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5 <title>Welcome to PLIVA d.d. Zagreb Croatia</title>
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17 <td width="50%"><img src="../images/icon_clip.gif" alt="Pliva Clippings" WIDTH="100" HEIGHT="97"></td>
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64 <td width="60%" valign="top"><strong><font face="Arial,helvetica" size="2"><br>
65 Zagreb, 4th December 1998</font></strong><p><font face="Arial,helvetica" size="2"><strong>PLIVA,
66 the largest pharmaceutical company from Central and Eastern Europe signs a USD 100 million
67 worth Euro-commercial paper program</strong> and gain access to the debt marketIn Vienna
68 on Friday 4 December, PLIVA signed a contract with six European banks which allows it to
69 issue Euro commercial papers up to USD 100 million on the Euro market.<br>
70 <br>
71 With this contract, PLIVA has become the first corporation from Central and Eastern Europe
72 with access to the Euro commercial securities market, which is reserved primarily for
73 financing the most prominent players.According to the conditions stipulated in the
74 programme, six banks will act as dealers for PLIVA, who can continually place short-term
75 notes on the Euro market. </font></p>
76 <p><font face="Arial,helvetica" size="2">PLIVA can issue notes denominated in one of the
77 major global currencies as well as in Croatian kuna.Joining Bank Austria Creditanstalt as
78 the Arranger in the deal are Dealers Warburg Dillon Read, West Merchant, West LB, as well
79 as the London branches of Deutsche Bank and Reiffeisen Zentralbank. The issuing and
80 payment agent is the London branch of Bankers Trust Company.</font></p>
81 <p><font face="Arial,helvetica" size="2">Commenting on the transaction, Željko Èoviæ,
82 President of the Management Board said: &quot;PLIVA has entered the debt market with a
83 commercial paper programme, which is in line with our borrowing strategy for the
84 forthcoming period. With the ability to directly place Euro commercial papers on the
85 market, PLIVA has acquired an extremely flexible and favourable source of short-term
86 capital, and has for the first time acted as an issuer of debt securities. We expect the
87 first securities to be issued very soon, which speaks for itself about PLIVA's reputation
88 among investors, since it has secured access to the debt market at a moment when this is
89 difficult for many corporations from this region.&quot;</font></p>
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