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1 <p align="center"><b>Changes in PLIVA’s Management Board and acceptance of Corporate
2 Governance Principles</b></p>
3 <p>Zagreb, December 9, 1999</p>
4 <p>The organisational changes resulting from the PLIVA XXI project and the further
5 internationalisation of the Company’s activities entail changes in the roles
6 and responsibilities of the members of the Management Board. The fact that PLIVA
7 is continuously expanding its business operations stresses the need to extend
8 the current membership of the Management Board by appointing a new member.</p>
9 <p>Accordingly, the Supervisory Board of PLIVA d.d. decided at its meeting held
10 on 09 December 1999 to appoint Mr. Zeljko Peric as the new member of the Management
11 Board in charge of Finance, and to appoint Ms. Erika Kaspar, previously in charge
12 of Corporate Planning and Finance, as the Member of the Management Board in
13 charge of Communication and Corporate Affairs.</p>
14 <p>Zeljko Peric was born in 1958. He graduated from the University of Zagreb,
15 Croatia, School of Economics. From 1984 to 1990 he worked at INGRA on investment
16 projects outside of Croatia. He was also Finance Director of a project in Malaysia
17 and after returning to Croatia, he was appointed manager of the department for
18 implementing projects in the Middle East. From 1990 to 1992 he was senior advisor
19 in the International Economic Relations Department with the Ministry of Foreign
20 Affairs. After that he worked at Hidroelektra as Finance Director. He started
21 working in PLIVA in 1993 as Director of the Consulting Department (today called
22 Engineering). Since 1996, he has served as Finance Director of PLIVA d.d. He
23 has attended several seminars at prominent educational institutions, such as
24 Harvard University, Boston, USA, Management Centre Europe, etc. Mr. Peric is
25 a member of the Supervisory Boards of Zagrebacka Banka and the Zagreb Stock
26 Exchange.</p>
27 <p>The Supervisory Board also accepted the proposed Corporate Governance Principles
28 which makes PLIVA the first company in Croatia to regulate corporate management
29 procedures as a whole. This is especially supported by two separate committees:
30 the Audit Committee and the Remuneration Committee. The introduction of Corporate
31 Governance Principles will enable a higher level of managerial accountability
32 and transparency.</p>
33 <p>Commenting on the changes to the Management Board and the acceptance of Corporate
34 Governance Principles, Zeljko Covic, M.Sc., president of PLIVA’s Management
35 Board, said: "The Company’s new organisational model incorporates all business
36 areas and levels of the Company, including changes to the Management Board.
37 During the last few years, PLIVA has achieved significant results in increasing
38 business operations, expansion into new markets, and the Company’s operations
39 have become increasingly internationally oriented. Simultaneously, all areas
40 of domestic and international financial transactions have become key segments
41 of PLIVA’s operations. Consequently, PLIVA needs to have a member of the Management
42 Board in charge of Finance who would also be CFO. I firmly believe, based on
43 all the projects he has successfully managed up to now, that Mr. Zeljko Peric
44 is completely qualified for such a very important position.</p>
45 <p>The importance of Communication and Corporate Affairs very clearly stresses
46 the need for a member of the Management Board that will be capable of managing
47 these broad activities in a global environment. Due to her previous achievements
48 and vast experience in investor relations, which is becoming an increasingly
49 important segment of corporate communication and whose significance is continuously
50 growing, I believe that the change in Ms. Kaspar’s position within the Management
51 Board from Corporate Planning and Finance to Communication and Corporate Affairs
52 will be a significant contribution to the newly defined strategy and new organisational
53 model of the Company.</p>
54 <p>Furthermore, the proposed areas of Corporate Governance Principles cover the
55 most significant concerns of PLIVA's investors and stock exchange regulators
56 as well as improve the co-operation and confidence existing between the Company's
57 Supervisory and Management Boards."</p>
58 <p>As a result of these latest changes, PLIVA’s Management Board consists of the
59 following five members: Zeljko Covic, president of the Management Board and
60 CEO; Dubravko Mak, Vice President and COO; Dr. Radan Spaventi, Vice President
61 and CSO; Erika Kaspar, Vice President and Director of Communication and Corporate
62 Affairs; Zeljko Peric, Vice President and CFO. </p>

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