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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 ZAGREB STOCK EXCHANGE The Zagreb Stock Exchange is one of the leading exchanges in South-Eastern Europe. Roberto Motusic General Manager Our goal is to strengthen our current role in the region and develop a more substantial and intensive cooperation with other exchanges. The Zagreb Stock Exchange is one of the leading exchanges in South- Eastern Europe. According to this years Bloomberg research, the Zagreb Stock Exchange, according to market capitalization, is the sixth in the region of Central and Eastern Europe. In the region of ex-Yugoslavia countries, the Zagreb Stock Exchange holds a leading position with 37.4% of the total regional turnover and over 41% of the total regional market capiptalization. HISTORY AND DEVELOPMENT The ZSE was incorporated in 1991 as a joint-stock company with 25 commercial banks and insurance companies. Today, the ZSE has 47 shareholders and 42 members. Prerequisites for ZSE membership include: compliance with the Securities Law, licensing with CROSEC and acceptance of the ZSE rules. A seat on the ZSE currently costs approximately US$ 13,000. Members are required to comply with the rules and regulations of the ZSE and must register at least one licensed broker. The Zagreb Stock Exchange and the Croatian capital market have just finished a year of great growth and development. Impressive yearly statistics speak volumes about the growth. Regular equity transactions have more than doubled (+137.7%) compared to 2005, exceeding US$ 1.8 billion. But the true growth is visible from the following: this years equity transactions have almost reached Zagreb Stock Exchanges cumulative transactions for the past five years (2001-2005). Two big events have played a large role in raising interest for stock trading: the process of public takeover of PLIVA and the public offer and listing of the largest Croatian oil company INA into the official stock market (the third Croatian stock listed on London and Zagreb simultaneously). With the increase in transactions came the growth of the prices. The CROBEX index (a price movement indicator for the most liquid Croatian shares) has grown by 60.7% this year. The Stock market cap has been doubled, compared to the previous year (+123.3%), exceeding US$ 28.9 billion. An interesting indicator for the future development of the market is a large increase of 42.9% in the number of securities listed in the highest and most transparent market segment, the Official Market. In 2005, this market segment had 28 shares, which reached 40 shares at the end of last year (8 shares, 3 commercial papers and 29 bonds). Also visible is the growth trend in the number of listed corporate bonds (this year 6 new bonds have been listed into the Official Market). FUTURE OUTLOOK Further development plans of the Zagreb Stock Exchange are moving in the direction of Croatian market consolidation, through the acquisition of the Varazdin Stock Exchange and implementation of a new, modern OMX trading platform. Takeover of the Varazdin stock Exchange has been approved by General Assembly of Shareholders at the end of January 2007. Legally process is expected to be finished in March 2007. The implementation of the new trading platform is underway and it is expected to be fully functional till the end of July. PAGE 142
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 ZAGREB STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jul-06 105.50 5.02 0.94 0.05 Aug-06 126.15 5.73 1.37 0.06 Sep-06 172.20 8.20 1.61 0.08 Oct-06 139.05 6.32 1.30 0.06 Nov-06 110.67 5.27 1.09 0.05 Dec-06 171.21 9.01 1.05 0.06 TOTAL 824.79 6.59 7.36 0.06 Bonds Jul-06 316.94 15.09 1,276.43 60.78 Aug-06 486.73 22.12 1,742.02 79.18 Sep-06 502.59 23.93 2,003.20 95.39 Oct-06 273.18 12.42 825.26 37.51 Nov-06 395.65 18.84 1,450.37 69.07 Dec-06 667.32 35.12 1,462.12 76.95 TOTAL 2,642.42 21.25 8,759.40 69.81 Other Jul-06 0.13 0.01 1.00 0.05 Aug-06 0.89 0.04 6.86 0.31 Sep-06 0.46 0.02 3.61 0.17 Oct-06 0.00 0.00 0.00 0.00 Nov-06 0.00 0.00 0.00 0.00 Dec-06 0.00 0.00 0.00 0.00 TOTAL 1.48 0.034 11.46 0.27 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) Stocks Index MONTHLY MARKET CAPITALIZATION (US$ millions) Jul-06 20,171.10 2,871.60 Aug-06 22,298.20 3,099.50 Sep-06 22,676.70 3,163.80 Oct-06 23,192.80 3,259.00 Nov-06 25,362.70 3,255.70 Dec-06 28,906.60 3,209.50 CONTACT INFORMATION 180 160 140 120 100 80 60 40 20 0 3,500 30,000 3,000 25,000 2,500 20,000 2,000 15,000 1,500 1,000 10,000 500 5,000 0 0 July Aug Sept Oct Nov Dec July Aug Sept Oct Nov Dec Contact Name Mr. Zeljko Kardum E-mail zeljko.kardum@zse.hr Website www.zse.hr PAGE 143
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