ATLANTIC GRUPA

Company of Added Value

Erste Group Investor Conference, Stegersbach September 2014

CONTENT

OVERVIEW OF ATLANTIC GRUPA

FINANCIAL OVERVIEW IN H1 2014

FINANCIAL OVERVIEW IN 2013

STRATEGIC GUIDANCE

2

ONE OF THE LARGEST FOOD AND BEVERAGES COMPANIES IN THE SEE REGION

Key business segments: Key brands:

The leading coffee producer in the region GRAND KAFA, BARCAFFE

Prominent European company in the sports nutrition MULTIPOWER

Among the leading soft drinks producers in the region CEDEVITA, COCKTA, DONAT Mg

Among the leading confectionary & snacks producers in the region SMOKI, NAJLEPŠE ŽELJE, BANANICA

Among the leading savoury spreads producers in the region ARGETA

Producer of the No1 Croatian brand in the VMS segment DIETPHARM

The leading private pharmacy chain in Croatia FARMACIA

The leading FMCG distributer in the SEE region International Brands (Ferrero, Wrigley, Unilever, ...)

Business

Fast Moving Consumer Goods

Headquarters

Zagreb, Croatia (Europe)

Foundation

1991

No of employees

4,228

FY13 sales

EUR 674 millions

Key Markets

SEE region, Western Europe, Russia

presence on over 40 markets

Production locations

14 production locations in Croatia, Slovenia, Bosnia and

Herzegovina, Serbia, Macedonia and Germany

The region includes: Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, Macedonia and Kosovo. Reporting currency HRK, all figures in the presentation translated at EUR/HRK FX rate of 7.5.

3

4

DEVELOPMENT CYCLE: EXTENSIVE M&A TRACK RECORD

Acquisition of Kalničke vode Bionatura

Acquisition of DROGA KOLINSKA

Acquisition of pharmacies – Farmacia

IPO

Acquisition of Fidifarm & Multivita

Representative office Moscow

Acquisition of Haleko & Power Gym:

MULTIPOWER

2010

2010

2008/9

2007

2007

2006

2005

Acquisition of Melem

Atlantic Slovenia

Atlantic Macedonia

Acquisition of Neva

Acquisition of CEDEVITA

Atlantic Serbia

Representative office B&H

2004

2004

2003

2003

2001

2001

2001

Cooperation Johnson & Johnson

Cooperation Duracell

Distribution center Rijeka

Distribution center Osijek

Distribution center Split

Cooperation Wrigley

1999

1996

1994

1994

1992

1991

DIS

TR

IBU

TIO

N

DIS

TR

IBU

TIO

N &

PR

OD

UC

TIO

N

VE

RT

ICA

L I

NT

EG

RA

TIO

N

European company

National company

Regional company

2010*: Pro-forma consolidated with Droga Kolinska.

1 6 12 17 27 33 36 42 61 81 90 102145

186223

267 293 302

602630

657 674

0

100

200

300

400

500

600

700

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2010* 2011 2012 2013

Sales in EURm

CAGR 1993-2013:

+38.0%

ATLANTIC GRUPA’S BUSINESS MODEL TODAY

SBU

COFFEE

From 2014 the company's business operations are organized in six Strategic Business Units (SBU), one Business Unit (BU), five

Strategic Distribution Units (SDU) and two Distribution Units (DU), allowing the company to manage its production and distribution

operations more effectively

SBU

BEVERAGES

SBU

SPORTS AND

FUNCTIONAL

FOOD

SBU

PHARMA

AND

PERSONAL

CARE

SBU

SAVOURY

SPREADS

SBU

SNACKS

SDU

Croatia

SDU

Serbia

SDU

HoReCa

Hotels,

Restaurants,

Cafes

SDU

International

Markets*

5

*International markets: markets outside the region (Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Macedonia and Montenegro), Russia and CIS.

BU

BABY FOOD

SDU

CIS

DU

Slovenia

DU

Macedonia

STABLE MANAGEMENT TEAM AND OWNERSHIP STRUCTURE

Supervisory board

Supervisory Board

Audit CommitteeNomination and Remuneration

Committee

Corporate Governance Committee

Mladen VeberSenior Group Vice President

Business Operations

Zoran StankovićGroup Vice President

Finance

Neven VrankovićGroup Vice President

Corporate Affairs

Emil TedeschiPresident of the

Management Board

Strategic Management Council

Deals with vital strategic and operational corporate issues.

Consists of: Board Members, Vice Presidents and General Managers of each SBU

and SDU, Senior Executive Director for Regional KAM and Sales Croatia, the

Secretary General, Executive Directors of Corporate Controlling, IT, Central

Purchasing and Human Resources, and the Head of the Investment Committee.

6

Management Ownership structure on 30/09/2014

Lada Peter Franz Vedrana

Zdenko Tedeschi Siniša Elam Josef Aleksandar Jelušić

Adrović Fiorio Petrović Håkansson Flosbach Pekeč Kašić

President Vice President Member Member Member Member Member

of the of the of the of the of the of the of the

Supervisory Supervisory Supervisory Supervisory Supervisory Supervisory Supervisory

Board Board Board Board Board Board Board

Emil Tedeschi,

50.2%

Pension funds, 17.9%

EBRD, 8.5%

DEG, 8.5%

Lada Tedeschi

Fiorio, 5.8%

Management1.1%

Others, 8.0%

PRODUCT/DISTRIBUTION PORTFOLIO OVERVIEW

7

Coff

ee Turkish Coffee

Espresso coffee

Instant coffee

Sa

vo

ury

sp

rea

ds Meat spreads

Fish spreads

Sandwiches

Sn

acks Savoury snacks

Chocolate tablets

Wafers & Biscuits

Bars

Sp

ort

s a

nd

fun

ctio

nal fo

od

Sports food

Weight management range

Energy range

Body building range

Dis

trib

utio

n

Own brands

International brands

Be

ve

rage

s Carbonated soft drinks

Vitamin instant drinks

Functional waters

Waters

Tea and Functional tea

Pe

rson

alca

re

Body care

Face care

Lip care

Tooth care

Ph

arm

a Food supplements

OTC products

Pharmacy chain

Ba

by f

oo

d

Baby cereals

Milk formula

Tea

Water

Biscuits

ATLANTIC GRUPA’S GREATEST ASSETS

Brands with key market positions - among the top 3 in their category based on latest available data. Market position ranking based on volume (items) market share. Data source: Nielsen

Retail Panel, PharMIS and company data.

8

Croatia

Serbia

Slovenia

Bosnia and

Herzegovina

Macedonia

Germany

Italy

United

Kingdom

Austria

Switzerland

Ukraine

GEOGRAPHIC PRESENCE AND MACROECONOMIC ENVIRONMENT

9

Sales by countries in 2013; *Other regional markets: Macedonia, Montenegro, Kosovo; **Key European markets: Germany, UK, Italy, Switzerland, Austria, Sweden, Spain; Macro data source:

European Commission, European Economic Forecast, Winter 2014; for FX rates - National Bank of Serbia, UniCredit CEE 4Q14, HAAB SEE Outlook June 2014, RBA CEE Strategy 4Q14.

Slovenia

Croatia

Bosnia and

HerzegovinaSerbia

Macedonia+ production facility

in Germany

Overview of production facilities

Croatia24.8%

Serbia24.1%

Slovenia13.6%

Bosnia and Herzegovina

7.2%

Other regional markets*

6.3%

Key European markets**

11.7%

Russia and CIS5.9%

Other markets6.4%

Sales by countries Croatia 2011 2012 2013f 2014f 2015f

GDP 0.0% (2.0%) (0.7%) 0.5% 1.2%

Unemployment 13.5% 15.9% 17.6% 17.6% 17.2%

CPI 2.2% 3.4% 2.3% 1.3% 1.5%

EUR/HRK 7.43 7.52 7.57 7.63 7.64

Serbia 2011 2012 2013f 2014f 2015f

GDP 1.6% (1.5%) 2.1% 1.3% 2.2%

Unemployment 23.0% 23.9% 22.1% 22.3% 21.4%

CPI 11.1% 7.3% 7.9% 4.3% 5.0%

EUR/RSD 101.97 113.09 113.11 117.09 120.90

Slovenia 2011 2012 2013f 2014f 2015f

GDP 0.7% (2.5%) (1.6%) (0.1%) 1.3%

Unemployment 8.2% 8.9% 10.2% 10.8% 10.7%

CPI 2.1% 2.8% 1.9% 0.8% 1.3%

EUR/USD 1.39 1.29 1.33 1.36 1.27

Germany 2011 2012 2013f 2014f 2015f

GDP 3.3% 0.7% 0.4% 1.8% 2.0%

Unemployment 5.9% 5.5% 5.3% 5.2% 5.1%

CPI 2.5% 2.1% 1.6% 1.4% 1.4%

EUR/USD 1.39 1.29 1.33 1.36 1.27

Russia 2011 2012 2013f 2014f 2015f

GDP 4.3% 3.4% 1.3% 2.3% 2.7%

Unemployment 6.6% 5.5% 5.5% 5.9% 6.2%

CPI 8.4% 5.1% 6.8% 5.9% 5.0%

EUR/RUB 40.89 40.07 42.36 48.21 49.85

SALES PROFILE AND BUSINESS ENVIRONMENT

10

Sales by segments and brands in 2013; Business environment source: www.confectionerynews.com, http://uk.synergytaste.com, www.beveragedaily.com, IGD Retail Analysis.

Top 5 factors influencing F&B industry

Collaboration in innovation

Between ingredient and packaging firms and industry

Ethics at eye level

Environmental stewardship, animal welfare and fair play for workers

are among conditions of production that consumers now expect

Rising food prices

Smaller grain stockpiles, a growing population, increased demand for

animal protein and a changing climate disrupt supply/demand balance

Food taxes and subsidies

Balance taxes on less healthy foods with subsidies for healthy ones

Simple ingredients

Key retail trends

Shoppers hungry for value

Online, digital and multi-channel

Redefinition of private label

Making the most of events

Focus on the store environment

Principal brands15.0%

Sports and Functional

Food15.5%

Pharma & Personal

care 9.7%

Coffee21.5%

Sweet and salted snacks

12.2%

Savoury spreads

9.1%

Beverages 12.9%Baby food

4.2%

Sales by segments

Own brands72.5%

Principal brands15.0%

Private label6.4%

Farmacia6.1%

Sales by brands

FINANCIAL OVERVIEW: 2010 – 2013

11

P&L figures normalized; *Gearing ratio calculated as Net debt/(Total equity+Net debt); ** For FY10 calculated on pro-forma level.

(EURm) FY10 FY10 pro-forma FY11 FY12 FY13CAGR FY10

pro-forma - FY13FY13/FY12

Revenues 306 609 637 665 679 3.7% 2.2%

Sales 302 602 630 657 674 3.8% 2.5%

EBITDA 27 70 69 74 79 3.9% 5.8%

EBIT 20 37 47 53 57 15.5% 6.4%

Net profit 11 17 9 15 27 16.6% 76.9%

EBITDA margin 8.9% 11.7% 10.9% 11.3% 11.7% +3bp +37bp

EBIT margin 6.5% 6.1% 7.4% 8.1% 8.4% +229bp +31bp

Net profit margin 3.8% 2.8% 1.5% 2.3% 3.9% +116bp +166bp

Net debt 333 333 333 314 275

Total assets 701 701 714 687 678

Equity 194 194 202 195 223

Gearing ratio* 63.2% 63.2% 62.3% 61.7% 55.2%

Net debt/EBITDA 4.7 4.7 4.8 4.2 3.5

Cash Flow from operating

activities14 n/a 22 39 56

Balance sheet as of YE10 reflected

consolidation of Droga Kolinska, but P&L

accounts were not consolidated in FY10

(consolidation started as of 01/01/2011).

In 2014, the classification of contracted

marketing expenses has changed from

“Marketing and selling expenses” to

decrease in “Sales revenues”, and

classification of support for contracted

marketing expenses has changed from

decrease in “Marketing and selling

expenses” to decrease in “Cost of

merchandise sold”. This reclassification

decreases above presented sales by

EUR 6 million in 2013 and EUR 5.5

million in 2012.

GUIDANCE TRACK RECORD

12

Atlantic Grupa listed on the Zagreb Stock Exchange on

19th of November 2007.

Since 2008 Atlantic Grupa publishes guidance for the

following financial year and delivers it.

0

100

200

300

400

500

600

700

2008 2009 2010 2011 2012 2013

EBITDA (HRKm)

100%98% 101%

98%102%

101%

0

1.000

2.000

3.000

4.000

5.000

6.000

Sales EBITDA EBIT

4.930

559399

4.964

550385

Reported Guidance99%

102%104%

0

100

200

300

400

500

2008 2009 2010 2011 2012 2013

EBIT (HRKm)

104%99%

95%

97%

104%101%

0

1.000

2.000

3.000

4.000

5.000

6.000

Sales EBITDA EBIT

4.930

559399

4.964

550385

Reported Guidance99%

102%104%

0

100

200

300

400

500

600

700

800

2008 2009 2010 2011 2012 2013

Sales (EURm)

93% 103% 99%

102%99% 98%

0

1.000

2.000

3.000

4.000

5.000

6.000

Sales EBITDA EBIT

4.930

559399

4.964

550385

Reported Guidance99%

102%104%

13

PERFORMANCE ON CROATIAN CAPITAL MARKET

The Atlantic Grupa’s share significantly outperformed the growth

of Crobex and Crobex10 and ended at 30 September 2014 at

EUR 137.3, which was a 58,5% growth within a year.

* Closing price multiplied by the total number of shares

** EV and price multiples are calculated with the last price at 30 September 2014 and for

the TTM 1H 2014 period

*** Performance on capital market: percentage obtained as difference between closing

price at 31 December of current year and closing price at 31 December of previous year

as well as closing price at 30/9/2014 and closing price at 31 December 2013

0.00

50.00

100.00

150.00

0

1,000

2,000

3,000

4,000

5,000

6,000

EU

R

Po

ints

ATGR-R-A vs CROBEX

CROBEXATGR-R-A

30/09/2014 31/12/2013

Last price 137.3 95.7

Market capitalization* (in EUR millions) 457.9 319.2

Valuation 1H2014

Last price (30/09/2014) 137.3

Market capitalization* (in EUR millions) 457.9

Average daily turnover (in EUR

thousands)46.3

EV (in EUR millions) ** 734.4

EV/EBITDA** 9.2

EV/EBIT** 12.6

EV/sales** 1.1

EPS (in EUR) 8.5

P/E** 16.2

43%34%

7%

-38%

18%

48%

-47%

8% 2% 1%

-18%

5%16%

-67%

10%2%

0%

-15%

9%

-80%

-40%

0%

40%

9M 2014 2013 2012 2011 2010 2009 2008

Performance on capital market ATGR-R-A

Crobex

Crobex10

CONTENT

OVERVIEW OF ATLANTIC GRUPA

FINANCIAL OVERVIEW IN H1 2014

FINANCIAL OVERVIEW IN 2013

STRATEGIC GUIDANCE

14

15

FINANCIAL OVERVIEW IN H1 2014

In the first half of 2014, Atlantic Grupa recorded 2.1% higher revenue due

to the growth in sales in the SBU Savoury Spreads, the SDU International

Markets and the beginning of the Unilever principal distribution in the SDU

Croatia and the DU Slovenia. The growth in these units compensated for

the lower result of other business segments. If we exclude the effect of new

and old principals and unfavourable impacts of movements in exchange

rates, the sales remained at the level of the first half of 2013.

3.6% higher EBITDA as a result of :

the growth in sales and

active risk management related to the movements in the price of raw

coffee in the global markets.

In the first half of 2014, a 5.4% higher EBIT was recorded, whereby the

improved operating profitability was achieved primarily due to the impacts

above the EBITDA level and due to lower depreciation which is the result of

a more efficient management of the existing resources, reducing the need

for new investments.

22.7% higher net profit due to:

The impacts above the EBIT level,

Significant decrease in interest expense by 16.5% due to a successful

refinancing of long-term borrowings completed at the end of 2012 and

Decrease in the effective tax rate to 13% from the previous year’s

20%.

Nevertheless, net foreign exchange gains are significantly lower compared

to the same period of the previous year, primarily due to the depreciation of

the Serbian dinar.

Key highlights

(EURm)H1 2014 H1 2013

H1 2014/H1

2013

Revenues 329.9 323.1 2.1%

Sales 327.2 320.5 2.1%

EBITDA 40.0 38.6 3.6%

EBIT 30.8 29.2 5.4%

Net profit 19.1 15.6 22.7%

EBITDA margin 12.2% 12.0% +17 bp

EBIT margin 9.4% 9.1% +29 bp

Net profit margin 5.8% 4.9% +98 bp

16

PERFORMANCE BY STRATEGIC BUSINESS UNITS AND STRATEGIC DISTRIBUTION UNITS

* Other segments include SDU HoReCa, SDU CIS, BU Baby Food, DU Macedonia and business activities not allocated to business and distribution units (headquarters and support

functions in Serbia, Slovenia and Macedonia) which are excluded from the reportable operating segments.

** Line item “Reconciliation” relates to the sale of own brands which is included in the appropriate SBU and BU and in SDUs and DUs through which the products were distributed.

*** In 2014 the classification of contracted marketing expenses has changed from “Marketing and selling expenses” to decrease in “Sales revenues”, and classification of support for

contracted marketing expenses has changed from decrease in “Marketing and selling expenses” to decrease in “Cost of merchandise sold”. In accordance with these changes, sales

revenue (referring to sales from distribution company Atlantic Trade Zagreb) for segment information for the six month period ended 30 June 2013 has also been restated, but no

restatement has been made for sales revenue referring to SBU Savoury Spreads on markets outside the region and BU Baby Food due to immateriality.

(EUR 000) H1 2014 H1 2013***H1 2014/

H1 2013

SBU Beverages 42 44 (4.0%)

SBU Coffee 64 67 (5.5%)

SBU (Sweet and Salted) Snacks 37 39 (4.1%)

SBU Savoury Spreads 29 28 5.8%

SBU Sports and Functional Food 53 55 (2.8%)

SBU Pharma and Personal Care 32 32 (0.4%)

SDU Croatia 54 47 14.7%

SDU Serbia 68 73 (7.1%)

SDU International markets 39 38 3.4%

DU Slovenia 45 36 22.6%

Other segments* 52 52 (0.4%)

Reconciliation** (189) (192) n/p

Sales 327 320 2.1%

(in EUR millions) H1 2014 H1 2013H1 2014/

H1 2013

SBU Beverages 8.5 8.0 5.8%

SBU Coffee 16.0 13.5 18.2%

SBU (Sweet and Salted) Snacks 6.7 7.0 (3.7%)

SBU Savoury Spreads 7.8 6.5 20.8%

SBU Sports and Functional Food 1.7 2.0 (14.9%)

SBU Pharma and Personal Care 2.6 3.0 (12.1%)

SDU Croatia 1.3 0.9 46.3%

SDU Serbia 1.4 2.1 (30.3%)

SDU International markets 0.7 1.6 (54.2%)

DU Slovenia 1.4 1.7 (15.4%)

Other segments* (8.2) (7.5) 9.0%

Group EBITDA 40.0 38.6 3.6%

17

FINANCIAL INDICATORS IN H1 2014

The company's focus on a continued deleveraging

Overview of capital expenditure:

SBU Coffee: purchase of espresso machines and Coffee 2 Go machines, investment in the transport system for ground coffee,

SBU Snacks: investment in the line for the production of fillings, purchase of production equipment for the production of chocolate bars,

SBU Sports and Functional Food: investment in the production plant for the production of bars in Nova Gradiška,

SDU Croatia and SDU Slovenia: investments related to taking over the distribution of Unilever (IT, warehouses, offices).

Capital and reserves34.2%

Long term borrowings

32.8%

Short term borrowings

8.3%

Bond2.2%

Trade and other payables

16.2%

Other liabilities

6.4%

Equity and liabilites structure as at 30/06/2014

(in EUR millions) H1 2014 2013

Net debt 268.1 274.6

Total assets 690.0 677.7

Total Equity 235.7 223.3

Current ratio 1.7 1.8

Gearing ratio 53.2% 55.2%

Net debt/EBITDA* 3.3 3.5

H1 2014 H1 2013

Interest coverage ratio 4.4 3.6

Capital expenditure 8.1 4.2

Cash flow from operating activities 13.5 22.8

CONTENT

OVERVIEW OF ATLANTIC GRUPA

FINANCIAL OVERVIEW IN H1 2014

FINANCIAL OVERVIEW IN 2013

STRATEGIC GUIDANCE

18

19

PERFORMANCE BY STRATEGIC BUSINESS UNITS AND STRATEGIC DISTRIBUTION UNITS

* Sales and profitability shown according to AG’s business model valid in 2012 and 2013. Other segments include SDU HoReCa, Russian market and non-allocable

business activities (headquarters and support functions in Serbia, Slovenia and Macedonia) which are excluded from the reportable operating segments. SDU

International Markets’ sales and profitability is presented within SBU to which they relate. The Russian market includes only the baby food product range sales under

the Bebi brand.

** Line item “Reconciliation” relates to the sale of own brands which is included in the appropriate SBU and in SDUs through which the products were distributed.

*** Sales correspond to figures shown in 2013 Audit Report. In 2014, the classification of contracted marketing expenses has changed from “Marketing and selling

expenses” to decrease in “Sales revenues”, and classification of support for contracted marketing expenses has changed from decrease in “Marketing and selling

expenses” to decrease in “Cost of merchandise sold”. This reclassification decreases above presented sales by EUR 6 million in 2013 and EUR 5.5 million in

2012.

EUR millions 2013 2012 2013/2012

SBU Beverages 87 90 (3.0%)

SBU Coffee 145 145 (0.3%)

SBU (Sweet and Salted) Snacks 82 80 2.8%

SBU Savoury Spreads 61 62 (1.0%)

SBU Sports and Functional Food 104 91 14.9%

SBU Pharma and Personal Care 67 64 5,1%

SDU Croatia 108 117 (8.0%)

SDU Slovenia, Serbia, Macedonia 258 257 0.4%

Other segments* 56 50 13.5%

Reconciliation** (296) (298) (0.8%)

Sales 674 657 2.5%

(EUR millions) 2013 2012 2013/2012

SBU Beverages 16.3 18.3 (10.8%)

SBU Coffee 31.8 20.9 52.3%

SBU (Sweet and Salted) Snacks 14.9 15.4 (3.0%)

SBU Savoury Spreads 16.4 16.4 0.4%

SBU Sports and Functional Food 3.0 1.9 57.5%

SBU Pharma and Personal Care 6.4 7.6 (16.3%)

SDU Croatia 2.0 1.7 20.8%

SDU Slovenia, Serbia, Macedonia 11.0 11.3 (2.3%)

Other segments* (23.2) (18.9) 22.3%

Group EBITDA 78.8 74.5 5.8%

20

NET PROFIT IN 2013

1.8 times higher net profit due to:

Significant decrease in interest expense amid successful

refinancing of long-term borrowings completed at the end of

2012.

More favourable movements in foreign exchange rates,

which decreased the previous year’s net foreign exchange

losses arisen primarily due to the depreciation of the

Serbian dinar.

Negative impact had the significant increase in effective tax

rate to 21% from the previous year’s 6% due to the last year

recognised deferred tax asset based on the expected

utilisation of tax losses.

*Normalized

0

10

20

30

40

50

2013 2012

27

9

27

15

Net profit

Normalized Net profit

EURm

(in EUR 000) 2013 % of sales 2012* % of sales 2013/2012

EBIT 56,616 8.4% 53,230 8.1% 6.4%

Interest expenses, net (21,235) (3.2%) (28,716) (4.4%) (26.1%)

Net FX differences (1,627) (0.2%) (8,525) (1.3%) (80.9%)

EBT 33,754 5.0% 15,990 2.4% 111.1%

Current tax (5,698) (0.8%) (3,463) (0.5%) 64.5%

Deferred tax (1,523) (0.2%) 2,468 0.4% n/a

Net income 26,532 3.9% 14,994 2.3% 76.9%

Minority interest (550) (0.1%) (1,451) (0.2%) (62.1%)

Net income II 25,983 3.9% 13,543 2.1% 91.8%

21

FINANCIAL INDICATORS IN 2013

The company's focus on a continued deleveraging

Overview of capital expenditure:

SBU Coffee: automation of the line for coffee and purchase of espresso and Coffee 2 Go machines,

SBU Snacks: investment in the flips packaging machine, investment in the equipment for the production of pellets and purchase of line for the

production of fillings,

SBU Beverages: investment in the line for packaging multi-packs of Donat Mg, investment in the equipment for the production of the Donat Mg

new bottle, purchase of automated line for packaging Cedevita granules,

SBU Pharma and Personal care: refurbishment of pharmacies and specialised stores and

Other: investments related to the HRIS system (human resources information system) and the project of developing, implementing and relocating

the regional data centre in Zagreb.

* Normalized in 2012

Capital and reserves32.9%

Long term borrowings

36.5%Short term borrowings7.6%

Bond2.3%

Trade and other payables

14.5%

Other liabilities6.2%

Equity and liabilities structure as at 31/12/2013(in EUR millions) 2013 2012

Net debt 274.6 313.8

Total assets 677.7 686.6

Total Equity 223.3 194.8

Current ratio 1.8 1.8

Gearing ratio 55.2% 61.7%

Net debt/EBITDA* 3.5 4.2

Interest coverage ratio* 3.7 2.6

Capital expenditure 13.3 10.5

Cash flow from operating activities 56.0 39.5

CONTENT

OVERVIEW OF ATLANTIC GRUPA

FINANCIAL OVERVIEW IN H1 2014

FINANCIAL OVERVIEW IN 2013

STRATEGIC GUIDANCE

22

23

STRATEGIC GUIDANCE FOR 2014

Strategic

management

guidance

Focus on organic business growth through active brand management with a special emphasis on strengthening

the position of regional brands (Cockta, Cedevita, Smoki, Grand Kafa, Barcaffe, Bananica, Štark) and brands with

international potential (Multipower, Argeta, Donat Mg, Bebi, Cedevita GO!);

Strengthening the regional character of distribution through the extension of the principals’ brands portfolio;

Active development of the regional HoReCa segment with a portfolio that covers '24/7 consumer needs' and other

sale channels (Online, Etno channel);

Rationalisation of operations, cost management and optimisation of business processes on all operating levels

aimed at improving operating efficiency;

Active monitoring of trends and hedging the price of raw coffee and other raw materials;

Regular settlement of existing financial liabilities with an active management of debt and financial expenses; and

Prudent liquidity management and further deleveraging.

Sales: 3% sales growth at the organic level and sales from the distribution of the Unilever product range of EUR 32 million.

Capital expenditure at EUR 29 million, 46% of which relates to the investment in the new factory of energy bars in Nova Gradiška.

The expected effective tax rate in 2014 should be at the 2013 level.

(in EUR millions) 2014 Guidance 2013 2014/2013

Sales 725 674 7.7%

EBITDA 83 79 4.9%

EBIT 61 57 8.3%

Interest expense 19 21 (12.1%)

CONTACT

24

Atlantic Grupa d.d.

Miramarska 23

10 000 Zagreb

Croatia

Tel. +385 1 2413 908, +385 1 2413 931

E-mail: ir@atlanticgrupa.com