Atlantic Grupa Company of Added Value

1. Atlantic GrupaCompany of Added Value Belgrade, May 2009

2. CONTENT • General overview of Atlantic Grupa • Overview of the FY08 financial figures • Overview of 1Q09 financial figures • Divisional overview • FY09 Guidance • Cedevita GO!

3. VERTICALLY INTEGRATED COMPANY IN CONSUMER HEALTHCARE BUSINESS Key brands: • The leading European company in the sports nutrition MULTIPOWER • Leader in the vitamin instant drinks in the SEE region CEDEVITA • Producer of the No1 Croatian brands in the VMS and the OTC DIETPHARM • The largest private pharmacy chain in Croatia FARMACIA • The leading FMCG distributer in the SEE region Distinguished International Brands (Ferrero, Wrigley, Duracell, Johnson & Johnson)

4. VERTICALLY INTEGRATED COMPANY IN THE CONSUMER HEALTHCARE BUSINESS FMCG DISTRIBUTION CONSUMER HEALTHCARE Distribution Division Sports and Functional Food Division Consumer Health Care Division Pharma Division VMS OTC Pharmacy chain 14% of sales Own brands Principal brands 38% of sales Vitamin drinks and teas Cosmetics and personal care 24% of sales Sports and functional food 24% of sales SYNERGIES

5. DEVELOPMENT CYCLE

6. GEOGRAPHICAL PRESENCES • Companies and representative offices across Europe • Presence on 30 markets

7. SALES GROWTH 1993-2008

8. SHAREHOLDER STRUCTURE • Stable ownership structure • All domestic pension funds among top 10 shareholders • East Capital - the leading asset manager specialising in Eastern Europe

9. ATLANTIC GRUPA AND THE CAPITAL MARKETS • Stable ownership structure • + Strong business fundamentals • + Defensive nature of the company (lower-beta company) • = Pace of the ATGR-R-A share decline slower than the drop pace in the local benchmark Crobex in 2008 • Road show in 2008 in the US • East Capital award for the Discovery of the Year in 2008 • Improved profile – arising from increased transparency of the company’s business model

10. OVERVIEW OF THE FY08 FINANCIAL FIGURES • Strong business results • In line with the management guidance • Double-digit growth rates: • Sales +20% • EBITDA +28% • EBIT +36% • Net profit +48% • Acquisition of pharmacies contributed to the top-line growth with +13% - HRK221m • Pharmacy business – margin accretive for the company • Strong organic growth: • Sales +6% • EBIT +19%

11. SALES PROFILE • The dominant market – Croatia • * Reported growth + 28.1% yoy • * Organic growth +5.7% yoy • Serbia – the largest organic growth driver • * Reported growth +21.7% yoy • The key West European markets • *Growth in CER terms

12. PROFITABILITY DYNAMICS EBITDA Organic growth • EBIT + 18.5% • EBITDA + 14.2% • Net profit + 23.7% • Strong focus and commitment to: • Cost optimisation • Business process improvements • Exploring synergies among divisions NET PROFIT EBIT

13. PERFORMANCE INDICATORS in FY08 • Key highlights: • Very stable balance sheet • Liquidity maintenance • Strong current ratio • Strong operating cash flow • Strong interest coverage • Favourable gearing ratio • Management pays special focus on these given arguably unfavourable financing environment

14. OVERVIEW OF THE 1Q09 FINANCIAL FIGURES • Top-line growth in all divisions • Distribution +15.6% • CHC +8.4% • SFF +8.6% • Pharma +11.2% • Geographical profile: • Croatia +13.1% to HRK302.5m • Serbia +24.4% to HRK25.2m • Germany +13.1% to HRK63.9m • EBIT up 51.1% yoyon: • Non-recurring gain • Business process improvements

15. PROFITABILITY DYNAMICS in 1Q09 EBITDA ex. one-off • Key highlights: • One-off: the non-recurring gain on acquisition of minority interest in Cedevita from DEG following the exercise of the call option • Business process improvements: • Entering the drug wholesale business aiming for distribution synergies and cost savings • Construction of new Neva facility – spurring more efficient production • Bearing fruit of last year’s improvements: • Establishing central supply department • Improving distribution-logistics activities • Optimised investments in marketing EBIT ex. one-off

16. PERFORMANCE INDICATORS in 1Q09 • Key highlights: • Very stable balance sheet • Liquidity maintenance • Strong current ratio • Strong operating cash flow • Strong interest coverage • Favourable gearing ratio • Using IR hedging instruments • Management pays special focus on these given generally arguably unfavourable financing environment

17. DISTRIBUTION DIVISION • The leading regional distributer of FMCGs with top global and regional brands in their categories 38% of sales Sales growth drivers • New distribution deals • focus on diversification of distribution portfolio • Growth across all distribution channels • retail • HoReCa • Extensive know-how Profitability growth drivers • Economies of scale • lower marginal costs in distribution • Developed network of distribution centres in the SEE • Bargaining power • Exploring brand synergies

18. CONSUMER HEALTHCARE DIVISION • Integrates R&D, manufacturing, packaging, marketing and sales of: • Cedevita vitamin instant drinks → No1 producer in the SEE region • Personal care products: Plidentatoothpaste, Rosal lip balm 24% of sales Growth drivers • Strength of the Cedevita brand • Atlantic’s best selling brand • New distribution channel – HoReCa • Markets with high consumption potential: Serbia, Slovenia • Cedevita entering new distribution channel • Consumption on the GO → Cedevita GO!

19. SPORTS AND FUNCTIONAL FOOD DIVISION • Integrates R&D, manufacturing, packaging, marketing • Key brand: Multipower for sports and functional nutrition 24% of sales Growth drivers • Strength of the Multipower brand • Atlantic’s second best selling brand • The leading market position in Germany, Norway, Sweden, • Markets with the highest growth: Russia, Sweden, Spain • Successfully completed restructuring • the highest EBIT growth among divisions in FY08

20. Dietpharm VMS and OTC 22% 1 Rang in category Market share in Croatia 32 Pharmacies and 6 specialized stores 5.5% PHARMA DIVISION • R&D, manufacturing, packaging, marketing and sales of VMS and OTC • Key brand in the VMS and OTC segment - Dietpharm • The largest private pharmacy chain in Croatia - Atlantic Farmacia 14% of sales Growth drivers • Acquisition of pharmacies/launch of specialised stores • new distribution channel for the Group • synergies across the Group’s distribution portfolio • Strategic focus on non-prescription drugs • New product launches in the VMS and the OTC segment • Pharmacy business – margin-accretive for Atlantic

21. FY09 GUIDANCE • Guidance ex. one-offs • One-off from non-recurring gain in 1Q09 • Net impact from the sale of Neva production location and transfer to new facility of EUR5m

22. FY09 GUIDANCE • Even though Atlantic Grupa operates in stable industry, the management is well aware of challenges created by the macroeconomic setup and financing environment • Strict focus on: (i) Liquidity maintenance • (ii) Cost management • (iii) Business processes improvements • (iii) Implementation of new projects • No refinancing requirements, with the major portion maturing in 2011 • Favourable gearing ratio of 30.4% at the end of 1Q09 • Using available hedging instruments – fixing financing cost of LT liabilities with IR swap below 5% • Interest coverage of 5.1x in 1Q09 • Favourable current ratio of 1.7x

23. FY09 GUIDANCE • New programs set to create opportunities even in challenging economic times: • Consumer Healthcare division • Launch of Cedevita GO! – Cedevita in the new distribution channel • Distribution division • New distribution agreements signed at the end of 2008/beginning of 2009 • Distribution of Karolina products – estimated annual turnover of HRK125m • Distribution of the Ferrero program in Slovenia – estimated annual turnover of EUR16m • Nestle’s NESCAFE assortment in the HoReCa channel – estimated annual turnover of HRK15m

24. FY09 GUIDANCE • New programs set to create opportunities even in challenging economic times: • Pharma division • 5 new pharmacies from the previously acquired licenses • 1 specialised store within the scope of strategic cooperation with Agrokor (already opened) • Sports and Functional Food division • Redesign of Multipower • Regulatory approvals for the Multipower product line in Russia • Launching new ENDURANCE product line for cycling and jogging • Taking Multipower outside of gyms and fitness centres – targeting wider scope of sportsmen

25. FY09 GUIDANCE • Screening potential acquisition targets that would secure value-creative IRR • Atlantic Grupa has substantial know-how and experience in due diligence and acquisition activities • HRK200m available cash for new acquisitions • Targeting: (i) Pharmacies in Croatia and the region • (ii) Companies, brands and market shares in the food supplements segment in the EU market (CEE, Germany, Scandinavia) • (iii) Companies, brands and market shares in the sports nutrition in the EU market

26. Cedevita GO! • New distribution channel for Cedevita – consumption on the go • Cedevita covers all consumption channels • Exploring synergies potential among divisions: • R&D, production and packaging integrated in the Consumer Healthcare division • Own distribution infrastructure • Synergies opportunities in the Sports and Functional Food division’s portfolio • Development project worth of HRK75m • Payback period of 5-6 years • The value-creating IRR • Region-wise distribution • (Croatia, Serbia, Slovenia, Macedonia, BiH) • Favourable impact on the Group’s profit margins

27. Contacts • Lada Tedeschi Fiorio, Vice President for the Business Development • lada.tedeschi.fiorio@atlantic.hr • Zoran Stankovic, CFO • zoran.stankovic@atlantic.hr • Maja Barac, Head of Investor Relations • maja.barac@atlantic.hr • +385 1 24 13 908

28. Q & A Thank you for your attention!