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Atlantic Grupa

Company of Added Value

Opatija, September 2009

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CONTENT

General overview of Atlantic Grupa

Overview of the 1H09 and FY08 financial figures

Divisional overview

FY09 Guidance

Cedevita GO!

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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)

VERTICALLY INTEGRATED COMPANY IN CONSUMER HEALTHCAREBUSINESS

HeadquarterMarket position in Croatia

Zagreb, Croatia

1

Employees

(as of June 30, 2009)

1,847

MarketsRepresentative offices

30

9

FY08 salesExpected FY09 sales

EUR278m (+20% yoy)

EUR290m

Business Card of Atlantic Grupa

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VERTICALLY INTEGRATED COMPANY IN THE CONSUMER HEALTHCAREBUSINESS

FMCG DISTRIBUTION CONSUMER HEALTHCARE

Distribution Division Consumer Health Care

Division

Sports and Functional

Food Division

Pharma Division

Own brands

Principal brands

37% of sales

Vitamin drinks and teas

Cosmetics and personal

care25% of sales

Sports and functional food

24% of sales

VMS

OTC

Pharmacy chain

14% of sales

This business model enables:

Exploring synergies among divisions

Running vertically integrated

organization

Vertically integrated organization:

Production: CHC division, SFFdivision; VMS/OTC production

Distribution

Retail: Pharmacy chain

SYNERGIES

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DEVELOPMENT CYCLE

Development based on:

Carefully thought diversification strategyin the Consumer HealthCare segment

Extensive M&A track record

Foray into the selected industry niches

Acquisition of pharmacies FarmaciaIPO

Viiki komerc (Macedonia)

Multivita (Serbia)

Fidifarm (Croatia)

Representative office Moscow

Power Gym (affiliated company in UK)

Haleko Italy (affiliated company in Italy)

Haleko

European company

2008

2007

2007

2007

2007

2006

2005

2005

Melem

Atlantic Ljubljana

Atlantic Skopje

Neva

Cedevita

Atlantic Beograd

Representative office Sarajevo

Regional company

2004

2004

2003

2003

2001

2001

2001

Cooperation Johnson & Johnson

Cooperation Duracell

Distribution centre Rijeka

Distribution centre Osijek

Distribution centre Split

Cooperation Wrigley

Croatian company

1999

1996

1994

1994

1992

1991

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SALES GROWTH 1993-2009e

3 6 13

1929 35 36

41

64

86 92104

150

201

247

290278

0

50

100

150

200

250

300

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E

In EURm

CAGR 1993-2009e:

+33.1%

CROATIAN COMPANY REGIONAL COMPANY EUROPEAN COMPANY

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GEOGRAPHICAL PRESENCES

Companies andrepresentative officesacross Europe

Presence on 30 markets

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OVERVIEW OF THE 1H09 FINANCIAL FIGURES

Double-digit growth despiteunfavourable macroeconomicmilieu

Strong growth rates ex. one-offs:

Sales +11.5% yoy

EBITDA +8.3% yoy

EBIT +12.1% yoy

Net profit +14.2% yoy

The one-off gain of HRK9.9mrefers to purchase of minorityinterest in Cedevita from theGerman development bank DEG

In HRKm 1H09 1H08 1H09/1H08

Revenues 1,075.6 961.6 11.9%

Sales 1,061.1 951.4 11.5%

EBITDA 97.0 80.5 20.6%

EBIT 76.9 59.8 28.6%

Net profit after MI 41.6 27.7 49.8%

EBITDA ex. one-

offs87.2 80.5 8.3%

EBIT ex. one-offs 67.1 59.8 12.1%

Net profit ex. one-

offs31.7 27.7 14.2%

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SALES PROFILE

The dominant market Croatia

* Growth of 12.1% yoy despite GDP and private consumption drop

* Growth amidst new distribution deals, launch of Cedevita GO!,opening of new specialised stores/pharmacies

Serbia the strongest growth driver

* Growth of 39.2% in CER terms

* Growth drivers: Cedevita GO!, growth of the HoReCa channel

The key West European markets

* Growth in CER terms in spite of deteriorated economic environment

Geographic sales profile in 1H09

61.9% Croatia 11.6% Germany 5.3% Serbia

2.9% Slovenia 3.8% BiH 1.8% UK

2.2% Italy 10.6% Other

1H09

44.7% Own brands 37.7% Principal brands

6.5% Private label 11.2% Farmacia

Own brands up 3.5% yoy

* Reflecting the launch of Cedevita GO!

Principal brands up 26.1% yoy

Private label down 3.1% yoy

Farmacia up 12.4% yoy

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EBITDA

EBIT NET PROFIT

Optimisation of business operations

Cost savings

EBITDA +8.3% Ex. one-offEBIT +12.1% gainNet profit +9.8%

97.0

87.2

80.5

60

70

80

90

100

110

1H09 1H08

(inHRKm)

EBITDA

EBITDA ex. non-recurring gain

9.1%

8.5%

8.2%

76.9

67.1

59.8

40

50

60

70

80

90

1H09 1H08

(inHRKm)

EBIT

EBIT ex. non-recurring gain

7.3%

6.3%

6.3%

48.1

38.234.8

20

30

40

50

60

1H09 1H08

(inHRKm)

Net profit

Net profit ex. non-recurring gain

4.5%

3.7%3.6%

PROFITABILITY DYNAMICS

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FINANCIAL INDICATORS in 1H09

Key highlights:

Very stable balance sheet

Liquidity maintenance

Strong current ratio

Maintenance of stable cash flow fromoperating activities

Available ca. HRK200m in cash fornew acquisitions and capex financing

Key highlights:

Strong interest coverage

Favourable gearing ratio

Exploitation of available IR hedging instruments

(the long-term financial debt cost fixed below 5%)

No refinancing requirement - favourable debt structure with the majority

maturing in 2011

Management paysspecial focus on thesegiven generallyarguably unfavourablefinancing environment

*Ex. non-recurring gain

28.127.5Operating cash flow

34.447.9Capex

32.4%29.4%Gearing ratio1.41.6Current ratio

6.16.0Interest coverage ratio*

620.9712.9Equity

1,485.71,746.5Total assets

297.1296.4Net debt

1H081H09in HRKm

*Ex. non-recurring gain

28.127.5Operating cash flow

34.447.9Capex

32.4%29.4%Gearing ratio1.41.6Current ratio

6.16.0Interest coverage ratio*

620.9712.9Equity

1,485.71,746.5Total assets

297.1296.4Net debt

1H081H09in HRKm

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OVERVIEW OF THE FY08 FINANCIAL FIGURES

Strong organic growth:

Sales +6% yoy

EBIT +19% yoy

EBITDA +14% yoy

Net profit +24% yoy

Acquisition of pharmaciescontributed to the top-linegrowth with +13% - HRK221m

Geographical profile

The dominant marketCroatia up 28.1%

The largest organic growthdriver Serbia up 21.7% yoy

Growth in CER terms on allkey West European markets

In HRKm FY08 FY07 FY08/FY07

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% +77 bps

Net profit 68.6 46.4 47.9%

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DISTRIBUTION DIVISION

The leading regional distributer of FMCGswith top global and regional brands

37% ofsales

Sales growth drivers

Continuously adding new distribution deals focus on diversification of distribution portfolioto control sales volatility risk

Growth across all distribution channels

retail HoReCa

Extensive know-how

New distribution deals as growth drivers in FY09:

Biscuits and salted snacks under Karolina brand

Ferrero program in Slovenia

Nestles NESCAFE assortment in the HoReCachannel

Profitability growth drivers

EBIT up 32.3% yoy in 1H09 and 12.0% yoy in FY08

Economies of scale lower marginal costs in distribution

Developed network of distribution centres in the SEE central warehouse in Jankomir

Bargaining power

Exploring brand synergies

Sales (HRKm)

616.2

533.5

400

460

520

580

640

700

1H09 1H08

+15.5%

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CONSUMER HEALTHCARE DIVISION25% of

sales 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

Growth drivers

Strength of the Cedevita brandAtlantics best selling brand

New distribution channel HoReCa

Markets with high consumption potential: Serbia,Slovenia

Sales (HRKm)

262.3

243.2

200

220

240

260

280

1H09 1H08

+7.8%

Profitability growth drivers

Best-margin division

Cedevita in new distribution channel Cedevita GO!

EBIT (HRKm)

44.9

32.4

25

30

35

40

45

50

1H09 1H08

+38.5%

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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 brandAtlantics second best selling brand

The leading market position in Germany, Norway, Sweden,

Markets with the highest growth: Russia, Sweden, Spain

Successfully completed restructuringthe highest EBIT growth of 81.0% yoy amongdivisions in FY08 EBIT up 21.2% yoy in 1H08

Innovative product line Launch of endurance line Active Multipower Consumer base expansion (outside gyms and fitnesscentres) Cooperation with the cycling equipmentmanufacturer Shimano

Sales (HRKm)

247.2

239.0

200

220

240

260

1H09 1H08

+3.4%

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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

Focus on non-prescription drugs in pharmacies

New product launches in the VMS and the OTC segment

Launch of drug wholesale business

Differentiated strategic focus on VMS and OTCthrough exclusive distribution deals

Vertical integration within division:

Production (Dietpharm)

Sales (HRKm)

150.8

137.9

120

130

140

150

160

1H09 1H08

+9.3%

Distribution (Wholesaler Fidifarm)

Retail (Farmacia)

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Guidance:

(i) reflects organic development

(ii) does not include one-off positive effects from the 1Q09 and expected positive net effect of approximately HRK45m fromthe sale of Neva location and the subsequent transfer to Rakitje location

In HRKm 2009 Plan 2008 2009/2008

Revenues 2,166 2,024.5 7.0%

Sales 2,143 2,002.9 7.0%

EBITDA 194 169.3 14.3%

EBIT 147 129.4 13.4%

FY09 GUIDANCE DURING UNFAVOURABLE MACROECONOMIC SETUP

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Strategic focus of Atlantic Grupa during negative economic developments on:

Creation of new opportunities for the organic growth and growth via acquisition

Cost efficiency

Financial stability enabling flexibility for initiatives development for the companys long-term growth

Liquidity maintenance

Business process improvements

Screening potential acquisition in times of lowered acquisition valuation premiums

In segments that strategically fit the companys further development:

(i) Pharmacies in Croatia

(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

(iv) Distribution companies with higher margin distribution portfolio

FY09 GUIDANCE DURING UNFAVOURABLE MACROECONOMIC SETUP

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New distribution channel for Cedevita consumption on thego

Cedevita covers all consumption channels

Exploring synergies potential among divisions:

R&D, production and packaging integrated in theConsumer Healthcare division

Own distribution infrastructure

Synergies opportunities in the Sports and Functional Fooddivisions 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 Groups profit margins

CEDEVITA GO!

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ATLANTIC GRUPA ON THE CAPITAL MARKET

Shareholder structure on September 09, 2009

52.57% E. Tedeschi

7.73% L. Tedeschi Fiorio

7.14% DEG

30.47% Free float

1.93% Management

0.16% Treasury shares

Performance (with PPS of HRK 730 as of 17/09/2009):

ATGR-R-A +52.1% ytd

CROBEX +26.2% ytd

Outperformance resulting from:

Strong ownership structure

Strong business fundamentals

All domestic mandatory pension funds in top 10shareholders accounting for 46.74% of free float

ATGR-R-A vs. Crobex

0

1,500

3,000

4,500

6,000

Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Aug-09

-

200

400

600

800

1,000

Crobex ATGR-R-A

* Calculated based on figures ex. one-off

24.79P/E

29.45EPS (HRK)

1.02EV/sales

15.58EV/EBIT

12.10EV/EBITDA

2,128,995EV (HRK 000)

629,981Av. daily turnover (HRK)

1,802,973MCap (HRK 000)

730.0PPS (as of 17/09/09)

12-month TrailingShare info & valuation

* Calculated based on figures ex. one-off

24.79P/E

29.45EPS (HRK)

1.02EV/sales

15.58EV/EBIT

12.10EV/EBITDA

2,128,995EV (HRK 000)

629,981Av. daily turnover (HRK)

1,802,973MCap (HRK 000)

730.0PPS (as of 17/09/09)

12-month TrailingShare info & valuation

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CONTACTS

Lada Tedeschi Fiorio, Vice President for 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

mailto:lada.tedeschi.fiorio@atlantic.hrmailto:zoran.stankovic@atlantic.hrmailto:maja.barac@atlantic.hrmailto:maja.barac@atlantic.hrmailto:maja.barac@atlantic.hrmailto:maja.barac@atlantic.hrmailto:maja.barac@atlantic.hrmailto:maja.barac@atlantic.hrmailto:zoran.stankovic@atlantic.hrmailto:zoran.stankovic@atlantic.hrmailto:zoran.stankovic@atlantic.hrmailto:zoran.stankovic@atlantic.hrmailto:zoran.stankovic@atlantic.hrmailto:lada.tedeschi.fiorio@atlantic.hrmailto:lada.tedeschi.fiorio@atlantic.hrmailto:lada.tedeschi.fiorio@atlantic.hrmailto:lada.tedeschi.fiorio@atlantic.hrmailto:lada.tedeschi.fiorio@atlantic.hrmailto:lada.tedeschi.fiorio@atlantic.hrmailto:lada.tedeschi.fiorio@atlantic.hr

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Q & A

Thank you for your attention!