9 month turnover 2016/2017 : + 12 %, revision of annual targets to > 210 M€

Turnover

Change

After a solid first half of the financial year, the third quarter was characterised by an excellent performance, well beyond expectations on all of our markets and across all of the Group's areas of expertise.

Nine months into the year, our growth drivers- bourbon barrels, stainless steel containers, forestry activity and Barrels Unlimited Inc, the American barrel maker consolidated within the Group since November 2016- have pushed activity up by 22 M€.

The performance of the bourbon market, a new growth accelerator for the Group, has proven the wisdom of our strategy of branching out into a new market, at once complementary and synergetic with our other activities, in order to compensate for the cyclical pull back of the whiskey market.

Turnover thus reaches 168 M€, despite the particularly negative currency effects currently impacting the whisky division (- 5.5 M€).

The wine division: 116.7 M€, (+14.4% and +4.6% like-on-like)

Business picked up extremely favorably in the third trimester thanks to a large and good-quality harvest in the South-West of France. The period also benefitted from a return to growth in the United States, with positive signals for the 2017 harvest.

At January 31st 2017, the Group saw like-on-like growth in all of its main areas of activity, with France the only exception after it was impacted by difficult weather conditions in Burgundy.

The alcohol division: 51.3 M€, (+7.4% and +13.4% like-on-like)

Whisky cooperages saw a return to growth over the course of the quarter after a well-anticipated cyclical drop, a drop that should come to an end by 2018.

Speyside Bourbon cooperage continues to gather steam in line with objectives.

Barrels Unlimited Inc began at the start of the quarter, to contribute to consolidated turnover with ¾ of its activity devolved to the whisky market.

Raising of annual turnover target: > 210 M€

Given the strength of these first nine months and the solid perspectives for the wine market over the next few, the Group forecasts a turnover of more than 210 M€, with continued strong profitability at around 20% of turnover.

As for our medium-term growth objectives - a turnover of 300 M€ by 2020 -, these are confirmed by the prospects of strong growth on the bourbon market and by the expected contributions of our most recent acquisitions.

TFF Group will take part in the MidCap Portzamparc Conference on the 21st and 22nd of March in Paris

The Group will publish its 2016/2017 annual results on July 4th 2017

Founded in 1910, TFF Group is the world leader in aging products for wines and alcohols.

TFF Group brings together roughly forty family businesses throughout the world, ensuring their development through the sharing of resources and the search for synergies between them.

TFF GROUP is leader in its field and present across all the various activities linked to the aging of wines and alcohols:

First with regard to wood, the Group is involved in forestry, saw-milling, barrel-making, as well as in the building for large containers and in the creation of wood products for oenology.

In stainless steel, it has become a major player in high-end stainless steel vats for wine.

TFF GROUP, which was already the leader on the wine and whisky markets, is now taking steps to become one of the major players in the high-growth bourbon market.

TFF Group works in partnership with the world's most prestigeous wine and alcohol producers, with 85% of its business conducted internationally and with a commercial presence in 80 producing countries.

TFF Group has grown by around 80 % over the course of the last 5 years and continues to transmit, throughout the world, the very best of french tradition and the excellence of a know-how that is specifically "Made in France".

TFF Group shares are now included in the Euronext Family Business index alongside many of the biggest names in the luxury sector.

www.tff-group.com

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TFF - Thierry SIMONEL, DAF

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Relations Actionnaires : PHI éconéo Vincent LIGER-BELAIR - Frédéric HUE Tél : 01 47 61 89 65

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