the prime
market. Besides several bond issues admitted to trading, a new share issue was listed on the Free Market of the
Prague Stock Exchange (PSE). The issue of OCEL HOLDING SE stocks introduced a socalled technical listing to
the Prague Stock Exchange, a type of listing that had not been used here before. The Prague Stock Exchange
also opened a new unregulated market for small and medium sized businesses called START and there are
already some issuers in the pipeline who are about to enter the market soon. At the Vienna Stock Exchange, the
boom in corporate bonds that commenced a few years ago showed no signs of waning. The year 2012 also
started robustly: in the first half of 2012, 11 new bonds were issued with an outstanding volume of EUR 1.1
billion. The license agreement signed with the Eurex Group marks another milestone: The Vienna Stock
Exchange won one of the largest derivatives markets worldwide as a new customer.

Economic environment still sluggish
Stock market sentiment was quite positive at the beginning of the year. Major global indices posted double-digit
growth and volatility
was significantly lower in 1Q 2012. Meanwhile, the mood on
the market has turned and volatility is back. Inconsistent data and
varying opinions make it hard to figure out the reasons that led to
the dampening effect on sentiment. Markets have been tending to
focus on politics rather than on the companies and fundamentals.
Uncertainty over political and macroeconomic developments in
Europe is spreading again and is driving up volatility.
Even so, a look at the companies and hard facts reveals a lot
of positive news supportive of investments in stocks. Substantial
restructuring measures carried out during the crisis years have
put companies in a much better position than a few years ago.
The lively demand for corporate bonds reveals the confidence investors
have in companies. On the one hand, there is sufficient
liquidity in the market, and on the other, real interest is negative.
This makes stock investments an attractive alternative especially
in view of the current relatively inexpensive stock valuations.
The CEE Stock Exchange Group provides professionally processed
real-time price data and market depth data from the regional
financial markets via the ADH data feed of the Vienna Stock
Exchange. Vendors can easily access the market data of all four
CEESEG partner exchanges, i.e., Budapest, Ljubljana, Prague
and Vienna.
After the Belgrade Stock Exchange joined CEESEGs data vending
alliance in 2011, its data was added to the ADH data feed in
May 2012. Currently, the price data of five additional exchanges
from the region of Central and Eastern Europe which cooperate
with the CEE Stock Exchange Group Banja Luka, Belgrade,
Bucharest, Macedonia and Sarajevo are part of the ADH data
feed. This creates easy access for vendors to the market data of
nine CEE stock exchanges via a single access point.
Additionally, the data of three power exchanges are also included:
EXAA Energy Exchange Austria, CEGH Gas Exchange of the
Vienna Stock Exchange and POWER EXCHANGE CENTRAL
EUROPE in Prague.
A further cooperation agreement on data vending was signed with
the Montenegro Stock Exchange in 2011, making it the thirteenth
market in the alliance. Data vendors can subscribe to the prices
of the Montenegro Stock Exchange via the ADH data feed of the
Vienna Stock Exchange. They use their existing lines to receive
the data in the same format and structure as all other market data
disseminated via ADH.
CEESEG has received many positive responses to its one-stopshop
approach that fits clients needs and the current trend towards
lean, cost-saving, and more efficient solutions, as clients
prefer to subscribe to the data of several markets. Data sent via
the ADH data feed is viewed on over 25,000 terminals in trading
rooms around the world.

2.
1. UNGARIA
Equity market capitalization 2007 to 1H 2012

Despite the fact that equity markets have not found their way back
to growth yet, a slight increase in capitalization was observed
at the Budapest Stock Exchange versus year-end 2011. Since
stock prices are currently close to the levels of the end of 2011,
the 4% rise in equity market capitalization in 1H 2012 may be attributed
mainly to the appreciation of the local currency. Although
new issues took place during this period, they did not have any
significant influence on the capitalization.

Domestic equity trading 2007 to 1H 2012
Following the good start in January 2012, the value of domestic
equity trading started to decline from February, similar to trends in
other European and regional markets. The first half of the year resulted
in a 28% drop in domestic equity trading compared to the
like figure for 2011, amounting to EUR 4.68 billion (single count).
At the same time, the certificates market still seems to be quite
attractive: turnover reached EUR 150 million already in the first
six months.



New share issues 2007 to 1H 2012
One company, Business Telecom Plc., entered BSEs equity market
in the first half of 2012 via the technical listing of its shares; the
total value was nearly EUR 20.7 million. In addition, Masterplast
Plc. brought new shares to the floor as a secondary public offering
with a value of EUR 4.2 million. The total value of the share capital
increases remained relatively low compared to previous years, at
just over EUR 11.7 million.

Trading volume of national and international
members 2007 to 1H 2012
In the first half of 2012, the activity of both national and international
trading members fell significantly. The tendency of previous
years continued as the share of international trading members
increased slightly. Domestic members, however, still play the main
role on both the spot and the derivatives markets. International
trading members remained active only on the spot market, generating
19.3% of the turnover.


The Largest Companies on the Budapest Stock
Exchange
The BUX is made up of the most actively
traded blue chips of the Budapest Stock
Exchange. Although investors can trade in
the stocks of 53 companies, BSE still has
a highly concentrated equity market. The
market capitalization of the top five companies
accounts for 90% of total equity
market capitalization. In terms of trading
volume, the top five blue chip companies
account for more than 98% of total trading
volume. This market concentration can be
explained in part by the fact that the biggest
blue chip companies listed on the BSE are
not only the key players in the Hungarian
economy, but also among the most liquid
stocks of the CEE region.

3 Slovacia

Equity market capitalization 2007 to 1H 2012
Total LJSE equity market capitalization was EUR 4.21 billion at the
end of June 2012, having been driven down mainly by declining
prices.

Domestic equity trading 2007 to 1H 2012
The domestic equity trading volume (double counted) recorded
in 1H 2012 amounted to EUR 293 million, with total LJSE trading
volume (including bonds and investment funds) amounting to
EUR 354 million. This translates into an average monthly trading
volume of EUR 59 million. Total trading volume without blocks
amounted to EUR 276 million. The large part of turnover was
generated by equity trades (82.7%), while bonds and investment
funds contributed a further 16.6% and 0.6%, respectively.
The most actively traded stock on the Prime Market in 1H 2012
was Krka, which stood for 51.7% of all equity deals. The LJSE
Prime Market currently lists ten Slovene blue chips, which accounted
for 88.5% of the equity trading volume in 1H 2012. The
other two largest contributors to equity trading were Mercator,
which generated 11.8% of all equity transactions, and Petrol,
which contributed a further 8.5%.


New share issues 2007 to 1H 2012
The adverse market situation was one of the key reasons for the
small number of capital increases in 1H 2012 (EUR 4.4 million).
New listings in 1H 2012 included bonds, which were issued with
a total nominal value of EUR 39.5 million and commercial papers
with a total nominal value of EUR 60.3 million. The LJSE also witnessed
three capital increases in 1H 2012.

Trading volume of national and international
members 2007 to 1H 2012
The major share of LJSE trading volume in 1H 2012 was generated
by domestic members, which executed 81.3% of all trades.
In June 2012, the LJSE had 20 domestic members and 5 international
remote members.


The Largest Companies on the Ljubljana Stock
Exchange
The SBITOP is the blue chip index of the
Ljubljana Stock Exchange. Its basket currently
includes the following companies: Krka, Mercator, Telekom Slovenije, Petrol, Gorenje, Nova KBM, Zavarovalnica
Triglav


Piata bursiera din Praga

Equity market capitalization 2007 to 1H 2012
In the first half of 2012, the market capitalization of domestic equities
reached EUR 27.82 billion. The market capitalization of foreign
equities amounted to EUR 12.03 billion. The total value of market
capitalization was EUR 39.85 billion. Total market capitalization
decreased by 4.73% in comparison to the end of 2011.



Domestic equity trading 2007 to 1H 2012
In the first half of 2012, trading turnover in domestic equities
reached EUR 7.97 billion. Turnover decreased by 34.71% compared
to 1H 2011. Total turnover in 1H 2012 was EUR 10.7 billion.



New share issues 2007 to 1H 2012
The PSE commenced trading in the new share issue of OCEL
HOLDING SE on 30 April, 2012. The total number of shares
amounted to 1.5 million.




Trading volume of national and international
members 2007 to 1H 2012
The PSE has 21 members, two of them are foreign EQUILOR Investment
Ltd. with headquarters in Hungary and Ipopema Securities
S.A. with headquarters in Poland. The two foreign companies
accounted for 2.77% of total stock trading volumes. EQUILOR
Investment Ltd. acts as a market maker within the SPAD trading
regime for the share issues of CEZ, Komercni banka and Telefonica
C.R.




The Largest Companies on the Prague Stock
ExchangeThe PX is the official index of the Prague
Stock Exchange. It is a capitalizationweighted
price index made up of the most
actively traded blue chips of the Prague
Stock Exchange. In the first half-year 2012,
14 stocks were traded on the SPAD segment
for securities with the highest liquidity
on the market.
The PX includes the following companies:
AAA Auto Group
Central European Media Enterprises
CEZ
Erste Group Bank
Fortuna Entertainment Group
KIT Digital
Komercni banka
New World Resources
Orco Property Group
PEGAS NONWOVENS
Philip Morris CR
Telefonica C.R.
UNIPETROL
VIENNA INSURANCE GROUP
The following profiles focus on the five
PX companies with the highest trade volumes.


4 Viena
Equity market capitalization 2007 to 1H 2012
The slightly positive performance of the leading index, ATX,
reflects the development of market capitalization. It increased
from EUR 65.68 billion at year-end 2011 to EUR 68.24 billion at
30 June 2012. This translates into a gain of 3.9%.

Domestic equity trading 2007 to 1H 2012
Average monthly trading volumes in the first six months of 2012
amounted to EUR 3.35 billion, down from EUR 4.98 billion in
2011.

New share issues 2007 to 1H 2012
In the first half of 2012, two capital increases raised fresh capital
amounting to a total of EUR 21.8 million. There were no new listings
or SPOs, however, issuers of corporate bonds were again
very active and tapped the capital market to raise funds (11 new
listings with an issuing volume of EUR 1.1 billion).

Trading volume of national and international
members 2007 to 1H 2012
As of 30 June 2012, 54 of the 93 trading members were foreign
firms. They continue to account for more than two-thirds of total
trading volume in equities with a share of 71.5%.

The Largest Companies on the Vienna Stock
Exchange
The ATX (Austrian Traded Index) is the leading
index of the Vienna Stock Exchange.
The two key criteria for inclusion in the
index are free float market capitalization
and stock exchange trading volumes.
The ATX includes the following companies:
ANDRITZ AG
CA Immobilien Anlagen AG
conwert Immobilien Invest SE
Erste Group Bank AG
EVN AG
IMMOFINANZ AG
Lenzing AG
Mayr-Melnhof AG
OMV AG
Osterreichische Post AG
Raiffeisen Bank International AG
RHI AG
Schoeller-Bleckmann AG
STRABAG SE
TELEKOM AUSTRIA GROUP
VERBUND AG
VIENNA INSURANCE GROUP AG
voestalpine AG
Wienerberger AG
Zumtobel AG
The following profiles focus on the five
shares with the highest weighting in the
ATX.

2013: Development of key market figures
The four stock exchanges of Budapest, Ljubljana, Prague, and Vienna together form the CEE Stock
Exchange Group (CEESEG), which is the largest group of exchanges in Central and Eastern Europe.
CEESEG calculates two Group indices both of which decreased slightly in 2013: The CEETEX lost 1.18%
and the CEESEG Composite was down by 1.02%. However, the five-year performance is considerably
more positive and shows a gain of 23.47% for the CEETX and a plus of 21.09% for the CEESEG Composite
Index.
The CEETX is a tradable index composed of the 25 most actively traded stocks with the highest market
capitalization of the member exchanges, while the CEESEG Composite Index is made up of the stocks
of the four leading indices of the member exchanges (ATX, BUX, PX and SBITOP) and tracks the development
of the capital markets of the Group and also serves as a benchmark.



The combined market capitalization of all four Group member exchanges decreased slightly to EUR 127
billion in 2013, down from EUR 129.2 billion as of year-end 2012. The developments on the individual
exchanges exhibit widely divergent patterns: Gains in market capitalization at the Vienna SE (EUR 85.4
billion as of year-end 2013, up from EUR 80.4 billion as of year-end 2012) and the Ljubljana SE (up from
EUR 4.9 billion to EUR 5.2 billion as of year-end 2013) were offset by significant losses in market capitalization
by the Prague SE (EUR 22 billion, down from EUR 28.2 billion as of year-end 2012) and the
Budapest SE (from EUR 15.7 billion to EUR 14.4 billion as of year-end 2013).
The combined total equity turnover in 2013 of EUR 68.5 billion was down by EUR 5 billion compared to
year-end 2012 (EUR 68.5 billion). Again, increases at the Vienna SE (from EUR 36.1 billion to EUR 38.8
billion in 2013) were offset by declines in equity turnover at the Prague SE (down from EUR 20 billion to
EUR 13.4 billion in 2013) and the Budapest SE (down from EUR 16.8 billion to 15.7 billion in 2013), while
equity turnover at the Ljubljana SE at EUR 0.6 billion remained stable in 2013.

News from CEESEG
CEESEG AGs annual general meeting (AGM) elected a new supervisory board chairman and new
members in June 2013. Willibald Cernko was appointed chairman of the supervisory board of CEESEG
AG. The AGM also elected new members to the supervisory board of CEESEG AG, as follows: Willibald
Cernko (UniCredit Bank Austria AG), Martin Simhandl (VIENNA INSURANCE GROUP AG), Hannes
Bogner (UNIQA Versicherungen AG), Byron Haynes (BAWAG P. S. K. Bank fr Arbeit und Wirtschaft und
sterreichische Postsparkasse AG) and Josef Weil (Oberbank AG).
In 2013, two new indices were added to the range of indices calculated by the Vienna Stock Exchange:
the KTX Local and the ATX Global Players. The KTX Local was developed under a cooperation agreement
signed with the Kazakhstan Stock Exchange (KASE) and is composed of KASEs eight most
actively traded companies. The ATX Global Players tracks Austrian companies that are world market
leaders in their niche. It comprises those companies currently their number stands at 15 of the
prime market that earn at least 20% of sales revenues from outside Europe. Austria has, in a global
comparison, an outstandingly large number of world market leaders a fact that is highlighted by the
new index.