#1Investor presentation J.P. Morgan 2021 Global High Yield & Leveraged Finance Conference March 2021 CO.5L 33 1.5L 4F Refresco#2Today's presenters 2 Aart Duijzer CFO & co-founder Pieter van Meeteren Group Director Finance Refresco#3Agenda 3 01 Introduction to Refresco 02 Financial highlights 03 Financial policies 04 Q&A Refresco#44 Refresco: World's largest independent bottler for retailers and A-brands Leadership positions in North America and Europe 11bn liters 63 manufacturing 10,000+ employees facilities Successful buy-and-build track record with more than 30 acquisitions over past 20 years Our 2025 ambition: Becoming the leading beverage solutions provider Refresco#5Creating leading positions across key markets In the global beverage market, cost leadership and scale provide substantial competitive advantages. Over the past 20 years, we have successfully: Strengthened our position in existing markets Expanded into new markets Made selective investments to complement existing product and customer portfolio 5 Refresco#6Combining retailer brands and contract manufacturing: A winning business model 6 LIDL BRITVIČ soft drinks REWE MARK TRADE Heineken Walmart Mo MONSTER H-E-B ENERGY BODYARMOR ABInBev ALDI pepsi Coca-Cola TESCO Ocean Spray Arizona. DANONE Ahold Delhaize CAMPARI E EDEKA Lipton Contract Manufacturing ~1/3rd E.LECLERC⑫ Private label ~2/3rd Refresco#7Any drink. Any packaging. A balanced and well-diversified portfolio ✓ Multiple customer categories ✓ Multiple product categories ✓ Multiple sizes and types of packaging ✓ In both Europe and North America 7 Solevita Solevita ZANA Refresco SIG COM 312 Refresco#8Refresco's successful buy-and-build strategy has been a key catalyst for growth and value creation Stalban histogram = Eunco DIS WHITLOCK RELACING ALON RECOARO Coca-Cola PEPSICO AZPACK BRITVIČ Sommander PEPSICO Cott Cott SDI Bottling facility, RECOARO CAMPARI Hamburg Germany Hardthof Vip WINTERS EURONEXT gerber emig || Tajgs Schiffers ifv PRODUCTION 2018 2019 2017 3,897 3,737 2016 2015 Refresco Krings Délifruits 2013 2,268 2011 2009-2010 2,036 2,016 2,107 1,523 1,538 1,587 2003-2004 1999 2000 2002 2007 952 1,146 1,140 1,224 450 545 558 606 660 275 270 75 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 8 2020 Revenue (Єm) Refresco#9M&A framework 9 • • Synergy potential ● Overhead • • · Complement portfolio • Procurement Footprint optimization Commercial Geography Product types Packaging formats ● Private Label / CoMan . Local market position Strategic fit • Combined growth opportunities Sources of value creation Refresco#10Sustainable business: value creation for all stakeholders WE USE OUR GROWING SCALE TO OFFER BEVERAGE SOLUTIONS THAT MATTER The Sustainable Juice Sustainable sourcing 100% sustainable juice by 2030 Covenant ☐ REDUCE Produce responsibly 0 RECYCLE 庆 LEAN & GREEN EUROPE Environmental-friendly operations kcal 10 10 Refresco#11Key Financials 11 Refresco#12Q3 2020 highlights Publication of FY 2020 results on March 11, 2021 Solid performance continued... • Volume increased to -3.1 billion liters • Solid performance across all key financial indicators ... in a rapidly changing environment... • Retail channels benefit from lockdowns, whereas out-of-home products by Contract Manufacturing are under pressure while executing our successful and resilient strategy Buy & Build: Acquisition of Britvic's three juice bottling facilities (France) Organic growth: Investing in production capabilities and continued focus on strong customer relationships 12 18 PROCOMAC TEAM REFRESCO Refresco 181224#13Key financials Q3 2020 13 In millions of € unless stated otherwise¹ Q3 2020 Q3 2019 YTD 2020 YTD 2019 (Unaudited) Volume (millions of liters) 3,146 2,905 Gross profit margin Adjusted EBITDA 8,892 8,489 494 446 1,419 1,319 152 128 393 343 Net profit/(loss) Adjusted net profit/(loss) Net debt 14 17 (13) 12 23 18 16 18 2,759 2,741 Net debt in Q3 2020 includes €117 million shareholder funding; Shareholder loan converted into equity for a total amount of €124 million, including accrued interest, on December 23, 2020. Refresco#14Increase in gross profit margin & Adj. EBITDA 9M Gross profit margin (in millions of €) 1450 1400 1350 1300 1250 1200 1,163 1150 1100 1050 14 1,319 1,419 400 380 360 340 320 300 280 260 240 240 220 9M 2018 9M 2019 9M 2020 9M Adj. EBITDA (in millions of €) 343 393 9M 2018 9M 2019 9M 2020 Refresco#15Financial Policies Refresco does not pay out dividend • Cash used to invested in production capacity and capabilities . Actively pursuing Mergers & Acquisitions strategy Refresco minimizes sourcing risks • Hedging almost all purchases of raw and packaging materials Applying FX hedging Strong cash position • Cash at end of Q3 2020: €446 million (Q3 2019: €293 million) Working Capital at end of Q3 2020: €49 million negative (Q3 2019: €94 million positive) 15 Refresco#16Refresco: key takeaways ליוון ACCESS TO ALL OF THE WORLD'S KEY BEVERAGE MARKETS ABILITY TO LEAD CATEGORIES SPEED TO MARKET LEADING CUSTOMER BASE OF RETAILERS AND BRAND OWNERS ♫ WINNING BUSINESS MODEL 16 Refresco#17Thank you For your attention Questions? Refresco Our drinks on every table