HAWESKO Holding AG

Earnings Release • Jun 16, 2015

Translation of the German presentation for the information of our shareholders

Annual General Meeting

Ulrich Zimmermann – Finance Director

2014: Hawesko grew again more than the market

Group sales Germany:	€ 421 mill.	+	2.9 %
outside Germany:	€ 52 mill.	–	7.7 %
Total Group sales:	€ 473 mill.	+	1.6 %
Headwind
Less demand for Bordeaux en primeur	vintage 2011

Closed French subsidiary Château Classic i.L.

Positive factors

• Anniversaries of Jacques' Wein-Depot, Hanseatisches Wein- und Sekt-Kontor
• Continued upgrading of online activities
• Continued strong new-customer acquisition

15 June 2015 3

Specialty wine shops (Jacques' Wein-Depot)

• Sales increase of 4.7 % like-for-like +3.9 %
• 40 year anniversary
• More active customers
• EBIT increased proportionately greater because of better coverage of fixed costs

Wholesale/Distribution

• Sales decline by 3.5 %
• En primeur (subscription) vintage 2011
• Château Classic in Liquidation
• +1.8 % on adjusted basis
• EBIT doubled because closing charges from Château Classic did not recur

5 15 June 2015

Distance selling SALES IN MILL. € EBIT IN MILL. € 9,0 2014 11,1 2013 157,3 2014 149,3 2013

• Segment sales +5.3 %
• 50 year anniversary of Hanseatisches Wein- und Sekt-Kontor hawesko.de
• Repeatedly strong new-customer acquisition
• Online makes up nearly half of sales
• EBIT negatively impacted by lower Bordeaux deliveries

Group EBIT

Group EBIT € 20.1 mill. (previous year: € 22.6 mill.),

Charges in 2014:

• One-off consultancy and defense fees of € 4,8 Mio.
• Lower gains from the Bordeaux en primeur (subscriptions) deliveries
• Further structural investments in the expansion of the group

Development of important operating expenses

Expense in % of sales	2013	2014
Personnel expense	11.1 %	11.1 %
Advertising expense	8.5 %	8.8 %
Delivery expense	4.3 %	4.5 %

• Personnel expense ratio held constant
• Advertising expense increased according to plan because of events and promotions for company anniversaries
• Delivery expense ratio increased due to unfavorable structure of orders, fulfillment in Switzerland transferred to new logistics center
• Legal and consultancy fees represent the largest difference to previous year

15 June 2015 8

One-off charges weigh on earnings

• EBIT decline leaves its mark on net profit
• Financial result was less positive than previous year
• Tax rate declined from 35.4 % to 30.6 %
• Group net profit attributable to shareholders (after minorities): € 14.8 mill. (prev. year: € 16.2 mill.) Per share: € 1.65 (prev. year: € 1.80)

Consolidated balance sheet: equity ratio increased

10 15 June 2015

Cashflow and capital spending

11 15 June 2015

Dividend

• Hawesko share shall remain a dividend share, even after the change-of-control
• The above-average payout ratio of the past shall be gradually lowered.
• Dividend proposal € 1.30 per share
• Payout ratio to be lowered from 92 % last year to 79 % this year

Financial outlook ²⁰¹⁵

Orientation:

• Long-term and profitable growth
• Improvement of profitability is the focus of the next two years
• Expected in 2015:
• Sales growth of approx. 1 % against previous year
• EBIT on adjusted basis of € 26–27 mill.
  • (2014 adjusted: € 24.6 mill.)
• Extraordinary charges 2015: Mainly personnel provision of € 6 mill.
• Group net profit (unadjusted) of approx. € 12–13 mill.
  • (2014: € 14.8 mill.)
• Free Cash Flow approx. € 17–20 mill. (2014: € 13 mill.)

Quarterly results for Q1 2015

A good basis for the further course of 2015 in normal operations

• Sales declined according to plan because of extraordinary factors
• Operating margin increased from 3.5 % to 3.9 % adjusted for one-off charges
• On budget to date

Blick in die Zukunft

• Steady and systematic further penetration with our existing trade brands
• Strategic acquisitions possible
• Stronger central functions and stronger force for integrating the decentralised operating units
• Even better realisation of synergies
• Clear shareholder structure supports the longer-term outlook for success

We will become an even stronger market leader!

Thank you!

Annual General Meeting