1. Roadshow Presentation Initial Public Offering - June 2001

2. 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

3. 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

4. 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

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

6. 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

7. 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

8. 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

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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 %

15. 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

16. 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

17. 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%

18. 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

19. 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%

20. 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

21. 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

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

23. 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

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

25. A track record of high sales
Total net sales (€m)
(€m)
1998
1999
2000
CAGR (%)
Net Sales Growth (%) na
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 Margin as % of net sales
EBITDA as % of net sales EBIT as % of net sales

26. Spirits segment overview
Net sales (€m)
Trading margin (€m)
(€m)
1998
1999
2000
Net Sales
Trading margin as % of net sales as % of Group trading margin

27. Wines segment overview
Net sales (€m)
Trading margin (€m)
(€m)
1998
1999
2000
Net Sales
Trading margin as % of net sales as % of Group trading margin

28. Soft Drinks segment overview
Net sales (€m)
Trading margin (€m)
(€m)
1998
1999
2000
Net sales
Trading margin as % of net sales as % of Group trading margin

29. A strong financial base to fuel continuing growth
(€m)
1998
1999
2000
Cash
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
Marketable securities
Net cash and marketable securities
Net Equity

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

31. 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

32. 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

33. 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

34. 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

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