Ukrainian equity market:Key trends in 2012-2013

Royko Michael, the President of investment fundsRoyko Igor, PhD cand. of the financial market’s chair, KNEU,

Asset manager, PJSC asset management company «Amadeus»

Ukrainian stock indices were among the top losers in 2012

-80.0%

-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

-60.8%

-38.5%-34.8%

7.8% 7.4% 9.2% 10.5%12.3%

22.1%22.7%25.7%30.9%33.4%

58.4%

Chart Title

CSI 3

00

PFTS

Sloven

ia T

M

Niger

ia S

E

Banglades

h DS

Bovespa S

I

Bombay B

SE 30

RTS

MIC

EX

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

140.00%

160.00%

180.00%

200.00%

179.75%

135.41%

96.90%87.17% 86.19%

72.44%65.23%

19.18%11.54%

PFTS index was the 2nd among the top gainers in 2007

ISEX

PFTSRTS

MIC

EX

CSI300

BSE 30

DAX

BOVESPA

S&P 5

00

DJ 30

-100.0%

-90.0%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

-89.9%

-74.3% -72.3%-67.3% -65.8%

-52.8%

-41.7% -41.1% -39.8%-35.1%

PFTS index was the 2nd among the top losers in 2008

Ukrainian stock indices were among the top losers in 2011

PFTS index dynamics during 2001-2013

0

200

400

600

800

1000

1200

1400

42.6585.43 101.87

260.13

352.97

498.86

1174.02

1208.61

301.91

199.12

572.91

975.08

1141.51

534.43

328.69

309.78

27.06.2013 309,78

28.12.2012 328,69

30.12.2011 534,43

15.02.2011 1141,51

31.12.2010 975,0831.12.2009 572,91

06.03.2009 199,12

30.12.2008 301,91

15.01.2008 1208,61

28.12.2007 1174,02

29.12.2006 498,86

30.12.2005 352,97

31.12.2004 260,13

17.02.2004 101,87

31.12.2003 85,43

29.12.2001 42,65

UX index dynamics during 2008-2013 (by the 26.03.2008 – calculated)

0

500

1000

1500

2000

2500

3000

3500

2935

759.63

444.64500

1006.62

1455.47

2551.72

1447.42

1957.03

2443.7

2893.81

2311.87

1442.73

1458.87

967950.56

866.47

Chart Title27.06.2013 866,47

28.12.2012 950,56

27.06.2012 967

30.12.2011 1458,87

30.09.2011 1442,73

30.06.2011 2311,87

21.02.2011 2893,81

31.12.2010 2443,7

30.09.2010 1957,03

25.05.2010 1447,42

30.04.2010 2551,72

31.12.2009 1455,47

30.06.2009 1006,62

26.03.2009 500

03.03.2009 444,64

30.12.2008 759,63

15.01.2008 2935

Market capitalization of companies admitted to trading UX&PFTS(% of Ukrainian GDP) during 2007-2012

2007 2008 2009 2010 2011 20120.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

78.22%

19.09%22.56%

37.25%

14.99% 15.91%

PSE61%

UX19%

PFTS14%

KISE4%

Perspektiva SE1%

EESE1%

UISE1%

PSE UX PFTS KISE Perspektiva SEEESE UISE UKRSE UICE INNEX

PSE UX PFTS KISE Perspektiva EESE UISE UKRSE UICE INNEX

184, 258 58, 210 41, 854 11, 372 3, 481 2, 626 1, 599 0 0 0

The market capitalization of the Ukrainian listings in 2012 - 303 billion UAH

PSE65%

PFTS16%

UX12%

KISE5%

Perspektiva SE1%

EESE1%

UISE1%

PSE PFTS UX KISE Perspektiva SEEESE UISE UKRSE UICE INNEX

The market capitalization of the Ukrainian listings, first half 2013 - 374 billion UAH

PSE PFTS UX KISE Perspektiva EESE UISE UKRSE UICE INNEX

241,266 59,659 45,565 17,611 3,498 2,996 2,987 0,000 0,000 0,000

Number of Ukrainian listings in 2012-2013

Level 1 Level 2 ListingPSE 0 29 29UX 1 16 17PFTS 0 42 42KISE 0 18 18Perspektiva 0 8 8UISE 0 4 4EESE 0 3 3INNEX 0 0 0UKRSE 0 0 0UICE 0 0 0

1 120 121

Level 1 Level 2 ListingPFTS 5 40 45UX 8 10 18PSE 0 31 31KISE 0 22 22Perspektiva 0 8 8UISE 0 4 4EESE 0 2 2INNEX 0 0 0UKRSE 0 0 0UICE 0 0 0

13 117 130

20132012

Cross listing UX & PFTSUX PFTS

AZST 2 1BAVL 1 2DOEN 1 2ENMZ 2 2MSICH 1 1UNAF 1 2UTLM 1 2

UX PFTSMSICH 1 2AZST 2 2BAVL 2 2DOEN 2 2ENMZ 2 2GRIU 2 2SVGZ 2 2UNAF 2 2UTLM 2 2

UX Value of share trading during 2009-2013, billion UAH

2009 2010 2011 2012 1/20130.000

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

20.000

2.626

15.162

17.323

2.581

0.5520.3251.440

1.925

0.6670.438

EOB Off EOB

UX number of shares trades,during 2009-2013

2009 2010 2011 2012 1/20130

200,000

400,000

600,000

800,000

1,000,000

1,200,000

122,188

772,883

976,480

453,493

162,090

3,519 13,420 13,950 13,927 13,066

EOB Off EOB

UX average value of share trade,during 2010-2013, UAH

2009 2010 2011 2012 1/20130

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

21,492 19,61817,740

5,691 3,405

92,426

107,315

138,016

47,862

33,528

EOB Off EOB

UX average daily shares turnoverduring 2009-2013, ths.UAH

2009 2010 2011 2012 1/20130

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

10,988

61,886

69,291

10,3654,718

1,3615,878 7,701

2,677 3,744

EOB Off EOB

The value of share trading in 2012, mln.UAH

UX PFTS0

500

1,000

1,500

2,000

2,500

3,000

2,581

407

667

137

EOB Off EOB

Average value of share’s trades,

in 2012, UAH

Number of trades in equity shares

in 2012, ths.

UX PFTS0

50000

100000

150000

200000

250000

5,691

32,78447,862

231,960

EOB Off EOB

UX PFTS0.00

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

450.00

500.00453.49

12.4013.93 5.90

EOB Off EOB

Thank you for your attention!

Contacts:phone/fax: (044) 220 12 80 royko@amadeusua.com

www.amadeusua.com