11 ATLANTIC GRUPA FY11 Financial results (audited) Performance in line with guidance alongside successful execution of integration processes February 23.

11

ATLANTIC GRUPA

FY11 Financial results (audited)

Performance in line with guidance alongside successful execution of integration processes

February 23th, 2012

22

CONTENT

KEY BUSINESS DEVELOPMENTS in 2011 and ANNOUNCEMENT of EVENTS in FY12

FINANCIAL RESULTS in 2011

FY12 GUIDANCE

33

KEY BUSINESS DEVELOPMENTS in 2011

Guidance delivered despite challenging macroeconomic environment

Successful execution of integration of Droga Kolinska and Atlantic Grupa

Divestment of non-core assets: 13% share in RTL Hrvatska television channel

Bond refinancing: new corporate bond ATGR-O-169A

Regular fulfilment of all financial obligations

Surging prices of all key raw and packaging materials

PPA – Purchase Price Allocation for Droga Kolinska

Achievement of synergy effects

44

KEY INTEGRATION ACTIVITIES: Phase I

Sales and distribution

• Setting up joined distribution on all regional markets: establishing independent distribution companies on each regional market that are consolidated in the Distribution division

• Implemented new commercial terms on all regional markets

• Sales force optimized

Logistics and investment

• Setting up joined logistics operations and processes (the most complex one in Serbia with initial 11 distribution centres, reallocated to 4 new locations)

• Logistics reorganisation in Croatia (in-house logistics as opposed to formerly outsourced logistics)

• Consolidation of office space on all regional markets

Procurement and marketing

• Implemented centralised procurement system

• Developed purchasing category management concept with lead buyers for key raw materials

• Implemented centralised marketing

HR challenges

• Creating new and efficient business organisation

• Retaining and motivating the most qualitative workforce

• Co-life of different corporate cultures

• Developing fair rewarding schemes

First phase of integration activities carried out in the 1H11

55

KEY INTEGRATION ACTIVITIES: Phase II

Consolidation of production facilities

• Previously outsourced bottling of Cockta for Croatian and B&H market has been replaced with in-house bottling in Apatovec, Croatia

• Transfer of coffee roasting for Croatian market from previously outsourced producer to own production plant in Izola, Slovenia

• Currently, feasibility studies are being prepared for transfer of other production from outsourced producers to own production plants

Consolidation of information technology

• Consolidation of business IT solutions on several regional markets based on the assessment of business systems for operational support within Droga Kolinska and Atlantic Grupa and selection of best practice

• Redefining current IT contracts related to telecom services, licences and outsourced IT support

Real estate management

• Real estate and financial assets portfolio management with the goal to sell all assets that are not in accordance with the company’s core business operations – e.g. sale of 13% ownership in Croatian broadcasting channel – RTL Hrvatska

• Currently the company assesses sale of several real estate that are not in accordance with the company’s core business operations

Second phase of integration activities started in the 2H11

66

SUMMARY OF INTEGRATION ACTIVITIES and OTHER

CORE program

In November 2011, Atlantic Grupa launched cost reduction program – CORE program The key goal is to optimize the company’s primarily external expenses in the period from 2011 to 2013 Emphasis is on the group of expenses that are encountered as result of purchase of goods and services from suppliers

46% of total synergy savingsEUR 5.9m net synergy savings

Investment management

LogisticsDistribution

77

NEW BUSINESS MODEL OF ATLANTIC GRUPA from 2012

SBU COFFEE

Turkish,Espresso,

Instant

Reorganization in 2012 with an aim to manage business segments and distribution markets more efficiently Operational business also includes Central procurement, Central marketing and Corporative quality management functions

SBU BEVERAGES

Vitamin instant drinks and teasCarbonated soft

drinksFunctional water

and Water

SBU SPORTS AND

FUNCTIONAL FOOD

Sports and functional food

SBU PHARMA AND

PERSONAL CARE

VMS and OTC Pharmacy chainCosmetics and personal care

SBU SAVOURY SPREADS

Savoury spreadsSandwiches of

extended freshness

SBU SNACKS

Sweet and salted snacks

SMUCroatia

SMUSlovenia,

Serbia and Macedonia

SMUHoReCa

Hotels, restaurants and cafes

MU Russia

Baby foodAll products sold in

CIS region

SMUInternational

marketsAll markets outside ex.-YU region and

Russia

88

ATLANTIC GRUPA ON CROATIAN CAPITAL MARKET in 2011

Ownership structure on 30/12/2011

-46.5%-37.9%

18.2%

47.7%

-47.6%-62.0%

-17.6%

5.3%16.4%

-67.2%

-15.4%

19/11/07-30/12/11

2011 2010 2009 2008

Performance on capital market ATGR-R-A

Crobex

Crobex10

From the end of March, ATGR-R-A has been included in domestic blue-chip index Crobex10

On 20 September 2011, Atlantic Grupa issued Notes amidst restructuring of its maturity debt structure

Atlantic Grupa’s average market capitalization in 2011: HRK 2.2m – second place based on average Mcap among components of local blue-chip index Crobex10

Atlantic Grupa’s share retained total turnover and average daily turnover on the 2010 levels

Valuation 2011 2010*

Last price in reporting period 500.0 805.0

Market capitalization (HRK 000) 1,667,150 2,684,112

Average daily turnover (HRK) 551,157 554,827

EV (HRK 000) 4,229,100 5,243,503

EV/EBITDA* 8.18 9.96

EV/EBIT* 13.68 19.01

EV/sales* 0.89 1.16

EPS (HRK) 5.90 26.43

P/E 84.71 30.46Normalized P&L figures *Pro-forma consolidated figures in 2010

TEDESCHI EMIL50.20%

EBRD8.53%

DEG8.49%

L. Tedeschi Fiorio5.79%

East Capital0.36% Management

1.25%

Others8.09%

Raiffeisen OPF54.32%

AZ OPF23.07%

PBZ CO OPF7.88%

Raiffeisen VPF8.08%

Erste Plavi OPF6.65%

Pension funds

17.29%

99

CONTENT

KEY BUSINESS DEVELOPMENTS in 2011 and ANNOUNCEMENT of EVENTS in FY12

FINANCIAL RESULTS in 2011

FY12 GUIDANCE

1010

Sales at 4,727.8 million kuna+ 108.4% yoy based on reported figures+ 1.2% yoy organic growth+ 4.8% yoy growth compared to pro-forma consolidated level in the same period last year

Normalized earnings before interests, taxes and depreciation (EBITDA) at 517.3 million kuna+ 156.5% yoy based on reported figures- 1.7 yoy growth compared to pro-forma consolidated level in the same period last year

Normalized earnings before interests and taxes (EBIT) at 309.2 million kuna+ 110.9% yoy based on reported figures+ 12.1% yoy growth compared to pro-forma consolidated level in the same period last year

Net profit after minorities at 46.6 million kuna* Normalised net profit after minorities at 19.7 million kuna

OWERVIEW of FY11 RESULTS

1111

RESULTS IN LINE WITH GUIDANCE

HRKm 101.7% 98.2% 96.9%

2011 result normalized

4,550

4,650

4,750

Sales

4,728

4,650

2011A

2011E

0

200

400

600

EBITDA EBIT

517

309

527

319

2011A

2011E

1212

OVERVIEW OF ONE-OFF ITEMS in 2010/2011

2010

Sale of Neva’s former location in Tuškanova

* One of gain in the amount of 48.6 million kuna Acquisition of Droga Kolinska

* Transaction costs in the amount of 52.2 million kuna

* Positive financial impact of 16.9 million kuna (income on deposits from capital increase

funds and positive exchange rate differences) Acquisition of the company Kalničke vode Bio Natura

* Badwill in the amount of 5.1 million kuna

2011

Sale of non-core assets – 13% stake in the company RTL Hrvatska

* One-off gain in the amount of 12.0 million kuna Acquisition of Droga Kolinska

Transaction costs in the amount of 5.8 million kuna Purchase price allocation

* One-off impact on increase in inventories in the amount of 22.8 million kuna

* One-off impact on depreciation of tangible assets and amortization of intangible assets in

the amount of 42.3 million kuna. Depreciation and amortization effect is one-off compared

to 2010, but, lower depreciation and amortization will remain in 2012 and onwards

* One-off impact on increase in financial borrowings in the amount of 1.2 million kuna

1313

SALES in 2011

* Sales growth: +108.4%

Growth generators:

(i) Acquisition of Droga Kolinska

(ii) Organic growth of Atlantic Grupa

* Sales growth: + 4.8% comparing to pro-forma consolidated sales in 2010

Growth generators:

(i) Growth on regional markets after acquisition of Droga Kolinska(ii) Growth in coffee, sweet and salted snacks and baby food segments(iii) Growth in Sports and Functional Food and Pharma divisions

* Sales growth : +1.2% without Droga

Kolinska effect

Growth generators:

(i) Growth of own brands within Sports and Functional Food division

(ii) Sales growth of private label

(iii) Newly opened pharmacies and specialized stores

(iv) Final consolidation of acquired pharmacy chain Dvoržak

HRKm

1,000

2,000

3,000

4,000

5,000

4,728

2,269

FY11 vs. FY10 FY11FY10

+108.4%

4,000

4,200

4,400

4,600

4,800

4,728

4,513

FY11 vs. FY10 Pro-forma FY11FY10

+4.8%

2,100

2,150

2,200

2,250

2,300

2,2962,269

FY11 vs. FY10 organic FY11FY10

+1.2%

1414

GEOGRAPHIC SALES PROFILE

Croatian market remained the largest selling market after acquisition of Droga Kolinska with 28.2% share of total sales, however the acquisition itself significantly reduced exposure to domestic market from 55.1% in 2010

Regional markets (without Croatia) have 52.0% share of total sales compared to 18.9% in 2010

Share of West European markets fell to 7.5% from 14.9% in 2010, as sales of acquired Droga Kolinska are mostly focused on regional markets and to smaller extent on Russian market

East European markets have 3.0% share of sales compared to 1.8% in 2010, due to Droga Kolinska’s presences on those markets

28%

25%13%

8%

6%

8%

3%9%

2011Croatia

Serbia

Slovenia

B&H

Other ex. Yu*

Key WEU**

Russia and EE

Other

30%

24%13%

9%

6%

8%

4% 6%

Pro-forma consolidated 2010

Croatia

Serbia

Slovenia

B&H

Other ex. Yu*

Key WEU**

Russia and EE

Other

*Other ex. YU: Macedonia, Monte Negro, Kosovo **Key WEU: Germany, Italy, UK

55%

6%

8%3%

2%

15%

2%9%

Stand-alone 2010

Croatia

Serbia

Slovenia

B&H

Other ex. Yu*

Key WEU**

Russia and EE

Other

1515

SALES on KEY MARKETS – CROATIA

-3,3% compared to 2010 pro-forma consolidated results-3,9% on organic level (without Droga Kolinska) Two key factors affected sales on Croatian market: i. Renewal of contracts with key customers due to integration of Droga Kolinska’s product portfolio during 2011ii. Continuation of negative trends in Croatian economy Sales decline on the pro-forma consolidated level was partially cushioned by following:i. Increase in coffee and salted snacks category as well as mild increase in savoury spreads and beverages categories of Droga

Kolinskaii. Growth of some principal brandsiii. Growth in Pharma division

500

750

1,000

1,250

1,500

FY11 FY10 Pro-forma cons. FY10 Stand-alone

1,332.2 1,377.91,250.6

(in H

RKm

)

1616

SALES on KEY MARKETS – SERBIA, SLOVENIA AND BOSNIA AND HERZEGOVINA

Serbian Market+ 12.7% growth compared to pro-forma consolidated sales in 2010-10.7% on organic level (without Droga Kolinska) The second largest market in Atlantic

Grupa with 25.5% share of total sales

Slovenian market+3.5% growth compared to pro-forma consolidated sales in 2010+2.5% on organic level (without Droga Kolinska) The third largest market in Atlantic

Grupa with 12.7% share of total sales Growth: coffee, salted snacks,

Cedevita and some principal brands

B&H market-9.3% drop compared to pro-forma consolidated sales in 2010-2.5% on organic level (without Droga Kolinska) The third largest market in Atlantic

Grupa with 7.6% share of total sales

0

200

400

600

800

1,000

1,200

1,400

Serbia Slovenia B&H

1,204.2

598.1

359.2

1,068.6

577.7

395.9

130.1 172.579.0

(in H

RKm

)

FY11

FY10 Pro-forma cons.

FY10 Stand-alone

1717

SALES on KEY MARKETS – WEST EUROPEAN MARKETS AND RUSSIA

West European markets+1.1% growth compared to pro-forma consolidated sales in 2010+5.2% on organic level (without Droga Kolinska)

Three key factors buoyed sales growth in this geographic regioni. Double-digit growth in the sports food brand Champ and the functional food

brand Multabenii. Double-digit growth in private label salesiii. Further expansion of mass market outside the specialized sports channel.

Russian and East European markets -20.0% compared to pro-forma consolidated sales in 2010

Decline mainly reflected lower sales of Multivita assortment, whereby growth in baby food assortment with brand Bebi was insufficient to annul decline in the former

0

50

100

150

200

250

300

Germany Italy UK Russia & EE

264.1

41.5 50.3

144.0

246.3

57.3 48.3

180.0

244.3

49.3 44.5 41.4

(in H

RKm

)

FY11

FY10 Pro-forma cons.

FY10 Stand-alone

1818

SALES by PRODUCT TYPE

Own brands+6.4% compared to pro-forma consolidated sales in 2010+1.8% on organic level (without Droga Kolinska)Principal brands-9.7% yoy Share decrease due to conolidation of Droga KolinskePrivate label+31.8% yoyFarmacia+15.6% yoy+9.8% on organic level (excluding acquired chain Dvoržak)

72%

17%

5%6%

2011

Own brands

Principal brands

Private label

Farmacia

71%

20%

4%5%

Pro-forma consolidated 2010

Own brands

Principal brands

Private label

Farmacia

41%

40%

8%

11%

Stand-alone 2010

Own brands

Principal brands

Private label

Farmacia

1919

597

441

333304

235

172 171144 141 126 125

Grand Kafa Argeta Cedevita Barcaffe Multipower Smoki Cockta Najlepše želje Bebi Champ Donat Mg

HRK m

Sales Net I

KEY BRANDS in 2011

The following brands achieved growth:i. Coffee – Grand Kafa 12.3% i Barcaffe 9.7%ii. Sweet and salted snack – Najlepše želje 11.6% andSmoki 5.5%iii. Baby food – Bebi 11.7%iv. Sports and functional food – Champ and Multaben

Following brands posted yoy lower sales:i. Beverages – Cedevita and Cocktaii. Savoury spreads - Argeta

2020

GROSS SALES by DIVISION

+ 1.2% yoy organic growth+ 4.8% compared to pro-forma consolidated sales in 2010

Distribution : +114.3% , -6.4% organic Consolidated distribution of Atlantic Grupa and Droga

Kolinska, renewed contracts with key customers Unfavourable macroeconomic environment decreased

consumption Portfolio rationalization

Consumer HealthCare: -6.4% Unfavourable macroeconomic situation Consolidation of distribution activities of Atlantic

Grupa and Droga Kolinska affected this division’s sales

Sports and Functional Food: +16.3% Growth of brands Champ and Multaben as well as

private label Upward trend in mass market and online sales

Pharma: +12.5% Pharmacy chain sales growth, opening of 4 new sales

locations, consolidation of Dvoržak pharmacy chain Fidifarm sales growth

Droga Kolinska: +0.2% Growth of product categories: coffee, sweet and salted

snacks and baby food

HRKm

2,763

448647

367

2,249

1,289

478 556326

2,244

Distribution Consumer Health Care

Sports and Functional Food

Pharma Droga Kolinska

2011 2010

1,207

448

647

367

1,289

478556

326

Distribution Consumer Health Care

Sports and Functional Food

Pharma

2011 ex. Droga Kolinska 2010

2121

SALES by CATEGORIES

Indicative overview of sales by categories (according to the new business model) in 2011 reflect the following:

Product category – coffee – with brands Grand Kafa i Barcaffe is the largest individual product category with 21% share in total sales

Product category – beverages – with key brands Cedevita, Cockta, Donat Mg is the second largest product category with 14% share in total sales

Product category – sports and functional foods – with key brands Multipower and Champ is the third largest product category with 14% share in total sales

Distribution which includes principal brands has 17% share in total sales

17%

14%

10%

21%

12%

9%

14%

3%Distribution (Principal brands)

Sports and Functional Food

Pharma &Personal care (Farmacia, Fidifarm, Multivita, Neva)

Coffee

Sweet and salted snack

Savoury spreads

Beverages

Baby food

2222

PROFITABILITY DYNAMICS

Two-fold higher profitability on EBITDA and EBIT levels compared to 2010 primarily reflected consolidation of Droga Kolinska

Decline in EBITDA compared to pro-forma consolidated 2010 largely reflected 20.7% yoy higher production materials costs

Normalised EBIT reflected the impact of finalised PPA process for Droga Kolinska on tangible assets depreciation and intangible assets amortization

2011 vs. 2010 2011 vs. 2010 pro-formaNormalised EBITDA +156.5%

-1.7%Normalised EBIT

+110.9% +12.1%

Normalised Net profit -67.5% -

77.7%

HRKm

100

200

300

400

500

600

FY11 FY10 Pro-forma FY10 Stand-alone

501545

220

517 526

202

EBITDA EBITDA

Normalized EBITDA

0

100

200

300

400

FY11 FY10 Pro-forma FY10 Stand-alone

335

294

165

309276

147

EBIT EBITNormalized EBIT

0

50

100

150

200

FY11 FY10 Pro-forma FY10 Stand-alone

55

146

107

28

126

86

Net profit Net income

Normalized net income

2323

PROFITABILITY DYNAMICS – Impact of surging prices on global commodity markets

On the pro-forma consolidated level, production materials costs surged 21% yoy

Soaring production materials costs came on the back of: * Growth in coffee, sugar, milk powder and others largely on the back of surging prices on the global commodity markets as well as packaging materials costs* Coffee rocketed 55% on average on global commodity markets (expressed through coffee “C” futures contract as the world benchmark for Arabica coffee) compared to 2010

Left graph - coffee price movements during 2010 and 2011– maximum at the beginning of May 2011

Right graph: beginning of May 2011 the highest coffee price since the end of 1997

In the following period:*The fundamentals indicate upward pressure on global coffee prices largely amidst historically low global coffee inventories and downtrend in inventories in weeks of consumption* But, excess of global supply should cushion uptrend in 2012

2424

PURCHASE PRICE ALLOCATION for DROGA KOLINSKA

• Pursuant to the International Financial Reporting Standards (IFRS 3), Atlantic Grupa was obliged to allocate the purchase price of EUR 243,109 ths paid for Droga Kolinska’s assets acquired, within a year from the transaction. For that purpose, Atlantic Grupa engaged the independent appraiser.

Summary

• Fair value of trademarks on 31 December 2010 is HRK 764.8m and has been increased by HRK 206.3m from their book value

• Valuation based on income approach, i.e. Relief-from-Royalty method• Indefinite useful life: brands will not be amortised but tested annually for

impairment

Intangible assets

• On 31 December 2010, fair value of tangible assets has been estimated at HRK 73.6m above its book value

• Applied market-based approach and cost-based approach to value tangible assets

Tangible assets

• On 31 December 2010, fair value of inventories has been estimated at HRK 22.6m above its book value

• On 31 December 2010, fair value of financial borrowings has been estimated at HRK 1.2m above its book value

Other assets and liabilities

• Goodwill of HRK 571.5m has been calculated • Allocated to the following operating segments (CGUs): coffee, savoury spreads,

snacks and confectionary, beverages, baby food and distributionResidual goodwill

2525

DIVISIONAL OPERATING PROFITABILITY

Distribution+114.3% amidst Integration of Droga Kolinska and Atlantic Grupa’s portfolio

Consumer HealthCare-32.0% amidst: Lower sales Higher production materials costs

Sports and Functional Food-52.3% amidst Front-loaded investments in new company in Spain Higher production materials and marketing and selling costs Higher service costs

Pharma-5.2% amidst: Stronger growth in operating costs base, primarily service

costs, staff costs and costs of goods sold

HRKm

80.3

56.6

14.4 16.0

169.8

37.4

83.2

30.116.9

0

40

80

120

160

Distribution CHC SFF Pharma Droga Kolinska

2011 2010

24%

17%

4%

5%

50%

Distribution

Consumer HealthCare

Sports and Functional Food

Pharma

Droga Kolinska

2626

Leverage indicators: Net debt-to-normalized EBITDA at 4.8 times Interest covered with normalized EBITDA at 2.3 times Gearing ratio (net debt-to-net debt and total equity) at 62.3%

In accordance with the Policy of active financial debt management, Atlantic Grupa fixed substantial portion of its long-term financial liabilities with interest rate swaps in the 1Q11

In 2011, Atlantic Grupa refinanced corporate bond in the nominal amount of HRK 115m maturing in 2016

FINANCIAL INDICATORS

Require: prudent debt management and delivery of synergies

in HRKm FY11 YE10*

Net debt 2,494.0 2,495.8

Total assets 5,355.2 5,259.3

Equity 1,512.3 1,456.3

Current ratio 1.84 1.34

Gearing ratio 62.3% 63.2%

Net debt/EBITDA** 4.8 4.7

Interest coverage ratio** 2.3 5.3

Capex 96.5 34.8

Cash flow from operating activities*** 165.1 101.5

* P&L items on pro-forma consolidated basis **Normalized *** Excluding impact of transaction costs

2727

CONTENT

KEY BUSINESS DEVELOPMENTS in 2011 and ANNOUNCEMENT of EVENTS in FY12

FINANCIAL RESULTS in 2011

FY12 GUIDANCE

2828

FY12 GUIDANCE (I)

Strategic management

guidance

Further delivery of planned synergy potentials both on sales and costs side following finalisation of the first integration phase of Atlantic Grupa and Droga Kolinska;

Focus on execution of the second integration phase (consolidation of production facilities, information technology consolidation, real estate portfolio management) as the basis for further improvement of operating efficiency;

Further focus on organic growth through innovations in product categories and active brand management (new flavours, modernized packaging, product line extensions), strengthening the regional character of distribution business and further development of certain distribution channels as HoReCa segment;

Meeting financial commitments on regularly basis coupled with active debt and financial cost management;

Cost management through the CORE program and optimisation of operating processes on both centralised and lower levels, aiming to improve operating efficiency;

Prudent liquidity management;

Continuous analysis of global commodity markets with particular focus on coffee, sugar, cocoa and milk powder as well as more active application of hedging instruments;

More focused development of risk management on all levels in the company.

2929

FY12 GUIDANCE (II)

* In 2011, EBIT was calculated on normalised EBITDA level, however depreciation and amortization expenses

have not been normalized for the PPA impact in order to make it more comparable to 2012 guidance.

In HRKm2012 Guidance (excluding

one-offs)2011 Normalized 2012/2011

Sales 4,964 4,728 5.0%

EBITDA 550 517 6.3%

EBIT* 385 351 9.5%

Interest expense 223 222

3030

Appendix

3131

FY11 CONSOLIDATED INCOME STATEMENT (AUDITED)

In HRK000 FY11% of sales

FY10 Pro-forma

consolidated

% of sales

FY10 Stand-alone

% of sales

FY11/FY10 Pro-forma

cons.

FY11/FY10 Stand-alone

Turnover 4,774,385 101.0% 4,575,540 101.4% 2,301,945 101.5% 4.3% 107.4%Sales 4,727,766 100.0% 4,512,983 100.0% 2,268,641 100.0% 4.8% 108.4%Other income 46,619 1.0% 62,557 1.4% 33,304 1.5% -25.5% 40.0%Operating costs 4,273,714 90.4% 4,030,856 89.3% 2,081,899 91.8% 6.0% 105.3%Cost of merchandise sold 1,187,673 25.1% 1,201,640 26.6% 1,085,720 47.9% -1.2% 9.4%Change in inventories -5,772 -0.1% 5,665 0.1% -9,405 -0.4% n/a n/aProduction materials 1,579,935 33.4% 1,309,183 29.0% 291,074 12.8% 20.7% 442.8%Energy 61,238 1.3% 53,324 1.2% 12,141 0.5% 14.8% 404.4%Services 308,439 6.5% 327,564 7.3% 163,340 7.2% -5.8% 88.8%Personnel costs 635,047 13.4% 658,002 14.6% 325,942 14.4% -3.5% 94.8%Marketing expenses 313,218 6.6% 314,792 7.0% 148,692 6.6% -0.5% 110.6%Other expenses 212,994 4.5% 231,399 5.1% 128,510 5.7% -8.0% 65.7%Other (gains)/losses, net -19,058 -0.4% -70,713 -1.6% -64,115 -2.8% -73.0% -70.3%EBITDA 500,670 10.6% 544,684 12.1% 220,046 9.7% -8.1% 127.5%

EBIT 334,843 7.1% 294,252 6.5% 164,985 7.3% 13.8% 103.0%

EBT 78,837 1.7% 168,270 3.7% 123,122 5.4% -53.1% -36.0%Taxes 23,945 0.5% 21,844 0.5% 16,325 0.7% 9.6% 46.7%Net income 54,892 1.2% 146,426 3.2% 106,797 4.7% -62.5% -48.6%Minority interest 8,291 0.2% 13,088 0.3% 11,804 0.5% -36.7% -29.8%Net income II 46,601 1.0% 133,338 3.0% 94,993 4.2% -65.1% -50.9%

3232

FY11 NORMALIZED CONSOLIDATED INCOME STATEMENT (AUDITED)

In HRK000 FY11% of sales

FY10 Pro-forma

consolidated

% of sales

FY10 Stand-alone

% of sales

FY11/FY10 Pro-forma

cons.

FY11/FY10 Stand-alone

Turnover 4,774,385 101.0% 4,569,421 101.3% 2,295,825 101.2% 4.5% 108.0%Sales 4,727,766 100.0% 4,512,983 100.0% 2,268,641 100.0% 4.8% 108.4%Other income 46,619 1.0% 56,438 1.3% 27,184 1.2% -17.4% 71.5%Operating costs 4,257,105 90.0% 4,043,127 89.6% 2,094,170 92.3% 5.3% 103.3%Cost of merchandise sold 1,164,918 24.6% 1,201,640 26.6% 1,085,720 47.9% -3.1% 7.3%Change in inventories -5,772 -0.1% 5,665 0.1% -9,405 -0.4% n/a n/aProduction materials 1,579,935 33.4% 1,309,183 29.0% 291,074 12.8% 20.7% 442.8%Energy 61,238 1.3% 53,324 1.2% 12,141 0.5% 14.8% 404.4%Services 304,053 6.4% 308,166 6.8% 143,943 6.3% -1.3% 111.2%Personnel costs 635,047 13.4% 658,002 14.6% 325,942 14.4% -3.5% 94.8%Marketing expenses 313,218 6.6% 314,792 7.0% 148,692 6.6% -0.5% 110.6%Other expenses 211,564 4.5% 198,017 4.4% 95,128 4.2% 6.8% 122.4%Other (gains)/losses, net -7,096 -0.2% -5,663 -0.1% 935 0.0% 25.3% -858.9%EBITDA 517,280 10.9% 526,294 11.7% 201,656 8.9% -1.7% 156.5%

EBIT 309,169 6.5% 275,862 6.1% 146,595 6.5% 12.1% 110.9%

EBT 51,914 1.1% 149,127 3.3% 103,979 4.6% -65.2% -50.1%Taxes 23,945 0.5% 23,496 0.5% 17,978 0.8% 1.9% 33.2%Net income 27,969 0.6% 125,631 2.8% 86,001 3.8% -77.7% -67.5%Minority interest 8,291 0.2% 13,088 0.3% 11,804 0.5% -36.7% -29.8%Net income II 19,677 0.4% 112,543 2.5% 74,197 3.3% -82.5% -73.5%

3333

BUSINESS SEGMENTS

Gross revenues 2.784.594 458.099 654.224 373.558 2.276.696 744 6.547.915

Inter-segment revenues 24.532 337.961 4.340 27.015 1.379.682 - 1.773.530

Total revenues 2.760.062 120.138 649.884 346.543 897.014 744 4.774.385

EBITDA 93.993 86.893 20.116 22.986 270.659 6.023 500.670

Depreciation and amortization 13.722 30.333 5.748 6.990 100.893 8.141 165.827

EBIT 80.271 56.560 14.368 15.996 169.766 (2.118) 334.843

Total assets 973.849 566.217 196.322 620.003 3.421.431 (826.130) 4.951.692

Total assets at 31.12.2010 561.173 598.000 164.158 580.608 3.195.021 (208.437) 4.890.523

Gross revenues 1.308.296 492.044 558.412 330.832 n/p 9.647 2.699.231

Inter-segment revenues 21.397 352.128 4.024 19.737 n/p - 397.286

Total revenues 1.286.899 139.916 554.388 311.095 n/p 9.647 2.301.945

EBITDA 48.778 108.695 36.832 23.287 n/p 2.454 220.046

Depreciation and amortization 11.329 25.519 6.703 6.410 n/p 5.100 55.061

EBIT 37.449 83.176 30.129 16.877 n/p (2.646) 164.985

Droga Kolinska

Reconciliation Group

GroupDroga

KolinskaReconciliation

For the year ended 31 December 2010 (in thousands of HRK)

DistributionConsumer

Health Care

Sports and Functional

FoodPharma

PharmaSports and Functional

Food

For the year ended 31 December 2011 (in thousands of HRK)

DistributionConsumer

Health Care

3434

BALANCE SHEET as of 31 December 2011 (AUDITED)in thousands of HRK, audited 31 December 2011 % of total assets 31 December 2010 % of total assetsProperty, plant and equipment 1,189,502 22.21% 1,235,866 23.50%Investment propery 1,934 0.04% 2,481 0.05%Intangible assets 1,956,194 36.53% 1,929,631 36.69%Available-for-sale financial assets 1,358 0.03% 36,379 0.69%Derivative financial instrument 8,617 0.16% 0 0.00%Trade and other receivables 21,514 0.40% 23,736 0.45%Deferred tax assets 56,412 1.05% 53,714 1.02%Non-current assets 3,235,531 60.42% 3,281,807 62.40%Inventories 533,680 9.97% 503,013 9.56%Trade and other receivables 1,119,851 20.91% 1,100,134 20.92%Non-current assets held for sale 139,127 2.60% 111,310 2.12%Prepaid income tax 24,877 0.46% 17,951 0.34%Deposits given 36,334 0.68% 5,192 0.10%Derivative financial instrument 18,249 0.34% 7,939 0.15%Cash and cash equivalents 247,596 4.62% 231,978 4.41%Current assets 2,119,714 39.58% 1,977,517 37.60%Total assets 5,355,245 100.00% 5,259,324 100.00%

Capital and reserves att ributable to equity holders of the Company 1,444,404 26.97% 1,392,624 26.48%

Minority interest 67,920 1.27% 63,632 1.21%Borrowings 2,346,725 43.82% 2,007,781 38.18%Deferred tax liabil ities 193,064 3.61% 189,872 3.61%Derivative financial instrument 62,393 1.17% 26,446 0.50%Other non-current l iabil ities 36,357 0.68% 38,421 0.73%Provisions 54,540 1.02% 60,138 1.14%Non-current liabilities 2,693,079 50.29% 2,322,658 44.16%Trade and other payables 719,606 13.44% 731,668 13.91%Borrowings 375,035 7.00% 697,744 13.27%Current income tax l iabilities 12,553 0.23% 16,594 0.32%Derivative financial instrument 20,673 0.39% 8,898 0.17%Provisions 21,975 0.41% 25,506 0.48%Current liabilities 1,149,842 21.47% 1,480,410 28.15%Total liabilities 3,842,921 71.76% 3,803,068 72.31%Total equity and liabilities 5,355,245 100.00% 5,259,324 100.00%

3535

FY11 CONSOLIDATED CASH FLOW STATEMENT (AUDITED)

Net cash from operating activities amounted to HRK 165.1m in FY11 and HRK 101.5m in FY10, once transaction costs excluded

HRK 000 Jan - Dec 2011 Jan - Dec 2010

Net cash flow from operating activities 159.266 49.249Net CFO before interest and income tax paid 382.167 102.497

Cash flow from investing activities (55.924) (1.568.133)O/w Capex (96.525) (34.830)

Net cash flow from / (used in) financing activities (90.925) 1.677.640

Net increase / (decrease) in cash and cash equivalents 12.417 158.756

Exchange gains / (losses) on cash and cash equivalents 3.201 (1.358)

Cash and cash equivalents at beginning of period 231.978 74.580Cash and cash equivalents at end of period 247.596 231.978

3636

Q & A

Thank you for your attention!