REPUBLIC OF CROATIA €1,000,000,000 1.125 per cent. Notes due 2033 €1,000,000,000 1.750 per cent. Notes due 2041 Issue price for the 2033 Notes: 98.538 per cent. Issue price for the 2041 Notes: 99.366 per cent. The issue price of the €1,000,000,000 1.125 per cent. Fixed Rate Notes due 2033 (the "2033 Notes") issued by the Republic of Croatia (the "Issuer", the "Republic" or "Croatia"), will be 98.538 per cent. of their principal amount. The 2033 Notes will mature on 4 March 2033 at their principal amount. The issue price of the €1,000,000,000 1.750 per cent. Fixed Rate Notes due 2041 (the "2041 Notes" and, together with the 2033 Notes, the "Notes" and each a "Series") issued by the Issuer, will be 99.366 per cent. of their principal amount. The 2041 Notes will mature on 4 March 2041 at their principal amount. The 2033 Notes will be in registered form in denominations of €100,000 and integral multiples of €1,000 in excess thereof. Interest on the 2033 Notes will accrue at the rate of 1.125 per cent. per annum from and including 4 March 2021 and will be payable in Euro annually in arrear on 4 March in each year, commencing on 4 March 2022. Payments on the 2033 Notes will be made without withholding or deduction for or on account of taxes imposed by the Issuer except to the extent described under "Terms and Conditions of the 2033 Notes — Taxation". The 2041 Notes will be in registered form in denominations of €100,000 and integral multiples of €1,000 in excess thereof. Interest on the 2041 Notes will accrue at the rate of 1.750 per cent. per annum from and including 4 March 2021 and will be payable in Euro annually in arrear on 4 March in each year, commencing on 4 March 2022. Payments on the 2041 Notes will be made without withholding or deduction for or on account of taxes imposed by the Issuer except to the extent described under "Terms and Conditions of the 2041 Notes — Taxation". This Offering Circular does not constitute a prospectus pursuant to Regulation (EU) 2017/1129 (the "Prospectus Regulation") or Regulation (EU) 2017/1129 as it forms part of United Kingdom ("UK") domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation"). This Offering Circular also does not constitute a light prospectus pursuant to Part III of the Luxembourg Act dated 16 July 2019 on prospectuses for securities (the "Luxembourg Act"). Accordingly, this Offering Circular does not purport to meet the format and the disclosure requirements of the Prospectus Regulation and Commission Delegated Regulation (EU) No. 2019/980 or the UK Prospectus Regulation and Commission Delegated Regulation (EU) No. 2019/980 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA"). This Offering Circular has not been, and will not be, submitted for approval to any competent authority within the meaning of the Prospectus Regulation or the UK Prospectus Regulation and in particular the Commission de Surveillance du Secteur Financier, in its capacity as competent authority under the Prospectus Regulation or the UK Financial Conduct Authority, in its capacity as competent authority under the UK Prospectus Regulation. Application has been made to the Luxembourg Stock Exchange for the Notes of each Series to be admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the Official List of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange's regulated market is a regulated market for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (as amended, "MiFID II"). The Issuer is rated Ba1 (stable outlook) by Moody's Investors Service, Inc. ("Moody's"), BBB- (stable outlook) by S&P Global Ratings Europe Ltd. ("S&P"), and the Issuer has a long term foreign currency issuer default rating of BBB- (stable outlook) by Fitch Ratings Ltd. ("Fitch"). The Notes will be rated Ba1 by Moody's, BBB- by S&P, and BBB- by Fitch. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. As at the date of this Offering Circular, S&P is established in the European Economic Area ( the "EEA") and registered under Regulation (EC) No 1060/2009 (as amended) (the "CRA Regulation"), Fitch is established in the UK and registered under Regulation (EC) No 1060/2009 as it forms part of UK domestic law by virtue of the EUWA (the "UK CRA Regulation") and Moody's is neither established in the EEA nor in the UK and not registered under the CRA Regulation or the UK CRA Regulation. The ratings of S&P have been endorsed by S&P Global Ratings UK Limited ("S&P UK") in accordance with the UK CRA Regulation for use in the UK. The ratings of Fitch have been endorsed by Fitch Ratings Ireland Limited ("Fitch Europe") in accordance with the CRA Regulation for use in the EEA. The ratings of Moody’s have been endorsed by Moody’s Investors Service Ltd ("Moody’s UK") in accordance with the UK CRA Regulation for use in the UK and by Moody’s Deutschland GmbH ("Moody’s Europe") in accordance with the CRA Regulation for use in the EEA. As such, each of S&P, Fitch Europe and Moody’s Europe is included in the list of credit rating agencies published by the European Securities and Markets Authority ("ESMA") on its website at https://www.esma.europa.eu/supervision/credit-rating-agencies/risk in accordance with the CRA Regulation and each of Fitch, S&P UK and Moody’s UK is included in the list of credit rating agencies published by the UK Financial Conduct Authority (the "FCA") on its website at https://www.fca.org.uk/markets/credit-rating-agencies/registered-certified-cras. The list of registered and certified rating agencies published by ESMA or the FCA on their respective websites is not conclusive evidence of the status of the relevant rating agency included in such list, as there may be delays between certain supervisory measures being taken against a relevant rating agency and the publication of the updated ESMA or FCA list. Certain information with respect to the credit rating agencies and ratings is set out in the sections entitled "There can be no assurance that Croatia's credit ratings will not change" and "Credit Ratings may not reflect all risks" of this Offering Circular. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any state securities law, and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 87441-8-18318-v3.5 UK-0060-A MIFID II product governance / Professional investors and eligible counterparties only target market – Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer‘s target market assessment) and determining appropriate distribution channels. The Notes in respect of each Series will initially be represented by a global certificate (each a "Global Certificate" and together the "Global Certificates"), in registered form, without interest coupons attached and will be registered in the name of a nominee of a common safekeeper for Clearstream Banking S.A. ("Clearstream, Luxembourg") and Euroclear Bank SA/NV ("Euroclear"), on or about 4 March 2021 (the "Closing Date"). The Notes in respect of each Series will be issued in the New Safekeeping Structure ("NSS"). This means that the Notes are intended to be registered in the name of a nominee of a common safekeeper for Euroclear and Clearstream, Luxembourg and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria established by the European Central Bank from time to time. An investment in the Notes involves certain risks. See "Risk Factors" for a discussion of certain factors that should be considered in connection with an investment in the Notes. Joint Bookrunners and Joint Lead Managers J.P. MORGAN MORGAN STANLEY SOCIÉTÉ GÉNÉRALE ZAGREBAČKA BANKA CORPORATE & INVESTMENT BANKING Joint Lead Manager OTP BANK NYRT. 2 March 2021 87441-8-18318-v3.5 UK-0060-A THE REPUBLIC OF CROATIA 87441-8-18318-v3.5 - i - UK-0060-A The Issuer accepts responsibility for the information contained in this Offering Circular. To the best of the knowledge of the Issuer (having taken all reasonable care to ensure that such is the case) the information contained in this Offering Circular is in accordance with the facts and does not omit anything likely to affect the import of such information.