Company of Added Value

2016

PRODUCTION

DISTRIBUTION

= Leading regional

manufacturer and

distributor of FMCG brands

+

19— production facilities

in 6 countries18— distribution

centres 5400— employees on

12 markets40— product presence

on over 40 markets

Among the leading food and

beverage companies in the SEE

region

Founded in 1991

Listed on the Zagreb Stock Exchange

since 2007

MCap (02/11/2016): EUR 384m

FY15 sales: EUR 711m

FY15 EBITDA: EUR 75m

3

DEVELOPMENT OF

ATLANTIC GRUPA

1 6 12 17 27 33 36 4161

80 89 100143

183220

264289 299

594622

649 665 673711

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 2014 2015

Sales in EURm

CAGR 1993-2015:

+31.2%

HISTORICAL DEVELOPMENT: TRACK RECORD IN VALUE CREATION 5

2010*: Pro-forma consolidated with Droga Kolinska

2005-2015

2015: New energy bars factory

2010: Acquisition of DROGA

KOLINSKA

Several small-size acquisitions

2007: IPO

2005: Acquisition of MULTIPOWER

2000-2004

Regional expansion

2001: Acquisition of CEDEVITA

1990’s

Distribution centres across Croatia

Various distribution cooperations

DIS

TR

IBU

TIO

N

DIS

TR

IBU

TIO

N &

PR

OD

UC

TIO

N

VE

RTIC

AL

INTE

GR

ATIO

N

European company

National companyRegional company

MULTIPOWER

CEDEVITA

DROGA

KOLINSKA

4,206

Cedevita (2001) Multipower Haleko (2005) Droga Kolinska (2010)

Capability to successfully execute spin-offand turnaround and provide the acquired

products with new markets and distributionchannels

Capability to successfully executecross-border transactions in

developed markets and entering newdistribution channels (sport channel)

Capability for successfully acquiringlarger companies, utilizing leveraged

structures and integrating complexbusinesses

CAGR 6.2%

59

101

0

20

40

60

80

100

120

2006 2015

Total revenues, EURm

0

4,000

8,000

12,000

2001 2015

Sales volume (tonnes), 2001 and

2015

Vitamin instant drink On the GO HoReCa

70 75

333

221

4.7

3.0

2005 2010 2015 2020

0.0

2.0

4.0

6.0

0

200

400

2010 2015

Atlantic Grupa - 2010 and 2015

EBITDA Net debt Net debt/EBITDA

10,208CAGR 6.5%

6ATLANTIC GRUPA’S TRANSFORMATIONAL ACQUISITIONS

RECENT BUSINESS DEVELOPMENT 7

New energy bars factory in Nova Gradiška

In-housing energy bars production (Nova Gradiška, Croatia)

from outsourced production in Germany

Project with the total value of EUR 13 million, the largest

individual investment in Atlantic Grupa’s history

Created 50 new jobs (160 planned in total)

Expected positive impact on the improvement in operating

profitability of the SBU SFF, tax benefits and incentives

expected over the project duration

Acquisition of Foodland d.o.o.

Production of high-quality products under own brands Granny’s

Secret and Amfissa

Own production facility in Igroš, southern Serbia

Sales of EUR 6 million in 2015

International expansion potential

Granny’ Secret with its palette of supreme quality products

prepared in a traditional way meets both strategic goals:

expanding the current brand portfolio with international

potential and internationalization

Regional expansion

Using the strength of AG’s distribution network and

infrastructure to increase distribution reach of brand Granny’s

Secret across the region

ATLANTIC GRUPA

TODAY

9

PORTFOLIO OVERVIEW 9

BRANDS STRUCTURING

Top 10 Slovenia Top 10 Croatia Top 10 Serbia Top 10 B&H Top 10 Macedonia

1 Barcaffe Jana Plazma Argeta Argeta

2 Milka Cedevita Smoki Milka Milka

3 Radenska Vegeta Milka Coca Cola Stobi flips

4 Coca Cola Jamnica Coca Cola Cedevita Vegeta

5 Argeta Coca Cola Knjaz Miloš Violeta Coca Cola

6 Alpsko mleko Milka Moja kravica jogurti Smoki Orbit

7 Cocta Gavrilović pašteta Dijamant ulje Jaffa cakes Bitolski jogurti

8 Fructal Franck kava Začin C Vegeta Pelisterka

9 Cedevita Dukat jogurti Fairy Orbit Nescafe

10 Perutnina Ptuj meso Nivea Orbit Nivea Pepsi

Source: Valicon survey 2016

10

Market shareBarcaffe/

Grand kafaArgeta Smoki Cedevita

Value share 2016 2015 2014 2016 2015 2014 2016 2015 2014 2016 2015 2014

Croatia 13.4% 13.3% 10.4% 25.0% 23.1% 17.3% 18.7% 18.2% 17.2% 78.5% - 79.1%

Serbia 52.5% 52.0% 51.3% 23.2% 20.4% 19.3% 54.3% 57.4% 56.7% 72.9% 73.0% 72.2%

Slovenia 77.3% 75.9% 76.3% 43.8% 41.0% 41.8% 46.2% 41.6% 43.0% 86.0% - 80.9%

B&H 26.2% - - 53.5% 50.3% 50.1% 36.1% 39.1% 39.1% 80.9% 77.4% 79.3%

Source: Nielsen Retail Panel for food and non-food categories

BRANDS STRUCTURING

INTERNATIONAL

REGIONAL

LOCAL

11

DISTRIBUTION

STRENGTH OF

DISTRIBUTION Developed network with 18

distribution centers

Direct access on over 60,000 sales

points in SEE

Over 1,000 delivery vehicles

13DISTRIBUTION

DISTRIBUTION

DISTRIBUTION

ZONE WEST ZONE EAST

Leading Distributor of Multinational

Brands

Atlantic Grupa is one of leading

distributors of high-quality top FMCG

brands (both own and principal) in SEE

14

Portion of brands within

portfolio (in addition to own

brands):

Portion of brands within portfolio (in

addition to own brands):

Portion of brands within portfolio

(in addition to own brands):

CROATIA

Established: 1991

Headquarter: Zagreb

Distribution centres: 4 (Zagreb,

Rijeka, Osijek, Split)

Vehicles: 225

Warehouse space: 21,000 pal

Distribution coverage increased in

HoReCa („Barcaffe-on-the go” at gas

stations)

Portion of brands within portfolio (in

addition to own brands):

SERBIA

Headquarter Belgrade

4 Distribution centres (Novi Sad,

Belgrade, Čačak, Niš)

260 vehicles

13.920 m2 warehouse space

HoReCa channel - growth of

installed espresso machines

SLOVENIA

Headquarter Ljubljana

1 Distribution centre

Logistics: BTC

Distribution coverage

increased in HoReCa

(„Barcaffe-on-the go” at gas

stations)

MACEDONIA

Headquarter Skopje

1 Distribution centre

95 vehicles

Storage: 2,580 m2

HoReCa channel –

continuously

strengthening

STRATEGIC DISTRIBUTION UNITS – ZONE EAST 15

The key Atlantic Grupa’s brands for the distribution

in Baltic & CIS are:

SDR CIS & BALTIC

Russia and neighbouring countries (region of the Commonwealth of

Independent States, CIS) are becoming increasingly important for

the business development of Atlantic Grupa

This distribution unit is responsible for the distribution of all brands

that have the potential to achieve above average growth in the

market

Approximately 70% of products sold within this unit relate to brand

Bebi, while the remaining portfolio includes Donat Mg, Multivita,

Argeta, Multipower

STRATEGIC DISTRIBUTION UNIT ZONE WEST

Atlantic Grupa’s goal is to continue to increase the presence in

international markets

The market entry strategy in international markets is based on:

Local market structures operating directly with the leading

retail chains

Cooperating with long-standing distribution partners in

order to optimise the availability of products to consumers

The key Atlantic Grupa’s brands for the distribution in

international markets are:

STRATEGIC DISTRIBUTION REGION AND UNIT – SDR CIS & BALTIC AND ZONE WEST 16

SALES PROFILE

GEOGRAPHIC PRESENCE AND MACROECONOMIC ENVIRONMENT

SEE region:

Structural

reforms and

deleveraging

underway

Internal

devaluation

caused by

long

recession

increased

competitiven

ess of local

production

Regional

economic

recovery in

2015

Outside of

Russia,

CIS and

Serbia

currencies

remain

stable

Atlantic Grupa’s revenue

streams diversified with new

acquisitions:

Multipower (2005): exposure

to Western Europe

Droga Kolinska (2010):

regional diversification and

greater exposure to Russia

and CIS

Strategy going forth: to reduce

dependancy on the SEE region

with growth coming from

Western Europe and Russia/CIS

Key TakeawaysGDP change, const. prices 2011 2012 2013 2014 2015 2016F

Croatia -0.3 -2.2 -1.1 -0.4 1.7 1.9

Serbia 1.4 -1.0 2.6 -1.8 0.7 1.8

Slovenia 0.6 -2.7 -1.1 3.0 2.9 1.9

Germany 3.7 0.6 0.4 1.6 1.5 1.5

Russia 4.3 3.4 1.3 0.6 -3.8 -1.9

Unemployment rate 2011 2012 2013 2014 2015 2016F

Croatia 13.3 15.2 17.0 17.1 16.9 16.4

Serbia 23.6 24.6 23.0 19.7 18.5 18.7

Slovenia 8.2 8.9 10.1 9.7 9.1 7.8

Germany 5.9 5.4 5.2 5.0 5.0 4.6

Russia 6.5 5.5 5.5 5.2 5.8 6.5

CPI (avg) 2011 2012 2013 2014 2015 2016F

Croatia 2.3 3.4 2.2 -0.2 -0.5 0.4

Serbia 11.1 7.3 7.7 2.1 1.4 1.7

Slovenia 1.8 2.6 1.8 0.2 -0.5 0.1

Germany 2.5 2.1 1.6 0.8 0.1 0.5

Russia 8.4 5.1 6.8 7.8 15.5 8.4

International Monetary Fund, World Economic Outlook Database, April 2016

Croatia

26.1%

Serbia

23.2%Slovenia

15.8%

Bosna and

Herzegovina

7.1%

Other regional markets

6.0%

Key European

markets

11.2%

Russia

and CIS

4.4%

Other

markets

6.2%

Sales 2015 (EUR 711m) Sales 2010 (EUR 302m)

Croatia

55.2%

Serbia

5.7%

Slovenia

7.6%

Other regional markets

5.6%

Germany, UK, Italy

14.9%

Russia

and EE

1.8%

Other

markets

9.2%

18

Key market considerations

Stable demand growth despite stagnation in overallconsumption

Rise in private label (convergence towards EU levels)

Demand for differentiated and innovative products Retail consolidation Reduced availability of shelf space

Strong competition from both local and regional FMCGplayers as well as large FMCG multinationals

Atlantic Grupa’s strengths

Well diversified product portfolio – less revenue volatilityand higher bargaining power

Constant product and marketing innovations (Cedevita on

the go, Black’n’Easy etc.) Strong regional distribution network – better access to shelf

and HoReCa space

Even though key market categories were stagnating orfalling in volume in 2015, AG’s market shares are growing

AG BRANDS WITH SALES OVER EUR 15m in 2015

Principal

brands

19.7%

Coffee

20.1%

Beverages

12.3%

Snacks

11.7%

Savoury

Spreads

10.0%

Pharma and

Personal Care

9.1%

Sporst

and

Functiona

l Food

14.2%

Baby

Food

2.9%

Sales by segments 2015

(EUR 711m)

Sales by brands 2015

(EUR 711m)

Own brands

65.3%

Principal

brands

19.7%

Private

label

8.8%

Farmacia

6.2%

19SALES PROFILE AND BUSINESS ENVIRONMENT

594

622

649658

673

711

520

540

560

580

600

620

640

660

680

700

720

Pro forma

cons 2010

2011 2012 2013 2014 2015

Sales, EUR millions

11.8% 11.1% 11.5% 12.0% 11.8%

10.5%

6.2%7.5%

8.2% 8.6% 8.7%7.5%

2.8%1.5%

2.3%

4.0% 4.2% 4.5%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Pro formacons 2010

2011 2012 2013 2014 2015

Margin overview

EBITDA margin EBIT margin Net profit/loss margin

4.7 4.8

4.2

3.53.2

3.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Pro forma

cons 2010

2011 2012 2013 2014 2015

Net debt/EBITDA

11.3%

4.7%

7.6%

12.7% 12.4% 13.1%

11.8%

9.4%10.4%

11.7%12.7% 12.5%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Pro forma

cons

2010

2011 2012 2013 2014 2015

ROaE, ROCE

ROaE ROCE

20HISTORICAL DEVELOPMENT OF KEY FINANCIAL INDICATORS

Neven VrankovićVice President Corporate Affairs

Emil Tedeschi

Founder / President of the Management Board

Free float: 38.0%

(according to the Zagreb

Stock Exchange, free float

does not include: treasury

shares, shares in sole

ownership over 5%, unless

they are owned by pension

funds)

Management Board Ownership structure as of October 5th 2016

ATLANTIC GRUPA - THE BEST

MANAGED COMPANY IN 2015

1st in CROATIA

2nd in the CEE region

1st in the FOOD & BEVERAGE

sector in the CEE

Mladen Veber

Senior Vice President Business Operations

Zoran StankovićVice President Finance

Emil

Tedeschi

50.2%

Lada

Tedeschi

Fiorio

5.8%

EBRD

2.0%

Management

1.2%

Croatian pension funds

30.1%

Others

10.7%

21EXPERIENCED MANAGEMENT TEAM AND STABLE OWNERSHIP STRUCTURE

22PERFORMANCE ON CROATIAN CAPITAL MARKET

4%

-11%

31% 34%

7%

-38%

18%

48%

-47%

14%

-3% -3%

3% 0%

-18%

5%

16%

-67%

16%

-1%

1%2%

-1%

-15%

10%

-80%

-40%

0%

40%

02.11.2016. 2015 2014 2013 2012 2011 2010 2009 2008

Performance on capital market ATGR-R-A Crobex Crobex10

Valuation 30.09.2016.** 30.09.2015.** 31.12.2015.

Last price in reporting period 869.5 840.0 832.9

Market capitalization* (in HRK millions) 2,899.2 2,800.8 2,777.1

Average daily turnover (in HRK thousands) 900.0 1,436.8 895.9

EV (in HRK millions) 4,578.0 4,559.0 4,457.7

EV/EBITDA 8.5 8.1 7.9

EV/EBIT 12.1 11.3 11.0

EV/sales 0.9 0.9 0.8

EPS (in HRK) 73.7 63.8 72.7

P/E 11.8 13.2 11.5

*Closing price multiplied by the total number of shares

**Data on LTM basis

FINANCIAL OVERVIEW

FINANCIAL OVERVIEW 2015 (1/2)

ROaCE is calculated as EBIT/(Average (Total Equity+LT debt-Cash))

Highlights from 2015 results:

Sales growth in all regional markets (Croatia, Serbia, Slovenia,

Bosnia and Herzegovina and Macedonia), due both own brands and

principal sales growth, which confirmed the position of Atlantic Grupa

as a leading distributor in the region.

Decline in sales in Russia and CIS markets primarily due to

strong rouble depreciation and political instability in Ukraine.

EBITDA lower by 5.0% due to restructuring costs in the Sports

and functional food segment, the consolidation of the acquired

company Foodland, the decrease of sales and pressure on profit

margins in CIS countries, the investments in setting up the

distribution companies in Germany and Austria, and the increase in

costs of some of the main raw materials.

Continued deleveraging: net debt repayment amounted to EUR

32.9m with net debt/EBITDA of 3.0 as at 31 December 2015.

In 2015 Atlantic Grupa finished the construction of new energy

bar factory in Nova Gradiška with the total value of the investment of

EUR 13m.

The regional business environment was marked with Agrokor’s

acquisition of Mercator, which resulted in entrance of the entire

portfolio of Atlantic Grupa (including Argeta and Barcaffe) in

Konzum’s stores.

Costs of production materials increased by 10.9% in 2015,

primarily as a result of the increase in prices of raw coffee (14% to

29% higher average coffee prices comparing to 2014). By continuous

hedging, in 2015 Atlantic Grupa reduced the effects of higher prices

of raw coffee.

EURm 2012 2013 2014 20152015/

2014

Revenues 665 663 680 717 5.5%

Sales 657 658 673 711 5.6%

EBITDA 74 78 79 75 (5.0%)

EBIT 53 56 58 53 (8.3%)

Net profit 15 26 28 32 13.6%

EBITDA margin 11.3% 11.8% 11.7% 10.5% -117 bp

EBIT margin 8.1% 8.5% 8.6% 7.5% -114 bp

Net profit margin 2.3% 4.0% 4.2% 4.5% +32 bp

ROaA 2.1% 3.9% 4.1% 4.6% +47 bp

ROaE 7.6% 12.7% 12.4% 13.1% +66 bp

ROaCE 10.4% 11.7% 12.7% 12.5% -26 bp

24

FCF: CFO before interest paid increased by CFI

Equity and liabilities structure

December 31st 2015

64 67

50 57

9.9%10.2%

7.4%8.5%

0%

2%

4%

6%

8%

10%

12%

0

20

40

60

80

2012 2013 2014 2015

FCF* (EURm), FCF/Sales ratio

FCF (EURm) FCF/SALES

(in EUR millions) 2012 2013 2014 2015

Net debt 310 271 254 221

Total assets 678 669 694 697

Total Equity 192 220 231 256

Current ratio 1.8 1.8 1.5 1.3

Gearing ratio 61.7% 55.2% 52.3% 46.3%

Net debt/EBITDA 4.2 3.5 3.2 3.0

Interest coverage ratio 2.6 3.7 4.7 5.5

Capital expenditure 10 13 25 15

Cash flow from operating activities 39 55 59 62

Dividend payment for the year - 4.0 4.6 5.3

Other

liabilities

5.9%

Capital

and

reserves

36.3%

Trade and other

payables

19.5%

Bond

2.1%

Short term

borrowings

12.3%

Long term

borrowings

23.9%

2-5 years

52.0%

1-2

years

48.0%

Debt repayment schedule

December 31st 2015

25FINANCIAL OVERVIEW 2015 (2/2)

PERFORMANCE BY SBUs AND SDUs IN 2015

* Other segments include SDU HoReCa, SDU CIS, BU Baby Food, DU Macedonia and business activities not allocated to business and distributionunits (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 whichthe products were distributed.

Sales (in EUR 000) 2015 2014 2015/2014

SBU Beverages 87,641 85,176 4.3%

SBU Coffee 142,753 136,891 5.7%

SBU (Sweet and Salted)

Snacks83,099 81,923 2.8%

SBU Savoury Spreads 70,820 62,851 14.2%

SBU Sports and Functional

Food101,109 103,877 (1.4%)

SBU Pharma and Personal

Care67,055 65,779 3.3%

SDU Croatia 123,462 112,567 11.1%

SDU Serbia 154,618 144,420 8.5%

SDU International markets 77,620 77,657 1.3%

DU Slovenia 100,246 96,732 5.0%

Other segments* 102,639 109,401 (4.9%)

Reconciliation** (399,838) (394,823) n/a

Sales 711,225 682,450 5.6%

EBITDA (in EUR millions) 2015 2014 2015/2014

SBU Beverages 20.6 16.7 23.4%

SBU Coffee 27.8 29.7 (6.4%)

SBU (Sweet and Salted)

Snacks12.9 13.0 (0.6%)

SBU Savoury Spreads 13.1 13.9 (6.0%)

SBU Sports and Functional

Food(1.5) 2.1 (171.1%)

SBU Pharma and Personal

Care5.6 6.4 (12.7%)

SDU Croatia 3.1 2.0 48.9%

SDU Serbia 4.2 3.7 11.9%

SDU International markets 0.6 1.9 (71.1%)

DU Slovenia 5.5 4.8 15.7%

Other segments* (17.2) (15.8) 8.9%

Group EBITDA 74.6 78.6 (5.0%)

26

KEY BUSINESS DEVELOPMENTS IN 2015

Performance in 2015 line with guidance despite challenging macroeconomic conditions

Significant decrease of financial debt and increase of cash flow from operating activities

Development of own brands and opening of new pharma locations

Integration of Foodland and production start in Nova Gradiška bars factory

Risk management and consolidation of IT solutions

Reorganization of the distribution business

Restructuring and reorganization of Sports and Functional food and sale of the tea

business

27

KEY BUSINESS DEVELOPMENTS IN 2016

Maturing bond successfully refinanced

Strategic guidance revised on October 28th 2016

New distribution companies established in Germany and Austria

Continuation of the restructuring of the SBU Sports and Functional Food, termination of

cooperation with the major buyer of private label

Further consolidation of IT by SAP business solutions implementation

2828

Long term debt refinanced (prolonged maturity and lower interest rates)

FINANCIAL INDICATORS IN 2016

(in HRK millions) 9M 2016 9M 20159M 2016/

9M 2015

Sales 3,782.2 3,977.5 (4.9%)

EBITDA 419.5 450.4 (6.9%)

EBIT 316.9 341.1 (7.1%)

Net profit/(loss) 231.5 228.2 1.4%

Profitability margins

EBITDA margin 11.1% 11.3% -23 bp

EBIT margin 8.4% 8.6% -20 bp

Net profit margin 6.1% 5.7% +38 bp

29

(in HRK millions) 9M 2016 2015

Net debt 1,675.8 1,678.1

Total assets 5,350.1 5,294.6

Total Equity 2,072.6 1,945.3

Current ratio 1.4 1.3

Gearing ratio 44.7% 46.3%

Net debt/EBITDA 3.1 3.0

9M 2016 9M 2015

Interest coverage ratio 7.0 5.6

Capital expenditure 73.5 55.5

Cash flow from operating activities 49.5 298.2

Capital and reserves 38.7%

Long term borrowings 22.0%

Short term borrowings 12.1%

Bond 3.7%

Trade and other payables 17.8%

Other liabilities 5.6%

STRATEGIC GUIDANCE

GUIDANCE TRACK RECORD

Atlantic Grupa listed on the Zagreb Stock

Exchange on November 19th 2007

From 2008 Atlantic Grupa publishes

guidance for the following financial year

and delivers it

0

100

200

300

400

500

600

700

800

2008 2009 2010 2011 2012 2013 2014 2015

Sales (EURm)

99%103%

99%98% 98% 102%

102%

93%

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

10

20

30

40

50

60

70

80

90

2008 2009 2010 2011 2012 2013 2014 2015

EBITDA (EURm)

100%101%98%

102%101% 96% 100%

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%

0

10

20

30

40

50

60

70

2008 2009 2010 2011 2012 2013 2014 2015

EBIT (EURm)

104%95%99%

104%101%

96%

100%

97%

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%

31

STRATEGIC GUIDANCE FOR 2016

Strategic

management

guidance

Focus on: (i) stronger internationalisation of brands with international potential (Multipower, Argeta,

Donat Mg, Bebi, Cedevita, Granny’s Secret), (ii) strengthening the position of regional brands (Cockta,

Cedevita, Smoki, Grand Kafa, Barcaffe, Najlepše želje, Chipsos), (iii) active development of the

regional HoReCa portfolio, and (iv) further restructuring of the business unit sports and functional

food.

Special efforts will be placed into listing and positioning of own brands into retail channel in Germany

and Austria and on marketing activities on those markets.

The management of Atlantic Grupa in 2016 expects lower average prices of raw coffee in the global

commodity markets and an unfavourable effect of the EURUSD exchange rate that management plans

to largely annul by active hedging, continuous cost management and business processes optimisation.

Additional pressures on operations arise from discontinuation of cooperation with the biggest private

brand buyer in Sports and functional food (with whom was in 2015 realized 350 HRK millions annual

sales), continuation of crisis in Russia and Ukraine and further depreciation of rouble.

In 2016, we expect capital expenditure in the amount of around EUR 20 million.

The expected effective tax rate in 2016 should be at the level of the statutory tax rate for Croatia.

(in EUR millions) 2016 Guidance 2015 2016/2015

Sales 671 711 (5.6%)

EBITDA 63 75 (16.3%)

EBIT 41 53 (23.3%)

Interest expense 11 14 (24.3%)

32

BUSINESS RISK MANAGEMENT

Risk Description Effects / Management

Macro outlook in key countries

Key SEE markets have been in recession forseveral years with personal consumptionunder the influence of poor situation in thelabour markets and deleveraging ofhouseholds

Non-cyclical key categories

Planned reducing dependancy on the SEEregion with expansion in the WesternEuropean markets (acqusitions) and CIS andRussia (organic growth)

Retail consolidation and private

label

Global competition

Currency and commodity

risk

Continous retail consolidation is underway,most significantly Agrokor – Mercatorcombination which puts pressure on the localFMCG producers

Atlantic is one of the largest regional producerwith the largest portfolio of “essential” brands

Increase of bargaining power with newprincipals/own brands portfolio expansion(e.g. Unilever distribution contract)

Larger global competitors have lower costproduction, globally established brands andbigger marketing firepower and in the futurewill focus more on Eastern Europe

Atlantic’s brands are household namescomanding much larger brand awareness

Tactical acquisitions aimed at niche productswith premium positioning

Volatile currencies (RUB and RSD) presentlarge risks to Atlantic and its EUR basedinvestors

Substantial commodity risks with key rawmaterials (coffee, sugar)

Atlantic ultilises available risk managementtools (forward contracts for commodities), butfor some risks (RUB, RSD) hedging is tooexpensive

33

STRATEGY

HIGHLIGHTS

With continuous deleveraging and Net debt/EBITDA at the

3.0x level, the company is set for new acquisitions

Key aim: reduce dependancy in the SEE region and

strengthen foothold on the WESTERN EUROPEAN markets

(Germany, Austria, Switzerland, UK, Italy, Sweden, Spain,

France)

TARGETS

WESTERN EUROPE (primarily):

1. Branded business within the FMCG industry

2. Distributor with wide-spread distribution

network (aim: finding distribution channel for

own brands with international potential)

REGION:

1. Branded business with premium products that

have international potential

2. Regional companies that will further

strenghten market position in the regional

categories (e.g. coffee, snacks)

HIGHLIGHTS

Active brand management with emphasis on:

1. Strengthening the position of regional brands

and constant innovation

2. Increasing placement of brands with

international potential on the international

markets

Strengthening the regional distribution through 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)

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

Prudent liquidity management and deleveraging

M&A

FOCUS

ORGANIC

FOCUS

SUMMARY

SHORT-TERM:

M&A financing

Investments

required for

international

expansion

LONG-TERM:

Multinational

company with

STRONG

PROFITABLE

GROWTH and

at least 1/3 of

sales coming

from

International

markets

34

BUSINESS UNITS

SBU COFFEE

SBU COFFEE

STRENGTH OF TRADITION

• Barcaffè - over 45 years of tradition

in Slovenia

• 8 out of 10 Slovenians drink Barcaffè

• Grand kafa - over 15 years brand

No.1 in Serbia

37

20.1 % — share in sales

EUR 143m— sales in 2015

No. 1 in Turkish coffee in Serbia, Slovenia, B&H and Macedonia

38SBU COFFEE

SBU SAVOURY SPREADS

ARGETA & MONTANA

delicious meal for all

occasions Manufacturer of high quality food

brands – Argeta savoury spreads,

and Montana sandwiches with

extended freshness

SBU SAVOURY SPREADS 40

10.0 % — share in sales

EUR 71m— sales in 2015

No. 1

SPREADS

BiH│ Slovenia │ Austria│Macedonia

No. 2

SPREADS

Switzerland│Serbia│Croatia

6th strongest FMCG brand in the region.

Sold in 33 countries.

No. 1

SPREADS

BiH│ Slovenia │ Austria│Macedonia

No. 2

SPREADS

Switzerland│Serbia│Croatia

41SBU SAVOURY SPREADS

BU GOURMET

GRANNY’S SECRET

Produced at the base of Mount

Kopaonik, protected ecological

area

Hand picked fruits and

vegetables specially treated at

very low temperatures in order to

preserve all the nutrients

BU GOURMET 43

Products for true

connoisseurs

100% natural, finest grown

and wild fruits and

vegetables without

preservatives, artificial

colors or aromas

Present in over 20

markets worldwide

Categories: Ajvar (Roasted

Red Pepper Spreads), Fruit

Jams and Coulis, Fruit and

Vegetable Juices

0.8 % — share in sales

EUR 6m— sales in 2015

44BU GOURMET

SBU SNACKS

SBU SNACKS

LEADING FMCG BRANDS IN

THE REGION

27,320 tonnes of snacks produced in 2015

Flips No.1 in Serbia, B&H and Slovenia No.1 chocolate bars and wafers in

Serbia Over 1 million fans on Facebook

46

Created in 1972, the first flips produced in SEE, Smoki has become the generic word for a group of flips products.

A delightful dessert offers a wide selection of flavours and shapes.

The famous soft chocolate foam dessert, first of its kind in the SEE region, is a product with more than 75 years of tradition.

Biscuits and wafers that marked the youth of many generations.

11.7 % — share in sales

EUR 83m— sales in 2015

No. 1

SERBIA

Flips│ Chocolate bars│ Wafers

CROATIA, SLOVENIA, BiH

Flips│

No. 2

SERBIA

Chocolate tablets│Biscuits│Sticks

SBU SNACKSSBU SNACKS 47

SBU SPORTS AND FUNCTIONAL

FOOD

MULTIPOWER

Leading brand in Europe

Production, R&D and sales of sports and

functional food and healthy food

Leading brand of sports nutrition in

Europe and No. 1 in dietetic products

category in Germany

Over 38 years of tradition

SBU SPORTS AND FUNCTIONAL FOOD 49

14.2 % — share in sales

EUR 101m— sales in 2015

No. 1

Sports food in Europe.

SBU SPORTS AND FUNCTIONAL FOOD 50

SBU BEVERAGES

SALES BY CATEGORIES

52SBU BEVERAGES 53

A cola drink that was born different 60 years ago. Unique blend of 11 herbs and aroma of dog rose.

During its 40 years became synonym for thehealthy multivitamin refreshment in the region.

A natural multifunctional mineral water with a high level of magnesium and clinically proven effect.

12.3 % — share in sales

EUR 88m — sales in 2015

No. 1

Vitamin instant drink in Croatia, Slovenia and Serbia

SBU BEVERAGES 54

SBU PHARMA AND PERSONAL

CARE

HEALTH AND BEAUTY CARE

Encompasses 3 complementary activities:

I. Farmacia pharmacy chain

II. Food supplements and OTC products (Fidifarm

and Dietpharm)

III. Cosmetics (Neva)

SBU PHARMA AND PERSONAL CARE

9.1 % — share in sales

EUR 67m— sales in 2015

Croatia’s largest private chain of pharmacies and specialised shops for medicines and food supplements.

Plidenta toothpaste has maintained its leading position on the Croatian market.

An original Croatian universal cream.

Renowned Croatian brand in the cosmetics.

The leading regional producer of food supplements and vitamin products.

Pharma

Personal care

55

No. 1

CROATIA

Lip care│ Food supplements│ Dental care

SERBIA and B&H

Food supplements│

No. 2

CROATIA

Body care│

SERBIA

Lip care│

SBU PHARMA AND PERSONAL CARE 56

BU BABY FOOD

BEBI - FROM THE FIRST

DAY OF LIFE

No. 1 in category of baby

cereals in Ukraine

No. 1 in baby biscuits category

in Lithuania

BU BABY FOOD 58

2.9 % — share in sales

EUR 20m— sales in 2015

BU BABY FOOD 59

Atlantic Grupa d.d.

Miramarska 23

10000 Zagreb, HR

T +385 1 2413 145

F +385 1 2413 901

ir@atlanticgrupa.com