We have received your request for Notice delivery regarding the article
published in today’s issue of Poslovni dnevnik with the
translated title “Podravka without Belupo in minus 80 million kunas” where is
stated that “…Podravka without pharmaceutical company Belupo, that is
operating in it’s system, has achieved for the last year the worst result ever.
Podravka’ s loss, as is written in that Review, is 80 million kunas while
Belupo achieved a profit nearly 100 million kunas.”

We consider all statements mentioned in the article of Poslovni
dnevnik  as assumptions or
speculations, and we deny those quotations.

As known, with the purpose of timely and fair reporting, Podravka has
published Notice through the Zagreb Stock Exchange on 8th January 2013
where is stated that the Management Board of Podravka d.d. is considering to reduce the book value of certain intangible assets
acquired in the previous periods, due to market trends; and to adjust the book
value of some tangible assets which are no longer in the function of value
creation.  

Also, in the same Notice is stated that estimated  total amount of such one-off items might be
approximately HRK 70 million and that suchamount is just a preliminary estimate
of the management, according to their best knowledge – and the final value of
adjustments will be shown in the audited annual financial reports for 2012.

Podravka
is going to publish Business results of the Podravka Group for the period
January – December 2012 pursuant to the Capital Market Law and the Zagreb Stock
Exchange Rules, and will duly deliver the Notice thereof.