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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008ZAGREB STOCK EXCHANGERoberto MotusicGeneral ManagerWe had a very successful year. Turnoverincreased, market capitalization rosesignificantly and number of trades almostdoubled.We had a very successful year. Turnoverincreased, market capitalization rosesignificantly and number of trades almostdoubled. We finished three major infrastructureprojects and implemented new OMX X-Streamtrading platform. Despite the global marketdepression we are looking forward to furtherqualitative market improvements. Three majortasks are: introduction of market makers;faster and easier Internet access to stockmarket trading and further work on theimplementation of new financial instruments(derivatives).Regional cooperation is a long term task thatwe would like to revitalize and put higher onour list of priorities for year 2008.FUTURE OUTLOOKThe last two years were extremely successfulfor the ZSE. In 2007 turnover rose aboveexpectations, market capitalization doubled,two largest Croatian companies were privatizedand listed with the exchange, domesticinvestors base became more significant andthe official stock index CROBEX broke “all timehigh” levels. At the end of the year a newmodern OMX trading platform has beenintroduced. In 2008 the ZSE will continue withtechnological improvements and use these forfurther market development. The main goal is towiden the range of financial products listed andtraded at the exchange and to improve marketliquidity.In order to achieve these targets in the firstquarter of 2008 the ZSE will introduce “marketmakers”. Furthermore, new trading platformswill be more open for order routing andextensive use of Internet technology.All of these technology steps are prerequisitesfor easier access of institutional and retailinvestors to the stock exchange trading.Redesign of official stock exchange web sitewill bring more market information to a broadrange of investors. New high-tech tools aresupposed to help investors to follow markettrends and company news more easily and in atimely manner.In 2008 the ZSE will continue to promotenational and regional market and attractinternational and regional investors. To achievethis the ZSE will make a special effort toenhance and intensify cooperation with theFederation and regional stock exchanges.CONTACT INFORMATIONContact Name Mr. Zeljko KardumE-mail zeljko.kardum@zse.hrWebsite www.zse.hrPAGE 88