GEORGIA’S STOCK MARKET PROVED MORE VULNERABLE THAN THAT OF ARMENIA – OFFICIAL

Georgian Business Week
April 6 2009

Georgia

Tbilisi (GBC) – Georgia’s stock market is experiencing not only
liquidity problems but also need for the development of the capital
market and financial system, Johan Fredholm, the NASDAQ OMX regional
manager, told GBC.

Georgia has potential to develop the stock and capital market,
however this requires the initiative of certain people, Fredholm said.

Responding to GBC’s question whether the company planned to enter the
Georgia market, or planned any other kind of involvement, Fredholm
said that company had observed the market for two years, however,
at the stage the country was interested in capital market development.

Nasdaq OMX has some experience of operation in the Caucasus region. It
owns Armenia’s stock market. Fredholm said the situation in Armenia
two years ago was worse than in Georgia, but that positive developments
have taken place there recently.

"If you had asked me two years ago, I would have answered that
the Georgian market had more potential than its neighbor. However,
the crisis has shown that the Georgian stock market, is in a worse
condition than that of Armenia," Fredholm said.

Fredholm also said that stakeholders should act jointly to develop
an action plan adding that this would require complex measures to be
undertaken by everyone from the government to the brokers.

NASDAQ OMX Group, Inc. is a United States public company that owns and
operates the NASDAQ stock market and seven European stock exchanges in
the Nordic and Baltic regions under the OMX banner. It is headquartered
in New York City.

From: Emil Lazarian | Ararat NewsPress