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Investor Presentaiton

• Market Context FMCG growth in India* 25% 20% 15% 10.6% 10% 5% 80.0 Exchange rates FLAVOURS OF GROWTH USD/INR 100.0 GBP/INR 75.0 95.0 16.2% 15.7% 92.2 91.8 13.4% 89.9 69.6 69.7 69.1 10.0% 70.0 90.0 90.5 90.5 87.6 65.0 66.7 67.4 85.0 65.2 0% 60.0 80.0 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Apr May Jun Apr May Jun FMCG growth in India Q1 FY19-20 Q1 FY18-19 Q1 FY19-20 Q1 FY18-19 FMCG growth is India slowing down owing to weakening rural demand India's GDP growth in Q1FY20 slowed down to 5.8% (5-year low) Household spending growth rate was lower in Q4FY19 (8.1%) compared to Q3FY19 (8.4%) TATA GLOBAL BEVERAGES In Q1, Rupee has appreciated against GBP by 2% (average) whereas depreciated against USD by 5% (average) TGB Group revenue's increased 0.6% on account of exchange fluctuation (+1.1% for USD denominated and -0.2% for GBP denominated businesses) Uncertainty around a deal or a no-deal Brexit continues to drive the market. GBP weakness continuing. Source: *Nielsen & tradingeconomics.com 7
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