[Last updated: 1 January 2024, unless otherwise noted]

There are no initial fees associated with a listing on the BSE.

The annual fee is calculated as below:

• AZN1,000 (approximately US$588) for the primary market
• AZN500 (approximately US$294) for the standard market

State-guaranteed bonds issued by the municipalities, local authorities and other public bodies and the Azerbaijan Mortgage and Credit Guarantee Fund are exempted from annual fees. Zero-risk or risk-free bonds in accordance with the principles of Basel II, recommended by the Basel Committee on Banking Supervision, and open joint stock companies of which at least 51% of shares are owned by the Republic of Azerbaijan are also exempted from annual fees.

Tariffs do not apply to the Central Bank of the Republic of Azerbaijan and the Ministry of Finance of the Republic of Azerbaijan.

In accordance with the decision of the Supervisory Board of the Baku Stock Exchange, issuers of shares listed for the first time through the public offering method, still listed as at 31 December 2023, are exempted from the listing service fee for that period.