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1 <p align="center"><b>Positive results from collection in the Croatian market,
2 and benefits expected from introduction of zero value added tax rate</b></p>
3 <p>As a result of a restrictive sales policy and higher collection from the healthcare
4 sector, in the last three months, PLIVA has recorded a decrease in receivables
5 from the Croatian healthcare sector, from HRK 613 million at the end of June
6 1999 to HRK 400 million to date.</p>
7 <p>In addition, according to the decision of the Croatian Parliament of October
8 1, 1999 a zero value added tax rate will be introduced for drugs on the reimbursement
9 list as of November 1, 1999. At the moment, the VAT-rate for all drugs is 22%.
10 PLIVA estimates that the introduction of a zero VAT rate will have a positive
11 effect on the company’s liquidity and will additionally reduce the level of
12 receivables by HRK 50-70 million during the next year.</p>
13 <p>PLIVA has fixed the limit for domestic healthcare sector exposure to HRK 450
14 million. </p>

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