General Assembly of PODRAVKA d.d. - report

At the General Assembly of PODRAVKA d.d., which took place on 14th July 2000, beginning at 1 p.m., the following decisions were passed:
1.Ms. Ksenija Punčikar M.Sc. is elected President of the General Assembly of    PODRAVKA d.d., and Ms. Vesna Želježnjak dipl. oec. is elected Deputy    President.The mandate of the President and Deputy President of the General    Assembly of PODRAVKA d.d. is four (4) years.
2.I.The financial reports for the business year 1998 with the reports and opinions       of the certified auditors are adopted:
      - consolidated reports for the PODRAVKA Group (mother company and        subsidiaries);
      - for PODRAVKA d.d.
   II. The report of the Supervisory Board of PODRAVKA d.d. on the supervision of       business activities is adopted.
   III. The 1999 annual report of the Management on the business results of the       PODRAVKA Group and the condition of the company is adopted.
3. I. The losses of PODRAVKA d.d, shown in the profit and loss account of       PODRAVKA d.d. for the business year 1999 amount to 86,207,666.08 kuna       (eighty-six million, two hundred and seven thousand, six hundred and       sixty-six kuna and eight lipa) and will be covered by the reserves.
   II. The payment of the dividend on preferred shares, according to the Agreement       on the Registration of Shares closed between PODRAVKA d.d. and EBRO to       the total amount of DM 3,127,816.67 (three million, one hundred and       twenty-seven thousand, eight hundred and sixteen Deutschmark and       sixty-seven pfennigs) which will be paid from the retained profits of the       previous years.
   III. The dividend mentioned in Point II of this Decision will be paid by EBRO       within 15 days from the day of approval of the 1999 Annual Financial       Reports by the General Assembly of PODRAVKA d.d. The dividend will       be paid in Deutschmarks according to Section 4.02 of the Agreement on the       Registration of Shares closed between PODRAVKA d.d. and EBRO.
4. Certification of approval is given to the members of the Management of     PODRAVKA d.d, for their management of PODRAVKA d.d. in 1999.
5. Certification of approval is given to the members of the Supervisory Committee     of PODRAVKA d.d. for their work and supervision of the business activities of     PODRAVKA d.d. in 1999.
6. Mr. Marko Ećimović M.Sc. from Koprivnica, Ulica Rudolfa Horvata 54, JMBG     2501947321413, is elected member of the Supervisory Committee of     PODRAVKA d.d. The mandate of a member of the Supervisory Committee of     PODRAVKA d.d. is four (4) years and is calculated from the day of entry in     the Court register.

Commercial Court in Bjelovar, MBS 010006549, Domestic Payments Agency, Koprivnica, Opatička bb,, Account No. 32300-601-84, capital stock 1,812,808,800.00 kuna paid in full, number of shares 6.042.696, of a nominal value of 300.00 kuna, President of the Supervisory Committee, B. Prka, President of the Management, D. Marinac, members of the Management, Ž. Đurđina, N. Cerovsky, D. Cimaš, D. Polančec