Purcari Plc Corporate Presentation

January, 2018 Strictly Private & Confidential Page 1 Disclaimer

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Page 2 Purcari Wineries at a glance

Leading player in Romania and the CEE... … with a strong & expanding regional footprint Geographical breakdown of sales in value terms, 9M 2017, % Founded in 1827 by French colonists, Purcari group is now... RO MD PL CZ+SK Asia UA Other

awarded CEE of the year in 2015-2016 at #1 4% London, “wine Olympics” 35% 26% 12% 7% 12% 4%

#1 premium wine brand in Romania, Moldova Located in a region with one of the richest wine heritages #1 fastest growing large winery in Romania Top 10 European countries by area under vines, kha

#1 largest exporter of wine from Moldova 975 789 #1 CEE #4 Europe top 1,060 hectares of prime , top production assets 690

332 Reputable shareholders: Horizon Capital - 64%, CEO Victor 221 top 140 Bostan - 30%1, IFC - 6% 110 102 66 63 62 192

ES FR IT RO+MD PT GR DE BG RU HU 4 brands, covering a broad spectrum of segments

30% is owned by investment vehicle Amboselt out of which 83.5% is owned by Victor Bostan Page 3 Source: Company Information, FAOSTAT, OIV, Decanter, the Ministry of Finance of Romania, Nielsen Our journey so far

Macro context Acquisitions Sales’10-16, RON Organic growth

2017 ▪ 9M 2017: Sales up 35% and ▪ Strong economic growth across EBITDA 29% yoy 2 CEE, especially Romania +35% ▪ Start of push into brandy, 2016 107m sparkling 71m ▪ Ukraine conflict, devaluations 2014 across CIS; CIS share of sales 60m ▪ Relaunch of all 4 core brands, down to ~10% ▪ Profit sharing deal on marketing shake-up vineyards in Romania (taken 66m ▪ 2nd Russian embargo, Group under operation)1 ▪ Strategy shift to CEE, away 2012 63m

Evolution Evolution Group of Purcari loses ~17% of business from Russia; Romania defined 48m as key growth market 2010 45m ▪ Horizon Capital invests into the company ▪ Global financial crisis ▪ Acquisition of Bardar, 1st brandy 2008 asset ▪ IFC invests into the company

2006 ▪ 1st Russian embargo, Group loses ~80% of business ▪ Acquisition of Crama Ceptura, 1st asset in Romania ▪ Focus on Moldovan exports to 2004 ▪ Acquisition of Purcari winery Russia st ▪ Acquisition of Bostavan, 1 ▪ Foundation of Group asset in Moldova

Purcari grew business organically and via acquisitions, successfully adjusting to macro Revenue of Purcari Group headwinds, refocusing away from reliance on CIS to CEE

Note: Revenue for 2014 – 2016: IFRS financial statement issued in RON; Revenue for 2010 – 2013: IFRS financial statements issued in USD; 1 - now 164ha, taken under joint operation (130ha) and direct lease (34ha); 2 – revenue growth for 9M17 vs. 9M16; Source: Company data Page 4 Business model built at the intersection of three themes

Modern, cost-competitive Purcari is positioned at the intersections of three themes: ▪ Modern winemaking: the company is brand, as opposed to appellation centric and runs a cost-efficient business ▪ Affordable luxury: as an aspirational brand, Purcari are an example of affordable luxury, building on a heritage dating back to 1827 and ranking among most awarded wineries in Europe ▪ Differentiated marketing: the company is not afraid to be quirky about the way it approaches marketing, prioritizing digital channels and focusing on engaging content as opposed to traditional advertising

Affordable Differentiated Luxury marketing

Page 5 Circa 1,060 ha of prime vineyards under operation

Purcari Crama Ceptura Alexandru Ioan Cuza Onesti

▪ Location: Purcari region (high ▪ Location: Valea Calugareasca ▪ Location: AI Cuza, Valul lui ▪ Location: Codri Area, bank of Nistru River, 65km (Slopes of Carpathian Traian region considered the heart of white from the Black Sea) – a mountains), in Dealu Mare grapes wines) ▪ Area: 555ha reputable vine region in area, among most famous ▪ Area: 76ha Moldova due to its unique wine regions in Romania ▪ Weather: hot and dry microclimate and soil conditions ideal for rich red ▪ Weather: cooler temperatures ▪ Area: 164ha covering wines; favorable for high quality ▪ Area: 265ha fragmented individual plots whites (1) ▪ Soil: ordinary black, black ▪ Weather: The vineyards are within 15 to 40km earth carbonate, alluvial ▪ Soil: 25% of the territory oriented South to South West ▪ Weather: Region is praised for meadow-chernozem soils covered by and lime to guarantee highest number having 14 days more sunshine forests and landscape of sun hours ▪ Age of vines: 10-13 years than country average, favoring fragmented by many small ▪ Soil: black earth carbonate, rich high quality grape crops rivers and valleys 4 3 colluvial soils 1 ▪ Soil: reddish brown forest soils ▪ Age of vines: 12-13 years ▪ Age of vines: 10-13 years ▪ Age of vines: 80ha of 8-10 years and 84ha of 20-30 years

Note: (1) VieVin, the company whose 164ha of vineyards in Ceptura are leased / jointly operated, is currently undergoing reorganization Page 6 Unique, highly diverse , matched to individual grape types

Note: (1) VieVin, the company whose 164ha of vineyards in Ceptura are leased / jointly operated, is currently undergoing reorganization Page 7 State of the art technological equipment and winemaking know-how

Key interventions to ensure superior quality of Group’s wines

▪ Vineyards located in close proximity to processing + use of modern efficient New Holland machinery = delivery of harvested grapes within 2 hours to Harvesting processing facilities which preserves natural qualities of grapes ▪ Hand-harvesting + use of small boxes, to prevent oxidation in transit ▪ The cooling of whites before processing increases aroma, in particular for Preparation aromatic grapes, like or Feteasca Alba ▪ Thermovinification for red wines – moderately heating up grapes prior to fermentation for greater color and tannin extraction ▪ Modern tanks allow for controlled and closely monitored vinification process Fermentation which creates rich fruity wines, without extracting excessive alcohol from wine bases, matching latest customer preferences

▪ Use of membrane filtering under nitrogen to provide microbial stability along Filtering with clarity of wine. Nitrogen minimizes the levels of oxygen present, preserving flavors and significantly improving shelf life

▪ Micro-oxygenation introduces oxygen into wine base in a controlled manner, adding to roundness and balance of wines Storing ▪ Storage for reds in Seguin Moreau oak barrels in air-conditioned environment to ensure right temperature and humidity level ▪ Inspection, tasting, and laboratory tests of wine base before and after Blending aging in oak barrels. ▪ Blending on different various varieties to create unique blends and ensure consistency of wine character across

Source: Company information Page 8 Purcari brand is part of the popular culture, a true icon

Wine with an attitude, taking position on key societal issues

Known as the brand with a long standing tradition of shipments to Royal courts

With a cosmopolitan image; here showcased by John Kerry, the US State Secretary; but also featured in the very popular Black Butler comics (Kuroshitsuji manga), in Japan

Page 9 Source: Company Information BUSINESS HIGHLIGHTS

Rose de Purcari, 1 Favorable macro fuels growth in our key regions 90 points by Wine Enthusiast, #1 premium Rosé in Romania 2 Secular growth of wine market, especially in CEE

3 Purcari – among most awarded wineries in CEE

4 Best of both worlds: low cost + pricing premium = great margins

5 Excellent growth track-record, strong fundamentals

6 Strategic vision: build #1 CEE winery, consolidate market

7 Excellent team, resources to deliver to the vision

Page 10 1 Favorable macro fuels growth in our key regions

Sizeable CEE economies…

38.0 424.3

19.6 Population GDP 176.6 169.6 # mn EURmn 10.6 81.0 5.4

Poland Romania Czech Republic Slovakia Poland Czech Romania Slovakia Republic

Source: Eurostat, 2017 data Source: Eurostat, 2016 data Source: National Bank of Romania

…with strong above average growth and positive outlook….

yoy real GDP 6.0% #1 #1 #1 GDP per capita % yoy growth 2018f in the EU growth in the EU 5.0% 4.0% 5.0% 3Q 2017 yoy 4.5% 4.4% 3.0% 4.2% 3.9% 7.0% 3.9% 3.8% 3.7% 6.0% 2.0% 3.1% 2.8% 5.7% 6.0% 1.0% 1.8% 0.0% 4.6% 5.0% 5.0% 4.4% 4.0% 4.1% 4.0% 3.5% 4.7% 3.1% 3.0% Population Real GDP % Unemployment GDP / capita 3.3% 2016 (mn.) YoY rate (EUR) 2.0% vs. 2.4% Moldova 3.6 4.1% 3.8% 1,622 1.0% 0.3% Ukraine 42.5 2.3% 9.3% 1,831

0.0% Romania Czech Republic Poland Slovakia EU28 China 1,383 6.7% 4.0% 6,856 2008-12 2013 2014 2015 2016 2017e 2018f 2018f -1.0%Source: European Commission – European Economic Forecast – Autumn 2017, Eurostat Newsrelease 8 June 2017 Source: Eurostat, Focus Economics Page 11 1 Supportive momentum for consumption; good business climate

Highest Growths in Real Compensation of Employees(1) (yoy %) Declining Unemployment Rates Below EU Levels

14.5% 12.0% 13.0% 10.0% 11.5% 10.90% 10.20% 8.0% 10.0% 9.40% 6.0% 8.60% 8% 8.5% 7.30% 4.0% 7.00% 7.0% 2.0% 1.00% 1.20% 0.90% 1.00% 0.50% 0.40% 0% 5.5% 0.0% 2013 2014 2015 2016 2017e 2018f 2019f 4.0% -2.0% 2.5% -4.0% 2013 2014 2015 2016 2017e 2018f 2019f

Romania Czech Rep. Poland Slovakia EU Romania Czech Rep. Poland Slovakia EU 28

Source: European Commission – European Economic Forecast – Autumn 2017 Source: European Commission – European Economic Forecast – Autumn 2017, Eurostat (1) Total remuneration incl. wages & salaries, social contributions; deflated by price deflator of private consumption

Growing Private Consumption above EU levels (yoy %) Key markets score well in Ease of Doing Business Ranking

Rank in Ease of Doing Business, 2017 10.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 8.0% 20 27 6.0% 47 40 3044 4.0% 60 75 45 2.0% 76 2.4% 80 2.1% 2.0% 1.8% 1.6% 76 0.0% 1.2% 100 2013 2014 2015 2016 2017e 2018f 2019f Poland 103 -2.0% -0.1% 120 Czech Republic 140 -4.0% Moldova 160 145 Romania Romania Bulgaria Hungary Czech Rep. Poland Slovakia EU Ukraine Source: European Commission – European Economic Forecast – Spring 2017, Eurostat Page 12 1 Sizeable, growing wine sector across the CEE markets

Market volume, 2016 [m liters] 323 244 216 81 168 Market value, 2016 [m Euro] 686 1,090 1,019 571 600 Share of premium & super- prem1), 2016 [%] 8.8 21.6 20.9 22.6 25.0 Historical cons. growth, 7.4 1.9 3.5 0.2 -1.0 CAGR ’14-’16 [%] Forecasted cons. growth, 9.0 3.2 1.6 1.4 2.9 CAGR ’16-’20 [%]

Wine consumption, 2016, [l/ 16.4 6.4 20.5 14.9 4.0 capita] Beer consumption, 2016, [l/ 90.0 105.2 143.2 77.4 41.3 capita] Spirits consumption, 2016, 3.1 9.3 6.0 7.8 4.2 [l/ capita]

1) Sales of Still by Price Segment: Off-trade Volume – Top 2 price brackets (RON 30+; PLN 24+; CZK 130+; EUR 8+; UAH 70+) Page 13 Source: Euromonitor BUSINESS HIGHLIGHTS

Purcari Pinot Grigio, Gold Medal at 1 Favorable macro fuels growth in our key regions Challenge International du Vin, Bordeaux, 2 Secular growth of wine market, especially in CEE unbeatable value for money

3 Purcari – among most awarded wineries in CEE

4 Best of both worlds: low cost + pricing premium = great margins

5 Excellent growth track-record, strong fundamentals

6 Strategic vision: build #1 CEE winery, consolidate market

7 Excellent team, resources to deliver to the vision

Page 14 2 Consumption trends favour wine vs. alternative drinks, pushing demand up

Shifting consumer preferences: wine up, beer down US Gallup survey: Do you most drink liquor, wine or beer? % “Rosé Is Seeing Explosive Growth as Its Summer Rival, Beer, Goes Flat” 47 47 ‒ 3 August, 2017 46 45 44 42 42 41 41 42 “Goldman downgrades beer stocks because 39 millennials like wine better” ‒ 24 July, 2017 36 35 Beer 34 Wine 33 33 35 32 “Millennials Are Drinking More Wine Than Boomers” 31 32 ‒ 17 February, 2016 29 30 27 27 23 23 23 23 “The world is facing a wine shortage, with global 22 22 Liquor 21 consumer demand already significantly outstripping 20 supply, a report [by Morgan Stanley] has warned.” 21 ‒ 30 October 2013 19 18 18

1990 1995 2000 2005 2010 2015

Sources Gallup – US consumer survey, http://news.gallup.com/poll/163787/drinkers-divide-beer-wine-favorite.aspx Page 15 2 CEE consumption especially strong, on shifting drinking patterns

Plenty of catch up for CEE countries Wine steals share from beer

Wine consumption, litres per capita, selected countries Forecast growth by category, by country 2016-2020F, %

43 9.0 Wine Beer

33

25 5.1

20

16 3.2 15 2.9

1.9 6 1.1 1.1 4

-2.3 FR IT DE CZ RO SK PL UA Romania Poland Ukraine China ▪ Per capita wine consumption in CEE lags significantly WE ▪ Romania, Group’s largest market, show fastest growth levels, but catches up on growing share vs. beer forecast in CEE

Source: Statista, Euromonitor, Nielsen Page 16 2 On supply side, the vineyards base has been shrinking, constraining output

Less than 50% of grapes collected go for wine making Commentary

• Global area under vines, has gradually decreased between 2000 and 2015 from 7,782 ha to 7,515 ha, according to OIV;

• Overall, the corresponding share of wine grape production (versus other grape uses), has dropped from 57% to 47%, during the same period, from which one can infer an approximate 20% drop in vine surfaces used for wine grape cultivation;

• Much of the drop was driven by the EU, where regulation has been in place limiting planting rights and subsidizing so called grubbing-up schemes, in an attempt to address the oversupply; Share of wine grape declining in total grape production • In China, among the very few countries which increased the Grape end uses, 2000 vs. 2015, % plantations, only 12% of grape output goes to make wine (the rest being fresh and dried grapes); 4% 6% Juices, musts 8% 9% Dried grapes • Global wine consumption in 2017 is estimated at 243m hl, with Fresh grapes a corresponding production of 247m hl – a significant departure 24% 36% Wine grapes from the structural over-supply that plagued the market for decades;

• For instance, the average global consumption to production ratio has been at 0.85, on average, between 1995 and 2004; 57% 47% 0.90 for 2005-2014 and estimated as high as 0.98 in 2017, impacted also by a poor season, which is limiting the supply.

2000 2015

Source: International Organization of Wine and Vine Page 17 2 These secular shifts, have been favourable to wine pricing globally

As wine trade grows at a fast pace… … and vine areas are decreasing… … prices keep rising

Global wine trade, €bn Area of vineyards in continental Europe, mn ha Average price per liter of traded wine, €

29 2.8 28 4.5 2.7 4.4 26 +5% 25 4.4 26 2.6 +3% 2.5 4.3 23 2.4 4.2 21 20 20 4.1 2.3 2.3 2.3 4.1 4.0 18 18 4.0 2.2 2.1

2.0

2006 2008 2010 2012 2014 2016 2006 2008 2010 2012 2014 2006 2008 2010 2012 2014 2016

• Wine trade has grown strong, as the sector • Regulation limiting new plantations, • The resulting supply decrease, becomes increasingly global grubbing-up subsidies and generational combined with rising demand, has change has led to a decrease in vine areas pushed prices up

Source: European Commission, International Organization of Wine and Vine Page 18 BUSINESS HIGHLIGHTS

Negru de Purcari 1 2013, 4.4 score on Favorable macro fuels growth in our key regions Vivino, top 1% wine globally

2 Secular growth of wine market, especially in CEE

3 Purcari – among most awarded wineries in CEE

4 Best of both worlds: low cost + pricing premium = great margins

5 Excellent growth track-record, strong fundamentals

6 Strategic vision: build #1 CEE winery, consolidate market

7 Excellent team, resources to deliver to the vision

Page 19 3 Our wines: most awarded CEE winery 2015/2016; high up on Vivino

Leading medal-winning winery in CEE at Decanter, Outstanding Vivino ratings, a proxy for millennial engagement, the Wine ”Olympics” based on >12.5k reviews # of Decanter medals in 2015 - 16(1) Average Vivino score, selected wineries, 1-5 scale 16 16 3.9 #1 VOICE OF THE EXPERT 3.8 VOICE OF THE CONSUMER

3.7 3.7 12 12 11 10 9 8 3.4 3.4 3.4 6 6 5 5 3.3 4 4

1

▪ Most awarded winery to the east of Rhine, ahead of ▪ Our top wine, Negru de Purcari Limited Edition 2011 reputable (and much pricier!) German, Hungarian or scores 4.7 (top 1% globally) and across vintages it scores Austrian wineries 4.2 (based on 2,000+ reviews)

Notes: (1) Including most awarded wineries in each respective country. German and Austrian wineries added for comparison purposes only, in case of two wineries having same amount of medals, the one more commended is favored (if amount commended the same, the higher grade medal receiver is favored) Source: Company Information, FAOSTAT, OIV Page 20 3 Proven ability to sustain and increase quality while scaling up

Increasing number of medals won from year to year Rosé de Purcari voice of consumers on Vivino # of medals Vivino scores by year, Rosé de Purcari (most sold Purcari SKU)

23 4.1 Concours Mondial de Bruxelles Challenge International du Vin Bordeaux 4.0 IWSC Decanter

15 3.8 3.8 14

7

2013 2014 2015 2016 2013 2014 2015 2016

▪ Unlike beer or spirits, wine production is more prone to quality ▪ The ascending trend confirmed by the rising average Vivino fluctuations. The Group has demonstrated the ability to keep scores, a proxy for consumer feedback, as is the example of raising the bar quality wise, as illustrated by the mounting Rosé de Purcari, which is Purcari’s #1 SKU by volumes and number of medals won at top global competitions #1 Rosé sold in the Romanian market*

Source: decanter.com, vivino.com, concoursmondial.com, iwsc.net/, challengeduvin.com; *management estimated based on retailers feedback Page 21 BUSINESS HIGHLIGHTS

1 Favorable macro fuels growth in our key regions

2 Secular growth of wine market, especially in CEE

3 Purcari – among most awarded wineries in CEE

4 Best of both worlds: low cost + pricing premium = great margins

5 Excellent growth track-record, strong fundamentals

6 Strategic vision: build #1 CEE winery, consolidate market

7 Excellent team, resources to deliver to the vision

Purcari , Decanter Platinum, 95 points, Best CEE sweet

Page 22 4 Purcari formula: operational excellence meets sound marketing

Operational excellence Clever marketing

• Location: low cost production platform in • Philosophy: be genuine, talk to the consumer, Romania, Moldova, very competitive vs. other don’t sell to them EU, New world • On a shoestring: focus on creative, viral marketing, • Scale: large and growing scale in a fragmented on small budgets market where scale matters + • Digital first: focus on new media, with Facebook, • Processes: solid processes in place, minimizing Instagram and YouTube as main platforms the guesswork and human factor in operations • “Lean Startup”: fast prototyping, encourage • Culture: past crises – following 2006, 2013 experimentation, tolerate failure, react fast to flops embargos cultivated hard learned cost-discipline • Product innovation: constantly innovate line-up • Balance sheet: strong balance sheet to trade and packaging, to keep up with the changing tastes payment terms for margin • Influencer marketing: work along key opinion • Quality: offer superior quality at a given price leaders, including bloggers and fashion divas point

Lower costs Brand premium

Strong sales and margins

Page 23 4 Marketing: high on creativity, low on cost xx Online reach1

Romania National Day (2013) Glossa (2014) Takk Norge (2015) History of Romania told by a sand artist National poem put on video Our workers thank Norwegian consumers

52k+ 1,215k+ 120k+

We are the champions (2016) Winedrone (2016) Maluri de Prut (2016) Purcari villagers sing a Queen classic April’s Fool prank Celebrate Romania’s unification

120k+ 40k+ 310k+

Digital Label (2017) Purcari Wine Run (2017) Winelicious (2017) April’s Fool prank 10km through the vineyards Short 1-6, viral, video recipes

70k+ 65k+ 525k+

Page 24 Source: Company Information 1 - Confirmed, trackable reach (FB or YT views). Full reach expected to be substantially higher higher; 2 – includes TV campaign. 4 Our brands: building youthful, aspirational, fun brands

Sources: public sources, company data Page 25 4 Extending brands to new segments: sparkling and brandy

Sources: Company Information Page 26 4 Topping other Romanian wineries at millennial engagement, quality

Aspirational brand which consumers like sharing about Highest number of ratings and highest scores on Vivino Number of #brand uses on Instagram, for key Romanian brands X axis – number of Vivino ratings; Y axis – average Vivino score

6,567 4.0

3.9

3.8

3.7

3.6

2,980 2,807 3.5 3.4

3.3 1,164 3.2 572 479 238 3.1

3.0 0 5,000 10,000 15,000

Sources: Instagram, Vivino as of November 27 2017 Page 27 4 Strong conversion across brand pyramid, with room to grow

Commentary

Familiarity ▪ Circa 1 in 2 Romanian premium 51% consumers who tried Purcari become regulars

Consideration 42% ▪ Nevertheless, as a relative new entrant into the Romanian market, Purcari still has a weaker brand Familiarity compared to the more Trial 33% established wineries

▪ Only 51% of Premium consumers, in Occasional 23% large Urban areas (target group) are familiar with Purcari

▪ Significant upside remains, by Regular 17% increasing the awareness of Purcari brand, which should cascade down in higher numbers of Regular Loyal 12% consumers

Committed 7%

Sources: Company Information, Romanian wine market study (Xplane Market Research Agency, Aug 2017; Research among premium wine drinkers, 20-65 years old, Bucharest, Brasov, Cluj, n=500) Page 28 4 Purcari is now a clear #1 in premium in Romania, and top-5 overall

Overall, Purcari has more than double MS in 3 years…. …while becoming a clear #1 in Premium Value share of TOTAL retail market, Romania, % Value share of Premium (RON 30+/liter) retail market, %

18 22 Purcari (Brand) 21 Samburesti 16 16 16 16 20 Segarcea 16 19 Crama Ceptura 18 Lacrima lui Ovidiu 26% MS in 14 16 13 16 16 Premium for 16 Group, with 2 12 12 14 brands in top-5 12 11 14 13 10 11 12 13 11 11 11 11 12 12 10 12 12 11 11

8 10 9 7 9 7 6 8 6 8 7 6 6 5 5 5 5 6 5 5 5 4 5 5 4 3 Cotnari Vincon 4 4 2 2 Jidvei Cramele Recas 2 Purcari (Group) 0 2014 2015 MAT Sep16 2016 MAT Sep17 2014 2015 MAT Sep16 2016 MAT Sep17

Sources: Calculations based on data reported by Nielsen through its Retail Measurement Service for the category on bimonthly periods December2013 / January2014 to June2017 / July2017 for the Country total retail market without HORECA. In the report are included top 5 brands with average selling price above 30 RON / L, the top is build considering volume on bimonthly periods Aug16-Sep17 to June17-July17. (Copyright © 2017, Nielsen); Purcari Group = Purcari, Crama Ceptura and Bostavan brands Page 29 4 Very strong revealed comparative advantage (RCA) in wine

Index1) of revealed comparative advantage in wine, 2009

47 Europe Rest of the World

15 12 12 8 8 6 6 5 5 5

2 2

Italy

Chile

Spain

France

Greece

Georgia

Bulgaria

Portugal

Moldova

Australia

Argentina

South Africa South New ZealandNew

In Moldova, the Group benefits from a very competitive exports platform to all of CEE

1) Calculated in value terms as the share of a country’s or region’s wine exports in its total merchandise exports divided by the share of world wine exports in total world merchandise exports. Page 30 Sources: “Global Wine Markets, 1961 to 2009: a statistical compendium – Kym Anderson and Signe Nelgen” 4 Costs: sustainable cost advantage, across the cost structure (1/2)

COGS breakdown of the Group, 2016 Advantageous input costs, across the structure

Agriculture • Labour • Significantly cheaper labour • Chemicals • No cost advantage in chemicals 28% • Land • Vineyard prices in Moldova, Romania at lower costs vs. WE • Fuel • Fuel, on par or cheaper in Romania, much cheaper in Moldova

Production • Oenological materials • No cost advantage • Labour • Significantly cheaper labour • Energy • Cheaper energy 33% • Equipment • Moderate cost advantage on locally built equipment, maintenance repair (e.g. storage tanks)

Finishing • Bottle • Significantly cheaper bottles, on lower gas, sand, labour costs • Labels • No cost advantage • Cap & Cork • No cost advantage • Labour • Significantly cheaper labour 39%

Note: COGS per litre is calculated based on IFRS 2016 Sources: Company Information Page 31 4 Costs: sustainable cost advantage, across the cost structure (2/2)

Average net salary [€/ month] 1,913 1,288 646 573 213

Electricity [€/ kwh] 0.074 0.101 0.114 0.064 0.083

Diesel 1.29 1.13 0.71 1.14 0.77 [€/ liter]

Bottle [€/ 0.75l] 0.25 0.30 0.15 0.18 0.15

Grapes1) [€/ kg] 0.90 0.85-1.20 0.30 0.30 0.24 Val de Loire Colchagua Ceptura Purcari

Vines2) 25 k – 31 k – 27 k – 10k – 4k – [€/ ha] 3.4 m 50 k 48 k 12k 9k

1) Quality comparable to Group’s production 2) France (Bordeaux); France (Val de Loire, based on 10t/ha yield calculation); Spain (La Rioja, Pais Vasco); Chile (Colchagua); Romaina (Crama Ceptura Winery, 2017); Moldova (Purcari Winery,2017) Sources: Company data, Numbeo, Eurostat, ODEPA, Ministry of Agriculture of Spain, Agrifrance 2017 Rural Report, www.vinetur.com, www.larioja.org, http://www.lomejordelvinoderioja.com, www.vivastreet.cl, www.Globalpetrolprices.com, www.exchangerates.org.uk, www.elobservador.com.uy Page 32 4 Lower costs + brand premium = best in peer group margins

EBITDA margin – global peer group

EBITDA margin 2016, % Median

35%

32%

30%

23% 22% 21%

18% 17% 16% 14% 13% 11% 10%

8%

4%

(1) (2) (1) (1)

Zhejiang Guyuelongshan Shaoxing Wine

Source: IFRS Consolidated Financial Statements of the Group, Bloomberg data as of 1 December ; all figures are based on data in the functional currency of each company (1) Financial year ends as of 06/30; e.g. for 2016, financial statements as of 06/30/2017 where taken into account (2) Financial year ends as of 03/31; e.g. for 2016, financial statements as of 03/31/2017 where taken into account Page 33 BUSINESS HIGHLIGHTS

Crama Ceptura – Astrum, the latest 1 Favorable macro fuels growth in our key regions introduction in the Ceptura line-up, targeting the 15-20 RON/bottle segment, 2 Secular growth of wine market, especially in CEE which accounts for circa 20% of market sales, which the 3 Group started Purcari – among most awarded wineries in CEE pursuing only now

4 Best of both worlds: low cost + pricing premium = great margins

5 Excellent growth track-record, strong fundamentals

6 Strategic vision: build #1 CEE winery, consolidate market

7 Excellent team, resources to deliver to the vision

Page 34 5 Strong growth, top and bottom line; net debt nearing 1x EBITDA

Strong sales growth Robust EBITDA development

Net sales, RON m EBITDA, RON m

+35% +29% +34% 107 37 95 +101% 31 71 70 24 60 18

9

2014 2015 2016 9m2016 9m2017 2014 2015 2016 9m2016 9m2017

Spike in net income Ongoing deleveraging

Net Income, RON m +54% Net debt, RON m 23.1 22.1 -12% +15% 14.3 58 58 52 45 45

0.2

-7.9 2014 2015 2016 9m2016 9m2017 2014 2015 2016 9m2016 9m2017 Source: IFRS financial statements for 2014, 2015, 2016; management accounts for 9m2016 and 9m2017 Page 35 BUSINESS HIGHLIGHTS

Freedom Blend, 1 indigenous grapes Favorable macro fuels growth in our key regions from Moldova, Georgia, Ukraine; 91 points by Wine 2 Secular growth of wine market, especially in CEE Enthusiast

3 Purcari – among most awarded wineries in CEE

4 Best of both worlds: low cost + pricing premium = great margins

5 Excellent growth track-record, strong fundamentals

6 Strategic vision: build #1 CEE winery, consolidate market

7 Excellent team, resources to deliver to the vision

Page 36 6 On track to become the leading Romanian winery

Purcari Group – #1 fastest growing and #2 most profitable among large Romanian wineries

Revenue CAGR’15-16 in RON vs. profit margin in 2016 of top 10 wineries in Romania in terms of revenue in 2016

30 Recas 25 Purcari Group

20 Cotnari

Profit margin in 2016, % 2016, in margin Profit 15

10 Jidvei Vincon 5 Segarcea Husi Budureasca Tohani 0 Halewood

-5 -15 -10 -5 0 5 10 15 20 25 30 35 40 45 50 55 60 65

Size of the bubble represents 2016 revenue Revenue CAGR’15-16 in RON, %

Note: Revenue for Purcari Group as per IFRS financial statements, revenue for other wineries as reported by the Ministry of Finance statutory accounts; The Ministry of Finance data is not on a consolidated basis. For Recas, Vincon, Halewood, Tohani, Budureasca only the main company of the group was considered. Source: company data, public data Page 37 6 Vision: build the #1 winery in CEE, act as market consolidator

Strong growth across CEE core markets, marching towards vision Blue chip retail partners throughout CEE

Sales growth of Purcari Group in selected geographies, CAGR’14-16, RON % Selected accounts

55%

49%

44% 44%

15%

9%

RO PL Asia MD CZ+SK UA

Source: Company Information Page 38 6 Unlike beer and spirits, wine quite fragmented; consolidation imminent

Volume share top-3 players by country, %

79 77 82 74

#3 67 68 63

#2 41 39* 36

18 #1 10

Beer Spirits Wine Beer Spirits Wine Beer Spirits Wine Beer Spirits Wine As wine market moves from terroir- to brand-centric and leaders build scale / sophistication, the market is ripe for consolidation

Source: Euromoniitor 2016, market share for top-3 players in the still wine category; *excludes Murfatlar, in insolvency Page 39 6 Engines to drive growth going forward and achieve CEE leadership

Clear drivers to achieve its goal of building a wine champion and consolidate the CEE market…

I Build out sales force; direct to retail II Extend brands to new categories % of direct to retail Growth of brandy2, sales1 RONmn • Build out own sales in core- • Move beyond wine; build on 66 markets, repeat successful successful push into brandy 14 Romanian formula • Launched sparkling in 2017, 38 7 • Grow share of direct to retail 25 expect non-wine segments to 6 sales drive growth

2014 2015 2016 RO PL UA

III Continue shift to premium, up mix IV Grow via acquisitions % of premium Purcari Purcari vs. top-5 Romania, 3 sales of total Group2 % growth, % net margin • Wine sector fragmented, high • Premium Purcari sales tripled 37 50 22 over the last two years, boosting 29 32 share of “hobbyist” operators, margins 22 lacking expertise 14 • Way to go as ex-works price of • Opportunity to bring these up 20 premium Purcari ~4x the price of to the operational standards mass-market Bostavan of Purcari Group 2014 2015 20169m2017 Top 5 Purcari Top 5 Purcari

Vast room to grow in fragmented €3.6bn core CEE market; drive consolidation; bigger scale to further strengthen competitive advantage

Note: (1) 66% share of direct sales in Romania include sales done via Parmafood, a logistics services supplier. For sales done using Parmafood logistics, Group’s management has direct contact with retailers and Parmafood doesn’t have any impact on marketing plans of Purcari Group with the retailers; (2) management accounts; (3) growth for 2015-2016 in RON, net margin for 2016, IFRS Page 40 Source: Company Information, the Ministry of Finance, public data; BUSINESS HIGHLIGHTS

Cuvée de Purcari, 1 Favorable macro fuels growth in our key regions the extension to sparkling launched in 2017. 2 Secular growth of wine market, especially in CEE Made according to the traditional, Champenoise method, with in- 3 Purcari – among most awarded wineries in CEE bottle fermentation

4 Best of both worlds: low cost + pricing premium = great margins

5 Excellent growth track-record, strong fundamentals

6 Strategic vision: build #1 CEE winery, consolidate market

7 Excellent team, resources to deliver to the vision

Page 41 7 A strong team to deliver on the vision

Reputable investors

Horizon Capital (64%) is a leading regional Victor Bostan Victor Arapan John Maxemchuk private equity investor, with over $700m under CEO, 57 CFO, 42 COO, 47 ▪ Over 35 years of experience ▪ 20 years experience in banking, ▪ 20 years of management experience management, across four funds; Horizon is in wine industry audit and corporate finance ▪ Ex-MetroMedia, Sun/Orange, AT&T ▪ Successfully sold one of the ▪ Successfully restructured ▪ Wharton, MBA Harvard Business backed by over 40 institutional investors, largest wine companies in financial and commercial debts School including UTIMCO, Stepstone, Aberdeen, RU ▪ Fluent in EN, RO and RU ▪ Speaks EN, RO ▪ Fluent in FR, RO and RU Church Pension Fund, IFC, EBRD, FMO etc.

IFC (6%) is a member of the World Bank Group, focused on investments in emerging markets.

Marcel Grajdieru Ina Burciu Federico Giotto 10 years of IFRS reporting, Big-4 audits GM Romania, 77 Head of HR, 40 Head Wine Maker, 39 ▪ Over 10 years experience in ▪ Over 10 year of experience in ▪ 15+ years of wine consulting wine sales recruitment and human experience Purcari has been issuing financial statements in ▪ Successfully reconstructed resources development ▪ Laureate of numerous Group’s production sites ▪ Fluent in EN, RO and RU international awards accordance to IFRS and was audited by a big-4 ▪ Fluent in FR, RO and RU ▪ Fluent in EN, IT since 2007.

Nicolae Chiosa Artur Marin Sorin Balanel GM Production, 29 CCO, 38 Marketing Director, 41

▪ 9 years of experience in wine ▪ Over 10 years of experience in ▪ 19 years of experience in production, thereof 2 at the wine sales marketing and advertising with Russia-based “Igristie Vinna” ▪ Successfully launched export to focus on the beverage industry and 8 within the Group CEE and Baltic countries ▪ Successful coordination of ▪ Fluent in EN, RO and RU ▪ Fluent in EN, RO and RU group’s rebranding campaigns ▪ Fluent in EN, RO and RU

Page 42 Sources: Company Information 7 Corporate and social responsibility

Community Development Policy implemented in 2015 to define strategic approach, management system and budgets for Group’s contribution to the local communities.

SPORTS CULTURAL EVENTS CHARITY PROJECTS

▪ Main partner of USM-Bostavan, women ▪ Gala Evening with Valentina Nafornita, ▪ CCF/HHC Moldova (child support and men volleyball teams, since 2010. main partner, a well-known Moldovan program), sponsor. An NGO program ▪ USM-Bostavan women’s team: Gold opera singer. Engaged with the Milan promoting children well-being via Award at the volleyball championship of Scala, Amsterdam, Edinburgh, the Berlin prevention of family separation, inclusive Moldova in 2016 and 2017 State Opera, among others. education and acceptance of children ▪ USM-Bostavan men's team: Silver Award ▪ Doua Inimi Gemene (2017), partner. with special needs. at the volleyball championship of Moldova "Two Twin Hearts" is the international ▪ Philanthropical Foundation “Hospice in 2017 music festival dedicated to the memory of Angelus Moldova” sponsor. A non- ▪ Purcari Wine Run 2017: a unique 10km Doina and Ion Aldea-Teodorovici. profit organization founded to create a trail race, which passes through the ▪ Ethno Jazz Festival (annually), partner. system of medical and social assistance vineyards of Chateau Purcari. Amateur Moldovan principal jazz fest, organized by to incurable cancer patients in advanced and professional sportsmen participated in Trigon Ethno Jazz group, that promoted and terminal stages. Operates a hospice the race. contemporary culture and jazz “Angelus Moldova”, a home palliative care service. Participated in the fundraising auction in support of the foundation.

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