Masi Agricola | Company Presentation

Lugano - September 25th, 2015

2

Speakers

FEDERICO GIROTTO

Co-Chief Executive Officer

Years at Masi: 1

Relevant Experiences:

Masi at a Glance

3

1

4

One of the Best Known Italian Premium Wine Brands Specialised in

Amarone with a Story Dating Back to the XVIII Century

� With approx. € 60 mn of sales and a 12 mn bottle production, Masi Agricola S.p.A. ("Masi" or the "Company") is a leading

player of the Italian wine market preeminently in terms of brand awareness and quality produced

1772Boscaini family acquired a vineyard in the Valpolicella valley "Vaio dei Masi" and started wine production

1964Sandro Boscaini joined the Company

1950-1955New headquarters in

Gargagnago and start of export in Europe and North

America

1972-1973-19791972: Incorporation of Masi Agricola

1973: JV with Serego Alighieri started1979: Creation of Gruppo Tecnico Masi

2007Partnership with BossiFedrigotti (third party production)

2013Acquisition of Canova

S.r.l. including 33 ha vineyards

1999Internationalisation of production and marketing by MASI Tupungato in Argentina exporting Italian grapes and Venetian know-how

2006Alcedo SGR

investment in MASI (15% current stake in two steps investment, in 2006 and in 2011)

2003New distribution

channels: MASI opens to Duty Free and

Transportation

Business Model

� Strongly leveraging on Masi brand awareness

� Focus on Venetian terroirs and old traditional

production techniques

� Great attention to quality and R&D

Brand Portfolio

90's-Today70's60's50'sXVIIIcentury

5

Shareholders and Governance Post-IPO

Board of Directors is composed by 9 members of which:

� 6 expression of Boscaini Family

� 1 new member (Federico Girotto)

� 2 independent (Mr Fontana and Mr Bignami, of which 1 designated by

Alcedo)

6

Focus on Company Products and Brand2

7

Top Wines

Premium Wines

Classic Wines

OtherProducts

Price (1) Bottles (# mn, 2014)

Product Brands

Overview

Source: Company Information(1) Suggested retail price in Italy including VAT(2) Including "Vecchie Annate" (i.e. selection of certain wines which have been aged more than usual)

>€25 0.811(2)

€10-€25 6.116

€5-€10 4.65

n.a. n.a.n.a.

% Revenues

23.0%

48.5%

26.8%

1.7%

% Appaxxim.

99%

96%

0%

n.a.

% Venetian Terroir

100%

91.5%

100%

n.a.

Balanced Portfolio of Products Across Different Segments

Rank Amarone

1 Masi Costasera

2 Quintarelli

3 Bertani

4 Tommasi

5 Romano Dal Forno

Search Rank on Wine Searcher as of Apr 24th 2015

8

Focus on Masi Brand Awareness

Marketing, Advertising & Promotion

Brand Awareness(2): the Costasera Case5 Amarone with top scores from prestigious institutes(1)

86

88

90

92

94

96

98

100

Campolongo Mazzano Ris. Costasera Costasera Vaio Armaron

Wine Spectator JamesSuckling Wine Enthusiast

Scores (Max: 100)

5,05,9

6,9 7,1 7,1

2010 2011 2012 2013 2014

Communication & Marketing Costs (EUR mn)

BRAND COMMUNICATION

COMPANY EVENTS

INTERNATIONAL FAIRS

� Vineyards sightseeing

� Events for experts andenthusiasts

#

191

211

281

293

166

Search rank among worldwide wines

Source: Company Information(1) Different reference dates, from March 2012 to May 2015(2) Search Rank on Wine Searcher as of April 24th, 2015

8,4%9,6%

10,5% 11,0%12,0%

2010 2011 2012 2013 2014

Communication & Marketing Costs as a % of Revenues

Venetian Terroir 94%

Others 6%

Appaxximento 69%

Others31%

Venetian Terroirs

9

Appaxximento Technique

Masi expertise in this method is recognized

worldwide and is certified with the APPAXXIMENTO

trademark, which underlines «modern wines with an

ancient heart»

Venetian Production Techniques and Terroirs

FOCUS ON THE RECOVERY, PROMOTION AND

MODERNISATION OF THE VENETIAN TRADITIONAL

TECHNIQUES AND GRAPE VARIETIES

Wine Revenues FY 2014

Venetian Vineyards

Wine Revenues FY 2014

Verona HillsValpolicella Hills

Costasera

Valpolicella Hills

Bonacosta

10

Ambassador of the Venetian Values

Masi Prize and Fondazione MasiMasi Brand Network

Amarone

Families

Association

Fondazione

Altagamma

Italian Quality

Wine Institute

� Eleven names who founded the

organisation are: Allegrini, Begali,

Brigaldara, Masi Agricola, Musella,

Speri, Tedeschi, Tenuta

Sant'Antonio, Tommasi, Venturini

and Zenato

Food & Beverage Brands

11

Wine Market Overview3

Italy: a Fragmented Market

12

Market Size(1): € 12,350 mn

< 2 hectares per Grape Growers(4)

7 Employees per Wine Industrial Company

Source: ISMEA(1) Total revenues at production level; (2) Companies involved in the transformation of grapes and production of wine as per Agea 2011; (3) Industrialised players as per ISTAT 2011; (4)Agricultural companies involved in grape growing activities as per "Censimento Agricoltura" 2010;

Total Wine Producers(2): 62,525

Total Wine Industrial Companies(3): 1,807

13

Focus on Company Value Chain4

in outsourcing

� Above the line

communication

� Events and fairs

� Websites / social

network

� The Masi

Foundation

� Associations

14

High Vertical Integration and Full Control of the Value Chain

R&DProduction

and Logistics

1 3

� MASI Technical

Group

� Appaxximento

technique

� Grapes picking and

conferment

� Crushing and

destemming

� Winemaking

� Aging

� Bottling and packing

� Storage

� Picking

� Shipping to the end

customer

Selling and

Distribution

4

� Multi-firm agents on

the Italian market

� Foreign distribution

partners

Marketing and

Communication

5

Procurement

2

� Raw materials

supply

� Managed lands

15

MASI Technical Group

Innovative Thanks to Continuous R&D

Experimental Vineyard and Cellar

NASA

� Founded in 1979, comprising a

pool of 13 internal and external

experts in the fields of oenology,

agronomy, microbiology, chemical

and marketing

� Group focus is on the

modernization and promotion of

the Venetian traditional grapes

and techniques

� Experimental vineyard dedicated

to modernisation and revival of

the old-tradition Venetian grapes

and wines

� Experimental cellar dedicated to

the use of modern technologies in

winemaking

� Natural Appassimento Super

Assisted is an innovative natural

"Appassimento" system

developed by Masi at Garganago

� Through the control of parameters

such as temperature, humidity,

ventilation and grapes weight

loss, the system ensures ideal

"Appassimento" conditions for the

grapes within the drying loft

16

� Flexible sourcing model with a portion of wine produced from own grapes and a higher portion from grape / wine sourced

by third parties allowing to obtain a greater flexibility while maintaining margins and control over product quality

� Control on third party products ensured by a constant monitoring of the strict production standards agreed with the

Company long-standing loyal suppliers

� The recent Lazise acquisition together with Valgatara expansion have further improved Masi procurement model

Flexible and Efficient Procurement

Leveraging on 381 hectares of owned / managed vineyards

ca. 200 hectares in Triveneto

70 hectares in Tuscany

100 hectaresin Argentina

Property vineyards: 314 hectares

� 51 hectares� Valpolicella and Verona areas

� 100 hectares� Argentina

� 70 hectares� Toscana

Third party vineyards managed(1) by Masi: 67 hectares

� 31 hectares

� 31 hectares

� 5 hectares� Valpolicella (Boscaini Family)

� Trentino (Conti Bossi Fedrigotti)

� Valpolicella (Conte S. Alighieri & others)

� 93 hectares� Friuli

(1) Managed or procuring grapes on an exclusive basis for a long-term

17

Production Platform: Control of All Phases and Site Specialisation

Argentina Tupungato Site

Valgatara

Gargagnago, Negrar

Stra' del

Milione

Cinigiano

Rovereto

Lazise

Tupungato site

Lazise site

Valgatara site

18

Lean Commercial Division Able to Reach More than 90 Countries

MASI COMMERCIAL DIVISION

A. Boscaini

3 Zone Manager(1) 6 Zone Manager(1) North West(1)

North East and Central

(1)

South and Islands

(1)

AgentsDistribution

Partners

MASI REVENUES BY GEOGRAPHY

Rest of EuropeAmericas Italy RoW

Europe + Duty Free Area Manager (P. Torresani)

Americas + Asia Area Manager(L. Desroches)

Italy Area Manager(S. Milani)

Back Office (10)

44,9% 39,2% 39,8% 38,2% 37,2%

43,7% 49,0% 48,5% 50,4% 50,5%

9,3% 9,5% 9,1% 9,0% 10,4%2,2% 2,3% 2,7% 2,3% 2,0%

0%

20%

40%

60%

80%

100%

2010 2011 2012 2013 2014

(1) Including consultants

19

Key Financials5

8,996 9,34010,075

7,826 7,634

15% 15% 15%

12%13%

0

0

0

0

0

0

0

0

0

5,000

10,000

15,000

20,000

2010 2011 2012 2013 2014

19,20721,064 21,602

18,670 17,962

32%34%

33%

29%30%

0

0

0

0

0

1

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1 2 3 4 5

59,547 61,75565,667 64,554

59,721

0

20,000

40,000

60,000

80,000

100,000

120,000

2010 2011 2012 2013 2014

0

20000

40000

60000

80000

100000

1Q14 1Q15

2,663

4,084

21%

30%

15.0%

25.0%

35.0%

45.0%

55.0%

65.0%

75.0%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

1 2

12,764 13,438

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1Q14 1Q15

20

Summary of P&L

Breakdown by Geography

Breakdown by Product

Top Wines23.0%

Premium Wines48.5%

Classic Wines26.8%

Other1.7%

America37.2%

Europe50.5%

Italy10.4%

Rest of World2.0%

Revenues (€ k)

EBITDA (€ k) and Margin

Net Income (€ k) and Margin

n.a.

Revenues FY 2014

(+5.3% vs 1Q2014)

Financials reported according to Italian GAAP

n.a.

14,819

0

10,000

20,000

1Q15

21

Summary of Balance Sheet and Cash flow

(a) Calculated as: cash flow from investing activities + cash flow from operating activities

Trade Working Capital (€ k)

Cash Flow (€ k)

16,358

20,762

15,526

22,249

18,615

0.9x1.0x

0.7x

1.2x1.0x

0.0x

0.5x

1.0x

1.5x

0

10,000

20,000

2010 2011 2012 2013 2014

NFP (€k) and NFP / EBITDA

Financials reported according to Italian GAAP

Cash Flow From Investing Activities (€ k)

22,800 24,463 27,749 30,019 32,808

14,853 14,61814,631 14,023 13,796

(7,553) (10,682) (9,950) (8,297) (7,088)

30,100 28,39932,430 35,745 39,516

-20000

-10000

0

10000

20000

30000

40000

50000

60000

70000

2010 2011 2012 2013 2014

Inventories Trade Receivables Trade Payables

(2,372) (2,179) (2,299)

(11,509)

(4,032)

-15,000

-10,000

-5,000

0

2010 2011 2012 2013 2014

Cash Flow from Investing Activities

9,89512,513

8,265

(2,977)

4,885

-20,000

-10,000

0

10,000

20,000

2010 2011 2012 2013 2014

Cash Flow (a)

22

Strategy6

23

Strategic pillars and use of proceeds

FOCUS ON CORE BUSINESS

EXPAND THE PRODUCT

PORTFOLIO

BRAND EXPERIENCE AND CUSTOMER

PROXIMITY

1

2

3

� Organic growth in most relevant markets

� More balanced sourcing system also through acquisitions of new

vineyards

� Widening of the product range through M&A activity

� Development of new products with Appaxximento technique

� Widening Masi wine bar network

� Completion of the Masi wine shop of Lazise

� Development of the Visitor Centre in the "land of Amarone" in the

medium term

24

Key Investment Highlights at a Glance

QUALITY WINE PRODUCER WITH INTERNATIONALLY RECOGNISED BRAND AWARENESS BASED ON VENETIAN

TERROIR AND TRADITIONAL VENETIAN TECHNIQUES (APPAXXIMENTO) 1

SUCCESSFULL TRACK RECORD IN INTEGRATING NEW BRANDS (SEREGO ALIGHIERI AND BOSSI FEDRIGOTTI) AND IN EXPANDING THE PRODUCTION FOOTPRINT (ARGENTINA, LAZISE)

2

“Vini Moderni dal Cuore Antico”

STRONG CASH FLOW GENERATION THANKS TO A GREAT PROFITABILITY4

ATTRACTIVE MARKET POSITIONING WITH MORE THAN 90% OF SALES REALISED ABROAD WITH

OPPORTUNITIES IN RELEVANT MARKETS3

25

Appendix6

(€ k)

Summary Consolidated Income Statement Data 2010 2011 2012 2013 2014

Revenues from sales and services 59,547 61,755 65,667 64,554 59,721

Net raw materials and supply costs 20,857 20,992 23,670 23,955 18,188

Services and use of third party assets costs 13,812 15,538 16,958 17,050 17,681

Personnel costs 5,262 5,693 5,960 6,504 6,785

Other operating costs 926 334 342 539 445

(Other revenue) (517) (1,866) (2,865) (2,164) (1,339)

EBITDA 19,207 21,064 21,602 18,670 17,961

EBITDA Margin 32.3% 34.1% 32.9% 28.9% 30.1%

Depreciation and amortization 4,424 4,287 4,576 4,551 4,348

EBIT 14,783 16,777 17,026 14,119 13,613

EBIT Margin 24.8% 27.2% 25.9% 21.9% 22.8%

Total net f inancial costs (677) (1,708) (1,316) (1,598) (1,049)

Total non-recurring income and expenses 206 13 101 (20) (218)

EBT 14,312 15,082 15,811 12,501 12,346

Income taxes (5,340) (5,740) (5,721) (4,668) (4,714)

Net Income 8,972 9,342 10,090 7,833 7,632

Attributable to minority interests 24 (2) (15) (7) 2

Attributable to the Company 8,996 9,340 10,075 7,826 7,634

Net Income attributable to the Company Margin 15.0% 15.1% 15.3% 12.1% 12.8%

Year ended December, 31

26

Consolidated Income Statement

Financials reported according to Italian GAAP

(€ k)

Summary Consolidated Balance Sheet Data 2010 2011 2012 2013 2014

Intangible Assets 23,756 22,037 20,152 18,494 16,964

Tangible Assets 32,971 32,918 32,961 42,133 42,990

Financial Assets 1,535 178 178 138 812

Fixed Assets 58,262 55,133 53,291 60,765 60,766

Inventories 22,800 24,463 27,749 30,019 32,808

Trade receivables 14,853 14,618 14,631 14,023 13,796

Tax receivables 1,006 1,358 1,988 3,366 3,034

Deferred tax assets 85 187 254 243 551

Other receivables 112 117 147 197 143

Cash and cash equivalents 4,682 9,783 11,556 6,005 4,288

Prepayments and accrued income 738 1,078 1,127 1,183 776

Current Assets 44,276 51,604 57,452 55,036 55,396

TOTAL ASSETS 102,538 106,737 110,743 115,801 116,162

Share capital 33,028 37,258 37,258 37,258 37,258

Reserves 25,274 14,186 21,797 29,715 36,025

Retained earnings 8,996 9,340 10,075 7,826 7,634

Group Shareholders' Equity 67,298 60,784 69,130 74,799 80,917

Minority interests 2 42 58 64 62

Total Shareholders' Equity 67,300 60,826 69,188 74,863 80,979

Post-employment and other employee benefits 758 791 789 807 811

Deffared tax liabilities 1,257 1,195 927 813 720

Provisions for risk and charges 1,008 734 945 877 1,136

Liabilities due to banks and other lenders 21,040 30,545 27,082 28,254 22,903

Trade paybables 7,553 10,682 9,950 8,297 7,088

Tax payables 2,317 611 511 460 881

Payables due to social security insitutions 355 396 412 467 491

Other liabilities 794 749 767 825 1,019

Accrued expenses and deferred income 156 208 172 138 134

TOTAL LIABILITIES 35,238 45,911 41,555 40,938 35,183

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 102,538 106,737 110,743 115,801 116,162

Year ended December, 31

27

Consolidated Balance Sheet

Financials reported according to Italian GAAP

(€ k)

Summary Consolidated Cash Flow Data 2010 2011 2012 2013 2014

Cash f low s from operating activities 12,267 14,692 10,564 8,532 8,917

Cash f low s from investing activities (2,372) (2,179) (2,299) (11,509) (4,032)

Cash f low s from financing activities (9,006) (7,412) (6,492) (2,574) (6,602)

Total net cash flow s 889 5,101 1,773 (5,551) (1,717)

Cash and cash equivalents (net f inancial assets) at the beginning of

the period3,793 4,682 9,783 11,556 6,005

Cash and cash equivalents (net financial assets) at the end

of period4,682 9,783 11,556 6,005 4,288

Year ended December, 31

28

Consolidated Cash Flow

Financials reported according to Italian GAAP