Institut Igh dd : Decision by Bondholders` Assembly

The Assembly of Bondholders holding the bonds IGH-O-176 A, ISIN: HRIGH0O176A8 (hereinafter referred to as: Bonds) of the Issuer Institut IGH d.d. from Zagreb, Janka Rakuše 1, PIN 79766124714 (hereinafter: the Issuer), was held in writing on 20 and 21 February of 2017, in compliance with the Invitation to the Assembly meeting (hereinafter: the Invitation) published on the website of Zagrebačka burza d.d. on 14 February 2017.

As Fiduciary, Auctor d.o.o., Zagreb, Dežmanova 5 (hereinafter: the Fiduciary) hereby establishes that all Bondholders participated in the Bondholders' Assembly, which was held in writing and that all Bondholders voted FOR the decision proposed by voting in writing on the Voting form, and that those votes together represent EUR 10,000,000.00 in HRK equivalent according to the middle exchange rate of the Croatian National Bank on the day of issuance, i.e. which represent 100% of votes of the total nominal value of Bonds with voting rights.

Further to the above, the Fiduciary establishes and announces that, according to the proposal announced in the Invitation, the following decision has been adopted:

DECISION

Approval is granted to Institut IGH d.d. from Zagreb, Janka Rakuše 1, PIN 79766124714 to conclude a contract of lease with the lessee - the Republic of Croatia, Ministry of Justice, for the real property - part of office space in the building in Split, Matice hrvatske 15, registered in the land registry of the Municipal Court in Split as cadastral plot No 5131/16, non-arable, a building, of total area 2,304m2, in land registry folio No 15937, cadastral municipality Split, i.e. the fourth, fifth and sixth floor of annex 3, which amounts to 918.89 m2 of net area, under the conditions laid down in the draft Contract:

- Lessee - the Republic of Croatia, Ministry of Justice takes lease of the office space for the needs of the Administrative Court in Split as the user;

• The User will use 918.89 m2 of office space, which makes up 21% of the building,

  the area of which amounts to 4,372.14 m2;

• The lease is contracted for a time period of 3 years;

• Each contracting party can terminate the Contract by ordinary termination, without specific cause, by written notice sent to the other party by registered mail, in which case the notice period shall be 2 months from receipt of the termination notice;

• In case that another person becomes the owner of the office space during the validity of the contract, the contract of lease shall remain in force unchanged, and the new owner of the office space shall assume all rights and obligations of the lessor, of which the lessor shall notify the lessee;

• If it is deemed that the new owner is not a suitable and reliable contracting party for the lessee as state body, the lessee can terminate the contract in writing with a notice period of 30 days;

• Contracting parties contract the lease in the amount of EUR 7.70 per square meter, which amounts to EUR 7,075.45 in HRK equivalent monthly according to the middle exchange rate of the Croatian National Bank on the date of invoice issuance, increased by VAT;

• Lease amount shall be paid by last day of each month for the current month according to monthly invoices issued by the lessor on the first working day of the month;

• Lease amount shall be paid after the user has occupied the office space;

This approval is granted on the condition that the lessee obtained the required approvals of the competent state bodies for entering into the mentioned contract, which he shall present to Institut IGH d.d., and of which Institut IGH d.d. shall notify the Fiduciary in writing before signing of the Contract for which the approval is granted.

The Fiduciary shall notify the Bondholders of the receipt of such notice and fulfilment of conditions for entering into a Contract of lease of the office space with the Republic of Croatia, Ministry of Justice.

This decision is binding for all Bondholders and the Issuer. Auctor d.o.o.