Erste Group Investor Conference Stegersbach, 11/10/2018

Erste Group Investor ConferenceStegersbach, 11/10/2018

Atlantic GrupaTodayAtlantic Grupa is one of theleading food companies inthe SEE region with therenowned regional brandsthat are, alongside theproduct range of externalpartners, supported by owndistribution system in theregion2

18— distributioncentres17 Leading distributor ofmultinational brands Founded in 1991 FY17 sales: EUR 708m FY17 EBITDA*: EUR 69m MCap (30/09/2018) : EUR 463m*Normalised— production facilitiesin 5 countries40— product presenceon over 40 markets5300— employees on12 markets3

Management BoardOwnership structureEmil TedeschiFounder & President ofthe Management BoardMladen VeberSenior Vice PresidentBusiness OperationsZoran StankovićVice PresidentFinanceNeven VrankovićVice PresidentCorporate AffairsATLANTIC GRUPA AS THE BEST MANAGED COMPANY IN 20151st in CROATIA2nd in the CEE region1st in the FOOD & BEVERAGE sector in the CEE4

Regional companyEuropean company1990’s2000-20042005-2017 Distribution centres acrossCroatia Various l companyDISTRIBUTION &PRODUCTIONDISTRIBUTIONGROWTH BASED ON INNOVATIONS AND M&A Regional expansion 2001: Acquisition of CEDEVITA 2010: Acquisition of DROGA KOLINSKA 2007: IPO 2005: Acquisition of MULTIPOWERDROGA KOLINSKASales in 67 29330201993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2010* 2011 2012 2013 2014 2015 2016 20172010*: Pro-forma consolidated with Droga Kolinska5

HISTORICAL DEVELOPMENTS OF KEY INDICATORSMargin overviewSales, EUR %8,6%6,1%2,0%6024,2%6,4%4,5%3,2%2,3%5,2%0,0%600Pro formacons 20105805602011201220132014EBITDA margin (normalised)540Pro formacons 0142017Normalised: excluding one off ,0%Pro formacons 20102016ROaE, ROCE14,0%6,02015EBIT margin (normalised)Net profit margin (normalised)Net 11,7%12,0%0,0%Pro formacons 2010201120122013ROaE2014ROCE2015201620176

PERFORMANCE ON CROATIAN CAPITAL 0 June 201831 December 14.4EV/Sales0.80.80.9EPS (in HRK)86.763.248.8P/E11.213.618.1Last price in reporting periodMarket capitalization* (in HRK millions) Stable shareholder structure Free float of 44.0%2016Average daily turnover (in HRKthousands)EV (in HRK millions)EV/EBITDA*Closing price multiplied by the total number of shares31 December 20167

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TOP-NOTCH BRAND PORTFOLIOCOMPANIES BEHIND TOP RANKED BRANDS IN ADRIA GIONSource: Valicon brand strength survey 20169

TOP-NOTCH BRAND PORTFOLIOTop 10 - Region12Coca ColaTop 5 - Slovenia34Top 5 - CroatiaTop 5 - SerbiaJanaPlazmaCoca ColaCoca ColaVegetaCoca Cola567Top 5 - B&HTop 5 - MacedoniaCoca ColaBitolskiMilkaCoca ColaMilkaOrbitFructalVegetaMoja kravicaJamnicaMilkaColgateChipsyStobi Flips8910NiveaJanaSource: Valicon brand strength survey 201610

ATLANTIC GRUPA DISTRIBUTIONSTRENGTH OF DISTRIBUTION The leading distributors of high-quality top FMCG brands(both own and principal) in SEE Developed network with 18 distribution centers Direct access on over 60,000 sales points Over 1,000 delivery vehicles Developing distribution in Austria and Russia11

KEY BUSINESS DEVELOPMENTS IN 2017Results in line with expectations coupled with strong profitability growthDevelopment of own brands and openings of new specialised storesLimitations in cooperation with key customerAtlantic Grupa and Belgian Aminolabs entered into a strategic partnershipNew distribution contracts and the start of Argeta production in the United States of AmericaReorganisation of Atlantic Grupa’s distribution activitiesSignificant decrease of indebtness and cash flow growthRisk management and consolidation of IT solutions12

AMINOLABS PARTNERSHIP Factories in Bleckede and NovaGradiška sold, as well as theassociated private label productionfor third parties (revenues in 2017in the amount of EUR 25.9 million) Transaction realised on 31stOctober 2017 Strategic brands will remain infull ownership of Atlantic GrupaCash received and receivables from sale of subsidiaries(in EUR million)CashReceivables20.07.9Total sales consideration27.9Gain from sale of subsidiaries8.613

KEY BUSINESS DEVELOPMENTS IN 2018Settlement of Agrokor Grupa creditors voted in favourNew distribution contracts (Mars and Red Bull)SPA for Neva signedPrivate label business impact14

RESULTS IN LINE WITH EXPECTATIONS2017A/2017E: 100.12017A/2017E: 99.52017A/2017E: 99.02017A/2016A: 103.92017A/2016A: 109.12017A/2016A: A6346466004140020000EBITDASalesAll data in EUR millions.EBITNormalised data.Expectations changed in December of 201715

SALES BY SBU&SDU IN 2017(EUR million)SBU CoffeeSBU (Sweet and Salted) SnacksSBU BeveragesSBU Pharma and Personal CareSBU Savoury SpreadsSBU Sports and Functional Food*From which private label productionSDU SerbiaSDU CroatiaDU SloveniaSDR Zone WestOther segments*Reconciliation**SalesFY 2017FY 2016FY 2017/FY 6.83.0% SBU Pharma and Personal Care: an excellent increase in sales primarilydue to the increase in sales of the pharmacy chain Farmacia and theincrease in sales of Multivita (Vitamin C in Russia), Neva i Dietpharmproducts.138.1129.26.9% SBU Savoury Spreads: a significant sales growth due to double-digitrevenue growth in the majority of markets.102.4100.61.8% SBU Sports and Functional Food: an observable decrease in sales as aconsequence of the portfolio restructuring.55.967.1(16.6%)115.0101.713.1% Strategic Distribution Regions and Distribution units: excellent salesresults of own brands and pricipal brands, coupled with record-high salesin Croatia, Slovenia and Macedonia.(388.9)(382.5)1.7% SDR Zone West: a decrease in sales mainly in the German market in theSBU Sports and Functional Food.707.6680.83.9% SBU Coffee: records a considerable increase in sales, due to good salesresults in all the key markets and all key categories coupled with highvalue market share SBU Snacks: great sales results in the markets of Serbia, Bosnia andHerzegovina and Montenegro, and a double-digit growth in the market ofCroatia. SBU Beverages: a significant increase in sales in almost all categories,due to excellent sales results in Croatia, Slovenia, Russia and Bosnia andHerzegovina.Comparative period has been adjusted to reflect current period reporting.* Other segments include SDR HoReCa, SDU CIS&Baltic, BU Baby Food, BU Gourmet, DU Macedonia and business activities not allocated to business and distribution units (headquarters and support functions inSerbia, Slovenia and Macedonia) which are excluded from the reportable operating segments.16** Line item “Reconciliation” relates to the sale of own brands which is included in the appropriate SBU and BU and in SDUs, SDRs and DUs through which the products were distributed.

SALES BY MARKETS AND SEGMENTS20172%Croatia 29.8%4%2016Serbia 23.1%9%30%7%8%Other regional markets* 6.5%Serbia 23.2%3%10%Slovenia 16.7%Bosnia and Herzegovina 7.8%Croatia 28.8%3%29%7%Bosnia and Herzegovina 7.8%Other regional markets* 6.7%8%Key European markets** 9.5%17%23%Key European markets** 10.1%Russia and CIS 4.3%17%23%Other markets 2.3%* Macedonia, Montenegro, Kosovo4% 3%Russia and CIS 3.6%Other markets 3.0%** Germany, United Kingdom, Italy, Switzerland, Austria, Sweden, Spain1%2%4%Principal brands 21.4%Principal brands 21.6%Coffee 20.8%1%3%Slovenia 16.8%21%Beverages 12.8%10%5%Coffee 20.7%21%10%Sweet and salted snacks 12.8%Beverages 12.4%Sweet and salted snacks 12.8%Savoury spreads 10.6%Savoury spreads 11.0%11%21%Pharma & Personal care 10.6%Sports and Functional Food - own brands 3.6%13%13%11%Sports and Function Food - private label production 3.5%21%Pharma & Personal care 10.3%Sports and Functional Food - own brands 5.3%12%13%Sports and Function Food - private label production 3.5%Baby food 2.7%Baby food 2.3%Gourmet 0.7%Gourmet 0.6%17

OPERATING RESULTS OF SBU&SDU IN 2017(EUR million)FY 2017FY 2016FY 2017/FY 2016SBU Coffee27.930.4(8.1%)SBU (Sweet and Salted) Snacks16.115.53.9%SBU Beverages21.121.6(2.4%)7.46.316.7%SBU Savoury Spreads17.215.98.1%SBU Sports and Functional Food(1.0)(2.7)63.4%SDU Serbia3.72.739.5%SDU Croatia3.41.799.4%DU Slovenia6.15.86.1%SDR Zone West(5.4)(6.9)21.6%Other segments*(18.9)(27.0)29.9%77.663.222.7%SBU Pharma and Personal CareGroup EBITDA SBU Coffee: despite the increase in sales, thedecrease in profitability is a result of higher costs of rawcoffee, largely compensated by increasing retail prices.SBU Snacks: the increase in profitability is aconsequence of the increase in sales revenue coupledwith a good control of costs.SBU Beverages: the decrease in profitability primarilyarises from the absence of one-off items (return ofexpenses for the water concession in Slovenia in2016).SBU Pharma and Personal Care: the increase inprofitability is a result of the sales revenue growth,coupled with a good control of costs.SBU Savoury Spreads: a profitability growth wasrecorded following a significant revenue growth andlower marketing expenses, coupled with a strict controlof other operating expenses.SBU Sports and Functional Food: loss reduction as aresult of restructuring and a more favourable relativegross margin. SDU Serbia: profitability growth as a consequence of sales growth, more favourable mix of customers and products (which led to a more favourable gross margin)and a favourable effect of the Serbian dinar exchange rate. SDU Croatia: profitability growth in line with volume and value growth in sales and a more favourable mix of customers, with optimum cost management. DU Slovenia: profitability growth as a result of an increase in sales and a better customer mix. SDR Zone West: despite the decrease in sales, primarily caused by the decrease in revenue in the Sports and Functional Food segment, the improved profitabilityis a result of lower costs of services, staff costs, marketing expenses and lower impairment of receivables and inventories. Lower cost of Other segments as a result of one off gain realised by sale of two factories from the sport and function food segment, as well as private labelproduction of that segment.* Other segments include SDR HoReCa, SDU CIS, BU Baby food, BU Gourmet, DU Macedonia and business activities which are not allocated on business and distributive areas (administrative headquarters and service support in Serbia, Sloveniaand Macedonia) and are excluded from reporting operative segments. Comparative period has been adjusted to reflect current period reporting.18

FINANCIAL INDICATORS30.6.2018.20172016Net debt153.3158.1200.3Total assets681.8683.5719.4Total Equity312.1300.0268.9Current ratio1.51.51.4Gearing ratio32.9%34.5%42.7%(in EUR millions)Net debt/Normalised EBITDAInterest coverage ratio6%Long term borrowings 18.2%17%44%Short term borrowings 10.7%4%Bond 3.9%2.152.293.17H1 al expenditureCash flow from operatingactivitiesCapital and reserves 43.9%11%18%Trade and other payables 17.6%Other liabilities 5.7% Focus on further deleveraging (net debt decrease of EUR 42.3 million in 2017). Net debt vs normalised EBITDA ratio fell from 3.17 to 2.29 at the end of 2017, and to 2.15 at the end of H1 2018. Interest coverage ratio increased. The cash flow from operating activities amounted to EUR 46.4 million in 2017.19

GUIDANCE TRACK RECORDEBITDA (HRKm)Sales 4201520162017EBIT 2010 Atlantic Grupa listed on the Zagreb StockExchange on November 19th 2007 Since 2008 Atlantic Grupa publishes guidancefor the following financial year and delivers it150020086.00099%4.930 0