Laurent-Perrier — Earnings Release 2008

Dec 1, 2008

L A U R E N T - P E R R I E R

Financial press release

Laurent-Perrier keeps its operating margin at 28% in the first half of 2008-2009

Tours-sur-Marne, 26 November 2008

The Laurent-Perrier Group posted a net attributable income of €11.13 million over the first half (ended 30 September 2008) compared to €17.21 million over the first half of the previous year. Its operating margin remains unchanged at close to 28%.

In millions of euros	H1 2007-2008	H1 2008-2009	Change
Sales	115.43	85.20	- 26.2%
Current operating income	32.29	23.81	- 26.3%
Operating margin %	28.0%	27.9%	- 0.1 points
Net attributable income	17.21	11.13	- 35.3%
Earnings per share (in euros)	2.92	1.89	- 35.3%
Net cash flow*	- 25.7	- 49.1	- €23.4 M

Key financial figures

* Cash flow from operating activities - net investments - dividends

Commenting on the half-yearly results Yves Dumont, Chairman of the Management Board, noted:

"Keeping our operating margin at a high level in difficult market conditions is notably the result of the value strategy that we have been vigorously pursuing over the past years. At the beginning of the year, the House refined its commercial strategy in order to strengthen the already strong positioning of the Laurent-Perrier brand in the premium champagne segment. While the current economic climate means that it will take longer to implement this change, it does not call into question the Group's competitive advantages, the foremost of which is the quality of its champagnes. The strength of our financial structure gives us the resources to stay focused on our medium-term growth and profitability goals. Everybody in the Group is striving to achieve them."

D O M A I N E L A U R E N T - P E R R I E R – 5 1 1 5 0 T O U R S - S U R - M A R N E – F R A N C E T E L : 3 3 ( 0 ) 3 2 6 5 8 9 1 2 2 – F A X : 3 3 ( 0 ) 3 2 6 5 8 7 7 2 9

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R E I M S R E G I S T E R O F C O M P A N I E S ( R C S ) N O . B 3 3 5 6 8 0 0 9 6 – S I R E T C O D E 3 3 5 6 8 0 0 9 6 0 0 0 2 1 – A P E I N D U S T R Y C O D E 7 4 1 J C H A M P A G N E L A U R E N T - P E R R I E R – C H A M P A G N E S A L O N – C H A M P A G N E D E L A M O T T E – C H A M P A G N E D E C A S T E L L A N E

Stability of the operating margin, thanks to a strong price/mix effect

Thanks to the strength of the price/mix effect, the gross margin rose by 5.9 points to 61.7%.

Selling and administrative expenses fell by 9% to €29.2 million, representing a saving of €2.9 million compared to the first half of 2007-2008.

These factors made it possible to keep the operating margin at the same level as the previous year despite the negative exchange rate impact, which cost it 2.3 points. At close to 28%, it has risen by almost by 7.5 points over three years.

Finance expenses were up close to 13%, primarily on the back of the ongoing rise in interest rates and the higher debt level. These higher finance expenses explain the more rapid fall in net income, which was down 35.3%.

The financial structure remains solid

The decline in cash flow from operating activities was primarily due to the €45 million rise in the working capital requirement, representing an increase of over 60% on the first half of the previous year. In particular, inventories (strategic assets for a Champagne House) are up €92 million since 1 April 2008 and include the annual harvest, as at 30 September the previous year.

Their value is thus substantially higher than the net debt: they represent 1.6 times debt, the same level as at 30 September 2007.

Net debt was €33.7 million up on 30 September 2007. At €293 million, it represents around 80% of the credit facilities in place and amounted to 131% of shareholders' equity compared to 125% a year earlier.

Outlook for 2008-2009

Against the current background of major economic uncertainty, and were the current trend to continue, the Group believes that it should be able to post sales of over €200 million. On this basis, the operating margin may be between 21% and 23%, assuming exchange rates comparable to those of the first half. This also factors in the planned increase in brand development investments in the second half of this year. Indeed, the development of the Laurent-Perrier brand will, over the medium term, make it possible to increase the return on Group assets and in particular its inventories.

Laurent-Perrier is one of the few Champagne Houses listed on the stock exchange dedicated exclusively to champagne and focused on the premium segment. Laurent Perrier offers a broad range of products renowned for their quality, and sold under four main brands: Laurent-Perrier, Salon, Delamotte and Champagne de Castellane.

ISIN code: FR 0006864484	Laurent-Perrier is listed on Euronext Paris Compartment B.
Bloomberg: LAUR FP	It is included in the CAC Mid Small 190, CAC Mid 100, SBF
Reuters: LPER.PA	SM and SBF 250 indices.

Director of Finance and Administration Director of Communication

Etienne AURIAU Marie-Clotilde DEBIEUVRE-PATOZ and Public Relations +33 (0)3.26.58.91.22 +33 (0)3.26.58.91.22 2