COBRA BEER LIMITED

(Company No 2355925) Notice is hereby given that at an Extraordinary General Meeting of Cobra Beer Limited (the “Company”) held at Alexander House, 14-16 Peterborough Road, London SW6 3BN, on 5 March 2003, for the purposes of section 173 of the Companies Act 1985 (the “Act”) a Special Resolution was passed approving: (i) the payment of £nil out of the distributable profits of the Company; and (ii) the payment of £539,916 out of the capital of the Company for the purpose of the Company redeeming at a price of £2.3075 per share 200,000 15 per cent Gross Convertible Cumulative Redeemable Preference Shares of £1 each in the capital of the Company and redeeming at a price of £1.3867 per share 720,000 15 per cent Gross 2001 Convertible Cumulative Redeemable Preference Shares of £1 each in the capital of the Company. The amount of the permissible capital payment in respect of the redemption above is equal to the amount of the payment out of the capital of the Company for that redemption. The statutory declaration and the auditors’ reports, each dated 4 March 2003, required by section 173 of the Act, are available for inspection at 72 Fielding Road, London W4 1DB, the registered office of the Company. Any Creditor of the Company may, at any time within the period of 5 weeks immediately following 5 March 2003 (being the date of the passing of the Special Resolution) apply to the High Court, under section 176 of the Act, for an Order prohibiting the payment out of capital. 10 March 2003.