BESSERAT DE BELLEFON 170 Sensational years

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2 BESSERAT DE BELLEFON 170 Sensational years Founded in 1843, BESSERAT DE BELLEFON has offered noble and elegant wines for 170 years. Today, it is continuing to develop by creating value through outstanding wines crafted over long periods for fine dining. BESSERAT DE BELLEFON Sensation For over 170 years, BESSERAT DE BELLEFON has continued to uphold the House's tradition of impeccable quality, creating wines reserved exclusively for the fine dining, hotel, wine store and gourmet food store sectors. Continuing with the work accomplished since the House was founded in 1843 by re-appropriating its fundamentals The BESSERAT DE BELLEFON style reflects a unique production process within the region. Compared with a traditional champagne, the House's Champagnes are characterized by 30% finer bubbles, creating the BESSERAT DE BELLEFON "Sensation". Cuvée des Moines, tribute to fine dining Victor Besserat created an outstanding quality Champagne in 1930, all in finesse, lightly sparkling, with a creamy palate, the renowned Cuvée des Moines, the jewel in the brand's crown. The Cuvée des Moines is the Champagne wine specially created to accompany the most outstanding of fine dining experiences. As a partner of leading restaurants, it has established itself alongside Michelin star chefs such as Jean-François Rouquette (Le Pur, Park Hyatt Vendôme - Paris) and Philippe Mille (Domaine Les Crayères, Reims). B de B cuvee, new cuvee de prestige For its 170 th anniversary, BESSERAT DE BELLEFON has significantly strengthened the House's identity. Launched to mark this occasion, the new B de B cuvee de prestige consecrates the House's inimitable style and authentic nature. To achieve this, it has given carte blanche to Cellar Master Cédric Thiébault, who chose a magnificent selection of champagne vintages to craft a blend that expresses the very best that the House can offer, while creating a new oenological experience for loyal enthusiasts of the BESSERAT DE BELLEFON style. These developments will help further strengthen BESSERAT DE BELLEFON's positions both in France and internationally. Driven by the outstanding quality of its wines and the presence of its brand, it is moving forward with a value development strategy.

3 Message from the Chairman THE GROUP'S FOUNDERS Bruno Paillard Chairman of the LANSON-BCC Group Philippe Baijot Chairman of Champagne LANSON and Maison BURTIN Dear Shareholders, 2013 was characterized by a very difficult economic environment, particularly in Europe, affecting Champagne shipments, down 1.2% on 2012 despite a dynamic end to the year. In this climate, LANSON-BCC has continued moving forward with its value development strategy that has been applied for several years. The Group has consolidated its positioning as a global Champagne player thanks to an active presence across all market segments, while focusing on adding more value to its wines, an essential condition for sustainable development. Our results for 2013 are solid. Our operating margin came to 13.7%, compared with 15% in This change reflects the intense level of competition and the commercial investments made on several markets, including the United States, the second largest export market for champagne, where the Group's presence is still too limited. LANSON-BCC has consolidated its positioning as a global Champagne player thanks to an active presence across all market segments The net margin rate of 5.9% factors in the increase in the effective corporate income tax rate, which is now up to 38.9%, compared with 38.5% in 2012, 37.3% in 2011 and 34.4% in This increased pressure from taxes is particularly marked in our industry by the fact that 15% of the financial expenses recorded cannot be deducted. This development is regrettable because it is having a major impact on investments for an outstanding sector, going against our industry's need to mature its wines over long periods, and therefore to carry and finance significant levels of stocks, representing an average of three years of sales. The Group's strict management and the decision over the past few years to retain almost 90% of net income within the business have helped further strengthen its financial structure. Gearing has continued to improve, coming in at 2.14, down from 5.68 at the end of 2006 following the acquisition of Maison BURTIN and Champagne LANSON. This improved position has been reinforced with CM-CIC Capital Finance entering the capital in 2013, enabling the Group to support its future development, backed by a strong partner capable of consolidating its independence. Despite the persistent economic uncertainty in 2014, LANSON-BCC is continuing to move forward with its value strategy, built around the effective fit between its Houses, combined with the increasingly widely recognized quality of their Champagne wines, their efficient production facilities and their effective management. I would like to thank our customers, our teams and our shareholders for their confidence, trust and loyalty. Bruno Paillard Chairman and Chief Executive Officer

4 GROUP HOUSES Strong and complementary identities 2013 Champagne LANSON - Reims million euros Revenues 39.3 million euros EBIT 17 million euros Net income 442 Employees House founded in 1760 LANSON is one of the oldest Champagne Houses. It crafts its wines in the traditional Champagne style, avoiding malolactic fermentation during the wine-making process. This choice, guaranteeing a full body, fruitiness and freshness, increases the cellaring potential and predestines the cuvees for ageing, enabling them to fully express their rich aromatic palette. Present on the five continents, the House enjoys strong positions, particularly in the UK, where its Rosé Label cuvee is the top seller. LANSON Champagnes are distributed across all channels - mass retail stores, wine stores, gourmet food stores, restaurants, bars, hotels - in France and internationally. In 2014 : LANSON is developing a longterm value strategy, harnessing the House's know-how and resources to expand its international footprint. The House's brand image, the efficiency of its production facilities, the dedication of its teams and the thoroughness of its management represent the foundations for its development. A major multi-year investment program ( ) will further improve the quality of its wines, its commercial responsiveness and the reach of its brand.

5 Champagne CHANOINE FRÈRES - Reims House founded in 1730 Founded under the reign of Louis XV, CHANOINE FRÈRES was the first House to be authorized by the city of Epernay to dig a cellar in Champagne. The second oldest Champagne House, CHANOINE FRÈRES successfully blends modernity with quality today. CHANOINE FRÈRES Champagnes are primarily present in all leading retail stores, with the classic CHANOINE FRÈRES cuvees and the prestigious TSARINE range, a vintage that is often in the cinema spotlight. In 2014 : CHANOINE FRÈRES is supporting the promising dynamic commercial development of its TSARINE brand on both domestic and export markets. Buoyed by its stronger communications, its premiumization is being confirmed with the development of TZARINA, a prestigious new listing. Champagne BOIZEL - Épernay House founded in 1834 "One Family, one House, one Tradition": for 180 years, the BOIZEL Family has dedicated itself with passion to ensuring the highest standards and creating outstanding vintages, renowned for their finesse, elegance and balance. Distributed in the UK as early as the 19th century, BOIZEL Champagne has built up a wonderful reputation there. It also has a very strong presence in Japan, a country that is home to many enthusiasts of the Brut Rosé and the magnificent Joyau de France France s leading mail-order brand, BOIZEL Champagne is distributed through traditional channels for export. In 2014 : BOIZEL is moving forward with its value strategy, consolidating its positions in France and developing its sales internationally. It is celebrating its 180th anniversary with the launch of the 1834 Cuvee, a limited, numbered edition. BOIZEL is also further enhancing the House's range of Champagnes with new 2004 vintages released for two emblematic cuvees: Joyau de France Rosé and Grand Vintage.

6 Champagne DE VENOGE - Épernay House founded in 1837 DE VENOGE cultivates a policy of quality and innovation in the purest champagne tradition. Recommended by many prestigious institutions, DE VENOGE is one of the most decorated Champagnes of its generation. From the Cordon Bleu to Louis XV and the Champagne Grand Vin des Princes, the House follows a core guideline that is easily identifiable through its slogan: "Noblesse Oblige". In 2014 : DE VENOGE is continuing with its high-end development in France and internationally, supported by a network of selective retail professionals. Its back label now shows the dosage and disgorging date, guaranteeing the transparency of its expertise. Champagne DE VENOGE is stepping up the development of its Grand Vin des Princes cuvee and revitalizing the image of its Louis XV cuvee de prestige. To support its growth, the House will be moving into a magnificent townhouse shortly on Avenue de Champagne in Epernay. Champagne PHILIPPONNAT - Mareuil-sur-Aÿ House founded in 1910 Based in Aÿ since 1522, the PHILIPPONNAT family has devoted itself since the Second Empire to producing excellent Champagne wines. From the Brut Royale Réserve, the House's ambassador, to the prestigious Cuvee du Clos des Goisses, Champagne PHILIPPONNAT offers outstanding wines that are full-bodied and structured, reserved exclusively for fine restaurants, traditional channels and major enthusiasts. Champagne PHILIPPONNAT is one of the first Champagne vineyards to be awarded the "high environmental quality" label. PHILIPPONNAT-Les Domaines Associés distributes Domaines Barons de Rothschild (Lafite) wines in France. In 2014 : PHILIPPONNAT is focusing is high-end development on export and traditional channels. Its value strategy is reflected in the launch of a new Blanc de Noirs cuvee and two single vineyard cuvees from Aÿ and Mareuil-sur-Aÿ (very limited volume). The premiumization of Champagne PHILIPPONNAT has been accompanied by an overhauling of its visual identity and the creation of new highly elegant labels.

7 Champagne ALEXANDRE BONNET - Les Riceys House founded in 1973 The leading Champagne House in the village of Les Riceys, the Champagne region's largest plot, with its 47 hectares of vines and above all its major grape purchasing contracts, the ALEXANDRE BONNET House actively contributes towards the supplies for the Group's Houses. It is particularly renowned for its celebrated AOC label still wine, the Rosé des Riceys, as well as its magnificent range of white and rosé Champagnes and its red Coteau Champenois, distributed in France and for export. In 2014 : ALEXANDRE BONNET is further strengthening the House's positions on its traditional markets and ramping up its international development. It offers a collection of wines covering a wide range of palettes. With the creation of a museum to preserve the old Champagne grape varieties, which include Petit Meslier, Arbane, Pinot Blanc and Pinot Gris, in addition to the well-known Chardonnay, Pinot Noir and Pinot Meunier, ALEXANDRE BONNET will subsequently be able to offer rare and precious cuvees for demanding consumers. Maison BURTIN - Épernay House founded in 1933 BURTIN perpetuates the spirit of its founder Gaston Burtin, a key figure in the history of Champagne, who made his House one of the leading Champagne businesses. BURTIN draws on its close ties with the vineyard and highly effective production capabilities. The House owns the BESSERAT DE BELLEFON brand, distributed through traditional networks. It is one of the leading suppliers for the mass retail sector in France and Europe, and more specifically handles production and distribution, primarily in France, for ALFRED ROTHSCHILD & Cie. Champagne. In 2014 : BURTIN s modern production capabilities enable the House to be highly responsive and meet the expectations of Champagne consumers, while guaranteeing outstanding quality. More specifically, the growing value of the wines created by BURTIN is consolidating the positioning of BESSERAT DE BELLEFON's prestigious Champagnes.

8 Allée du Vignoble Reims - France Tél. : +33 (0) Fax : +33 (0) actionnaires@lanson-bcc.com PLEASE DRINK RESPONSIBLY WHEN ENJOYING OUR CHAMPAGNES Profil Design - Calyptus - Photos D.R