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1 <p align="center"><b>PLIVA and Privredna banka Zagreb sign a contract on issuing
2 commercial papers on the Croatian market. This HRK 400 million worth programme
3 will initiate the corporate debt market in Croatia</b></p>
4 <p>Zagreb, 11th December 1998 </p>
5 <p>On 11 December 1998, PLIVA, the leading pharmaceutical company from Central
6 and Eastern Europe, signed a contract with Privredna banka Zagreb for issuing
7 and selling PLIVA’s commercial papers on the Croatian money market. The contract
8 defines a HRK 400 million commercial paper programme. PLIVA will be able to
9 issue commercial notes up to the specified amount, and place them on the market
10 via Privredna banka Zagreb. Privredna banka Zagreb will be the issuing and payment
11 agent in this transaction. </p>
12 <p>PLIVA intends to offer its commercial paper primarily to institutional investors
13 and banks, but also to Croatian citizens through Privredna banka’s retail network.
14 The nominal value of one commercial paper will amount to HRK 10,000, with maturity
15 of one, three or six months. It is important to stress that Privredna banka
16 Zagreb has taken upon itself to maintain the liquidity of the secondary market
17 and act as a “market-maker”. </p>
18 <p>With this transaction, PLIVA is enhancing its short-term debt sources. After
19 signing the Euro commercial papers contract last week and signing the contract
20 on issuing domestic commercial papers, PLIVA can issue short-term securities
21 as a debt instrument both on the European and Croatian markets. The two contracts
22 are not mutually connected, apart from them both involving the same type of
23 security and the same issuer.</p>
24 <p> Commenting on the transaction, Zeljko Covic, President of PLIVA’s Management
25 Board said: “By issuing its commercial papers, PLIVA wants to increase its short-term
26 debt capacities on the Croatian market and will do that in a completely new
27 way for Croatian standards. We are aware that the debt market in Croatia is
28 not developed enough to fulfil the needs of corporations. That is why we are
29 determined to, together with the Arranger of the transaction, initiate its creation
30 and endure in it. We expect that PLIVA’s contribution to the development of
31 the debt instrument market in Croatia will be as significant as was PLIVA’s
32 listing on the London and Zagreb Market Exchanges.”</p>

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