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2 years CAGR 200 Market Context Commodity Costs# Rs/kg 200 157 146 152 150 ■+2% 150 131 119 100 99 97 +3% 106 96 100 50 FLAVOURS OF GROWTH Market Growth Trends (MAT value basis)* $c/lb US -14% UK 4% 2% Canada 7% 0 Q1 FY17-18 Q1 FY18-19 Q1 FY19-20 North India Tea South India Tea 50 Q1 FY17-18 Q1 FY18-19 Arabica Coffee Q1 FY19-20 400 2500 -1% $c/kg $/MT 2037 278 2000 1742 -3% 300 247 1408 206 1500 200 -17% -14% 1000 -7% 100 500 Regular Black US Speciality UK Fruit & Herbals Canada Speciality Q1 FY17-18 Q1 FY18-19 Q1 FY19-20 Kenya tea Q1 FY17-18 Q1 FY18-19 Robusta Coffee Q1 FY19-20 Benign tea prices in India as against declining Kenyan tea Coffee prices continue to be low #Source: North India and South India tea auction (Tea Board of India) | Mombasa tea auction (EATTA) | International Coffee Exchange TATA GLOBAL BEVERAGES Regular Black tea category is declining across key international markets where growth is being led by Non-Black teas While in India both categories continue to grow Source: *Nielsen 8

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