NOTIFICATION FOR CREDITORS OF CREDO BANKA D.D. SPLIT
- IN ENFORCED LIQUIDATION

DEPOSIT-GUARANTEE EVENT

Hereby we inform creditors of Credo banka d.d. Split that Croatian National Bank made Decision on Withdrawal of Credit Institution's Authorization for Credo banka d.d. Split and Decision on Initiating the Procedure of enforced Liquidation in November 22, 2011.

Pursuant to the Decision on the Unavailable Deposit dated November 23, 2011. the State Agency for Deposit Insurance and Bank Rehabilitation /further: The Agency) became obliged to proceed with compensation procedure pursuant to the Deposit Insurance Act (NG 177/04, 119/08 and 153/09 – further: the Act.)

TIME LIMIT

Although the Agency is obliged to initiate compensation no later than three months upon the occurrence of the deposit-guarantee event pursuant to the Act, it will however prepare and initiate compensation procedure as soon as possible.

After the measures to prepare the compensation have been taken, the Agency shall publish Invitation for the creditors to submit their particular claims for compensation. The Invitation will be published on its web site, Slobodna Dalmacija, Večernji and Jutarnji list. In this Invitation, creditors will be informed of the modalities and time limits for the exercise of their right to compensation.

WHO IS ENTITLED TO COMPENSATION

Deposits of natural persons, companies and non-profit organizations, except those mentioned in Article 3, item (2) of the Act, will be compensated, either being residents or non-residents of the Republic of Croatia.

WHO IS NOT ENTITLED TO COMPENSATION

• members of a bank's management board or supervisory board and parties holding at least 5% of the equity capital of Credo banka d.d. Split,
• creditors in respect of deposits that are not registered deposits, but deposits to an anonymous bearer of an encrypted password,
• creditors who made deposits with Credo banka, d.d. Split on terms and conditions significantly more favourable than standard conditions, or made on such financial terms and conditions as have contributed to a deterioration in the financial standing of Credo banka d.d. Split
• creditors acquiring deposits or portion thereof upon withdrawal of the working license for Credo banka d.d. Split by the Croatian National Bank
• creditors in respect of deposits arising out of transactions for which criminal convictions have been pronounced against certain persons for concealment of illicit proceeds
• companies regarded under the Accountancy Act as medium-sized or large companies being subject to the application of the said Act
• the auditor of the last audited financial statements of Credo banka d.d. Split and
• the parent company and the dependent companies forming a group together with Credo banka d.d. Split

AMOUNT OF COMPENSATION

Creditor's right to compensation shall be determined in relation to the aggregate funds available on all of its deposits at the time of the occurrence of the deposit-guarantee event, upon deduction of all claims of the credit institution thereon that may be set off against it, up to and including HRK 400,000.00.
The right to compensation embraces also claims in respect of interest becoming due and payable by the time of the occurrence of the deposit guarantee event.

THE AGENCY HAS ALL FUNDS REQUIRED FOR TIMELY AND DULY SETTLEMENT OF ITS OBLIGATIONS AGAINST CREDITORS ENTITLED TO THE COMPENSATION.

QUESTIONS

All questions can be forwarded to
- phone number: 01 48 13 222
- fax machine number: 01 48 19 107
- e-mail: dab@dab.hr
- address: 10000 Zagreb, Jurišićeva1/II

Zagreb, November 23, 2011

State Agency for Deposit Insurance and Bank Rehabilitation