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Belvédère 2015-2018 Plan Investor Day December 16Th, 2014 Big 2018 Back in the Game 1

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Belvédère 2015-2018 Plan Investor Day December 16Th, 2014 Big 2018 Back in the Game 1 Belvédère 2015-2018 Plan Investor Day December 16th, 2014 BiG 2018 Back in the Game 1. New Belvédère platform 2. 2015-18: restore profitability and grow 3. Financial targets 1 New Belvédère platform A renewed and experienced leadership Jean-Noël Reynaud Stanislas Ronteix . CEO . Chief Marketing Officer . Previously Deputy Managing Director at . Previously Marketing General Manager of Lactalis Bisquit Cognac, at Distell . 20 years experience in Food & Beverages . 15 years experience in Food & Beverages Today Speakers Daniel Rougé Alain Degand . Chief Operations Officer . Chief Purchasing Officer . Previously Plant Manager at Candia Sodiaal . Previously Director of Purchasing & Supply Chain at Bormioli Rocco . 28 years experience in Food & Beverages . 9 years experience in Food & Beverages BiG 2018 5 A successful financial restructuring paving the way for the operating upturn 2015 September 2014 Plan BiG 2018 July 2014 Entry of Diana (Back in the Game) Belvédère Holding at capital shares exited (13.1% of share April 2013 from capital) Completed April 2014 “compartment restructuring of Jean-Noël Reynaud special” of existing debt appointed as CEO Euronext Paris through a debt to equity swap of €532m December 2014 Launch of the New Strategic September 2014 Roadmap Benoît Hérault October 2013 nominated Creation of an Chairman of Audit Committee Belvédère by the board BiG 2018 6 A new high profile governance supporting Plan BiG 2018 Board of Directors Independent board members Benoît Hérault * * Non-independent board members . Chairman since Sept.-14 * affiliated to Diana Holding . Director since Sept.-13 * Board observer . Director of Alstria Office Constance Benqué * Christine Mondollot * Rita Maria Zniber * Mehdi Bouchaara * . Director since Sept.-13 . Director since Sept.-13 . Director since Sept.-14 . Director since Oct.-14 . President of Lagardère . Former CEO of Virgin . CEO of Diana Holding . Head of Strategy at Publicité France Diana Holding Jacques Bourbousson * Benoît Ghiot * Serge Heringer * . Director since Feb.-13 . Director since Sept.-14 . Board Observer since . Previous mayor of . CFO of D’Ieteren7 Oct.-14 Beaucaire . Advisor to Diana Holding BiG 2018 7 An integrated group organized in geographical clusters Board of Directors COMEX 7 clusters South Eastern Belvedere France / Spain Central Europe Eastern Europe North America South America Europe International . N. Belliard . D. Jamiola . J. Daunys . N. Smirnof . N. Guillant . X. Iaru . H. Holmgreen . G. Lopez-Bravo . J. Morieux . N. Passi . A. Poircuitte BiG 2018 8 Leading and resilient positions in selected chosen markets: 4 strategic pillars . # 3 in France and # 3 in Poland Vodka . Krupnik and Sobieski: 2 Polish rooted Vodkas Scotch . William Peel # 1 in the leading market in the world: France whisky . # 9 worldwide . Recognized flavor assemblage know-how of Liqueurs Marie Brizard Flavored . Fruits & Wine # 1 in France wines BiG 2018 9 Our values to build and grow Value Purpose . Implement the best practices to strengthen Excellence customer satisfaction People & . Grow our skills and foster constructive Stakeholders behaviours friendly . Adopt a cost conscious and entrepreneurial Accountability mind-set to develop a result-driven culture . Think out of the box and act pro-actively to be Innovation ahead of competition BiG 2018 10 Belvédère’s mission We deliver value by providing our customers and consumers with trustworthy, bold and flavorful brands BiG 2018 11 2 2015-18: restore profitability and grow A strong growth of the market over 2005-2013 2005-2013 spirits value growth CAGR 15.1% 14.6% 10.6% 10.1% 7.5% 6.7% 5.4% 4.9% 4.8% 3.8% 3.6% 3.5% 2.8% 2.1% (0.3)% Total Value Standard Premium Super premium France Poland USA Source: IWSR, Accenture Research BiG 2018 13 Value and Standard are the dominant segments, especially in France and Poland Market breakdown in value in 2013 86% 95% 54% 4%3%1% 1% 11% 3% 4% Superpremium 11% 14% 29% 29% 43% 32% Premium 42% 66% Standard 44% 66% 43% Value 44% France 11% France Poland USA Source: IWSR, Accenture Research BiG 2018 14 Value and Standard segments are leading the growth since 2005 Contribution to growth since 2005 France Poland USA 78% 88% 41% 4%3%1% 11% Superpremium 29% 5% 10% 2% 25% 17% 43% Premium 66% Standard 44% Value 43% 49% 35% 39% 34% 41% France Source: IWSR, Accenture Research BiG 2018 15 Spirits market to grow by 6%, driven by vodka, scotch whisky and local spirits Global Spirit Value 2014 – 2017e growth Key highlights In USDbn . Vodka will be the main contributor of +6% white spirits’ growth, with 7% CAGR 139 132 125 118 . Scotch whisky will continue its growth 189 (6% CAGR) 173 159 147 132 139 118 125 105 113 159 173 108189 124 136 98147 104 93 104 108 . Local spirits will grow thanks to local 82 88 93 98 40 41 42 43 44 4138 44 48 51 56 44 61 brands acquired by global players, new 1134 41 1137 42 1238 1240 43 1341 1443 2012 2013 2014 2015 2016 2017 local brew launches and premiumization 48 51 56 61 38 40 41 43 12 12 13 14 2014 2015 2016 2017 Tequila Rum Brandy & Cognac Liqueurs White Spirits Local Spirits Scotch whisky Sources: Euromonitor, IWSR, Accenture Research BiG 2018 16 A perfect match with consumer trends For women only Rooted history, Beyond the drink: craft and experiential Cocktailization story-telling moments & Mixology Small indulgences: premium Private-label promise Flavour Gen Y exclusive brands not price sophistication & Z Get more buzz from your buck Healthy alcohol Convenience Shots! BiG 2018 17 Leading the way in the profitable multiregional high standard segment Brown Forman Rémy Cointreau Global William Grant & Sons Diageo Beam Suntory Pernod Ricard Bacardi Campari Multiregional Local La Martiniquaise Stock Spirits CEDC Alliance Global Value Standard Premium Super Premium Competitive intensity Very high High Low BiG 2018 18 By FY2018, Belvédère performance towards the industry standards 1 2 3 2014e Rationalize Optimize Grow 2018 target ~455 ~420-460 c. +25-35% Net sales net sales €m increase on our 2014 EoY Rationalize Optimize Grow 2018 target Core Business m cases 9l equivalent ~26 ~20-23 ~50-70 ~12-15% EBITDA margin EBITDA on net sales, €m >0 towards the 2014 EoY Rationalize Optimize Grow 2018 target industry % of net sales >0% ~12-15% standards ~€50-60m cumulated CAPEX (€m) Self-financed plan by FY2018 BiG 2018 19 2015-18: restore profitability and grow Rationalize Optimize Grow Disposal of non strategic and / or loss making assets to generate > €20m proceeds Rationalize Optimize Grow Wholesale & Impact on net . Poland retail sales ~(€120m) Manufacturing Impact on . Poland equipments EBITDA ~+€10m . Poland Expected value Real estate . France > €20m Note: 2014e figures BiG 2018 21 2015-18: restore profitability and grow Rationalize Optimize Grow 5 optimization levers to deliver €20-30m incremental EBITDA Rationalize Optimize Grow 1 Upgrade the industrial footprint 2 Better sourcing 3 Strengthened Route to Market 4 Streamline the business 5 Develop core capabilities BiG 2018 23 1 Upgrade the industrial footprint Rationalize Optimize Grow Vodka . Insource distillation capability and rationalize footprint manufacturing Fruits & Wine . Secure and upgrade to support high growth manufacturing Liqueur . Review the footprint Manufacturing Logistic network . MonCigale / Indirect purchasing synergies reconfiguration BiG 2018 24 Vodka manufacturing Outsourcing of alcohol production over the last 10 years Rationalize Optimize Grow Distillation Rectification Blending & bottling Starogard Asset available Poland Lancut Asset available but CAPEX required (capacity / Vilnius efficiency) Outsourced Obeliai Lithuania 80% of manufacturing value-added BiG 2018 25 Vodka manufacturing Strong rationales to re-insource and upgrade manufacturing process Rationalize Optimize Grow Distillation Rectification Blending & bottling . Insource distillation Starogard Asset available consistent with our positioning as a Asset available but Poland Lancut CAPEX required vodka specialist (capacity / efficiency) . Production costs: Outsourced Vilnius c. 25+% of savings vs. current New manufacturing outsourcing model Obeliai assets Lithuania ~€20m required capex to generate ~€10-12m run rate incremental EBITDA BiG 2018 26 F&W manufacturing Liqueur Manufacturing Logistics reconfiguration Additional industrial projects Rationalize Optimize Grow Fruits & Wine . Secure sourcing for growth: manufacturing - Modernisation of Beaucaire facility (France) . Merger of William Pitters with Marie Brizard . Transfer of Fondaudège production Liqueur Manufacturing . Sale of Fondaudège Building (part of the disposal program) . Opex savings: €1.5m per year . Consolidation of inventory sites Logistic network . Savings in renting and transportation costs reconfiguration . Opex savings: €0.7m per year BiG 2018 27 2 Better sourcing Rationalize Optimize Grow Purchasing . Group synergies and purchasing productivity costs Scotch whisky sourcing . Improve sourcing for William Peel strategy BiG 2018 28 Better sourcing Purchasing costs savings > €8m by FY2018 Rationalize Optimize Grow . Savings on addressable purchasing costs >6% . Optimization of scotch whisky sourcing contracts . Leverage relationship with current bulk scotch whisky suppliers through privileged and optimized supply contract BiG 2018 29 3 Strengthened Route to Market Rationalize Optimize Grow Route to Market . Focus on the USA reconfiguration Export . Integrated organization / streamlined logistics organization BiG 2018 30 Route to Market Reconfiguration
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