ELANA Trading Bulgaria - Corporate Profile 2017 (EN language)

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26 Years Recognized Experience and Innovation
 ELANA Trading is one of the first licensed Bulgarian brokers - started operations back in 1991.
 As a licensed investment intermediary ELANA Trading offers a wide portfolio of services and products for
trading on local and international financial markets as well as in investment banking. Positioned for two
decades in top 5, the broker has been awarded 24 national annual awards and has received a series of
nominations.
 The company started brokerage operations 26 years ago as the first enterprise of the current ELANA
group - one of the largest groups in the non-banking financial sector with leading position in the areas of
financial markets’ services, asset management, EU funding consultancy, farm land investment and
financial services related to agricultural sector, renewable energy investment, public funds management.
 ELANA group has established itself as an innovative institution in Bulgarian finance and investment,
holding the responsibility for a series of start ups in the sector, such as founding some of the first mutual
funds, managing the first public offering on the Bulgarian Stock Exchange as well as implementing first
corporate bond issue, establishing the first fund for investing in agricultural land, being selected to be
the first private fund manager of a public financial institution.

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Preferred Bulgarian partner
 Exclusive partner for Bulgaria of the US Auerbach Grayson & Co. since 1998
Part of brokers’ network on 123 markets worldwide.
 Long-term partner of online trading leader Saxo Bank
Cooperation since 90s. White label partner for Saxo Bank online trading platform as ELANA Global Trader
since 2010.
 Mandated by European Bank for Reconstruction and Development (EBRD) since 2002 for a series of M&A
projects in Bulgaria.
 Other partners throughout the years include:
Citi, NN bank, Bank of America Merryll Lynch, Erste Bank, Raiffeisen Bank International, HVB Group, DZ
Bank, Societe Generale London, Jefferies International, Banca IMI, Banca Zarattini, KBC Securities, Carl
Kliem.

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123 financial markets covered globally

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Local partnerships
 Full license for local and global financial markets trading
Licensed by the Bulgarian Financial Supervision Commission since the introduction of the
local Securities’ Law.
 Member of the Bulgarian Stock Exchange.
 Member of the Central Depository AD.
 Member of the Bulgarian Association of Licensed Investment Intermediaries
ELANA Trading Chair Radoslava Maslarska was elected in 2017 Chair of the Board of the
association.
 Member of the Confederation of Employers and Industrialists in Bulgaria (CEIB)
The largest business organisation in the country.
ELANA Trading Deputy Chairman Kamen Kolchev is a member of CEIB committees of
Finance and Energy.
 Member of the Investor Compensation Fund

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Full service provider: Local & International Trading
 Focus on Institutional investors
ELANA Trading provides a wide range of services to institutional investors from US and Western Europe in
facilitating their investment on the Bulgarian stock market. Investors are provided with brokerage and regular and
thorough research services as well as organisation of conference calls and personal meetings with CEOs of
Bulgarian public companies.
 Trading on the Bulgarian Stock Exchange – Sofia (BSE)
Brokerage services and online trading products – offers own Internet-based trading platform ELANA BG Trader,
accessible by all mobile devices, and BSE-developed COBOS trading platform for all instruments traded on BSE.
Awarded The Best Bulgarian Broker 2016, 2015, 2014, 2013 and 2010 via national brokerage ranking. Traditionally
awarded for annual contribution in deals on Bulgarian Stock Exchange since 2006.
 Online trading with over 30 000 instruments on global financial markets
24-hours access to trading with FX, CFDs, ETFs, stocks, futures, options and other derivatives via online trading
platforms ELANA Global Trader and ELANA MetaTrader.

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 Cash equity services for institutional investors - 123 markets.
 Fixed income & Money Markets
Primary and secondary bond market (government, municipal, corporate, mortgage, global bonds).
 Research and Analysis
Professional research on the Bulgarian stock market. Provision of market and company reports for local
and international investors. Analysts’ team considered by local media as number one choice expert
opinion on the topics of economy development and financial markets. Research reports are published
by Thomson Reuters, Bloomberg, Standard & Poor’s Capital IQ, Factset, SEE News and other financial
information companies.
Full service provider: Local & International Trading

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 19 years of experience with notable projects in structuring and placement of equities and bonds.
 Managed the first IPO and the placement of the first corporate bond issue in the country.
 More than 30 bond issues for the last 17 years. 21 IPOs and SPOs since 1998 (the start of local licensed stock exchange).
 Awarded for contribution to the development of the Bulgarian investment banking in 2015, 2014, 2007 and 2005 by the Bulgarian Stock
Exchange. Annual prize for The Best IPO of 2015 and 2013. In 2015 awarded for largest Bulgarian ICT company IPO by the Bulgarian Stock
Exchange and special award “Deal of the Year” within Forbes Business Awards.
Full service provider: Investment Banking
Projects HighlightsECM
 (2006) Managed the IPO of MONBAT - the
leading producer of automotive batteries in
Bulgaria (EUR 16m raised).
 (2007) Managed the capital increases of the
ELANA Agricultural Land Opportunity Fund
REIT – the first agricultural REIT in Bulgaria
(EUR 50m raised).
 (2014) Managed the capital increase of
SPEEDY – the leading Bulgarian courier
service provider (EUR 10m raised).
 (2015) Managed the biggest IPO since 2008
– one of the largest Bulgarian ICT company –
Sirma Group Holding.
DCM
 Placed over 30 corporate,
municipal and mortgage
bond issues for more than
EUR 400m.
M&A
 (2010; 2014) Managed some
restructurings of the leading
Bulgarian pharmaceutical group
Sopharma.
 (From 2002 onward) Mandated by
the EBRD for M&A projects.
 (2002) Managed the restructuring of
the leading copper ore processing
company in Bulgaria – Ellatzite
MED.

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Market position: 26 years in top 5
Top 5 by turnover
on the Bulgarian Stock Exchange
Jan - Dec 2016
(BGN mln.)
Top 3
Number of deals
on the Bulgarian Stock Exchange
Jan – Dec 2016
Source: Bulgarian Stock Exchange, 31.12.2016

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Management
Chairperson of the Board
Radoslava Maslarska
Radoslava Maslarska is the Board Chairperson of ELANA Trading since 2010. She is also member of the
board of ELANA Financial Holding, the group financial arm. Radoslava Maslarska was elected in 2017 Chair
of the Bulgarian Association of Investment Intermediaries. She is also member of the Board of Investors’
Compensation Fund and member of Bulgarian Dealers’ Association.
Her career in finance started in ELANA back in 2001 when she joined the company as an associate at the
International Markets Department. Later she became dealer on international markets and in 2004 she
was promoted as the head of the department. In 2007 she took over as the Executive director of the
company. Radoslava Maslarska graduated Finance and Banking at Sofia University. She holds a license for
investment consultant by the Bulgarian Financial Supervision Commission.
Deputy Chairman
Kamen Kolchev
Kamen Kolchev is the Chairman of the Board of Directors and CEO of ELANA Financial Holding – the
majority owner of ELANA Trading. He is the founder of ELANA back in 1991 and currently majority
shareholder of the group. Kamen Kolchev had been actively involved in shaping the newly emerged local
financial market in 1990s by providing expertise for the development of the new legislation and
regulatory bodies. He is currently a member of the Board of the Confederation of Employers and
Industrialists in Bulgaria. Graduated Mathematics at Sofia University. Capital markets and corporate
governance specialisation programme in New York and Prague.

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Management
Board member
Momchil Tikov – Executive Director
Momchil Tikov is the Executive Director of ELANA Trading since 2010. He joined ELANA Trading team
in 2006 as the Head of Financial Department of the brokerage. He used to be CFO at local asset
managers and pension funds. Momchil Tikov graduated Finance at the University of National and
World Economics – Sofia. He holds an auditor’s license by the Institute of Chartered Accountants.
Board member
Miroslav Stoyanov – Head of Investment banking
Miroslav Stoyanov is the Head of the Investment Banking Department since 2005. He joined ELANA
group team in 2004 as a corporate finance project manager at the consultancy company ELANA
Investment. Before his assignment at ELANA he used to work as the financial manager of an
international advertising agency. Miroslav Stoyanov graduated Corporate Finance at the University
of National and World Economics – Sofia.

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ELANA Group: A Family of Leading Market Players
Asset management
ELANA Fund Management
 15 years in the lead
 Started the first mutual fund
 Manages 7 UCITs funds and individual portfolios
 Approx. EUR 50 mln. AUM
 Recognized by 14 national and international
awards
Brokerage & investment banking
ELANA Trading
 26 years a licensed broker in the top 5
 Full-service provider on Bulgarian and
international financial markets
 Best Bulgarian Broker of the Year 2016, 2015,
2014, 2013 and 2010
 Trusted long-term partner to international
institutions
Public funds management
Bulgarian Energy Efficiency and
Renewable Sources Fund
 12 years promotion of energy efficiency
 Fund Management granted via World Bank
 Selected as the first private fund manager of a
public fund
Regional Urban Development Fund
 Jessica Funds granted by EIB
 Partner of Societe Generale Expressbank
 4 years – EUR 55 mln.
Renewable energy
ELANA Energy Management
 RE projects since 2004
 2 projects certified Class A Investment by
InvestBulgaria Agency (the governmental arm to
promote investment in Bulgaria)
EU funding consultancy
ELANA Investment
 18 years successful EU-funded projects for
business and public administration
 Consulted over 500 enterprises, agricultural
producers and municipalities
 Facilitated over EUR 260 mln. aid investment in
BG industry and agriculture
Farmland investment
ELANA Agrocredit
 First farmland financial leasing company
 Registered as a financial institution in 2012
 Listed on the Bulgarian Stock Exchange -
Awarded The Best IPO in 2013
 Guaranteed annual dividend
 Invested EUR 26 mln. in farm land purchase and
loans to farmers (as of 31 Dec 2016).

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ELANA Group: 40 awards for 26 years
ELANA Trading – The Best Bulgarian Broker 2010, 2013, 2014, 2015 and 2016
Awarded for ranking first within the annual ranking of Bulgarian brokerages by The Banker Weekly.
ELANA Fund Management was awarded The Asset Manager of the Year 2016, 2006 to 2009.
The annual national rankings of the industry by The Banker Weekly.
ELANA Balanced EUR Fund - BNE Intellinews Best Balanced Fund 2015 and 2016
Ranked first among balanced CEE & CIS funds by Business New Europe Intellinews magazine.
ELANA Eurofund and ELANA Balanced EUR Fund – ranked 1st in their categories within Best Bulgarian
Mutual Funds Ranking by Investor.bg 2016
ELANA Balanced EUR Fund - ranked 1st among balanced funds within Best Bulgarian Mutual Funds
Ranking by Moitepari.bg 2016
ELANA Financial Holding with special Forbes Business Award 2015 – Deal of the Year
ELANA Trading was granted the 2006 to 2016 annual prizes by the Bulgarian Stock Exchange.
Top 3 brokerage by number of deals on the local stock market.

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ELANA Trading – BSE award for contribution to the local stock market 2014, 2015 and 2016
ELANA Trading – BSE award for top 2 turnover 2015
ELANA AgroCredit – The Best IPO in 2013
Awarded by the Bulgarian Stock Exchange for contribution to the development of the local stock market.
IPO managed by ELANA Trading.
ELANA Balanced EUR Fund - BNE Best Balanced Fund 2013
Ranked first among balanced CEE funds by Business New Europe Intellinews magazine.
ELANA Cash Fund – BNE Best Fixed Income Fund 2009
Ranked by The Business New Europe Magazine as 2009 Best Fixed Income Fund among low-risk funds
investing in CEE and CIS.
ELANA Trading – BSE awards for investment banking in 2005 and 2007.
Annual prizes by the Bulgarian Stock Exchange for contribution to investment banking.

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ELANA Cash Fund - Investment Product 2007.
Awarded at the International Financial Exhibition Banks, Investments, Money in 2008.
ELANA Agricultural Land Opportunity Fund REIT – Best Corporate Governance 2007
The REIT was awarded by the Bulgarian Association of Investors.
ELANA Agricultural Land Opportunity Fund REIT - Financial Product of 2005
ELANA Holding was awarded for the innovative product at the International Financial Exhibition
Banks, Investments, Money.
ELANA Trader 2.0 – Financial Product of 2003
The FX trading platform of ELANA Trading was awarded at the International Financial Exhibition
Banks, Investments, Money.
ELANA Eurofund – Financial Product of 2003
ELANA Fund Management was awarded for the first mutual fund on the market by the International
Financial Exhibition Banks, Investments, Money.

www.elana.net
Address:
Sopharma Business Towers
5, Lachezar Stanchev St.,
Tower B
Sofia 1756, Bulgaria
Tel.: +359 2 81 000 20
Fax: +359 2 95 815 23
E-mail: trading@elana.net
Head of Research
Tatyana Puncheva-Vasileva
Tel.: +359 2 81 000 24
E-mail: vasileva@elana.net
Web:
Corporate website:
http://www.elana.net/trading
Product websites:
bgtrader.elana.net
globaltrader.elana.net
metatrader.elana.net
Information & Communication:
Skype: elana.trading
blog.elana.net
analysis.elana.net
Youtube.com/ELANATrading
Facebook.com/ElanaTrading
CONTACT US

ELANA Trading Bulgaria - Corporate Profile 2017 (EN language)

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