Strategy and development perspectives

Strategy and development perspectives Warsaw, 5 June 2017

AMBRA in brief 1992 establishment of AMBRA S.A. 1995 leader of the sparkling wines segment 1997 acquisition of the CIN&CIN brand 2005 IPO and formation of the Group 2006 leader of the still wines segment 2009 leader of the wine store segment 2012 CENTRUM WINA merged into AMBRA S.A. 2013 CYDR LUBELSKI creator and leader of the cider segment in Poland 2015 10 years on the Warsaw Stock Exchange 2016 highest dividend in the AMBRA Group history and alltime lowest level of debt 2

Get to know AMBRA AMBRA Group is a leading manufacturer, importer and distributor of wines in the Central-Eastern Europe. Poland is the main operating market for AMBRA, where the Company is an undisputed leader of the wine market. Strong brands are main source of the Group s growth: FRESCO, ZAREA, CYDR LUBELSKI, CIN&CIN, DORATO, EL SOL, PICCOLO, PLISKA are leaders in the major categories of the market. The Group also operates in the Czech Republic, Slovakia and Romania. 3

Structure of ownership and the AMBRA Group OTHERS 27,66% MEMBERS OF THE MANAGEMENT AND SUPERVISORY BOARDS 1,26% AVIVA OFE AVIVA BZ WBK 9,96% SCHLOSS WACHENHEIM AG 61,12% 4

Our mission We enrich lives of consumers by creating valuable products. We support consumers in love for wine and increase availability of products. We provide a stable return on invested capital based on cash flow from growing brand portfolio. 5

Sources of growth consumption levels Despite its dynamic growth, consumption per capita in Poland is still one of the lowest in Europe and will continue to grow in the years to come. Source: AMBRA S.A., www.wineinstitute.org 6

Sources of growth social trends Social trends promoting increase of wine consumption in Poland: - Growing income per capita - Increasing level of education - Development of tourism - Changes of lifestyle - Increasing tendency to purchase luxury goods Source: AMBRA S.A., Nielsen 7

Sources of growth wine market Wine sales in Poland grows constantly over 5% in 2016. 2,34 2,46 2,06 2,20 +5,7% +6,6% +6,4% 2013 2014 2015 2016 Wine sales in Poland (in PLN bilion) Consumption in 2016 represents period from February 2016 to January 2017 on the above chart. * Source: Nielsen 8

Sources of growth wine market Increase of the wine market in Poland no longer in discounters. 31% 32% 32% 32% 37% 37% 35% 36% 32% 31% 34% 32% 2013 2014 2015 2016 discounters hyper- and supermarkets traditional trade Unlike in previous years, growth is noted in hyper- and supermarkets, small stores. Drop in discounter sales. Source: AMBRA S.A., Nielsen 9

Sources of growth wine market Still and sparkling wines grow 139 133 275 244 285 284 136 230 289 137 214 292 1 482 1 549 1 683 1 801 2013 2014 2015 2016 still wines sparkling wines vermouths dessert wines So far the fastest growing market category were still wines. In 2016 still wines increased by 7,2%, but sparkling wines grew even faster by 8,8%. Source: AMBRA S.A., Nielsen 10

Sources of growth we create strong brands and innovative products From the beginning AMBRA creates brands leaders of categories Leader in sparkling wines for 25 years Leading brand in sparkling wines and aperitif Leading brand in still wines Standard of Polish natural cider and undisputed market leader Poland's largest network of wine stores and catering suppliers Dynamically growing leader of the sparkling wine market in Romania Originator and leader in champagne for children 11

Sourcesof growth creation and development of strongbrands More than half of the Group's sales are major brands leaders of categories. Major brands are growing faster than all the Group s sales and are a major source of value. CAGR = 5,04% TOTAL CAGR = 2,37% OTHER 49% 50% 52% BRANDS CAGR = 7,82% OTHER 48% 2014/2015 2015/2016 2016/2017* 12

Sources of growth largest client database CENTRUM WINA largest wine store chain in Poland with 24 stores in the most attractive locations. Every 5 bottle of wine in 1500 Polish restaurants comes from us. Largest wine lovers community KOCHAM WINO has already 100 000 members. 13

Sourcesof growth dynamicallygrowingpositionin Romania Strong growth of sales thanks to the leading brand ZAREA - the growing leader of the Romanian sparkling wine market. 1912 establishment of ZAREA S.A. in Bucharest 1948 nationalization 2006 acquisition by AMBRA S.A. 2014 ZAREA brand in the brandy market in Romania 2016 ZAREA leader of the sparkling wines market in Romania 25,0 ZAREA brand market share (%) ZAREA brand net sales revenue (PLN million) 20,0 25 15,0 20 CAGR = 43,8% 15 10,0 10 5,0 5 0,0 2014/2015 2015/2016 2016/2017* sparkling wines brandy 0 2014/2015 2015/2016 2016/2017* 14

Financial results Development of brands and innovative products contributes directly to the growth of financial results. Growing net sales revenue Stable margins 458 10,0 8,0 6,0 EBIT (%) Net profit (%) 393 397 424 4,0 2,0 0,0 2013/2014 2014/2015 2015/2016 2016/2017* 2013/2014 2014/2015 2015/2016 2016/2017* High cash flows, EBIT Working capital optimization 56,8 53,4 30,2 30,3 34,2 34,0 34,8 41,4 2013/2014 2014/2015 2015/2016 2016/2017* Consolidated data (in PLN milion) * Annualized to 31 March 2017 15

30,0 25,0 20,0 15,0 10,0 5,0 Growing dividends The AMBRA Group's strategy assumes a further increase in dividends. 0,30 14,9 net profit attributable to owners of the parent company (mln zł) dividend per share (zł) 0,40 0,40 19,1 0,43 16,0 16,5 0,45 26,0 0,50 0,52* 19,0 17,9 0,60 0,50 AMBRA earned net profits of almost PLN 165 million and paid over PLN 90 0,40 million as dividend to its shareholders over 10 year since the IPO (over 1/3 of 0,30current capitalization). AMBRA s dividend yield is 0,20one of the highest on the Warsaw Stock Exchange 6,42%. 0,10 0,0 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 * Dividend paid on 3 November 2016 0,00 16

Increase in investment value Return on investment in AMBRA increased over 100% in the last 5 years as compared with WIG and WIG_SPOZYW indexes. 17

AMBRA assumptions for 2016/2017 Stable increase of the Group s net sales Still wines and Romanian market main sources of growth Increase of operating expenses below net sales High level of cash flows Continuation of dividend policy 18