Roadshow Presentation Initial Public Offering - June 2001

No. of Oustanding Shares Sponsor and Lead Manager of Retail offer Key offering features Mercato Telematico Azionario – Milan Listing Structure Offer of 12,705,000 secondary shares 12% greenshoe (1,524,600 shares) Global offering of 43.75% of the outstanding shares to: Institutional investors (including Rule 144A placement into the US) Italian retail (“OPV”) of minimum 3,200,000 shares (25.2%) Offering Gioch S.A. Société Anonyme Wessanen Europa B.V. Selling Shareholders Lock-up 180 days 29,040,000 No. of Oustanding Shares Global Co-ordinators Sponsor and Lead Manager of Retail offer

Transaction timetable Start of roadshow and bookbuilding 15 June Set maximum retail price 22 June Start of OPV (retail offer) 25 June 28 June End of roadshow, institutional bookbuilding and OPV Pricing and allocation 29 June First day of trading 5 July

Shareholding structure Pre-IPO Post-IPO Gioch S.A. 14% Wessanen Europa B.V. 35% Alicros S.r.l. 51% Alicros S.r.l. 51% Free Float 49% The post-IPO shareholding structure illustrated is based on the assumption of the full exercise of the greenshoe

Chief Executive Officer Group overview Group overview Group overview Group overview Marco P. Perelli-Cippo Chief Executive Officer Roadshow

Campari Group: a leader in the beverage sector Italy’s largest (ninth largest globally) producer and distributor of branded spirits The spirits portfolio includes three of the top 100 premium brands (Campari, CampariSoda, Cynar) Cinzano is the second best-selling brand in the global vermouth category The three largest markets are Italy, Germany and Brazil A distribution network covering more than 190 countries worldwide An attractive portfolio of third party brands completes its quality product offering

A long history of tradition and expansion 1860 Gaspare Campari invented the Campari formula and founded the business 1904 Established production facilities in Milan. Beginning of industrial phase 1932 Launch of CampariSoda 1950 Beginning of international expansion 1995 Beginning of acquisition activity

The diversification phase 1995 Acquisition of Cynar, Biancosarti, Crodino, Lemonsoda, Oransoda Acquisition of distribution rights in Italy for Jägermeister 1997 Acquisition of distribution rights in Brazil for Clan McGregor 1999 Acquisition of Ouzo 12 and Cinzano Launch of Pelmosoda Acquisition of Dreher, Old Eight, Drury’s, Liebfraumilch and Gregson’s 2001 1996 Acquisition of distribution rights in Italy for Glenfiddich and Grant’s 1998 Acquired 10% of Skyy Spirits LLC Acquisition of distribution rights in Italy for Lipton Ice Tea 2000 Acquisition of distribution rights in Brazil for Glenfiddich, Grant’s and Jägermeister

Cinzano: awakening the “sleeping beauty” In November 1999, Campari acquired Cinzano from UDV The Cinzano line is made up of vermouths and sparkling wines Cinzano is a truly global brand with a 250 year history Distributed in over 100 countries, Cinzano is the world’s no.2 vermouth and is also a leading brand in sparkling wines With Cinzano, Campari is proving its capability to create value by revitalising the brand through a focused and unique marketing strategy

Brazil: the latest successful acquisition In January 2001, Campari acquired a number of leading brands in Latin American countries Number 1 Brazilian aguardente with a 32.9% market share Number 2 Brazilian whisky with a 17.9% market share Number 3 Brazilian whisky with a 9.1% market share Number 1 Uruguayan whisky with a 22.9% market share Number 7 Brazilian sweet wine

A successful growth story Net sales (€m) Impressive growth over last years (CAGR of 14%) Strong profitability with EBITDA margins above 20% Balanced brand portfolio spirits (54.7% of sales) wines (16.4% of sales) soft drinks (28.9% of sales) Diverse geographic presence (foreign sales represent 43% of total sales) EBITDA (€m) 1998 1999 2000

Officer Legal Affairs and Business development Brand portfolio, marketing & distribution Brand portfolio, marketing & distribution Brand portfolio, marketing & distribution Brand portfolio, marketing & distribution Stefano Saccardi Officer Legal Affairs and Business development Roadshow

Current brand portfolio Soft drinks Wines Spirits Own brands Campari CampariSoda Cynar Biancosarti Ouzo 12 Dreher Old Eight Drury’s Gregson’s Cinzano Liebfraumilch Crodino Lemonsoda Oransoda Pelmosoda Crodo 1 Minority stake and worldwide distribution rights (excl. US) Third party Jägermeister Skyy1 Grand Marnier Grant’s Glenfiddich Clan McGregor Gorbatschow Riccadonna Henkell Trocken Lipton Ice Tea Granini

Spirits: strong brands to tap markets worldwide Spirits represent 54.7% of total 2000 net sales 2000 Spirits net sales by market 2000 Spirits net sales by product Americas 12.6% EU 28.6% Italy 50.4% RoW 3.1% Rest of Europe 5.3% Jägermeister 5.8% CampariSoda 28.0% Campari 50.4% Cynar 5.1% Other Products 6.9% Ouzo 12 3.8%

Spirits: a portfolio of successful brands Own Brands Group’s flagship brand sold in 190 countries around the world Group’s second most important brand, with a highly loyal consumer base Traditional Italian brand with strong positions in selected international markets and potential for growth Worldwide leader in the Ouzo category (particularly strong in Greece and Germany) Fourth Italian aperitif by sales with a loyal consumer base

Spirits: a portfolio of successful brands Third party brands Description Brands Markets Widely recognised top of the line premium bitter Italy, Brazil One of the fastest growing vodka brands in the US, distributed all over the world Worldwide (excl. US) Prestigious orange based French liqueur Germany Scotch Whiskies with high brand awareness Italy, Brazil Popular vodka in Germany Switzerland

Wines: a division with high potential Wines represent 16.4% of total 2000 net sales 2000 Wines net sales by market 2000 Wines net sales by product Americas 9.4% EU 52.5% Italy 8.5% RoW 19.9% Rest of Europe 9.7% Cinzano Vermouth 35.0% Other Products 19.3% Sparkling Wines 45.7%

Worldwide (excl. Italy, US, UK, France, Romania) Wines: market leaders Own brands World’s No.2 Vermouth and a leading sparkling wine in Italy and Germany Description Markets Third party brands The best selling Asti sparkling wine in Australia and New Zealand Worldwide (excl. Italy, US, UK, France, Romania) Market leader in German sparkling wines Switzerland

Soft drinks: a growing segment Soft drinks represent 28.9% of total 2000 net sales Sales are mainly concentrated in Italy From 1998 to 2000 net sales have grown at a CAGR of 8.2% and volumes at a CAGR of 4.8% Crodino has significantly improved its leadership position since it was acquired 2000 Soft drinks net sales by product Crodino 40.5% Lipton Ice Tea 22.5% Other products 9.0% Lemonsoda, Oransoda, Pelmosoda 28.0%

Soft drinks: market leaders Own brands Most popular non-alcoholic single-serving aperitif Consumption patterns and returns similar to those of alcoholic aperitifs Leading carbonated fruit drinks with natural ingredients High-quality mineral water brands (Lisiel, Valle D’oro and Cesa) Full line of soft drinks Third party brands (Italy) Highly successful and popular brand in its category

A market driven company Advertising & Promotion (A&P) is a fundamental driver of success for Campari’s business model A&P 1998–2000 Image is key A&P is a crucial element of Campari’s marketing strategy Through A&P, our distinctive values are highlighted quality prestige dynamism image brand power A&P(€m) % of net sales

A marketing driven company Advertising campaigns are global, but effectively tailored to local markets Consumer promotions Media Sponsorships

Global distribution coverage Distribution in over 190 countries Direct networks where critical mass has been achieved (i.e. Italy, Brazil, Switzerland and Germany) Joint-Ventures with qualified operators in selected markets (Benelux) The best independent distributors everywhere else

Chief Financial Officer Group financials Group financials Group financials Group financials Paolo Marchesini Chief Financial Officer Roadshow

A track record of high sales Total net sales 98-00 (€m) (€m) 1998 1999 2000 CAGR (%) Net Sales 333.5 366.0 434.01 14.1 Growth (%) na 9.7 18.6 1 Include €3.0m deriving from production of Smirnoff ICE, on behalf of UDV 2 Trading margin: Net sales - Cost of goods – A&P – Sales and Distribution costs 3 it includes €1.2m of profits deriving from production of Smirnoff ICE, on behalf of UDV Trading Margin2 103.6 104.7 123.83 9.3 as % of net sales 31.1 28.6 28.5 EBITDA 85.6 86.4 104.7 10.6 as % of net sales 25.7 23.6 24.1 EBIT 72.0 66.9 85.3 8.8 as % of net sales 21.6 18.3 19.7

Spirits segment overview Net sales 98-00 (€m) Trading margin 98-00 (€m) (€m) 1998 1999 2000 Net Sales 220.1 218.8 236.0 Trading margin 83.1 81.8 89.8 as % of net sales 37.8 37.4 38.1 as % of Group trading margin 80.2 78.1 73.3

Wines segment overview Net sales 98-00 (€m) Trading margin 98-00 (€m) (€m) 1998 1999 2000 Net Sales 7.1 26.1 70.7 Trading margin 1.0 4.7 14.1 as % of net sales 13.5 17.9 20.0 as % of Group trading margin 0.9 4.5 11.5

Soft Drinks segment overview Net sales 98-00 (€m) Trading margin 98-00 (€m) (€m) 1998 1999 2000 Net sales 106.3 121.2 124.3 Trading margin 19.6 18.3 18.7 as % of net sales 18.4 15.1 15.0 as % of Group trading margin 18.9 17.4 15.2

A strong financial base to fuel continuing growth (€m) 1998 1999 2000 Cash 152.1 134.2 167.7 Bank debt (1.9) (13.0) (11.5) Debt due to real estate leasing (19.7) (18.7) (16.9) and other financial debt Net cash 130.5 102.5 139.3 Marketable securities 47.0 19.1 48.9 Net cash and marketable securities 177.5 121.6 188.2 Net Equity 336.2 368.8 398.7

Chief Executive Officer Strategy and conclusion Strategy and conclusion Strategy and conclusion Strategy and conclusion Marco P. Perelli-Cippo Chief Executive Officer Roadshow

Climbing the ladder of global leadership Rank Company No. of top 100 premium spirit brands Source: Impact Databank, February 2001 1 UDV (Diageo) 17 2 Pernod Ricard 12 3 Allied Domecq 11 4 Bacardi 5 Brown-Forman 6 V&S Vin & Spirit AB 7 Suntory 8 Jim Beam Brands 10 Eckes AG Total top 10 66 Tequila Cuervo SA William Grant 13 De Kuyper BV 14 Destileria Serralles 15 Constellation Brands Total top 15 73 Other companies 27 Total top 100 100 63.3 26.8 26.7 25.8 11.8 8.3 7.7 7.3 5.7 189.5 5.5 5.2 4.7 4.3 3.2 212.3 43.6 255.9 9 Campari 3 6.2

Campari’s competitive positioning Global category leadership Diageo Portfolio of strong markets or brands Allied Domecq Pernod Ricard Bacardi Category leadership in aperitifs Niche global brands Strong local market positions Regional, single or niche product powerhouse Brown Forman V&S Jim Beam Brands Local market/secondary brands Constellation Brands Eckes De Kuyper

Reasons for Campari’s continued success Strong brands in a well balanced portfolio High margins and healthy financial position Presence in markets with favourable income patterns Turnaround and value creation skills

Strategy Campari intends to continue to deliver solid growth ... Organic growth External growth Consolidation of the established business Continue revitalisation of Cinzano Target emerging markets (such as Eastern and Central Europe and Asia) Line extension of selected brands Selective strategic acquisitions Continue monitoring attractive acquisition candidates Strong financial position capable of supporting acquisition strategy … while maintaining focus on costs

Investment highlights Top quality management Innovative marketing Proven track record M&A Disciplined cost control World class brands and market positions