the free market segment if required by the issuer or by the law. Shares from privatization process and publicly offered shares are listed on the free market after registration with the Central Registry of Securities. The number of shares listed on this market segment was 630 on June 31, 2003 according to the Stock Exchange Monitor (see links below), and it is expected to reach 830 after the registration of shares from privatization in the Central Registry of Securities has been completed. Market capitalisation Indexes BIRS, an index of 12 leading shares on the stock exchange, including Telekom Srpske and Rafinerija ulja Modriča. FIRS, an index of 13 privatisation-investment funds in Republika Srpska. Clearing and settlement The Central Registry of Securities for all members of the Central Registry takes on fulfillment of monetary liabilities and fulfillment of obligation to transfer securities arising from transactions concluded on the Stock Exchange or other regulated public market. The Registry performs the following activities: registration and maintenance of securities, i.e. information on securities, security ownership and all transactions transferring the ownership or other changes in the status of securities, both material and non material form registration and maintenance of information defining the ownership or other rights incorporated, both in material and non material securities record-keeping of the issuer accounts, i.e. accounts of security owners, and issuing of certificates on status and changes in those accounts transfers, depositing, settlement and clearing activities arising from transactions with securities! The Central Registry is a unique database on all securities that are traded on the securities market, and especially the database of those data pertaining to the registration of ownership and changes of ownership of the securities. This database has to include all securities. Transactions concluded on the BLSE are settled on T+3. Foreign Investment Regulation and Taxation A foreign investor has equal rights as a native investor concerning rights and liabilities and legal status in an enterprise. A foreign investor acquires the right on additional guaranties that are not granted to local persons since the Constitutions of the Republika Srpska prescribes that the right acquired by investment of capital shall not be reduced by the law or any other regulation and guarantees free expatriation of profit and of capital after the end of investment. Forms of foreign investments in accordance with the Law as follows: establishment of legal body fully owned by the foreign investor establishment of