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AGROKOR SIGNS ANNEX TO COLLECTIVE AGREEMENT WITH THE UNIONS

The Annex to the Tariff Agreement was signed on July 26, 2004 by Ana Knežević, President of the Croatian Union of Trade, Josip Pavić, President of the PPDIV Union (Agriculture, Food and Timber Industry and Water Supply) and Ivica Todorić, President of the Agrokor Group. In line with the partnership relations between the PPDIV Union, the Croatian Union of Trade and the Agrokor Group and with a view to improving the material standard of employees this Annex to the Tariff Agreement stipulates a five per cent salary increase for all employees. The novelty is that this Agreement introduces a profit participation model for the employees in the amount of 100 Euro per employee whose company generates profits. With almost all Group companies being profitable, this Agreement which will be implemented as of July 2004 shall in fact apply to all Group employees. Since 1996, when Agrokor signed its first Collective Agreement with the Unions, each new Collective Agreement has introduced significant novelties to the Croatian Union scene. Thus employees of the Agrokor Group were among the first to receive private health insurance, their salaries have grown continuously, Christmas allowances and holiday cash grants have regularly been paid, all in line with the financial possibilities and results generated by the Group companies. Capable and satisfied employees and a continuous dialogue of exceptional quality with its social partners certainly are an important foundation of Agrokor's business success throughout the region.