Zapisnik skupscine pl 15 06 19 ocr en 2 01

Notary Public Katja Fink Stanetova ulica 16, 3000 Celje SV 433/2015 MINUTES OF THE SHAREHOLDERS ASSEMBLY OF THE COMPANY PIVOVARNA LAŠKO, d.d. (public limited company) I, notary public Katja Fink of Celje, Stanetova 16 (sixteen), took part upon invitation in the 23rd (twenty-third) Shareholders Assembly of the company PIVOVARNA LAŠKO, d.d. (private limited company), with registered seat in Laško, Trubarjeva ulica 28 (twenty-eight), 3270 (three thousand two hundred seventy) Laško, which took place on June 19, 2015 (nineteenth of June two thousand fifteen), starting at 12 (twelve) noon at the main hall of the Laško Cultural Center, Trg svobode 6 (six), Laško, and I compiled these minutes.- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The company is registered with the Business Register of Slovenia registration number 5049318000 (five-zero-four-nine-three-one-eight-zero-zero-zero). The company has share capital in the amount of EUR 36,503,304.96 (thirty-six million, five hundred three thousand, three hundred four 96/100 euros) divided into 8,747,652 (eight million, seven hundred forty-seven thousand, six hundred fifty-two) ordinary freely transferable registered no par value shares, of which 8,745,520 (eight million, seven hundred forty-five thousand, five hundred twenty) shares bear voting right. - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly was convened by the company Management Board by announcing the agenda and resolution proposals on May 13, 2015 (thirteenth of May two thousand fifteen) in the DELO daily paper, on the company website, and on SEOnet. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The materials for the Shareholders Assembly, which includes the Shareholders Assembly convocation, resolution proposals complete with explanations, and other materials or documentation pursuant to Article 297.a, Paragraph 2, of the Companies Act (ZGD-1) were available to the shareholders for viewing at the company head offices at Trubarjeva ulica 28 (twenty-eight), Laško, each business day from 9 (nine) a.m. to 12 (twelve) noon, from the announcement of the Shareholders Assembly convocation to and including the day of Shareholders Assembly; moreover, the materials were available on the company website at www.pivo-lasko.si and on the website of the Ljubljana Stock Exchange, the SEOnet. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------Invitation to the Shareholders Assembly, complete with agenda and resolution proposals, list of present shareholders, their proxies or authorized agents, reports by the verification committee on the Shareholders Assembly quorum, and results of voting by particular agenda items, are attached with these minutes. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------Registration forms for the Shareholders Assembly, proxy authorization forms, and other materials are in possession of the company Management Board. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -----------------------------------------------------------------------

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The company Management Board and Supervisory Board announced the following agenda proposal, complete with resolution proposals: - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The following resolutions are proposed by the Management Board and the Supervisory Board for items 1, 2, and 4; and by the Supervisory Board to item 3 of the agenda: - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------One: Opening of the Shareholders Assembly, attendance count, and appointment of the voting committee, with resolution proposal to item 1: Shareholders Assembly chairman Stojan Zdolšek, attorney at law, shall count the attendance at the Shareholders Assembly to determine the presence of share capital or shareholder votes at the Assembly. Voting committee shall be appointed, consisting of Simon Novak, Alenka Petru Romih, and Alenka Potokar. The Assembly shall be attended by the notary public Katja Fink of Celje. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------Two: Presenting to the Shareholders Assembly the audited Annual Report for the year 2014 (two thousand fourteen) and the Supervisory Board Report on the Annual Report audit, coverage of net loss, and payments to Management Board and Supervisory Board members, and vote on the discharge from liability to the company Management Board and Supervisory Board, with the following resolution proposals to item 2: - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------2.1.

The Shareholders Assembly shall be presented the audited Annual Report of the Laško Group and the company Pivovarna Laško, d.d., for the year 2014 (two thousand fourteen), and the Supervisory Board Report on the Annual Report Audit. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2.2.

The Shareholders Assembly shall be informed that as at December 31, 2014 (thirty-first of December two thousand, fourteen), company net loss for the 2014 (two thousand fourteen) fiscal year amounts to EUR 9,847,908 (nine million, eight hundred forty-seven thousand, nine hundred eight) and that it was covered by the Management Board with profits from previous years in the amount of EUR 215,384 (two hundred fifteen thousand, three hundred eighty-four) and share premium in the amount of EUR 9,632,524 (nine million, six hundred thirty-two thousand, five hundred twenty-four). - - - - - - - - Distributable profit of Pivovarna Laško, d.d., in the fiscal year 2014 (two thousand fourteen), amounts to 0 (zero) EUR. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2.3.

The Shareholders Assembly shall be informed about the payments to Management Board and Supervisory Board members, received for their service to the company and its subsidiaries in the 2014 (two thousand fourteen) fiscal year. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2.4.

The Shareholders Assembly grants discharge from liability to the company Management Board for the fiscal year 2014 (two thousand fourteen). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2.5.

The Shareholders Assembly grants discharge from liability to the company Supervisory Board for the fiscal year 2014 (two thousand fourteen). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------Three: Appointment of company auditor for the 2015 (two thousand fifteen) fiscal year, with the following resolution proposal to item 3: The Shareholders Assembly hereby appoints the audit company Ernst & Young d.o.o., Dunajska cesta 111 (one hundred eleven), Ljubljana, as the company auditor to audit the financial statements for the fiscal year 2015 (two thousand fifteen). - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------Four: Informing the shareholders about the joint process of capital increase of Pivovarna Laško, d.d., and divestment of the stake in Pivovarna Laško, d.d., held by the Consortium of Sellers, with the following resolution proposal to item 4: The Shareholders Assembly is hereby informed that the Consortium of Sellers (Družba za upravljanje terjatev bank, d.d., Kapitalska družba pokojninskega in invalidskega zavarovanja, d.d., Alpen invest, družba za upravljanje investicijskih skladov, d.o.o., Abanka Vipa, d.d., KD Skladi, družba za upravljanje, d.o.o., Nova Kreditna banka Maribor, d.d., Zavarovalnica Triglav, d.d., Sklad obrtnikov in podjetnikov, and Banka Koper, d.d.), whose combined stake represents 51.11% (fifty-one point one one percent) of the share capital in the equity of the company Pivovarna Laško, d.d., signed on April 13, 2015 (thirteenth of April two thousand fifteen), with the company Heineken International B.V., Amsterdam, a Sale and Purchase Agreement on the sale and purchase of 4,471,054 (four million, four hundred seventy-one thousand, fifty-four) shares of Pivovarna Laško, d.d., or a 51.11% (fifty-one point one one percent) stake. The price amounts to EUR 2 of 6

25.56 (twenty-five point five six euros) per share. Payment of the purchase price and the transfer of shares to the new owner will take place when the suspensive conditions, specified in the Sale and Purchase Agreement, are met. Upon signing of the Sale and Purchase Agreement, the buyer Heineken International B.V. and Pivovarna Laško, d.d., signed a Business Cooperation Agreement and a Shareholder Loan Agreement. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------Ad one: Opening of the Shareholders Assembly, attendance count, and appointment of the voting committee- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The Shareholders Assembly was opened at 12:04 p.m. (twelve hours and four minutes, after noon) based on authorization – Management Board resolution – by the Shareholders Assembly chairman Stojan Zdolšek, Attorney at law from Ljubljana. He greeted the present shareholders and their proxies or agents, and described the method of voting with electronic voting devices; he proposed that the Shareholders Assembly appoint the bodies of the Assembly, i.e. the voting committee consisting of Simon Novak, Alenka Petru Romih, and Alenka Potokar, and introduced the invited notary public Katja Fink of Celje. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly chairman found that of the 8,745,520 (eight million, seven hundred forty-five thousand, five hundred twenty) shares bearing voting rights, 5,351,274 (five million, three hundred fifty-one thousand, two hundred seventy-four) shares were present, representing 61.19% (sixty-one point one nine percent) of the company share capital eligible for voting, and that the Assembly quorum is reached, which allows the Assembly to validly make the decisions on all proposed agenda items. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly chairman then invited the representative of the company Ixtlan Forum, d.o.o., Mr Robert Ernestl, to explain the use of electronic voting devices. - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly chairman then invited the shareholders to discuss the item and vote on it, and found that the company adopted the resolution to item 1 with 5,348,645 (five million, three hundred forty-six thousand, eight hundred twelve) votes for (in favour) and with 2,629 (two thousand three hundred six) against, i.e. with 99.951% (ninety-nine point nine five one percent) in favour. Voting committee shall be appointed, consisting of Simon Novak, Alenka Petru Romih, and Alenka Potokar. The Assembly shall be attended by the notary public Katja Fink of Celje. - - - - ----------------------------------------------------------------------It is evident from the report of the vote counters, attached herewith, that the vote result pursuant to Article 304 of the Companies Act (ZGD-1) for this agenda item is as follows: - - - - - - - - - - - - - - - - -  number of shares for which valid votes were cast was: 5,351,274 (five million, three hundred fifty-one thousand, two hundred seventy-four) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  percent share of these shares in the company's share capital: 61.174 (sixty-one point one seven four)  total number of valid votes cast: 5,351,274 (five million, three hundred fifty-one thousand, two hundred seventy-four) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  number of votes FOR (in favour): 5,348,645 (five million, three hundred forty-eight thousand, six hundred forty-five) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  number of votes AGAINST: 2,629 (two thousand six hundred twenty-nine) - - - - - - - - - - - - - - - -  number of ABSTAINED votes: 0 (zero) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly chairman signed the list of present shareholders and presented it to the present shareholders, in compliance with the Article 303 of the Companies Act (ZGD-1). - - - - - - - - - -----------------------------------------------------------------------

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Ad two: Presenting to the Shareholders Assembly the audited Annual Report for the year 2014 (two thousand fourteen) and the Supervisory Board Report on the Annual Report audit, coverage of net loss, and payments to Management Board and Supervisory Board members, and vote on the discharge from liability to the company Management Board and Supervisory Board- - - - - - - ----------------------------------------------------------------------The Shareholders Assembly chairman presented to the shareholders the proposal by the Management Board and Supervisory Board on the presentation to the Shareholders Assembly of the Supervisory Board Report on the adopted audited Annual Report for the year 2014 (two thousand fourteen), coverage of net loss, payments to Management Board and Supervisory Board members, and vote on the discharge from liability to the company Management Board and Supervisory Board. The Shareholders Assembly chairman informed the shareholders that no vote shall be taken on items 2.1, 2.2, and 2.3. The Shareholders Assembly chairman then opened a discussion on this agenda item. - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly chairman then found that the Shareholders Assembly was presented the following reports: - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------2.1.

The Shareholders Assembly shall be presented the audited Annual Report of the Laško Group and the company Pivovarna Laško, d.d., for the year 2014 (two thousand fourteen), and the Supervisory Board Report on the Annual Report Audit. - - - - - - - - - - - - - - - - - - - - - - - - - - - 2.2.

The Shareholders Assembly shall be informed that as at December 31, 2014 (thirty-first of December two thousand fourteen), company net loss for the 2014 (two thousand fourteen) fiscal year amounts to EUR 9,847,908 (nine million, eight hundred forty-seven thousand, nine hundred eight) and that it was covered by the Management Board with profits from previous years in the amount of EUR 215,384 (two hundred fifteen thousand, three hundred eighty-four) and share premium in the amount of EUR 9,632,524 (nine million, six hundred thirty-two thousand, five hundred twenty-four). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------Distributable profit of Pivovarna Laško, d.d., in the fiscal year 2014 (two thousand fourteen), amounts to 0 (zero) EUR. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2.3.

The Shareholders Assembly shall be informed about the payments to Management Board and Supervisory Board members, received for their service to the company and its subsidiaries in the 2014 (two thousand fourteen) fiscal year. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly chairman then invited the shareholders to vote on item 2.4 and found that the company adopted the resolution to item 2.4 with 5,345,483 (five million, three hundred forty-five thousand, four hundred eighty-three) votes for (in favour) and with 5,733 (five thousand seven hundred thirty-three) against, i.e. with 99.893% (ninety-nine point eight nine three percent) in favour. - - - - - - - ----------------------------------------------------------------------2.4.

The Shareholders Assembly grants discharge from liability to the company Management Board for the fiscal year 2014 (two thousand fourteen). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - It is evident from the report of the vote counters, attached herewith, that the vote result pursuant to Article 304 of the Companies Act (ZGD-1) for this agenda item is as follows: - - - - - - - - - - - - - - - - -  number of shares for which valid votes were cast was: 5,351,216 (five million, three hundred fifty-one thousand, two hundred sixteen) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  percent share of these shares in the company's share capital: 61.173 (sixty-one point one seven three)  total number of valid votes cast: 5,351,216 (five million, three hundred fifty-one thousand, two hundred sixteen) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

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 number of votes FOR (in favour): 5,345,483 (five million, three hundred forty-five thousand, four hundred eighty-three) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  number of votes AGAINST: 5,733 (five thousand seven hundred thirty-three) - - - - - - - - - - - - - - -  number of ABSTAINED votes: 58 (fifty-eight) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly chairman then invited the shareholders to vote on item 2.5 and found that the company adopted the resolution to item 2.5 with 5,340,654 (five million, three hundred forty thousand, six hundred fifty-four) votes for (in favour) and with 10,620 (ten thousand six hundred twenty) against, i.e. with 99.802% (ninety-nine point eight zero two percent) in favour. - - - - - - - - - - - ----------------------------------------------------------------------2.5. The Shareholders Assembly grants discharge from liability to the company Supervisory Board for the fiscal year 2014 (two thousand fourteen). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------It is evident from the report of the vote counters, attached herewith, that the vote result pursuant to Article 304 of the Companies Act (ZGD-1) for this agenda item is as follows: - - - - - - - - - - - - - - - - -  number of shares for which valid votes were cast was: 5,351,274 (five million, three hundred fifty-one thousand, two hundred seventy-four) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  percent share of these shares in the company's share capital: 61.174 (sixty-one point one seven four)  total number of valid votes cast: 5,351,274 (five million, three hundred fifty-one thousand, two hundred seventy-four) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  number of votes FOR (in favour): 5,340,654 (five million, three hundred forty thousand, six hundred fifty-four) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  number of votes AGAINST: 10,620 (ten thousand six hundred twenty) - - - - - - - - - - - - - - - - - - -  number of ABSTAINED votes: 0 (zero) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------Ad three: Appointment of company auditor for the fiscal year 2015 (two thousand fifteen) - - - - - The Shareholders Assembly chairman moved to next item of the proposed agenda and presented the Supervisory Board's proposal on the appointment of the auditing company for the year 2015 (two thousand fifteen). The Shareholders Assembly chairman then invited the shareholders to discuss the item and vote on it, and found that the company adopted the resolution to item 3 with 5,346,812 (five million, three hundred forty-six thousand, eight hundred twelve) votes for (in favour) and with 2,306 (two thousand three hundred six) against, i.e. with 99.957% (ninety-nine point nine five seven percent) in favour. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly hereby appoints the audit company Ernst & Young d.o.o., Dunajska cesta 111 (one hundred eleven), Ljubljana, as the company auditor to audit the financial statements for the fiscal year 2015 (two thousand fifteen). - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------It is evident from the report of the vote counters, attached herewith, that the vote result pursuant to Article 304 of the Companies Act (ZGD-1) for this agenda item is as follows: - - - - - - - - - - - - - - - - -  number of shares for which valid votes were cast was: 5,349,118 (five million, three hundred forty-nine thousand, one hundred eighteen) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  percent share of these shares in the company's share capital: 61.149 (sixty-one point one four nine)  total number of valid votes cast: 5,349,118 (five million, three hundred forty-nine thousand, one hundred eighteen) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  number of votes FOR (in favour): 5,346,812 (five million, three hundred forty-six thousand, eight hundred twelve) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  number of votes AGAINST: 2,306 (two thousand three hundred six) - - - - - - - - - - - - - - - - - - - - -  number of ABSTAINED votes: 2,156 (two thousand one hundred fifty-six) - - - - - - - - - - - - - - - - -

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Ad four: Informing the shareholders about the joint process of capital increase of Pivovarna Laško, d.d., and divestment of the stake in Pivovarna Laško, d.d., held by the Consortium of Sellers- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly chairman then moved to the last item of the proposed agenda. The Shareholders Assembly chairman recognized Management Board President Dušan Zorko, who informed the shareholders about the capital increase process at Pivovarna Laško, d.d., and the sale of the share held by the Consortium of Sellers in Pivovarna Laško, d.d. - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------The Shareholders Assembly chairman then opened a discussion on this proposal. Stanislav Zajšek took part in the discussion. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------After the discussion, the Shareholders Assembly chairman found that the Shareholders Assembly has been informed that the Consortium of Sellers (Družba za upravljanje terjatev bank, d.d., Kapitalska družba pokojninskega in invalidskega zavarovanja, d.d., Alpen invest, družba za upravljanje investicijskih skladov, d.o.o., Abanka Vipa, d.d., KD Skladi, družba za upravljanje, d.o.o., Nova Kreditna banka Maribor, d.d., Zavarovalnica Triglav, d.d., Sklad obrtnikov in podjetnikov, and Banka Koper, d.d.), whose combined stake represents 51.11% (fifty-one point one one percent) of the share capital in the equity of the company Pivovarna Laško, d.d., signed on April 13, 2015 (thirteenth of April two thousand fifteen), with the company Heineken International B.V., Amsterdam, a Sale and Purchase Agreement on the sale and purchase of 4,471,054 (four million, four hundred seventy-one thousand, fifty-four) shares of Pivovarna Laško, d.d., or a 51.11% (fifty-one point one one percent) stake. The price amounts to EUR 25.56 (twenty-five point five six euros) per share. Payment of the purchase price and the transfer of shares to the new owner will take place when the suspensive conditions, specified in the Sale and Purchase Agreement, are met. Upon signing of the Sale and Purchase Agreement, the buyer Heineken International B.V. and Pivovarna Laško, d.d., signed a Business Cooperation Agreement and a Shareholder Loan Agreement. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------Following a specific question by the Shareholders Assembly chairman, none of the shareholders announced any challenging action. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------Following the finding that the agenda has been fully exhausted, the Shareholders Assembly chairman thanked everyone present for their cooperation, and concluded the 23rd (twenty-third) Shareholders Assembly of PIVOVARNA LAŠKO, public limited company, at 12.28 p.m. (twelve hours and twenty-eight minutes, in the afternoon). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------After the conclusion of the Shareholders Assembly, the Shareholders Assembly chairman read, approved, and signed the notarial record before me. Pursuant to Article 69 of the Notary Act (ZN), the notarial record does not include the entire contents of individual statements made by the participants, but rather only the legally relevant and material facts as specified by the law. - - - - - - - - - - - - - - - - - - - - ----------------------------------------------------------------------I, Notary Public Katja Fink, hereby confirm that the resolutions at the 23rd (twenty-third) Shareholders Assembly of PIVOVARNA LAŠKO, public limited company, headquartered at Trubarjeva ulica 28 (twenty-eight), 3270 (three thousand two hundred seventy) Laško, taking place on June 19, 2015 (nineteenth of June, two thousand fifteen), were adopted as specified in these minutes. - - - - - - - - - - - ----------------------------------------------------------------------In Laško, on June 19, 2015 (nineteenth of June, two thousand fifteen) - - - - - - - - - - - - - - - - - - - - - - Shareholders Assembly chairman Stojan Zdolšek, attorney at law [signed]

Notary Public Katja Fink [stamp, signature]

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