1

Atlantic Grupa

Company of Added Value

Belgrade, May 2009

2

CONTENT

General overview of Atlantic Grupa

Overview of the FY08 financial figures

FY09 Guidance

Cedevita GO!

3

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, Wigley, Duracell, Johnson & Johnson)

VERTICALLY INTEGRATED COMPANY IN CONSUMER HEALTHCARE BUSINESS

FY08 sales EUR280m (+20% yoy)

Employees 1,670

Markets 30

Expected FY09 sales EUR290m

4

VERTICALLY INTEGRATED COMPANY IN THE CONSUMER HEALTHCARE BUSINESS

FMCG DISTRIBUTION CONSUMER HEALTHCARE

Distribution Division Consumer Health Care

Division

Sports and Functional

Food Division

Pharma Division

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

VMS

OTC

Pharmacy chain

14% of sales

SYNERGIES

5

DEVELOPMENT CYCLE

6

GEOGRAPHICAL PRESENCES – Companies and Representative Offices across Europe

Presence on

30 markets

7

SALES GROWTH 1993-2008

CROATIAN COMPANY REGIONAL COMPANY EUROPEAN COMPANY

3 6 13 1929 35 36 41

64

86 92104

150

201

247

278

0

50

100

150

200

250

300

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

In EURm

CAGR 1993-2008: +35.2%

8

SHAREHOLDER STRUCTURE

Stable ownership structure

Shareholder structure on March 31, 2009

52,72% E. Tedeschi

7,76% L. Tedeschi Fiorio

6,96% DEG

31,01% Free float

1,74% Management

0,28% Treasury shares

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ATLANTIC GRUPA AND THE CAPITAL MARKETS

Stable ownership structure

All domestic pension funds among top 10 shareholders

East Capital - the leading asset manager specialising in Eastern Europe

Road show in 2008 in the US

East Capital award for the Discovery of the Year in 2008

Pace of the ATGR-R-A share decline slower than the drop pace in the local benchmark Crobex

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OVERVIEW OF THE FY08 FINANCIAL FIGURES

In HRKm 2008 2007 2008/2007

Revenues 2.024,5 1.699,1 19,1%

Sales 2.002,9 1.670,0 19,9%

EBITDA 169,3 132,3 27,9%

EBITDA margin 8,45% 7,92% +53 bps

EBIT 129,4 95,1 36,0%

EBIT margin 6,46% 5,70% +77bps

Net profit after MI 68,6 46,4 47,9%

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

Strong organic growth:

Sales +6%

EBIT +19%

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SALES PROFILE

FY08

44,2% Own brands

37,7% Principal brands

7,1% Private label

11,0% Farmacia

Geographic sales profile in FY08

63,1% Croatia

11,6% Germany

4,9% Serbia

2,5% Slovenia

3,3% BiH

2,1% UK

2,2% Italy

10,1% Other

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EBITDA

EBIT NET PROFIT

PROFITABILITY

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

169,3

132,3

80

100

120

140

160

180

2008 2007

(in

HR

Km

)

8,5%

7,9%

+27.9%

129,4

95,1

80

90

100

110

120

130

140

2008 2007

(in

HR

Km

) 6,5%

5,7%

+36.0%68,6

46,4

30

40

50

60

70

80

2008 2007

(in

HR

Km

) 3,4%

2,8%

+47.9%

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DISTRIBUTION DIVISION

The leading regional distributer of FMCGs with top global and regional brands in their categories38% of sales

Sales (HRKm)

752,8

672,5

600

640

680

720

760

800

FY08 FY07

+11.9%

EBIT (HRKm)

23,7

21,2

19

20

21

22

23

24

25

FY08 FY07

+12.0%

Sales growth drivers

New distribution deals focus on diversification of distribution portfolio

Growth across all distribution channels retail HoReCa

Extensive know-how key account management category management trade marketing

Profitability growth drivers

Economies of scale lower marginal costs in distribution

Developed network of distribution centres in the SEE Bargaining power Exploring brand synergies

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CONSUMER HEALTHCARE DIVISION

24% of sales Integrates R&D, manufacturing, packaging, marketing and sales of:

Cedevita vitamin instant drinks → No1 producer in the SEE region

Personal care products: Plidenta toothpaste, Rosal lip balmSales (HRKm)

487,5

467,5

440

460

480

500

FY08 FY07

+4.3%

EBIT (HRKm)63,2

55,2

50

55

60

65

FY08 FY07

+14.5%

Growth drivers

Strength of the Cedevita brand Atlantic’s best selling brand

New distribution channel – HoReCa (hotels, restaurants, cafes)

Markets with high consumption potential: Serbia, Slovenia

Cedevita entering new distribution channel Consumption on the GO → Cedevita GO!

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SPORTS AND FUNCTIONAL FOOD DIVISION

Integrates R&D, manufacturing, packaging, marketing

Key brand: Multipower for sports and functional nutrition24% of sales

Sales (HRKm)

480,4

471,7

400

420

440

460

480

500

FY08 FY07

+1.8%

EBIT (HRKm)18,4

10,1

8

12

16

20

FY08 FY07

+81.0%

Growth drivers

Strength of the Multipower brand Atlantic’s second best selling brand

The leading market position in Germany, Norway, Sweden, Croatia and Serbia

Markets with the highest growth: Russia, Sweden, Spain New trends toward healthier lifestyle

Successfully completed restructuring the highest EBIT growth among divisions

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PHARMA DIVISION

R&D, manufacturing, packaging, marketing and sales of VMS and OTC

Key brand in the VMS and OTC - Dietpharm

The largest private pharmacy chain in Croatia - Atlantic Farmacia14% of sales

Sales (HRKm)282,2

58,4

50

100

150

200

250

300

FY08 FY07

+383.6%

EBIT (HRKm)23,4

9,2

8

12

16

20

24

FY08 FY07

+154.9%122%Dietpharm VMS and OTC

5.5%32 Pharmacies and 5

specialized stores

Market share

in Croatia

Rang in

category

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 increasing participation of non-prescription drugs New product launches in the VMS and the OTC segment

Pharmacy business – margin-accretive for Atlantic

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KEY PERFORMANCE INDICATORS

(In HRK '000) 2008 2007

Turnover 2.024.459 1.699.103Sales 2.002.926 1.670.045EBITDA 169.306 132.330EBITDA margin 8,45% 7,92%EBIT 129.400 95.118EBIT margin 6,46% 5,70%Net income 68.629 46.405

Net debt 291.192 90.492Total assets 1.655.766 1.464.426Equity 710.976 651.529Interest coverage ratio 6,69 5,59Current ratio 1,76 1,83Gearing ratio 40,96% 13,89%CAPEX 58.700 54.349

Market capitalization * 1.138.668 2.166.210EV 1.479.060 2.302.671EV/EBITDA 8,74 17,40EV/EBIT 11,43 24,21EV/sales 0,74 1,38EPS 27,84 21,96P/E * 16,56 39,94

* Calculated based on shaer price of HRK 461.00 as at 31 December 2008 and HRK 877.01 as at 31 December 2007

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FY09 GUIDANCE

In HRKm 2008 2009 Plan 2009/2008

Revenues 2.024,5 2.166 7,0%

Sales 2.002,9 2.143 7,0%

EBITDA 169,3 194 14,3%

EBIT 129,4 147 13,4%

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FY09 GUIDANCE

Even though Atlantic Grupa operates in stable industry, the management is well aware of challenges created by the economic and financing environments

Strict focus on: (i) Liquidity maintenance

(ii) Cost management

(iii) Business processes improvements

(iii) Implementation of new projects

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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

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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

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

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No refinancing requirements, with only minor portion maturing in 2009

Favourable gearing ratio of 29.1% in FY08

Screening potential acquisition targets that would secure value-creative IRR

Atlantic Grupa has substantial know-how and experience in due diligence and acquisition activities

EUR20m from DEG at disposal

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

FY09 GUIDANCE

23: Source Canadean 2007 industry report; Centum istrazivanja: Croatia AFB Study Ferbuary 2009 , * , Total sample Open end question

28

9

44

33Jamnica

Coca-ColaTM

Jana

Cedevita

8 178

20 92

3 61

13 55

Favourite* Volume in 2007 brand (%) (In MM liters)

Cedevita has the strongest household presence and is the second favourite Soft drink brand . in Croatia

Have in*

household

(%)

Cedevita BRAND

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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

Cedevita GO!

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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

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Q & A

Thank you for your attention!