Davide Campari Milano : Gruppo Campari announces 2017 first quarter results

• Sales € 376.6 million (+15.0%, organic growth +5.7%)
• Contribution after A&P€ 151.4 million (+19.4%, organic growth +6.1%, 40.2% ofsales)
• EBITDAadjusted2 € 78.6 million (+17.7%, organic change +2.6%, 20.9% ofsales)
• EBIT adjusted2 € 64.4 million (+19.5%, organic change +1.6%, 17.1% ofsales)
• Group pretax profit adjusted3 € 54.4 million (+56.0%). Group pretaxprofit: € 53.6 million, +56.7%

• Grand Marnier acquisition contributed € 32.5 million in net sales, € 9.2 million in EBIT adjusted and

  € 10.2 million in EBITDAadjusted, included in the perimeter effect

• Net financialdebt € 1,206.3 million as of March 31st, 2017 (€ 1,199.5 million as of December 31st, 2016), after the Bulldog acquisition, net of the proceeds from the Chilean winery disposal, for a net cash -out of approximately € 40 million
• Reached an agreement on 'Patent Box' for fiscal years 2015-2019: tax benefit of € 12 million in 2015 and estimated € 16 million in 2016 to be accountedfor in H1 2017 accounts

Bob Kunze-Concewitz, Chief Executive Officer: 'We had a good start to 2017, delivering results in line with expectations in a low seasonality quarter. We achieved sustained overall, growth in both organic and reported terms, across all performance indicators, thanks to a continuous improvement of our sales mix by brand and region. This good performance was delivered despite the late Easter and the expected phasing effects relating to accelerated investments in advertising & promotions and new distribution capabilities. Looking at the current year, our outlook remains fairly balanced and unchanged. Macro and political environments remain uncertain in most developed marketswhilst challenges in emerging market economies will persist. However, we remain confident in delivering a positive performance for the full year on both the top and bottom line. The continuous outperformance of the high-margin premium portfolio in key developed markets, which leverages our strengthened distribution networks and brand building investments, will continue generating a favourable sales mix and consequent gross margin expansion and help compensate some input costs inflation. The evolution in operatingmargins during the year will reflect the expectedphasing

1 Global Priorities include Campari, Aperol, SKYY, Wild Turkey and the Jamaican rums in Q1 2017. Regional Priorities include Espolòn, GlenGrant, Forty Creek, Bulldog, Averna, Frangelico, Carolans e Cinzano in Q1 2017.

2 EBITDA and EBIT before operating adjustments.

3 Group pretax profit before operating and financial adjustments of € (0.8) million in Q1 2017 and € (0.7) million in Q1 2016.

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relating to brand building and route-to-market investments in the first part of the year, as well as the comparison base in the previous year.

Moreover, business will benefit from the full year consolidation of Grand Marnier, positively leveraging the enhanced distribution capabilities in the US and the brand strategy deployment, as well as the disposals of various non-core, low-margin businesses. Finally, we are pleased to announce that we have reached an agreement with the Italian fiscal authorities defining our tax benefits according to the 'Patent box' regime for the period 2015-2019. For the fiscal years 2015 and 2016 we will benefit from tax savings of approximately € 12 million and estimated€ 16 million respectively, tobe accountedfor in the half year 2017 income statement.'

Milan, May 9th, 2017-The Board of Directors of Davide Campari-Milano S.p.A. (Reuters CPRI.MI-Bloomberg CPR IM) approved the additional financial information at March 31st 2017.

In the first quarter of 2017, Group sales totalled € 376.6 million, showing an increase of +15.0%. The organic sales growth was +5.7%, driven by strong organic growth of high-margin Global Priorities (+10.8%) and Regional Priorities (+13.2%). We also benefited from a positive exchange rate effect of +2.7% as many currencies increasedin valuation vs. last year such as the US Dollar, Brazilian Real, Russian Ruble and Canadian Dollar. The perimeter effect of +6.6% was driven by the combined effect of the Grand Marnier acquisition, consolidated as of July 1st, 2016, the termination of some distribution agreements and the sale of non-core businesses. The acquisition of Bulldog London Dry Gin, closed in February 2017, did not produce perimeter effects as the brand was alreadyintegratedinto the Group's distribution network.

4 EBIT before SG&A.

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Within the perimeter effect (net sales of € 21.7 million and EBIT adjusted of € 8.7 million), Grand Marnier contributed € 32.5 million in net sales, € 9.2 million in EBIT adjusted and € 10.2 million in EBITDAadjusted.

Looking at sales by region, the Americas (46.8% of total Group sales in Q1 2017) posted an overall change of

Sales in Southern Europe, Middle East and Africa5 (29.0% of total Group sales in Q1 2017) posted an overall decline of -1.6%, with an organic change of +1.4%, a slightly positive exchange rate impact and a perimeter effect of -3.6%. The organic performance in the Italian market (21.3% of total Group sales) was slightly down from last year (-1.4%) mainly due to the late Easter. Aperol grew by +10.8%, while Campari declined against a very unfavourable comparison base (+44.0% in Q1 2016). The overall result was affectedby the Local priority brands (mainly Campari Soda), which fell by -5.6%, mainly affected by the late Easter. The region's other markets (7.7% of Group net sales) showed overall a very solid performance. Global Travel Retail net sales were up by +18.2%, mainly driven by Aperol, GlenGrant, Appletonand Wild Turkey. South Africa enjoyed very strong growth (from a low base) as the Group transitioned into its own route-to-market, in part offsetting a decline in Nigeria, impacted by prolonged socio-economic instability.

Sales in North, Central and Eastern Europe (17.4% of total Group sales in Q1 2017) increased by +12.1% overall, driven by an organic change of +11.5%, an exchange rate effect of +2.8% and a perimeter effect of - 2.2%. Germany (7.9% of total Group sales) was slightly down, due to the weakness in agency brands and sparkling wines against anunfavourable comparable base. Importantly, though, Germany continued delivering a strong performance across Aperol (+21.1%), Campari (+12.0%) and Averna (+24.2%), as well as growth in Frangelico, Wild Turkey and Bulldog. Russia's turnaround continues (2.9% of total Group sales), growing organically by 86.5% in Q1 2017, with double-digit growth in Mondoro and triple-digit growth in Cinzano sparkling wines, while the local macro environment remains uncertain. The region's other markets (6.6% of Group net sales) registered an overall positive organic growth, mainly driven by UK (+22.2%), Austria and Belgium, thanks to the positive performances of Campari, Aperol and Appleton.

Sales in Asia Pacific (6.7% of total Group sales in Q1 2017) increased by +9.8% overall, withan organic change of -1.1%, an exchange rate effect of +8.0% and a perimeter effect of +2.9%. Organic performance in Australia (5.1% of total Group sales) declined by -3.0% due to weakness in our Wild Turkey ready-drink portfolio and Wild Turkey bourbon due tostrong competitive pressure as well as adverse weather conditions. There were,

5 Including Global Travel Retail.

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however, very positive results from Aperol, SKYY, Espolòn. The other Asia Pacific markets (1.7% of Group net sales) registered an overall positive organic change thanks to a very good performance in both China and Japan, the latter benefitting from Wild Turkey which recovered the previous year's delays, whilst SKYY, Cinzano sparkling wines also recorded growth.

driven by the sustained growthin the brand's core markets (Italy, Germany, Austria) andthe US upby double- digit) as well as very robust results alsofrom Australia, Spain, Greece, Brazil, Canada and Russia, from a small base. SKYY sales achievedan organic change of +0.2%. The core USmarket registereda negative performance, mainly attributable to a very competitive environment and persisting weakness in the flavours category. Marketing support for the brand has also been shifted into Q2 ahead of the new campaign. Very good results were delivered on SKYY in South Africa, Brazil, Canada, Australia and China. Campari continued its positive momentum, up +3.1% organically, drivenbythe verygood performance in the USA, Germany, France, Austria, Brazil and Jamaica, only partially offset by shipment weakness in Italy and Argentina, both due to a tough comparable base in Q1 2016, and continued weakness in Nigeria. Wild Turkey, which includes American Honey, registered a positive organic change of +23.9%, with strong results in the core US market, driven by the restocking of product after route-to-market changes with our distribution network, and Japan. The Jamaican rums, including Appleton Estate, J.Wray and Wray&Nephew Overproof, showeda positive organic growth of+16.8%. Outstanding performances from Jamaica, the US and the UK.

On April 28th 2017, the parent company Davide Campari-Milano S.p.A. reachedan agreement withthe Italian fiscal authorities ('Agenzia Generale delle Entrate') defining the methodologyfor the calculation ofthe share oftax-exempt profits from income taxes (IRES and IRAP) for the purposes ofthe so-called Patent Box regime,

i.e. the size of the economic contribution to the company's income generated by intangible assets. This tax relief scheme is granted to Italianenterprises that generate income through the direct use or the licensing to third parties of intellectual property rights. The agreement applies to the fiscal years from 2015 until 2019. For fiscal year 2015 the tax benefit is calculated exempting from taxation 30% of the income attributable to the use of intangibles that fall within the scope of the regime; for fiscal year 2016 the quota shall be equal to 40% and for fiscal years 2017-2019 equal to 50%. As of the approval of the Quarterly financial information to March 31st, 2017, the taxbenefit (IRES and IRAP) amounts to approximately € 12 million for fiscal year 2015; the estimated amount for fiscal year 2016 is approximately € 16 million. The 2017 tax benefit will be

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