Institut IGH d.d. — Share Issue/Capital Change 2012

May 22, 2012

IGH-R-A Regular Share, ISIN HRIGH0RA0006 Offered at the official market of the Zagreb Stock Exchange

Zagreb, 22 May 2012

10000 Zagreb 10000 Zagreb

HANFA ZAGREBAČKA BURZA Miramarska 24b Ivana Lučića 2a Odjel uvrštenja

We acknowledge herewith that in the second round of subscription and payment, which lasted 5 days as of the date of publication of the Public Invitation, i.e. from 16 May 2012 to 21 May 2012 (until 4 p.m.), shares were subscribed by all physical and legal persons, and this under conditions and in the way as specified in the Decision on increase in share capital and issuance of ordinary shares through public offering, via monetary deposits, and with partial exclusion of pre-emption rights with regard to subscription of new shares dated 26 April 2012, and in accordance with the Public Invitation issued on 16 May 2012.

It is acknowledged herewith that the total of 103,890 shares were duly subscribed and paid for in the second round.

Following the announced results regarding subscription of new ordinary registered shares through public offering in the first and second rounds, as conducted in the scope of procedure aimed at increasing the company's share capital, we acknowledge herewith that the total of 105,590 shares have been duly subscribed and paid for, i.e. that the total of HRK 80,248,400.00 (eighty million two hundred and forty-eight thousand and four hundred Croatian kunas) has been paid in.

The Issuer announces that the procedure of subscription and payment of new ordinary shares has been completed with success.

In keeping with provisions of the Capital Market Act, Companies Act, and Zagreb Stock Exchange Rules, the Issuer shall, immediately after successful registration of the increase in share capital with the Commercial Court – Zagreb, inform the investors and general public about the registration of the increase of share capital, and shall present the list of the new shareholders whose identity has to be made pubic in accordance with statutory regulations.

INSTITUT IGH, d.d.