Securities and the Stock Exchange in the Czech Republic

• The re-establishment of equity markets in the CR has been designed to run parallel to the country's privatisation programme, which aims to privatise more than USD33 billion worth of property over a 5-6 year period. Shares may be acquired in the following ways:

- individually, through the voucher privatisation programme;
- collectively, through the voucher privatisation programme (via investment privatisation funds);
- through direct purchases for cash by management or other (i.e. foreign) investors.

• These elements of the shareholder base are supplemented by shareholders purchasing shares for cash through the market, either from earlier holders or through new public offerings.