Farnese ViniCompany PresentationStrictly confidential | September 2017

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as such. Opinions expressed herein are subject to change without notice. Target returns are based on the team’s historical performance and market outlook. There is no

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Investors should keep in mind that the securities markets are volatile and unpredictable. There are no guarantees that the historical performance of an investment, portfolio, or

asset class will have a direct correlation with its future performance. Past performance is not a guarantee of future results.

Historical Background

Farnese was established

in 1994 in Ortona as a

start-up by three

‘dreamers’

Within a couple of

years, it had become the

leading wine export

company in all Southern

Italy

Today, Farnese is the

largest boutique winery

in Southern Italy

Increase in product offering and internationalisation

Historical highlights

Foundation of

Farnese Vini in

Ortona

1994

20021

c. 1521994

2002

Foundation of Feudi

di San Marzano and

Terre di Sava in

Puglia

2003

Establishment of

Vigneti del Vulture

and Tenimenti Zabú,

adding vinifcation

and bottling

capabilities

2010

Establishment of

Ro.De.A vinification

plant, quality department

and still one of the main

vinfication plants

5 million bottles sold

2004

Establishment of

Caldora and consequent

set-up of the bottling

facility in Abruzzo.

Foundation of Vesevo,

establishing presence in

Campania

1999

20081

c. 24

Note 1. Farnese Vini unconsolidated figuresNote 2. Farnese Vini turnover

2014Significant upgrade

of the Vigneti del

Vulture bottling

plant, following an

investment of over

EUR 6m, reaching

12m bottles annual

capacity and c.70khl

of storage capacity

2014

c. 47

2015

c. 50

2015

Ro.De.A plant

revamping, reaching

c.70khl of storage

capacity

2000Farnese hits

EUR 10m in sales1

Managerialisation and additional investmentsEstablishment of company and

distribution network

Establishment of

Farnese’s

headquarters

2013

c. 35

2013

21 Investimenti

invests in Farnese

acquiring the

majority

Farnese invests in

Vigneti del Salento

2016

c. 55

2016

NB Renaissance

Pertners invests in

Farnese acquiring

the majority2018B

EUR 75m

Who we are

Mission

Offer the highest quality products with the greatest possible value in the nicest possible packaging

Vision

Unlock the full value potential of Southern Italy, thereby becoming one of the leading wineries in Italy

Farnese’s strategy

Deliver a range of products that responds to the most varying customer profiles, thereby creating true and long-lasting value

✓ Winemaking: Farnese’s

favourite expression of art

✓ 100% dedicated to

any aspect that

improves quality

✓ Targeting the segment

with the highest

potential and

willingness to

experiment

Full dedication of all resources towards the key factors able to change the final product

The belief that nobody is able to run vineyards better than the growers who

have run those vineyards for a few generations

Love and full commitment of owners is not comparable to those of employees

and the final result is confirming the rightness of such philosophy

Ownership of ‘zero’ hectares of vineyards

The grapes are ‘welcome’ by a team which is great in numbers and

professionalism

Young, professional and very dedicated winemaking team made up of 13

winemakers fully involved in the production process

The Critical Elements That Define Our Success

Farnese is targeting the consumer with the highest growth potential and

highest willingness to experiment

Source: Business Insider, Wine Market Council (March 2016), Wine SpectatorNote. Millennial consumers generally defined as the generation born between 1980 and 2000Note 1. Survey conducted by Prosper Insights and Analytics, January 2016 (commissioned by Visa Business and Economics Insights)

• Globally, the wine market has been driven by the increase

in demand for value-for-money wine by young generations

• In 2015, US millennial consumers drank 160 million cases

of wine or almost 50% of total consumption

• Young women are of growing importance, as they

represent two-thirds of high frequency wine

consumers under 30 years

• In the UK, millennials are estimated to spend around 34%

of their alcohol budget on wine (more than any other

beverage category)

• Positive underlying trends in the on-trade segment:

22% of millennials are dining out more frequently than

they did in the previous year, driven by better job

prospects and increase in disposable income1

Cantina Settesoli

Duca di Salaputra

Cantine Tollo

Citra

Cantine Due Palme

Feudi di San Gregorio Cantine di San

Marzano

Cusumano

Mastroberardino

Cantina Miglianico

Vinicola del Sannio

Leone de Castris

Cantine del Notaio

(10%)

(5%)

0%

5%

10%

15%

20%

(10%) (5%) 0% 5% 10% 15% 20%

2012-1

4A

ave

rage

EB

IT m

argi

n1

2012-14A sales CAGR1

The success of our strategic positioning is evidenced by our best-in-class

financial performance

Source: Annual reportsNote. Size of bubble represents 2014A sales. Analysis includes a selection of Italian wine companies, excluding cooperativesNote 1. For Farnese, 2013-15A CAGR and average EBIT margin are shown due to the absence of a consolidated pro-forma 2012A

• Operating in Southern Italy – an area where the

full potential is yet to be exploited – allows us to

keep growing while maintaining attractive

margins

• The opening up of the Southern Italian wine

market and Farnese’s sales growth will be very

much a symbiosis

• Our strategy to maintain high-growth profile

relies on…

Leveraging on historical relationships with

distributors as well as on boarding new

distributors in selected countries

Continuing to develop new products that

resonate with young consumers

Becoming one of the leading Italian wineries

We have an enviable positioning along five crucial competitive dimensions

Source: Consolidated management accountsNote. Bubble size represents relative share of the segment in Farnese’s 2015A sales. Analysis based on sales from bottled products only (includes wine, grappa and olive oil)Note 1. Other products (grappa and olive oil) not shown hereNote 2. Abruzzo includes Marche and MoliseNote 3. Average selling price i.e. not retail selling price. For different formats, a price per 0.75l-equivalent has been calculated, Base = up to EUR 2.5, Standard = up to EUR 4, Premium = up to EUR 7 and Super Premium = more than EUR 7 per bottle

0

1

2

3

4

5

6

0 0,2 0,4 0,6 0,8 1 1,2 1,4 1,6 1,8 2

-0,2

1,8

3,8

5,8

7,8

9,8

0 0,2 0,4 0,6 0,8 1 1,2 1,4 1,6 1,8 2

0

1

2

3

4

5

6

7

8

0 0,2 0,4 0,6 0,8 1 1,2 1,4 1,6 1,8 2

0

1

2

3

4

5

6

0 0,2 0,4 0,6 0,8 1 1,2 1,4 1,6 1,8 2

-0,2

1,8

3,8

5,8

7,8

9,8

11,8

0 0,2 0,4 0,6 0,8 1 1,2 1,4 1,6 1,8 2

A red wine house1 … … with an excellent

value proposition3 …

… offering a

diversified portfolio of

wines…

sourcing grapes from

six regions…

… heavily exposed to

export markets

Red

White

Rosé

Abruzzo2

Puglia

Campania

Sicilia

Basilicata

IGT

DOC

Common

wine

DOCG

Super

Premium

Premium

Standard

Base

Germany

Japan

Netherlands

Italy

Canada

Belgium

Worldwide Exposure to a Well-Diversified Customer Portfolio, Which

Provides a Solid Platform for Growth

Note. Bubble size represents 2016A salesNote 1. Sales split indicative, based on management estimate

Our top-10 customers are located all over the world and have long-term relationships with Farnese Vini

18 years

20 years

20 years

20 years

14 years

15 years4 years

Monopoly importer

Traditional distributor

Online retailer

EUR 4m

EUR 2m

EUR 1m

15 years

20 years

14 years

80%

20%

Ho.Re.CaModern retail

Sales split by Channel1

A continuously up-to-date Quality Program guarantees the highest

standards in terms of raw materials sourcing

Medium term selection program (5-7 years)

• Farnese selects the best lands and works with grape

growers in a medium to long term perspective to create

long-lasting value and sustainable know-how

2

1

3

Farnese’s plan is to keep welcoming more suppliers to its Quality Program

Soil exploitation• Agronomists and oenologists analyse soil

characteristics in order to get the most out

of it

• Adoption of most up-to-date techniques

due to continuous formation and

professional training of oenologists

Craft characterisation• Adding Farnese’s know-how but

maintaining the original growers’ ownership

ensures a unique maintenance of the vines

Farnese’s 13 oenologists are of unique value to its business model

In the organisation and set-up of the oenologists,

factors that are taken into account are:

• The region where each oenologist comes from,

reinforcing the link with the terroir

• The product specialisation of the oenologist

Establishment of a technical committee that will

convene four times per year✓

Starting in April 2016, the organisation of the

oeonologists team will be further formalised and

structured:

Round tables with Sales & Marketing people three

times per year

Ongoing formalisation of a development path and

training programme for all the oeonologists

✓

✓

Filippo Baccalaro - Supervisor Alberto Antonini - Supervisor

Puglia project

Teo D. – Chief Oenologist

Massimo D. – Oenologist

Luca P. – Oenologist

Sicilia project

Giuseppe A. – Chief Oenologist

Vito G. – Oenologist

Giovanni D. – Oenologist

Basilicata project

Manuel B. – Chief Oenologist

Massimo D. – Oenologist

Campania project

Manuel B. – Chief Oenologist

Antonio M. – Oenologist

Abruzzo project 1

Rino S. – Chief Oenologist

Francesco D. – Oenologist

Diego P. – Oenologist

Abruzzo project 2

Manuel B. – Chief Oenologist

Regular exchanges for our oenologists in order to remain abreast of any

market trends in the field of production methods

• Farnese keeps its oenologists up-to-date with the latest in the field of production methods and techniques

− During the non-harvest season, they travel around the world, attend seminars and trainings, and build an invaluable

network of experts

− In turn, Farnese welcomes winemakers from different corners of the world whose know-how enriches its own in-

house expertise

− Employing 13 oenologists and having them participate in international events allows to create a healthy competition

and benefit from best practices sharing

Rino

Santeusanio

Recent exchanges by Farnese oenologists

Giuseppe Alfano

Burruano

Manuel

Barbone

Teo D’Apolito

Foreign oenologists working with Farnese

Brett

Hetherington

Bruce

Humphery-Smith

Carlo Neil

Prins

Dennis

Verdecchia

Increase in product offering and internationalisation

Historical highlights

Foundation of

Farnese Vini in

Ortona

1994

20021

c. 1521994

2002

Foundation of Feudi

di San Marzano and

Terre di Sava in

Puglia

2003

Establishment of

Vigneti del Vulture

and Tenimenti Zabú,

adding vinifcation

and bottling

capabilities

2010

Establishment of

Ro.De.A vinification

plant, quality department

and still one of the main

vinfication plants

5 million bottles sold

2004

Establishment of

Caldora and consequent

set-up of the bottling

facility in Abruzzo.

Foundation of Vesevo,

establishing presence in

Campania

1999

20081

c. 24

Note 1. Farnese Vini unconsolidated figuresNote 2. Farnese Vini turnover

2014Significant upgrade

of the Vigneti del

Vulture bottling

plant, following an

investment of over

EUR 6m, reaching

12m bottles annual

capacity and c.70khl

of storage capacity

2014

c. 47

2015

c. 50

2015

Ro.De.A plant

revamping, reaching

c.70khl of storage

capacity

2000Farnese hits

EUR 10m in sales1

Managerialisation and additional investmentsEstablishment of company and

distribution network

Establishment of

Farnese’s

headquarters

2013

c. 35

2013

21 Investimenti

invests in Farnese

acquiring the

majority

Farnese invests in

Vigneti del Salento

2016

c. 55

2016

NB Renaissance

Pertners invests in

Farnese acquiring

the majority2018F

EUR 75m

2017 – First Year of NB Renaissance in Farnese Group

What’s going on ?

2017 – First Year of NB Renaissance in Farnese Group

2017 – First Year of NB Renaissance in Farnese Group

2017 – First Year of NB Renaissance in Farnese Group

FARNESE GROUP - FINANCIALS

(*) Deal Event incoming NB Shareholder

(**) Negative NFP = Net Indebtness

€ 000 2014 2015 2016(*) Act2017 2018B

REVENUES 46.537 50.589 54.612 70.032 75.438

EBITDA 6.567 8.377 8.961 14.061 15.480

EBITDA % 14,11 16,56 16,41 20,00 20,52

EBIT 5.931 6.991 3.933 8.910 9.738

EBIT % 12,74 13,82 7,20 12,72 12,91

NET INCOME 2.969 4.081 4.963 2.874 3.295

NFP(**) -13.678 -8.416 -33.247 -31.499 -24.808

EQUITY 16.977 21.058 48.109 50.983 54.278

Key Growth Drivers

1. Wines from other popular

Italian regions

2. Greater penetration into

still undeveloped markets

3. Greater penetration into

new market segments, i.e.

off-trade channel (retail

chains)

From the Most Expressive and Magic Areas of Southern Italy

to a Presence in the Most Famous Area of Central Italy

TENUTE ROSSETTI

Our Goal : To Be the Largest Boutique Winery in Italy

The near future :

new «terroirs»

to become

Ambassadors

of

Italian Wines

in the World