Stock Spirits Group PLC H1 2016 Results 10 August 2016 Disclaimer

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2 Group Overview David Maloney Chairman Agenda

SECTION PRESENTER

David Maloney Group Overview (Chairman)

Mirek Stachowicz Business Review (CEO)

Lesley Jackson Financial Results (CFO)

Mirek Stachowicz Concluding Remarks (CEO)

Q&A

4 2016 Interim Results Summary

• Positive trading performance with Adjusted EBITDA growth in all markets − Group Net Sales of €116.0m, an increase of 7.3% on H1 2015 − Adjusted Group EBITDA of €17.9m, an increase of 65.9% on H1 2015 • Signs of stabilisation in in H1 2016 − Early signs of positive results in volume and value − Net Sales up 15.7% to €60.7m and Adjusted EBITDA up 64.8% to €15.1m • Cash generation continues to be strong − Special dividend of 10 pence per share paid in July (€0.1190 per share) − Interim dividend of €0.0227 taking total dividends to be paid in CY 2016 to €0.1872 per share − Reduction in balance sheet leverage • Minimal impact on the business from Brexit • Full management teams now in place in all markets • Mirek Stachowicz announced as CEO

5 Update on Strategic Review Good progress to date with further work to go

 Net Sales and Adjusted EBITDA growth in H1 2016 Return Poland  Introduced strategic pricing regime on certain products to increase market competitiveness to sustainable growth  Experienced management appointed in Poland to oversee next phase of growth  June saw both volume and value market share gains following initiatives in H1

 Review of Group cost base has identified a number of initiatives Optimise return − Head office review – closure of Swiss office on all assets − Re-tendering of key professional services contracts − Further work to be done in H2 2016 once we are satisfied with the trajectory in Poland

M&A and  While we focus on the Polish turnaround, significant M&A transactions are on hold business  We continue to review smaller strategic bolt-on acquisitions that can grow shareholder value development  New distribution agreements with Distell and Synergy strengthen Stock’s brand platform

 Strong cash generation in H1 2016 has enabled a special dividend to shareholders of 10 pence Shareholder per share returns  Shareholders will receive total dividends of €0.1872 in CY 2016  Stock will continue a policy of targeting an annual dividend of 35% of Group Net Free Cash Flow

6 Business Review Mirek Stachowicz Chief Executive Officer Poland Market Gradual overall market recovery

Total vodka market trend (%) • Encouraging signs of a 5% Value Volume gradual recovery with the rate of MAT volume 4% decline reduced 3% • Total vodka volume 2% growth June YTD of

+2.5% vs a weak prior 1 1% +0.6% comparable period 0% -0.03%

% MAT MAT %Trend -1%

-2%

-3%

-4% +2.9% YTD Value % Change

+2.5% YTD Volume % Change -5% Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2015 2015 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2016

Source: Nielsen, total Poland, total off trade, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) volume and value MAT. 8 1. % MAT Trend represents the change in MAT vs the prior comparable period. Poland Market Share Trends Market Trends by Channel

Share of total vodka volume by trade channel over time (%) • Traditional Trade 100% 100% channel remains our key

90% 90% focus area and continues to dominate Poland 80% 80% • Overall, percentage of 70% 70% 64.3% 65.4% total vodka volume by Traditional Trade 60% 60% the traditional trade channel has grown in 50% 50% 2016 40% 40%

30% 30% Discounters 19.6% 19.1% 20% 20%

Supermarkets 9.8% 10% 10% 9.7% Hypers 6.4% 5.8% 0% 0% YTD YTD

Jun 2015 Jun 2016

Jan 2016 Jan Jun 2013 Jun 2014 Jan 2014 Jun 2015 Jan 2015 Jun 2016 Jun

Source: Poland, total off trade, total vodka (defined as sum of clear vodka, flavoured vodka and vodka based flavoured liqueurs) volume YTD June 2016 with a coverage factor of 1.18 applied to the traditional trade to reflect its true scale. 9 Note: From comparisons to IWSR shipments data, Management believe that it is under reported in the Nielsen survey. Poland Mainstream Vodka Pricing Trends

Competitor brand prices relative to Zoladkowa De Luxe • Traditional Trade price

Zubrowka R (Roust) R (Marie Brizard) differential has narrowed 1% against directly

0% competitive brands

-1% -1.2% following pricing -2% initiatives implemented in -3% -3.0% H1 2016 -4% -5% -6%

-7% Discount to Z. De Luxe De Luxe (%)Z. toDiscount -8% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2015 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2016

Competitor brand prices relative to Zoladkowa De Luxe

Jul-15 Dec-15 Jun-16

Zubrowka R (Roust) -5.6% -6.4% -3.0% Krupnik R (Marie Brizard) -3.1% -3.5% -1.2%

10 Source: Nielsen, Total Traditional Trade, average price per litre (PLN) in 50cl, Total Vodka. Poland Update

• Local management appointments in June 2016 − New Managing Director, Marek Sypek, with experience in private equity and senior positions in FMCG corporates in Central and Eastern Europe − New Sales Director, Piotr Dziarski with FMCG and alcoholic beverage industry experience • Our relationships with customers are improving − Targeting traditional trade which experienced market volume growth of 4.5% YTD vs the prior comparable period1 Marek Sypek • Focus remains on improving sales performance of Poland − Good progress made in 2016 YTD − Update on ‘Root and Branch’ review

Piotr Dziarski

1. Total Poland, total off trade, total vodka, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) volume by month to June 11 2016, sourced from Nielsen. Poland ‘Root and Branch’ review Recap on actions being taken

Actions well underway Actions initiated  H2 2016 / 2017 opportunities Supporting Eliminate waste  Wholesalers Competitive Adapt route to pricing of core customer  brands Reallocate Fair share of resources to drive Discounter returns channel

Increase Strengthen  Traditional store consumer coverage   insight Customer & Expand product margin portfolio Refocus & retrain sales teams management tools

Good progress made in H1 2016 on several areas

12 Poland ‘Root and Branch’ review Update on H1 2016 progress

 Narrow down the price differential through trade promotions so Competitive pricing of core that customers can provide a more compelling shelf-price brands proposition vs key competitors

 Strategic reallocation of A&P spend across the Group to focus Reallocate investment on implementing competitive pricing in Poland resources to drive across key brands and throughout key sales channels returns

 Sales teams are working with selected, priority trade partners to achieve the proper brand positioning and strategy for our Supporting Wholesalers brands in the market with particular focus on the traditional trade channels

Increase  Improve the merchandising presence in the currently covered Traditional store retail universe and cover additional stores by changing the coverage sales force priorities during the sales call and redesigning the sales routes

13 Poland ‘Root and Branch’ review Update on H1 2016 progress

 Sales force structure is being redesigned to shorten the trips to Refocus and retrain sales customer, allow management more time in the field and teams improve control over sales team activities. Essential competencies that were outsourced are being brought in-house through recruitment

Expand product portfolio  New distribution agreements with Synergy for ultra premium vodka brand . Selected NPD releases to provide additional momentum in existing brands

Eliminate waste  Review of all spend items, with particular focus on external services and consultancies

Customer &  Salesforce Automation System to be implemented margin management tools

We will commence work on certain remaining action items in H2 2016/ 2017 as appropriate however there is still work to be done this year on cementing the above areas 14 Poland Market Share Trends Stabilisation in Q2 2016 vs competitors

Volume market share (%, all channels)

Stock Polska Roust Marie Brizard 45% 41.7% 40% (40.4% value) 35% 30% 25.0% 25% (26.4% value) 20% 15% 15.7% 10% (14.7% value) 5% 0% Jun 2014 Dec 2014 Jun 2015 Dec 2015 Jun 2016 Change in volume share last 3 months (%)

April, May and June % change in share 2.0%

1.2% 0.9% 0.8% 0.2% 0.0%

(0.0%)

(0.6%) (0.7%) (1.2%) (1.2%) (1.4%) Stock Polska Roust Marie Brizard Other 15 Source: Nielsen, total Poland, total off trade, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) volume and value by month. Poland Traditional Trade Market Share Trends Showing growth in Traditional Trade

Volume market share by producer (%, Traditional Trade) • July 2016 CMR data Stock Polska Roust Marie Brizard Pernod Ricard Polmos Bielsko Biała Brown Forman adds support to other 45% Nielsen data for Mar-16: 41.2% Traditional Trade 40% 42.9% • Highlights stabilisation of 35% Mar-16 34.6% 31.1% market share but it 30% remains early days

25%

20% Mar-16 14.8% 15% 13.2% 10% Mar-16 4.3% 5% 4.8% 1.6% 0% 1.0% Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2016 2016

16 Source: CMR. Data represents third party retail tracking survey of c.400 traditional trade outlets in Poland, measured on a weekly basis. Poland Traditional Trade Market Share Trends Positive volume momentum from core brands in Traditional Trade

Volume market share by brand (%, Traditional Trade)1 • Recent CMR market share data highlights positive momentum of 18.2%18.3% 17.7% Stock’s vodka brands over the past 3 months

• Each brand has gained

12.1% 11.7% volume market share 10.8% 10.6% from April to June at the 9.9% 9.5% 9.2% 9.0% 9.1% expense of core 8.6% 8.0% 8.0% competitors

6.0% 5.8% 5.4% 4.8% 5.0% 5.0% 3.9% 3.5% 3.7% 2.8% 2.6% 2.4%

Żubrówka Krupnik Żołądkowa Żytniówka Lubelska Żołądkowa 1906 Stock Biała Czysty de Luxe Flavours Flavours Gorzka Prestige

Apr-16 May-16 Jun-16

Source: CMR. Data represents third party retail tracking survey of c.400 traditional trade outlets in Poland, measured on a weekly basis. 17 1. Movement represents change volume share between April and June 2016.

Czech Republic Operational Highlights

Value share of total spirits (%)

• H1 2016 was focused on a change in strategy 33.9% 34.0% on our core brand Bozkov Tuzemsky to broaden consumer offering and differentiate from local competition. MAT value share growth

has been achieved in the “Rum” category MAT Jun 2015 MAT Jun 2016

• Good growth in Herbal Bitters category Value share of HBL category (%) following recent brand rejuvenation of Fernet 42.4% Stock, 0.6% increase in value market share 41.8%

• Good performance in vodka category, holding market share at 25.1% in an otherwise flat

period MAT Jun 2015 MAT Jun 2016 Value share of rum category (%)1

55.3% 55.7%

MAT Jun 2015 MAT Jun 2016 Source: Nielsen, total , total off trade MAT June 2016. 19 1. “Rum” category includes both traditional rum, made from sugar cane and “local rum”, made from sugar beet. Slovakia Operational Highlights

Value share of total spirits (%) • Strong performance in H1 2016 with gains in both value and volume market share +0.6% 12.8% • Fruit Spirits performed well, growing value market 12.2% share by 4.0% to 24.7%1, driven by new variants announced in late 2015/early 2016

• New distribution agreement with Distell MAT Jun 2015 MAT Jun 2016 commenced, adding strength to Stock’s brand portfolio and platform Volume share of total spirits (%)

+0.8% 11.9% 11.1%

MAT Jun 2015 MAT Jun 2016

Source: Nielsen, total Slovakia, total off trade MAT June 2016. 20 1. MAT Value Share as at June 2016, sourced from Nielsen. Operational Highlights

Value share of total vodka-based Value share of total clear vodka (%) flavoured liquers (%) • Italy continues to be a 60.2% challenging environment 24.3% − Slowdown in demand for 19.8% flavoured vodka likely to 1 11 remain for H2 2016 8.0%

Keglevich Nearest competitor Keglevich Nearest competitor • Good recovery in the brandy segment, leading positions Value share of limoncello (%) Value share of brandy (%) maintained in our four focus categories

21.8% • Recent distribution agreement 24.6% with Distell to commence in H2

2016 11 13.2% 5.5% 2

Limonce Nearest competitor Stock Original Nearest competitor

Stock brand ranking in category 21 Source: IRI, total Italy, total off trade MAT Value June 2016. Distribution brands

We now have third party distribution agreements in all wholly owned key markets

Partner(s) Example products Overview

• Exclusive distributor of Synergy’s super premium Beluga Vodka and Beam Suntory’s portfolio of brands

Partner Example products Overview

• Exclusive distributor of Diageo’s portfolio of brands in Czech Republic

Partner Example products Overview

• Exclusive distributor of selected Distell premium brands in Italy and Slovakia

Partner Example products Overview

• Exclusive distributor of Beam Suntory’s portfolio of brands in and Bosnia & Herzegovina Countries with distribution agreement New in 2016 22 New Product Development

• NPD remains important in maintaining and growing consumer demand, particularly in Poland as a ‘dark’ market • Stock Spirits is ideally placed to lead innovation in key markets given the quality of its facilities, broad distribution network and track record for NPD − In H1 2016 however we continue to embed major launches from H2 2015, supporting current organic growth momentum and investment in core brands − As part of this range review, certain under-performing NPD lines will be discontinued

H1 2016 highlights:  Poland: Żołądkowa de Luxe pepper, Stock Prestige Monaco (special edition)  Italy: New look Keglevich bottle  Amundsen Expedition now in all wholly owned markets

23 Operational Changes

• Ongoing review of central costs − Head office review – closure of Swiss office − Reduction in headcount − Re-tendering of key professional services contracts – head office and other markets

• Review of operating structure and process efficiencies − Re-tender of Italian logistics partner − Reorganisation of the commercial structure in Czech − Review of external consultancy service arrangements in Poland

24 Financial Results Lesley Jackson Chief Financial Officer Consolidated Statutory P&L

Consolidated statutory P&L • Good overall improved performance in H1 €’000s H1 2015 H1 2016 % Change 2016, recovering from a weak Q1 and H1 Revenue 108,049 115,989 7.3% 2015 Cost of goods sold (49,758) (54,077) Gross profit 58,291 61,912 6.2% • Revenue growth supported by volume Gross profit margin % 53.9% 53.4% growth of 9.1%. Selling expenses reduced to Selling expenses (33,399) (30,829) support discounts in Poland Other operating expenses (19,680) (18,610) Operating profit before exceptional • Strategic price management and market mix 5,212 12,473 139.3% items resulted in a minor reduction in H1 2016 Exceptional items 0 0 Gross Margin Operating profit 5,212 12,473 Net finance costs (3,248) 252 • Lower selling expenses and other operating Profit before tax 1,964 12,725 expenses have improved EBITDA margin by Income tax expense (1,733) (4,346) 5.4% to 15.4% Profit for the year 231 8,379 EBITDA before exceptional 10,759 17,870 66.1% • Reduced interest costs following facility refinance in November 2015 EBITDA margin % 10.0% 15.4% Earnings per share (basic and diluted) 0.00 0.04 • H1 2016 earnings per share of €0.04

26 Volume and Net Sales Revenue overview

Volume (m 9L cases) • Improvement in both volume and net 5.4 4.9 sales revenue compared to H1 2015

2.9 3.0 • Good growth in “Other” category which 2.0 2.3 is typically higher margin vs. Clear Vodka H1 15 H1 16

Clear Vodka Other • Net revenue per case marginally Net Sales Revenue (€m) declined 1.5% due to market mix and investment in Poland 116.0 108.0 • Commenced investment in core Polish brands in Q2 to be competitive on price

H1 15 H1 16

27 Poland H1 financial performance

Net Sales Revenue (€m) • Actions taken during H1 starting to 60.7 52.5 yield results, with a 17% increase in net sales revenue vs. H1 2015

• Improved mix

H1 15 H1 16 • Reallocation of investment toward core brand pricing EBITDA (€m) • Improved performance has led to increased operational gearing 15.1 9.2 24.8% 17.4%

H1 15 H1 16

xx.x% EBITDA % 28 Czech H1 financial performance

Net Sales Revenue (€m) • Net sales revenue flat compared to H1 27.7 27.6 2015

• EBITDA increase of 17% and 4.1% uplift in margin following reallocation of H1 15 H1 16 A&P spend toward Poland

EBITDA (€m)

6.7 7.8

28.1% 24.0%

H1 15 H1 16

xx.x% EBITDA % 29 Italy H1 financial performance

Net Sales Revenue (€m) • Net sales revenue declined 7% due to 14.6 product mix as a result of market 13.6 softness

− Decline in flavoured vodka offset by gains in brandy category H1 15 H1 16 • Overall growth in EBITDA with a 2.6% EBITDA (€m) uplift in margin

2.8 2.9

18.9% 21.5%

H1 15 H1 16

xx.x% EBITDA % 30 Other segments Slovakia, Croatia, Bosnia, Baltic Distillery & Exports

Net Sales Revenue (€m) • Strong performance with growth in both Net sales revenue and EBITDA 13.1 14.0 • Good performance in − Slovakia with Golden Ice − Bosnia and Croatia via new distribution brands and Stock Brandy H1 15 H1 16 • EBITDA grew 71.7% vs H1 2015 with EBITDA (€m) EBITDA margin increasing to 10.9%

1.5 0.9

6.8% 10.9%

H1 15 H1 16

xx.x% EBITDA % 31 Free Cash Flow

Adjusted free cash flow1 (€m) • We continue to have a strong focus on 15.9 cash flow

− Strong cash flow supported payment of a special dividend of 10 pence per share in July − Interim dividend announced of 88.9% €0.0227 per share

2.0

18.2%

H1 15 H1 16 xx.x% % Adjusted cash flow conversion

1. Adjusted free cash flow calculated as Adjusted EBITDA less Capex, Net Working Capital change and Tax, excluding any costs associated with M&A and financing. 32 Net debt

Net debt bridge: 31-Dec-15 to 30-Jun-16 (€m) • Strong net cash flow from operating activities 3.8 in the period 57.2 58.0 9.2 • Leverage reduced to 1.2 4.1 under 1.0x 2.4 (19.9) • Significant liquidity available to the business

1.07x 0.96x

Net debt Net cash Income tax Net capital Net interest Final Exchange Net debt Dec-15 inflow from paid exp. & sales paid Dividend rate Jun-16 op. activities proceeds for PPE

y.yyx Net debt to EBITDA ratio 33 Net Finance Costs

€m H1 2015 H1 2016 • Significant reduction in interest payable on bank loans following refinancing in Interest payable on bank loans 2.8 0.9 November 2015

Bank commissions and guarantees 1.0 0.3 • Refinancing switched from term loans to a flexible RCF arrangement, and Other net interest expense 0.3 0.1 materially lower margins Finance costs (pre-FX movement) 4.1 1.3 • Currency gains in H1 2016 a result of Foreign currency exchange gain (0.9) (1.5) the settlement of intercompany loans

Net finance costs 3.2 (0.2) • Reduction of finance costs (pre-FX movements) equivalent to €0.01 per share1

34 1. Based on H1 2016 total number of ordinary shares in issue of 200m. Taxes

Taxes €m H1 2015 H1 2016 • Current tax expense reflects the increase in taxable profits in the Current tax expense 1.1 3.4 period Prior year tax expense 0.5 - • Deferred tax charge represents Deferred tax charge 0.1 1.0 amortisation of post IPO Total 1.7 4.3 restructuring cost

Effective tax rate % 88.2% 34.2% • Deferred tax is a non-cash item in the profit and loss account

35 Corporate Costs

€m H1 2015 H1 2016 • Underlying corporate costs reduced versus last year Head Office costs 4.7 4.5 PLC related costs including NEDs, internal audit 0.8 1.0 • Action implemented to reduce and external communication corporate costs Group external audit 0.2 0.1 • Re- tender of professional services PSP and share based payments 0.6 0.6 • Closure of Swiss office Local market support costs including operations 2.2 2.2 announced today and IT • Restructuring costs Group NPD projects 0.2 0.3 expected in H2 in the region of €0.8m to €1.3m Insurance 0.5 0.4 • Savings from 2017 Sub total 9.2 9.1 expected to be circa €1.5m Senior team recruitment, incremental 2016 0.0 1.0 AGM & other one-off costs Other including consolidation adjustments (0.5) (0.7) and FX

Total H1 8.7 9.4 36 Impact of FX movements in H1 2016

Net Sales revenue bridge H1 2015-16 (€m) • Overall impact of FX impact during H1 10.4 2016 was not material (2.4) 116.0 108.0 • Net revenue impacted by weakening of Polish Zloty, partially offset by strengthening Czech Republic Koruna

Net sales revenue Operating Impact of FX Net sales revenue • €8.1m impact to balance sheet reserves H1 2015 activities H1 2016 arising on the translation from the EBITDA bridge H1 2015-16 (€m) functional currencies of the Groups foreign subsidiaries into Euros 6.9 0.2 17.9

10.8

EBITDA Operating Impact of FX EBITDA H1 2015 activites H1 2016

37 Concluding Remarks Mirek Stachowicz Chief Executive Officer Concluding Remarks

• Positive Group trading performance with Net Sales increasing 7.3% and Adjusted EBITDA increasing 65.9% vs the prior comparable period

• Good progress on Root and Branch review in Poland in H1 2016, but work still to be done

− Growth in volumes, Net Sales and Adjusted EBITDA

− Signs of stabilisation in Poland from both a customer and consumer perspective

− Positive momentum in volumes over the past three months across key brands and traditional trade channel since price initiatives in H1 2016

− Strengthened local management team

• We continued to have a strong focus on cash generation

− Special dividend of 10 pence per share paid in July

− Reduction in balance sheet leverage

• Well positioned and on track to meet management expectations for FY 2016

− Further headway in Poland to come from additional Root and Branch initiatives

− Significant M&A transactions on hold for the remainder of the year, strategy remains unchanged

− Continuing cost reviews

− Brexit not expected to materially impact the Group

39 Q&A Appendix Our Head Office

42 Sources and footnotes

Page Source Notes

8 Nielsen Total Poland, total off trade, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) volume by month to June 2016. 9 Nielsen Total Poland, total off trade, total vodka (defined as Total Poland, total off trade, total vodka, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) % volume share by channel to June 2016.A coverage factor of 1.18 has been applied to the traditional trade Nielsen base volume data to estimate the channel’s overall volume. From comparison to IWSR shipments data, Management believe that the volume base data understates the traditional trade and requires this coverage factor up-weight. 10,11 Nielsen Total traditional trade, average price per litre (PLN) in 50cl, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs).

15 Nielsen Total Poland, total off trade, total vodka (defined as Total Poland, total off trade, total vodka, total vodka (defined as sum of total vodka, flavoured vodka and vodka based flavoured liqueurs) volume and value by month.

16, 17 CMR data Data represents third party retail tracking survey of c.400 traditional trade outlets in Poland, measured on a weekly basis

19 Nielsen Total Czech Republic, total off trade, total spirits, herbal bitters category, rum category and vodka category MAT to June 2016. Rum category includes both traditional rum, made from sugar cane and “local rum”, made from sugar beet.

20 Nielsen Total Slovakia, total off trade, total spirits to MAT to June 2016

21 IRI Italy, total off trade (defined as the sum of the modern trade and discounters) Stock brands’ MAT % value share by category. Nearest competitor is the share of the nearest ranking competitor e.g. if Keglevich equals the number one brand, the “nearest competitor” shown is the number two brand. If Stock Original is the number two brand, the “nearest competitor” shown in the number one brand.

43