NewEuroMTS Overview. October 2005

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1 NewEuroMTS Overview October

2 NewEuroMTS Rationale Driven by accession to the EU by 10 new countries in 2004 in compliance with Maastricht Criteria Expected convergence with Euro-Zone interest rates and Debt Management policies As such, Euro-Denominated debt is being strategically positioned by some of the 10 issuers dedicated market within the MTS Group Promotion of Secondary Market liquidity in EUR denominated debt and. Leveraging listing criteria to encourage convergence of these bonds characteristics with criteria defining EuroBenchmark Bonds in EuroMTS 2

3 List of traded securities ISSUERS Poland Hungary Czech Republic Lithuania Slovakia Cyprus Slovenia Outstandig < 1 Bln Outstandig > 1 Bln Isin Code Description # of Market Makers XS Czech Republic 4,125% XS Czech Republic 4,625% XS Poland 3,875% XS Poland 4,200% XS Poland 4,500% DE Poland 5,500% XS Rep. of Hungary 3,625% XS Rep. of Hungary 3,875% XS Rep. of Hungary 4,000% XS Rep. of Hungary 4,500% XS Rep. of Hungary 4,500% XS Rep. of Lithuania 4,50% XS Slovak Republic 4,5% XS Rep. of Hungary 5,625% (Optional Quoting) XS Rep. of Slovenia 6,00% (Optional Quoting) XS Rep. of Cyprus 4,375% (Optional Quoting) XS Rep. of Cyprus 5,50% (Optional Quoting) XS Rep. of Lithuania 3,75% (Optional Quoting) XS Poland 5,500% (Optional Quoting) XS Poland 6,000% (Optional Quoting) DE Rep. of Hungary 4,375% (Optional Quoting) DE Slovak Republic 7,375% (Optional Quoting) 3

4 NewEuroMTS System Features The establishment of an MTS inter-dealer market for EU accession states was shortly followed by the creation of the MTS Polish domestic market Banks can participate in parallel to both market segments, provided that they fulfill membership requirements Currently there are 32 participants on NewEuroMTS and 22 participants on MTS Poland 9 international players currently access both platforms through one single trading system In the Polish experience the MTS model allows for a single point of access to all Polish debt benchmark EUR denominated and Zloty denominated 4

5 NewEuroMTS Market Makers ABN AMRO EFG * BARCLAYS FORTIS BNL GOLDMAN SACHS * BNP PARIBAS HSBC-CCF * CABOTO ING * CALYON JP MORGAN * CITIGROUP KBC COMMERZBANK LEHMAN * CSFB * MERRILL LYNCH DEUTSCHE BANK MORGAN STANLEY * DRESDNER * SOCIETE GENERALE DZ BANK UBM UBS * Also active on MTS Poland 5

6 NewEuroMTS System Features MTS quote driven trading system leads to the alignment of bid-offer spreads within defined brackets Maximum bid-offer spreads requested to market makers are defined by participants market committees and can be proposed by the issuer The same applies to minimum quoting sizes, allowing for a sufficient market depth to be available throughout the trading session MTS monitors on a daily basis participants compliance with market making commitments Volume and quoting activity reports are available to participants and issuers periodically 6

7 NewEuroMTS Bid-Offer Spreads Snapshot of MTS Best Prices at 11:00 CET Price Ticks Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Poland 5,50% 2011 Rep. of Hungary 5,625% 2011 Republic of Hungary 4,50% 2013 Poland 4,50% 2013 Republic of Lithuania 4,5%2013 Republic of Hungary 4,00% 2010 Republic of Hungary 4,50% 2014 Poland 3,875% 2009 Slovak Republic 4,5% 2014 Czech Republic 4,625% 2014 Republic of Hungary3,625% 2011 Poland 4,20% 2020 Republic of Hungary3,875% 2020 Czech Republic 4,125%

8 Trading Volumes 700 NewEuroMTS Monthly Turnover Single Counted Millions Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Poland Hungary Czech Republic Lithuania Slovakia Slovenia Cyprus 8

9 Sep-05 MTS Poland Monthly Turnover Single Counted 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Aug-05 Jul-05 Jun-05 May-05 Apr-05 Mar-05 Trading Volumes Zloty Millions Nov-04 Dec-04 Jan-05 Feb-05

10 MTS Index The MTS Index suite includes a dedicated index for the most liquid bonds listed on the NewEuroMTS market segment The index is real time and it is based on tradable prices, in line with all other MTS EMU government indices Designed as an investment benchmark for various ETFs, OTC derivatives and index funds The MTS New EU Index represents a significant step towards the increase of general market liquidity and transparency Composition of the index is balanced according to outstanding amounts and residual life of securities traded on NewEuroMTS 10

11 04-Jan-04 03/17/ Feb-04 02/16/ /30/ /15/ /29/ Aug-03 11/20/ MTS New EU Index Daily Fixing May-04 04/20/ Apr-04 05/20/ /15/ /31/ /16/ Jan-05 07/15/ /30/ /15/ /31/ /16/ /29/ /14/ /30/ Nov-05 02/24/ Sep-05 01/25/ Oct-05 12/24/ Sep-04 11/24/ Sep-04 10/25/ Aug-04 09/22/ Jul-04 08/20/ May-04 07/21/ Jun-04 06/21/ /17/ /30/2005 Daily Index Value

12 NewEuroMTS Data Distribution Financial data vendors distribute NewEuroMTS prices and turnover volume to hundreds of users located around the world The list of data vendors includes Reuters, Bloomberg, Thomson Financial, Comstock, Telekurs and Traderforce Wide distribution of data is confirmed by the high number of users connected to the two main data vendors: - Bloomberg 600+ terminals have access to NewEuroMTS data - Reuters 500+ users connected on a daily basis 12

13 The NewEuroMTS experience confirmed convergence of trading practices for New EU issues with benchmark standards All parties involved investors, issuers and participants benefit from increased transparency and liquidity Price distribution and the creation of NewEuroMTS Index confirm acquired benchmark features of 1 st wave accession states sovereign bonds 13

14 Trading & listing rules of NewEuroMTS are part of EuroMTS market rules EuroMTS NewEuroMTS 14

15 NewEuroMTS Listing Rules EUR 1 billion minimum, Fixed Coupon Inclusion of bonds issue which are EUR 500m in size with a commitment to tap within 6 months Inclusion of bonds EUR 500m +, with no tap commitment if supported by min. 8 banks Investment Grade rated, issued by EU 1 st Wave Accession States Issuers currently listed on the market are: Poland, Hungary, Czech Republic, Lithuania, Slovakia, Slovenia, Cyprus. Residual maturity of at least 15 months Maturity buckets: A: yrs B: yrs C: yrs D: yrs 15

16 NewEuroMTS Trading Inter-Dealer market Status of Participants: Market Making & Price Taking capacity. Market Makers quote all issuers with bonds outstanding 1 Blns + Bonds traded in outright Cash market Managed by EuroMTS Ltd 16

17 NewEuroMTS Pricing Quoting commitments are based on the following parameters: Bucket A B C D Maturity yrs yrs yrs > 13.5 yrs Max. b/o Spread 10 Ticks 20 Ticks 25 Ticks 40 Ticks Min. Size (<2 Bln.) 1 Million 1 Million 1 Million 1 Million Min. Size (>2 Bln.) 2 Million 2 Million 2 Million 2 Million These are monitored on a daily basis since launch of market 17

18 NewEuroMTS Market Highlights All securities will follow the standard set-up of allowing trades to settle through EuroClear and Clearstream T+3, Delivery versus Payment Transaction fees: - Market Maker: EUR 50 per million traded [vs EUR 300 per million currently by other interdealer brokers] - Price Taker: EUR 100 per million traded No joining or membership fees for EuroMTS participants 18

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