2008 AGM Talloires (Annecy Lake), June 27, 2008

1 Summary

1. Group overview 2. A major and scotch player 3. Annual results 2007 4. First quarter 2008 5. Last events and action plan

2 Group overview

A and spirit group established in Europe and now the USA

3 Group overview

The 7th largest multinational spirits group

Top 10 multinational spirits companies

Rank / Company Volume 2006 1. Diageo 98 400 2. Pernod 73 085 V&S 15 869 Total New 88 954 3. Bacardi-Martini 34 915 4. BeamGlobal 27 432 5. Brown Forman 19 089 6. Campari 12 798 7. Belvédère 11 257 8. WmGrant 8 207 9. Remy Cointreau 5 724 10. LVMH 5 383

²All volumes in 000's of 9-liter cases 4 Source : The IWSR 2008, Top 10 multinational Siprits companies (spirits only) based on the company’s current portfolio Group overview

Business Breakdown

By country By product

Restated sales* Volumes* 12 months 2007 : 1042.3 M€ 12 months 2007 (millions 9L cases)

Drinks distributed not manufactured 19.6% Spirits France 26% 35.9% Poland Bulk Alcohol 60.3% Lithuania 5.9% 4.4%

USA 5.3% Bulgarie 1,4%

Others 1,1% Wine 40,0%

Spirits-> 14,8 millions cases (9L) -> 16,5 millions cases (9L) (*) Integration of Marie Brizard as of 1st January 2006. 5 In conformity with IFRS Standard 5, the financial statements presented have been restated for 2006 and 2007 for the non-alcoholic beverage business of Marie Brizard divested in September 2007. Group overview

Modern and rational production facilities

Vodka 13 million case (9L) annual production capacity

1st producer in Poland

Starogard Gdandski Vilnius Degtine 2nd producer in Lithuania Kolaczkowo

Lancut Krakow

6 Group overview

Modern and rational production facilities

Wine 1.9 million case (9l) annual production capacity 3 production facilities

MENADA Winery in Stara Zagora

Stara Zagora Oriahovitza Domaine Menada in Oriahovitza Sofia Lubimetz

Domaine Sakar in Lubimetz

500 hectares of vineyards 7 owned outright Group overview

Modern and rational production facilities

Cordials, spirits, and wine

1 MBRI (1) headquarters: Classic and modern liqueurs, Old Lady’s ...

2 WPI (2) : , cocktails, punches, …

3 Les Chais Beaucairois : Wines Bordeaux 4 1 4 Gautier : , 2 3 5 Nîmes 5 Marie Brizard Spain: Anisette Madrid 6 6 Marie Brizard Spain: Rioja Wines

(1) MBRI stands for Marie Brizard & Roger International (2) WPI stands for William Peters International 8 Group overview

An integrated salesforce

□ USA : Imperial Brands □ France : William Pitters □ Espagne : Marie Brizard Spain □ Pologne : Polska □ Lituanie : Belvedere Prekyba □ Bulgarie : Belvédère Bulgaria □ Rép. Tchèque : Belvédère Ceska □ Russie : Vremena Goda □ Danemark : Belvedere Scandinavia □ Duty Free Monde : Belvedere Duty Free 9 Group overview

Strong portfolio of International and Local brands

Sobieski Balsam Pomorski Starogardzka Sobieski Impress Vodka Zawisza Krakowska

William Peel Sir Pitterson Whisky Glen Roger’s Canadian’s Tippers Anisette Cherry Other Manzanita Triple Sec Old Lady’s Gin Curaçao Bleu Spirits Berger Cognac Gautier

Bodegas Marques de Puerto Roquatelle Duc de Birac Domain Menada Wine Eclat du Rhône Sophia 10 Bacalis Kadarka Summary

1. Group overview 2. A major vodka and player 3. Annual results 2007 4. First quarter 2008 5. Last events and action plan

11 A major vodka player

A trend setter in the Vodka Segment

Main world vodka brands

60.7 2006(e) : Case depletions in 9L million cases

23.0 50.3% Annual growth ratio : 2000-2005 20.2% of the premium spirits total in the 9.8 24.9% world by volume 14.8% 3.0 2.7 2.6 2.3 2.2 7.4% 6.9% 4.9% 4.3% 6.8%

Brand Absolut Skyy Sobieski (#7) Vodka Premium Company Diageo V&S Bacardi Pernod Ricard Campari Brown Forman Belvédère category

12

Source : Impact Magazine February 2007 Issue A major vodka player

Sobieski : 7th largest vodka in the world

Sobieski / Poland, Premium vodka, available in 15 countries

2007 : 2.5 milion cases 2006 : 2.15 million cases in 2006 (including Export 740.000 cases) 5% market share in Poland* 4.66 % market share in Poland*

International Vodka brands ranking ** 2006 case depletions Change 05/2006 in millions 9L cases 1 Smirnoff Diageo 23.0 + 8% 2 Absolut V&S 9.8 + 6.5% 3 Nemiroff 7.8 - 16.3% 4 SV Soyuz-Victan 6.23 - 4.6% 5 Stolichnaya SPI/Pernod 3.0 - 6 Finlandia Brown Forman 2.3 + 9.5% 13 7 Sobieski Belvedere 2.15 + 28.7% * AC Nielsen 12/06 ** Drinks International A major vodka player

A major player in Poland

Main Polish vodka distillers ranking (% market share in volume) Brands déc-06 mars-08 Sobieski Polska, Belvedere, France Sobieski, Zawisza,.. 26.9 26.1

Polmos Bialystok , CEDC, USA Zubrowka, 19.1 17.0

Unicom , CEDC, USA Bols, 11.2 11.2

Polmos Lublin, Oaktree Capital, USA Zoladkowa Gorzka 10.7 13.8 Polmos Zielona Gora , Vin & Siprit Centralen, Sweden 7.8 9,3 Finlandia Polska, Oy Alko, Finland Finlandia 4.13 4.2 SA, Pernod Ricard, France Wyborowa, Lodowa 3,0 3.9

14

Source : AC Nielsen A major vodka player

Strong Local brands with Global potential

Starogardzka / Poland

main stream Vodka

2007 : 2,85 million cases of 9L 9.02 % market share in Poland*

2006 : 2.6 million cases in 2006 9.7 % market share in Poland*

12th vodka brand by volume in the world 2006**

15

*Source : AC Nielsen 3/07 ** Drinks International A major vodka player

Strong Local brands with Global potential

Krakowska / Poland

Entry

2007 : 1.02 million cases 9L 3.29 % market share*

2006 : 1.0 million cases 9L 3.7% market share*

16 *Source: AC Nielsen 12/06 A major vodka player

Strong Local brands with Global potential

Polonaise / Poland

Main stream Vodka

2007 : 1,06 million cases of 9L

2006 : 0.75 million cases 9L

17 *Source : AC Nielsen 12/06 A major vodka player

Danzka: a leading brand in Duty Free

DANZKA / Denmark

Premium Vodka

2007 : 235 000 cases

2006 : 160 000 cases

4th world’s largest duty free brand*

18 *Source: Nielsen 2005 A major scotch whisky player

11 th world scotch whisky player

Top Premium Scotch Whisky Brands in the World

Volumes million 9L cases (2006e) 58.6

Annual growth ratio : 2000-2005 14.0 22.9% 19.5% of premium spirit total worldwide in volume 5.9 5.6 10.5% 4.4 4.0 3.4 2.9 2.9 5.1% 2.3 1.8 1.8 -0.8% 4.2% 4.4% -0.6% 0.6% 2.8% 2.8% 0.7% 1.3%

Brand Johnnie Walker J&B Ballantine’s Grant’s Dewar’s The Famous Bell’s Teacher’s William Peel (#11) Scotch Whisky Grouse Premium Diageo Diageo Pernod Ricard William Grant & Pernod Ricard Bacardi Pernod Ricard Diageo Beam Global Belvédère Company category Sons Edrington 19

Impact Magazine February 2007 Issue A major scotch whisky player

William Peel: #1 scotch whisky in France

William Peel / France France is the leading market in volume for Scotch Whisky Scotch Whisky in the 2007 : 1.8 million cases world

2006 : 1.8 million cases 16.0 % market share in volume*

2nd spirit brand in France 1st scotch whisky brand in France

11th largest scotch whisky brand in the world (4th in growth rate in 2006, +10%)**

20 *Source: Nielsen 2006 ** Drinks International A major scotch whisky player

Sir Pitterson: a strong local brand

Sir Pitterson / France

Scotch Whisky

237 000 cases in 2007

3.3% market share in France*

21 *Source: Nielsen 2006 Summary

1. Group overview 2. A major vodka and scotch whisky player 3. Annual results 2007 4. First quarter 2008 5. Last events and action plan

22 Annual results 2007

Activity evolution

Sales (M€) Sales Same perimeter (M€) 1042.3 770,6 830,6 594,4 510,2 + 25,6% + 35,4% + 16,5%

12 months 12 months 2006 2007 12 months 12 months 12 months 2006 2006 2007 Restated data* (*) Integration of Marie Brizard : 1st january 2006. 23 In conformity with IFRS 5 norms, financials have been recalculated for 2006 and 2007 ex non alcoholic activity from Marie Brizard group, which was disinvested in sept 2007 Annual results 2007

Sales breakdown by market

Net Sales (duty excluded) Actual 2006 Restated 2006* Actual 2007 (M€) 12 months 12 months 12 months Poland 147.63 36.0% 147.63 31.4% 264.48 41.5% -same perimeter 107.52 26.2% 107.52 22.9% 145.88 22.9% - Distributors 40.11 9.8% 40.11 8.5% 118.60 18.6% France 163.21 39.8% 212.35 45.2% 196.99 30.9% Spain 20.04 4.9% 23.34 5.0% 21.14 3.3% UK 9.67 2.4% 12.67 2.7% 12.08 1.9% Scandinavia 1.06 0.3% 1.06 0.2% 8.35 1.3% Lithuania 20.74 5.1% 20.74 4.4% 22.82 3.6% Bulgaria 14.33 3.5% 14.33 3.0% 15.63 2.5% Russia 4.22 1.0% 4.22 0.9% 4.35 0.7% USA 55.24 8.7% Others 29.23 7.1% 33.74 7.2% 36.78 5.8% Total 410.13 100.0% 470.07 100.0% 637.86 100.0% (*) Integration of Marie Brizard : 1st january 2006. 24 In conformity with IFRS 5 norms, financials have been restated for 2006 and 2007 ex non alcoholic activity from Marie Brizard group, which was disinvested in sept 2007 Annual results 2007

EBITDA Margin change

EBITDA (M€)

44,7 39,1 39,9 -> ∆ - ∆ 8 M€ French Wine activity

-> Non recurrent charges on first half months 2007 : - 3.5 M€

12 months 12 months 12 months 2006 2006 2007 restated

(*) Integration of Marie Brizard : 1st january 2006. 25 In conformity with IFRS 5 norms related to , financials have been restated for 2006 and 2007 ex non alcoholic activity from Marie Brizard group, which was disinvested in sept 2007 Annual results 2007

Substantial finance charge increase

Finance charges (M€)

12 months 12 months 2006 12 months -> As a result of a significant rate increase 2006 restated* 2007

-27,4 -32,6 -42,7 (*) Integration of Marie Brizard as of 1st January 2006. 26 In confiormity with IFRS Standard 5, the financial statements presented have been restated for 2006 and 2007 for the non-alcoholic beverage business of Marie Brizard divested in September 2007. Annual results 2007

Simplified Income Statement

12 months 12 months 2006 (M€) 2007 Actual Restated* Actual

Turnover 770,6 830,6 1043,2

Operating Profit 26,6 29,9 23,2

Financial charges -27,4 -32,6 -42,7

Net Result Before Tax 4,2 2,8 -20,5

Net result before result of discontinued 3,0 2,1 -6,5 activities

Net result of discontinued activities 10,0 14,2 7,4

Net result - group share 12,1 13,3 0,6

(*) Integration of Marie Brizard as of 1st January 2006. 27 In confiormity with IFRS Standard 5, the financial statements presented have been restated for 2006 and 2007 for the non-alcoholic beverage business of Marie Brizard divested in September 2007. Annual results 2007

Simplified balance sheet

Assets Dec. 2007 Liabilities Dec. 2007 Goodwill 196.1 Share Capital, Premiums Reserves 109.3 Intangible fixed assets 166.2 Consolidated net Income 0.6 Tangible fixed assets 124.1 Net Worth (group share) 109.9 Other financial assets 45.5 Minority interests 9.6 Investments in affiliates 2.6 Total Equity 119.6 Deferred taxes 1.8 Long-term provisions 9.6 Non-current assets 536.4 Long-term loans – non current portion 469.4 Inventory 136.1 Other Non-current liabilities 60.0 Customer receivables 180.3 Non-current liabilities 539.0 Tax receivables 0.3 Short-term provisions 1.1 Other current assets 33.6 Short-term loans 94.1 Cash & equivalent 122.4 Trade debt and other related debts 122.1 Assets of discontinued operations 6.2 Other current liabilities 139.4 Current Assets 478.8 Curent Liabilities 356.7 Total Assets 1015.2 Total Liabilities 1015.2

28 Summary

1. Group overview 2. A major vodka and scotch whisky player 3. Annual results 2007 4. First quarter 2008 5. Last events and action plan

29 First quarter 2008

Evolution of net sales

4.9 3.7 166.1 36.7 (+4.2%) (+30.4%) (+3%) (€ millions) (*) Breakdown of change in perimeter Distributors in Poland €18.7m 120.8 Florida Distillers €16.8m Others €1.2m +37.6%

(**) Breakdown of forex impact Poland €5.1m Florida Distillers €(0,2)m Q1 Change in Organic Forex Q1 2008 2007 perimeter* growth Impact**

 Good organic growth  Positive appreciation of the polish Zloty against Euro (+€5.1m) more than compensate the depreciation of the US dollar (€-0.2m) 30 Non audited data First quarter 2008

Net sales by region

Net sales (€ millions) Net sales at same scope of perimeter +1.4 +17.5 +2.0 166.1 and exchange rate (€ millions) (n/a) (+24.0%) (+87.7%) +27.9 -3.4 (+56.9%) (-5.5%)

+4,1 -3.4 +0.8 +1.8 +0,4 (+21.5%) 124.4 120.8 120.8 (+8.3%) (-5.5%) (na%) (+25,5%)

+37.6% +3.0%

Q1 2007 Poland France USA Other Other Q1 2008 Q1 2007 Poland France USA Other Other Q1 2008 Eastern Western Eastern Western Countries Countries Countries Countries

 Dynamic Polish market +8.3%  Weak quarter for the french wine division – has been addressed and is expected to turn around in H2.

 Good start for Sobieski in the USA with €1,3m sales (€0 in Q1 2007) 31 Non audited data First quarter 2008

Net Sales by product

Net sales (€ millions) Net sales at same scope of perimeter and exchange rate (€ millions) .16.8 166.1 (n/a) 17.1 +18.3 -6.8 (+84.6%) -7.3 (+32.9%) (-15%) +14.3 -3.2 (-16.2%) (+25.7%) (-16.1%) +0 124.4 120,8 120.8

+37.6% +3.0%

Q1 2007 Spirits Wine Beverages Others* Q1 2008 Q1 2007 Spirits Wine Beverages Others* Q1 2008 distributed distributed

 French wine activity : €-8.5m  Spirits : strong organic growth +25.7%

32 *Mostly USA Bulk alcohol Non audited data First quarter 2008

Current EBITDA evolution

By product (€ millions) By region (€ millions) +3.2 -1.8 +2.6 -1,9 (+86.2%) (-66.9%) (+43.2%) (n/a) +1.0 -0.6 (n/a) (n/a) -0.7 (n/a) -0.2 -0.2 +1.0 -0.6 (-18.5%) 6.5 (-18,5%) 6.5 (n/a) (n/a) 5.6 5.6

+16.8% +16.8%

Q1 Spirits Wine Beverages Others* Corporate Q1 Q1 Poland France USA Other Other Corporate Q1 2007 distributed 2008 2007 Eastern Western 2008 Countries Countries

 Spirits: €+2.6m  Russia: €-0.5m  Wine: €-1.9m 33 * Mostly bulk alcohol in USA Non audited data First quarter 2008

Focus on polish activity

Net sales in Poland (€ millions) Current Ebitda in Poland (€ millions)

+5.1 76,9 +4.0 (+10.4%) +0.6 +18,7 (+8,3%) 7.0 (38.1%) +2.7 (+16.7%) (+72.7%)

49 -0.1 +56.9% 3.8 (n/a)

+86.2%

Q1 Change in Organic Forex Q1 2008 Q1 Change in Organic Forex Q1 2008 2007 perimeter growth Impact 2007 perimeter growth Impact

 Success of price policy  Strong revenu and EBITDA growth 34 Non audited data First quarter 2008

Financial debt evolution

As of 31 December 2007 As of 31 March 2008 (In € millions) (In € millions)

Cash, cash equivalents and investments (163.3) (134.9) Overdraft facilty 83.4 82.0 Short term senior debt 6.9 6.2

Long term debt 473.2 475.5 Floating Rate Notes 363.8 364.3 OBSAR Bonds 90.8 92.7 Other long term debt 18.6 18.5

Total net financial debt 400.2 428.8

Shareholders' Equity 119.6 98.6

 The Cash, cash equivalents and financial investment item in the table above include €96.2m of Cash and cash equivalents (excluding treasury stocks) and placements of €38.8m with term above 3 months. In conformity with the IFRS 39, these placements are classified as ‘Financial assets’ in the balance sheet.

35 Non audited data Forecast 2008

 Sales -> €1,2 billions

 EBITDA –> €60 milions

36 Non audited data Summary

1. Group overview 2. A major vodka and scotch whisky player 3. Annual results 2007 4. First quarter 2008 5. Last events and action plan

37 About 2007 accounts

As of 31 December 2007, the company did not comply with the restricted payments section contain in the indenture FRN loan relating to the share repurchase program

 Risk of early repayment demand

Belvédère is working on different solutions in order to cure the breach

 Cancel the risk of early repayment

 Keep the FRN as a long term debt

38 French Wine

Reversal plan has been set up for 9 months:

 New management  Relaunching of sales and preparation of the up-coming season  A new company name: Moncigale (vs. Les Chais Beaucairois)

Objective: return to profitability for H2 2008

39 SOBIESKI, a top league world vodka

 2006 : 7th largest vodka brand in the world

 2007 : 6th largest vodka brand in the world?

 Objective 2008/09: 5th largest vodka brand in the world

International Vodka brands ranking

2006 case depletions Change 05/2006 in millions 9L cases 1 Smirnoff Diageo 23.0 + 8% 2 Absolut V&S 9.8 + 6.5% 3 Nemiroff Nemiroff 7.8 - 16.3% 4 SV Soyuz-Victan 6.23 - 4.6% 5 Stolichnaya SPI/Pernod 3.0 - 6 Finlandia Brown Forman 2.3 + 9.5% 7 Sobieski Belvedere 2.15 + 28.7% 40 Stock Exchange Information Share price since IPO (21 jan 1997) Equity breakdown As of 31 March, 2008 %Capital Shares ('1000)

Management 24,38% 612

GO Capital, NL 11,79% 296

THS, UK 6,53% 164

Angostura Holding 5,90% 148

Treasury stock 14,78% 371

Float 36,61% 919

Issued Shares: 2 509 990 Share price (20 June 08) : 56.05 € Market Capitalization: 141 M€

NYSE EURONEXT, Paris Belvédère (BVD – FR0000060873) SBF 250 41 Small 90