© Copyright 2010, The NASDAQ OMX Group, Inc. All rights reserved.

ROLE OF PARTICIPANTS REGISTRY KEEPER AND ASSET CUSTODIAN IN FUNDED PENSION

SYSTEM OF ARMENIA

© Copyright 2010, The NASDAQ OMX Group, Inc. All rights reserved.© Copyright 2010, The NASDAQ OMX Group, Inc. All rights reserved.

NASDAQ OMX Worldwide

Central Depository of Armenia+ Maintaining registries of 1,616 private companies+ Servicing more than 159,000 depo accounts + Maintain 3 BUSD companies equities + New business model: DEPEND+ Pension system service

+ AMPIS project implementation & operations

+ Anticipated to service the system starting from 1 January, 2014 as pension accounts registrar and custodian, AMPIS operator

Stock Exchange

+ The only stock exchange in Armenia

+ Efficient trading system, capable of supporting trading in a range of instruments: Equities, corporate and government bonds, REPO agreements, credit resources, FX

100% NASDAQ OMX Group owned company Integrated business model: stock exchange and central depository The only structure that unites all investment services providing institutions Hardware and communication infrastructure, with back-up procedures Operational risks insurance Optimized functions and staff: common departments

Developed based on successful experience of Estonian Pension System software (KOPIS).

Strictly defined user roles and data encryption mechanisms.

ARMENIAN PENSION INFORMATION SYSTEM – AMPIS

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Dynamic information exchange with Tax Service, CBA, Treasury and the RA Social Security State Service.

Synchronized with softwares of Tax Service and Treasury.

Front and back office functionality support. Registration and maintenance of pension accounts will be performed by the Registrar, while account operators will ensure customer service.

“My Account” online access for participants, additionally secured by electronic IDs along with common requirement of login and password.

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Pension accounts management

Opening and registration of pension accounts

Issue and redemption of pension fund units

Exchange of fund units

Payout of pension money

Provision of information to contributors

Centralized custody of pension funds

Custody of local assets

Custody of foreign assets via Global Custodian

PENSION SYSTEM SERVICE:AMPIS OPERATIONS

© Copyright 2010, The NASDAQ OMX Group, Inc. All rights reserved.

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