Strauss Group Financial Results

Q4 and YTD 2020 Earnings Presentation | March 22nd , 2021

Disclaimer

GAAP to Non-GAAP Reconciliations

This presentation does not constitute an offering to purchase or sell securities of Strauss Group Ltd. (the "Company") or an offer for the receipt of such offerings. The presentation's sole purpose is to provide information. The information contained in the presentation and any other information provided during the presentation (the "Information") does not constitute a basis for investment decisions and does not comprise a recommendation, an opinion or a substitute for the investor's sole discretion. The Information provided in the presentation concerning the analysis of the Company's activity is only an extract, and in order to receive a complete picture of the Company's activity and the risks it faces, one should review the Company's reports to the Israel Securities Authority and the Tel Aviv Stock Exchange. The Company is not liable, and will not be held liable, for any damage and/or loss that may be caused as a result of use of the Information.

The presentation may contain forward-looking statements as defined in the Israeli Securities Law, 5728-1968. All forward-looking statements in this presentation are made based on the Company's current expectations, evaluations and forecasts, and actual results may differ materially from those anticipated, in whole or in part, as a result of different factors including, but not limited to, changes in market conditions and in the competitive and business environment, regulatory changes, currency fluctuations or the occurrence of one or more of the Company's risk factors. In addition, forward-looking forecasts and evaluations are based on information in the Company's possession while preparing the presentation. The Company does not undertake any obligation to update forward-looking forecasts and evaluations made herein to reflect events and/or circumstances that may occur after this presentation was prepared.

In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results which include the results of jointly controlled entities as if they were proportionately consolidated. Strauss Group has a number of jointly controlled companies: the Três Corações joint venture (3C) - Brazil (a company jointly held by Strauss Group (50%) and by the São Miguel Group (50%) in Brazil), Sabra Dipping Company (a 50%/50% JV with PepsiCo in the U.S. and Canada), Strauss Frito-Lay Ltd. (a 50%/50% JV with PepsiCo Frito-Lay in Israel) and PepsiCo Strauss Fresh Dips & Spreads International (a 50%/50% JV with PepsiCo outside the U.S. and Canada)(1).

In addition, non-GAAP figures exclude any share-based payments, mark to market of commodity hedging transactions as at end-of-period, other expenses or income and taxes referring to these adjustments.

Company Management believes that these measures provide investors with transparency by helping to illustrate the underlying financial and business trends relating to the Company's results of operations and financial position and comparability between current and prior periods. Management uses these measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the GAAP to non-GAAP reconciliation tables in the Company's MD&A Report for a full reconciliation of the Company's GAAP to non-GAAP results.

Coronavirus Update

General

Group Management is vigilantly managing the event and continues to assess and manage the risks on an ongoing basis in all countries of operations, since due to its nature this is an unfolding event that is evolving and changing constantly, sometimes on a daily basis.
At the date of this report and throughout the quarter in general, the Group's manufacturing facilities have continued to operate. The Group is cooperating closely with its suppliers and customers to ensure that the supply chain is able to meet the continuing elevated demand that continued during the fourth quarter, and is taking steps to increase production capacity and maximize the availability of products and services.
During the quarter the Group continued to take action to preserve financial stability and flexibility and ensure adequate liquidity in all geographies. The Company has also continued to invest in developing its brands and to strengthen its partnerships, while exploring various business opportunities and making advance preparations for the challenges that lie ahead as the year progresses.

Impacts of COVID-19 crisis on the Group's business

Consumer behavior – Trends include increased in-home consumption of food and beverages and a decline in away-from-home (AFH) consumption due to social distancing and second/ third lockdowns imposed on consumers in some countries of operations; continued growth in online shopping; a drop in purchases of impulse products, leading brands grew stronger than private labels, however during mindful spending continued in the fourth quarter, a trend which could continue. Vaccinations in some geographies have started and these may impact consumer behavior going forward.
Geographies – Above average sales growth in Israel continued, due to increased in-home food consumption following the second and third lockdowns and ongoing social distancing which manifested itself in the continued closure of AFH entertainment and dining venues. In the US sales continue to come under pressure as category demand declines during the fourth quarter; in Brazil and China sales increased in local currencies in comparison to Q4 2019
Product categories – Growth in demand for the Group's products was evident once again mainly in dairy products, salads, dips, chocolate tablets, jams, sauces and honey. By contrast, sales of confectionery, single serve snacks and small packs that mainly serve for AFH consumption as well as portability products (particularly in Israel and the US) remained weak. These could potentially recover gradually as economies come out of lockdowns and as vaccinations become widespread.
Sales channels – Group's sales to the retail chains increased, offset by a drop in sales in the institutional and AFH market, such as hotels, offices, cafés (including the Elite Coffee To Go chain), restaurants and open-air markets, and impulse (on-the-go (OTG)) sales.

Impacts on the Group's business units

Strauss Israel – Increased demand for dairy products, salads and home cooking products, offset by lower demand for single serve snacks; consumer preference for larger pack sizes. Online grocery shopping continues to support increased sales to retailers offset by a drop in sales to the institutional and AFH channel. Demand for the Group's products remains high, but has slowed in relation to initial pandemic outbreak and first lockdown. Most of the manufacturing sites and the accompanying supply chain facilities remained open. Supply chain and manufacturing costs continued to rise due to the costs of personal hygiene, separation of shifts, support of production-line and front-line employees, and contribution to the community.
Strauss Coffee – Impact on the coffee business was mixed. Modern trade sales (sales to the large retail chains) rose moderately as consumers had stocked up on basic coffee brands, coffee beans and capsules for home consumption in preparation for the lockdowns in most countries of operations. Growth was also observed in online sales. These were offset by sales to the traditional trade channel, which includes stores, groceries and open-air markets, which suffered due to restrictions on opening hours and a drop in customer traffic following further lockdowns. Sales to the institutional and AFH channel dropped significantly as a result of the discontinuation of the activities of hotels, cafés, restaurants, offices and the points of sale of the Elite Coffee To Go chain in Israel. The coffee business was impacted by rising green coffee prices particularly in Brazil. The coffee company's supply and distribution chain was operational throughout the quarter.

Impacts on the Group's business units

Strauss Water – Israel – fourth quarter sales continued to be robust as well as sales in the UK. IT, and transportation costs remain high as employees shifted to working from home, as well as costs related to hygiene and personal protective equipment.
Strauss Water - China - a significant improvement in sales as China continues to emerge from the pandemic, sales grew in local currency as online sales in China continue to gain momentum during the fourth quarter.
The International Dips & Spreads business – sales mainly in the US were lower mainly due to demand decline as well as continued lower sales of portability products and the continued drop in sales to the AFH segment. Supply chain challenges were partially resolved. Wage costs continued to rise due to incentives and support for production, operations and sales employees. Obela experienced weak demand for its dip products as well, and high supply chain costs due to the impacts of the lockdown in Australia.

Giora Bardea

Group CEO

Cash cushions +600 m in credit lines; 700 m debt issuance

Strong Home base Growth S. Israel: +7.9%; S. Water: +6.4 %

Our Frontline Heroes

Address Premiumization at home

service SW Top Customer satisfaction

Best year in PLANT BASED

Develop growth opportunities Growth –

Explore channels for a better connection to consumers Channels –

Initiate and build new categories Emerging categories -

Strong build of competitive advantage in categories we operate & emerging ones Competitive edge –

Supply chain – implementing all investments for : growth-safetyproductivity –innovation People & food safety,

Debt optimization; Financial flexibility Financial –

quality, service Operational Excellence –

Governance Risk management, audit, control & compliance

Addressing Environmental, Social & Governance issues Launching SG's 2030 Sustainability Strategy

Mainstreaming SDGs & ESG Improving rating scores in ESG and Joining international GCF's coalitions

increasing % of recycled plastic and developing milestones for NetZero Plastic Waste & NetZero

Social Impact

Long term & meaningful impact on our leadership & partners
lead 2 new multisector partnership

Ariel Chetrit

Group CFO

Financial Highlights Organic Excluding FX Non GAAP

Q4'20 Organic growth : 4.8%

Q4'20 organic gross profit growth: -0.2%

Organic EBIT and EBIT margin growth: 9% profit margin up 30 bps vs. Q4'19

Organic Net income and Net margin growth: -4.2%; profit margin down 40 bps vs. Q4'19

The group declared dividend of NIS 270mm (NIS 2.3 per share) to be paid on April 13th

Q4 2020 YTD 2020

YTD Organic growth : 4.6%

YTD organic gross profit growth: 0.5%

Organic EBIT and EBIT margin growth: 5.4% profit margin up 10 bps

Organic Net income and Net margin growth: 9.2%; profit margin up 30 bps

Financial Highlights Reported Non GAAP

Q4'20 Sales: NIS 2070mm; growth: -2.1%

Q4'20 gross margins: 37.8% (down 120 bps vs. Q4'19)

EBIT and EBIT margins: NIS 183mm (up 1.1%); 8.8% (up 20 bps vs. Q4'19)

Net income and net margins: NIS 87mm (up -14.1%); 4.2% (down 60 bps vs. Q4'19)

EPS: 0.74 (down 14.3% VS. Q4'19)

The group declared dividend of NIS 270mm (NIS 2.3 per share) to be paid on April 13th

Q4 2020 YTD 2020

YTD 2020 Sales: NIS 8350mm; growth: -2.2%

YTD 2020 Gross margins: 38.7% (down -90 bps vs. YTD 2019)

EBIT and EBIT margins: NIS 924mm (down 1%); 11.1% (up 20 bps vs. YTD 2019)

Net income and net margins: NIS 551mm (up 0.7%); 6.6% (up 20 bps vs. YTD 2019)

EPS: 4.75 (up 0.5% VS. YTD 2019)

Strauss Israel

Once again Strauss Israel posts a strong quarterly growth of 7.5% on the back of ongoing elevated consumption offood at home; growth for 2020was 7.9%
Dairy and salads once again led the growth, salty snacks improved
Market share was at 12% for the quarter slightly lower than the 12.1% recorded last year due to significant growth in categories Strauss is not active in
F&I categories, continue to come under pressure as social distancing affects on consumer behavior continue and impact channel mix; the AFH channel was still largely closed during Q4 and virtually no impulse sales led to a muted growth of 0.7% led by chocolate slabs
Overall EBIT grew 11.2% and EBIT margins expanded to 10% during the quarter despite the negative impact from the F&I categories
Strauss continues to focus on expanding its alternative dairy offering and approves investment in new production site

Strauss Coffee sales declined across geographies during the quarter except for Brazil due to the continued closures globally and the subsequent decline in the AFH markets
Higher green coffee prices continued to erode margins in Q4
Headline sales impacted mainly by currency devaluation vs. the strong Israeli Shekel, namely the BRL which is down -c30% and the RUB -20% on average vs last quarter
Sales in 3C (1) were up during the quarter an impressive 13.4% in local currency during the quarter on the back of higher volume thatwere offset by the AFH channel
Sales in Eastern Europewere soft across the board in Q4
Sales in Israel declined 1.7% in Q4, better than the last quarter (Q3 2020), due to continued sharp declines in the AFH segment and at ECTG
3C (1) market share in Brazil R&G value was 31.2% (2) for 2020, compared to 31.1% in2019 including the addition of Mitzui Coffee; excluding the Mitzui acquisition market share rose by 0.4% from 28.1% to 28.5%

International Dips & Spreads

The Int'l D&S business declined 9.8% during the quarter in local currency as a result of lower sales at the AFH channels, convenience stores and of portability products across channels
Currency headwinds had a negative impact on results as the USDweakened againstthe NIS
Challenges in the supply chain remain during the quarter and supply chain costs remain elevated due to ongoing uncertainties associatedwith COVID-19
An increase in costs associated with support of production line employees had a negative impact on profit margins
Obela saleswere down 3.9% in local currency in Q4
Hummus category in North Americawas down 0.9% during the quarter andwas up 3.3% YTD
Hummus market share in North Americawas slightly down to 61.9% forthe yearfrom 62.0%

Strauss Water

Strauss water posted another very strong quarter with sales up 13% and operating income up 5.3%
The strong performance is attributed to continued strong momentum sales in Israel and the UK; people spending more time at home requiring better quality drinkingwater
Growth in sales was led by the increased sale of new water bars and by increasing the company's installed base
Operating profitwas strongly supported by HSW profitability
Sales at Haier Strauss Water (HSW), the JV in China, were up during the quarter by 11.3% in local currency and net income was up by 53.9% in local currency as the economic activity in China returns to growth after the slowdown during the peak of the Corona virus pandemic earlierthis year
The building of the production site in China is advancing as planned and is expected to be completed by Q2 2021

Q4 2020

Q4 2020 Consolidated Sales NIS mm Non-GAAP

Organic Sales Growth excl. FX ⁼

Q4 2020 Sales by Segment

NIS mm; Non-GAAP; % sales contribution

Q4 Sales Bridge NIS mm; Non-GAAP; Q4'19 to Q4' ²⁰

Channel Quarterly Sales Development during Pandemic

Growth rates in the retail channels were elevated but offset by declines in the Away From Home channels due to lockdowns and social distancing and the closure ofrestaurants, cafes, hotels, etc.

Gross Profit

Q4 Consolidated Gross Profit and Gross Margins

NIS mm; Non-GAAP

Organic Gross Profit Growth excl. FX ⁼

Q4 2020 Gross Profit and Gross Margins

NIS mm; Non-GAAP; % Margin

(1) Note: Três Corações joint venture (Brazil): a company jointly held by the Group (50%) and by the São Miguel Group (50%) (3C)

Q4 EBIT Bridge NIS mm; Non-GAAP; Q4'19 to Q4'²⁰

Q4 2020 EBIT and EBIT Margins NIS mm; Non-GAAP; % Margin

(1) Três Corações joint venture (Brazil): a company jointly held by the Group (50%) and by the São Miguel Group (50%) (3C)
(2) Water EBIT includes net profits from HSW
(3) Excluding FX Strauss Coffee EBIT was down 11m NIS

Channel Quarterly EBIT Development during Pandemic

EBITDA

* Note change in EBITDA due to new IFRS16 rules as of 2019

Q4 Snapshot | BRL mm for 100% ownership and including inter-company sales

Note: Três Corações joint venture (Brazil): a company jointly held by the Group (50%) and by the São Miguel Group (50%) (3C). Note: Q4 2020 figures include Mitzuirevenues

Source: Três Corações Alimentos S.A. Consolidated Interim Financial Statements as of December 31st , 2020.

33 Note: Sabra Dipping Company ("Sabra") is a company jointly held by PepsiCo (50%) and Strauss Group (50%) .

Sabra Q4 Snapshot NIS mm; Non-GAAP; for 100% share

Sabra Q4 Snapshot \$ mm; Non-GAAP; for 100% share

Net Income

Q4 Net Profit (attributed to the Company's shareholders), Net Margins and EPS

NIS mm; Non-GAAP

Q4 Net Profit (attributed to the Company's shareholders) Bridge

NIS mm; Non-GAAP; Q4'19 to Q4'20

36

Currency headwinds continue during Q4

Currency devaluations in various geographies continue to negatively impact results:

	YTD	Q4
Revenues	-589	-160
of % revenues	1% 7 -	7% 7 -
Gross Profit	-176	-46
of % GP	5 4% -	5 9% -
EBIT	-58	-16
of % EBIT	2% 6 -	4% 8 -

Material cost tailwind on the back of strong NIS partially offset impact on P&L

Net Debt and Net Debt / EBITDA (LTM)

Non-GAAP EBITDA, net debt includes partnerships; NIS mm

Q4 GAAP and Non-GAAP Financial Highlights, NIS mm

	GAAP			Adjusted Non-GAAP
	Q4 2020	Q4 2019	% Chg.	Q4 2020	Q4 2019	% Chg.
Sales	1,454	1,423	2.2%	2,070	2,114	(2.1%)
Gross Profit	591	591	0.0%	783	825	(5.2%)
GP Margin	7% 40	5% 41		8% 37	0% 39
Operating Profit	181	183	(1.1%)	183	181	1.1%
EBIT Margin	12 4%	12 8%		8 8%	8 6%
Net Profit (to SH)	83	109	(23.8%)	87	101	(14.1%)
NP Margin	7% 5	7% 7		2% 4	8% 4
Operating Cash Flow	78	241		263	384
Capex (1)	(83)	(85)		(105)	(114)
Net debt	1,707	1,894		1,878	2,023
Change in WC (CF)	31	103		216	187

YTD 2020

YTD GAAP and Non-GAAP Financial Highlights, NIS mm

	GAAP				Adjusted Non-GAAP
	YTD 2020	YTD 2019	% Chg.	YTD 2020	YTD 2019	% Chg.
Sales	5,873	5,695	3.1%	8,350	8,536	(2.2%)
Gross Profit	2,388	2,348	1.7%	3,228	3,379	(4.5%)
GP Margin	7% 40	2% 41		7% 38	6% 39
Operating Profit	887	882	0.6%	924	933	(1.0%)
EBIT Margin	15 1%	15 5%		11 1%	10 9%
Net Profit (to SH)	533	537	(0.8%)	551	547	0.7%
NP Margin	1% 9	4% 9		6% 6	4% 6
Operating Cash Flow	610	672		844	930
Capex (1)	(239)	(230)		(317)	(348)
Net debt	1,707	1,894		1,878	2,023
Change in WC (CF)	6	(57)		(7)	(128)

YTD 2020 Consolidated Sales NIS mm Non-GAAP

Organic Sales Growth excl. FX ⁼

YTD 2020 Sales by Segment

NIS mm; Non-GAAP; % sales contribution

YTD Sales Bridge NIS mm; Non-GAAP; YTD 2019 to YTD 2020

Gross Profit

YTD Consolidated Gross Profit and Gross Margins

Organic Gross Profit Growth excl. FX ⁼

YTD 2020 Gross Profit and Gross Margins

(1) Note: Três Corações joint venture (Brazil): a company jointly held by the Group (50%) and by the São Miguel Group (50%) (3C)

YTD EBIT Bridge NIS mm; Non-GAAP; YTD 2019 to YTD 2020

YTD 2020 EBIT and EBIT Margins NIS mm; Non-GAAP; % Margin

Notes: (1) Três Corações joint venture (Brazil): a company jointly held by the Group (50%) and by the São

Miguel Group (50%) (3C) (2) Water EBIT includes net profits from HSW

(3) Excluding FX Strauss Coffee EBIT was down 44m NIS on FY 2020

'20/'19

EBITDA

* Note change in EBITDA due to new IFRS16 rules as of 2019

EBITDA

Três Corações Alimentos S.A. (Três Corações J.V.)

YTD Snapshot | BRL mm for 100% ownership and including inter-company sales

Note: Três Corações joint venture (Brazil): a company jointly held by the Group (50%) and by the São Miguel Group (50%) (3C).

Note: Q4 2020 figures include Mitzuirevenues

Source: Três Corações Alimentos S.A. Consolidated Interim Financial Statements as of December 31st , 2020.

1,352 1,369 1,400 Organic excl. FX -3.2%

Sabra YTD Snapshot NIS mm; Non-GAAP; for 100% share

-6.4%

16 33 4 4 36 4.7% 8.7% 11.4% 9.8% - 10 20 30 40 50 YTD17 YTD18 YTD19 YTD20 EBIT and EBIT Margins -17.5%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

372

-3.2%

346

Sales

Sabra YTD Snapshot \$ mm; Non-GAAP; for 100% share

³⁷⁶ ³⁸⁴

YTD17 YTD18 YTD19 YTD20

Net Income

YTD Net Profit (attributed to the Company's shareholders), Net Margins and EPS

NIS mm; Non-GAAP

YTD Net Profit (attributed to the Company's shareholders) Bridge

NIS mm; Non-GAAP; YTD 2019 to YTD 2020

Currencies

-30.0%	RSD	PLN	RON	ILS	UAH	RUB	BRL
YTD'20/YTD'19	2.1%	-1.4%	0.0%	3.6%	-4.1%	-9.8%	-22.8%
Q4'20/Q4'19	7.6%	2.5%	5.4%	4.8%	-14.2%	-16.4%	-23.7%

Strauss Israel Non-GAAP Financial Highlights Q4 and YTD 2020 NIS mm

Strauss Israel (Non GAAP)
	YTD 2020	YTD 2019	% Chg.	Q4 2020	Q4 2019	% Chg.
Revenue:
H&W	2,537	2,277	11.4%	626	565	10.7%
F&I	1,144	1,134	0.9%	268	267	0.7%
Total Revenue	3,681	3,411	7.9%	894	832	7.5%

Total Gross Profit	1,476	1,354	9.0%	364	330	10.2%
Gross Margins	1% 40	7% 39	4% 0	7% 40	6% 39	0% 1

EBIT:
H&W	307	251	22.3%	72	62	14.5%
Margins	12 1%	11 0%	1 1%	11 4%	11 0%	0 3%
F&I	111	119	(7.1%)	18	18	(0.1%)
Margins	7% 9	5% 10	(0 8%)	8% 6	8% 6	(0 1%)
Total EBIT	418	370	12.8%	90	80	11.2%
Margins	11 3%	10 8%	0 6%	10 0%	9 7%	0 2%

EBITDA:
H&W	403	333	20.9%	99	85	15.6%
Margins	9% 15	6% 14	2% 1	7% 15	1% 15	7% 0
F&I	171	177	(3.6%)	3 2	3 2	(1.3%)
Margins	15 0%	15 7%	(0 7%)	12 0%	12 3%	(0 2%)
Total EBITDA	574	510	12.4%	131	117	10.9%
Margins	15 6%	15 0%	0 6%	14 6%	14 2%	0 5%

NIS mm; Non-GAAP YTD 2020 Strauss Israel Sales

Q4 2020 Strauss Israel EBIT & EBIT Margins

NIS mm; Non-GAAP

YTD 2020 Strauss Israel EBIT & EBIT Margins

NIS mm; Non-GAAP

Target Milk Price (NIS per liter) Prices exclude Strauss transportation costs

London Sugar Historical & Futures Prices 2015-2021 (\$\T)

London Cocoa Historical & Futures Prices 2015-2021 (GBP\T)

Strauss Coffee Non-GAAP Financial Highlights Q4 and YTD 2020 NIS mm

Strauss Coffee (Non GAAP)
	YTD 2020	YTD 2019	% Chg.	Q4 2020	Q4 2019	% Chg.
Revenue:
Israel	712	754	(5.6%)	169	171	(1.7%)
International	2,567	2,972	(13.6%)	665	762	(12.8%)
Total Revenue	3,279	3,726	(12.0%)	834	933	(10.7%)

Total Gross Profit	1,108	1,346	(17.7%)	264	324	(18.7%)
Gross Margins	33 8%	36 1%	(2 4%)	31 6%	34 7%	(3 1%)

EBIT:
Israel	158	143	10.7%	3 2	15	118.4%
Margins	22 3%	19 0%	3 3%	19 4%	8 8%	10 8%
International	196	281	(30.2%)	3 9	71	(45.1%)
Margins	7 6%	9 4%	(1 7%)	5 8%	9 2%	(3 4%)
Total EBIT	354	424	(16.4%)	71	86	(16.5%)
Margins	8% 10	4% 11	(0 5%)	6% 8	1% 9	(0 5%)

EBITDA:
Israel	197	179	9.9%	43	25	73.4%
Margins	27 6%	23 7%	3 9%	25 3%	14 3%	10 9%
International	269	356	(24.4%)	56	89	(37.0%)
Margins	5% 10	0% 12	(1 5%)	5% 8	8% 11	(3 3%)
Total EBITDA	466	535	(13.0%)	99	114	(13.3%)
Margins	14 2%	14 4%	(0 2%)	11 9%	12 3%	(0 4%)

Note: (1) Três Corações joint venture (Brazil): a company jointly held by the Group (50%) and by the São Miguel Group (50%) (3C).

60 Source: Três Corações Alimentos S.A. Consolidated Interim Financial Statements as of December 31st, 2020.

Strauss Coffee Non-GAAP Sales by Geography Q4 and YTD 2020 NIS mm

Strauss Coffee Sales
			% Change				% Change
	YTD 2020	YTD 2019	NIS	Local Currency	Q4 2020	Q4 2019	NIS	Local Currency
Israel	712	754	(5.6%)	(5.6%)	169	171	(1.7%)	(1.7%)
International:
Três Corações Joint Venture (Brazil) (1)	1,469	1,793	(18.1%)	11.2%	385	437	(12.0%)	20.8%
CIS	536	579	(7.4%)	5.1%	128	165	(22.1%)	(3.1%)
Poland	276	279	(1.2%)	3.7%	69	72	(5.7%)	(3.6%)
Romania	165	183	(9.5%)	(6.5%)	45	48	(4.7%)	(5.2%)
Serbia	121	138	(12.1%)	(11.4%)	3 8	40	(5.3%)	(7.8%)
Total International	2,567	2,972	(13.6%)	6.5%	665	762	(12.8%)	8.8%
Total Coffee	3,279	3,726	(12.0%)	3.6%	834	933	(10.7%)	6.5%

Note: (1) Três Corações joint venture (Brazil): a company jointly held by the Group (50%) and by the São Miguel Group (50%) (3C).

Source: Três Corações Alimentos S.A. Consolidated Interim Financial Statements as of December 31st, 2020.

Q4 2020 Strauss Coffee Sales

NIS mm; Non-GAAP

YTD 2020 Strauss Coffee Sales

NIS mm; Non-GAAP

Q4 2020 Strauss Coffee EBIT & EBIT Margins

NIS mm; Non-GAAP

YTD 2020 Strauss Coffee EBIT & EBIT Margins

NIS mm; Non-GAAP

Robusta Historical & Futures Prices 2015-2021 (\$\T)

Arabica Historical & Futures Prices 2015-2021 (Cent\Lb)

International Dips & Spreads

Strauss D&S Non-GAAP Financial Highlights | YTD and Q4 2020 NIS mm; 50% share

Dips & Spreads (Non GAAP)
	YTD 2020	YTD 2019	% Chg.	Q4 2020	Q4 2019	% Chg.
Revenue:
Sabra (50%)	642	684	(6.5%)	140	163	(13.8%)
Obela (50%)	82	86	(5.3%)	21	25	(14.9%)
Total Revenue	722	771	(6.3%)	161	188	(13.9%)

EBIT:
Sabra (50%)	63	79	(20.0%)	4	10	(58.0%)
Margins	9 8%	11 5%	(1 7%)	2 9%	6 0%	(3 1%)
Obela (50%)	(7)	(8)	N M	(2)	(1)	N M
Margins	N M	N M	N M	N M	N M	N M
Total EBIT	56	71	(21.3%)	2	9	(76.6%)
Margins	7 7%	9 2%	(1 4%)	1 3%	4 8%	(3 6%)

EBITDA:
Total EBITDA	83	97	(15.1%)	9	15	(43.2%)
Margins	11 4%	12 6%	(1 4%)	5 4%	8 2%	(2 8%)