Italian Wine Brands S.p.A.

Review report on interim condensed consolidated financial statements as of June 30, 2021

VCPC/AMRC/lsmt - RC061842021BD0385

Tel: +39 02 58.20.10

Viale Abruzzi, 94

www.bdo.it

20131 Milano

(This report has been translated into English from the original, which was prepared in Italian and represents the only authentic copy, solely for the convenience of international readers.)

Review report on interim condensed consolidated financial statements

To the shareholders of

Italian Wine Brands S.p.A.

Introduction

We have reviewed the accompanying interim condensed consolidated financial statements comprising the consolidated statement of financial position, the comprehensive consolidated income statement, the consolidated statement of changes in shareholders' equity and the consolidated statement of cash flow and related explanatory notes of Italian Wine Brands S.p.A. and its subsidiaries (Italian Wine Brands Group) as of June 30, 2021.

Management is responsible for the preparation of this interim condensed consolidated financial statements in accordance with the International Financial Accounting Standards applicable to interim financial reporting (IAS 34) endorsed by the European Union.

Our responsibility is to express a conclusion on this interim condensed consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with review standard recommended by Consob (the Italian Stock Exchange Regulatory Agency) in its Resolution no. 10867 dated July 31, 1997. A review of interim condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the interim condensed consolidated financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements of Italian Wine Brands Group as of June 30, 2021 are not prepared, in all material respects, in accordance with the International Financial Reporting Standards applicable to interim financial reporting (IAS 34), endorsed by the European Union.

Milan, September 29, 2021

BDO Italia S.p.A.

(signed on the original)

Vincenzo Capaccio

Partner

Bari, Bologna, Brescia, Cagliari, Firenze, Genova, Milano, Napoli, Padova, Palermo, Roma, Torino, Verona

BDO Italia S.p.A. - Sede Legale: Viale Abruzzi, 94 - 20131 Milano - Capitale Sociale Euro 1.000.000 i.v. Codice Fiscale, Partita IVA e Registro Imprese di Milano n. 07722780967 - R.E.A. Milano 1977842 Iscritta al Registro dei Revisori Legali al n. 167911 con D.M. del 15/03/2013 G.U. n. 26 del 02/04/2013

BDO Italia S.p.A., società per azioni italiana, è membro di BDO International Limited, società di diritto inglese (company limited by guarantee), e fa parte della rete internazionale BDO, network di società indipendenti.

CONSOLIDATED HALF-YEAR FINANCIAL

REPORT

30 JUNE 2021

ITALIAN WINE BRANDS S.P.A.

Registered office in Milan, Viale Abruzzi, 94

joint-stock company with subscribed and paid-up share capital of €1.046.265,80

Tax Code Companies Reg. No. 08851780968

Registered in the Companies Register of Milan, Monza-Brianza, Lodi

R.E.A. no. 2053323

www.italianwinebrands.it

TABLE OF CONTENTS

Composition of the Administrative and Supervisory Bodies

3

Directors' Report on Operations

4

Consolidated Annual Financial Report

Consolidated Statement of Financial Position

28

Comprehensive Income Statement

29

Statement of Changes in Shareholders' Equity

30

Statement of Cash Flows

31

Form and content of the Consolidated Financial Report

32

Notes to the Financial Statements

56

2 | CONSOLIDATED HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2021

2 |

Composition of Corporate Bodies

Board of Directors

Alessandro Mutinelli (Chief Executive Officer and Chairman)

Giorgio Pizzolo (Deputy Chairman)

Pier Paolo Quaranta (Director with delegated powers)

Antonella Lillo (Independent Member)

Massimiliano Mutinelli

Marta Pizzolo

Simone Strocchi

Board of Statutory Auditors

David Reali (Chairman of the Board of Statutory Auditors)

Eugenio Romita (Statutory Auditor)

Debora Mazzaccherini (Statutory Auditor)

Independent Auditors

BDO Italia S.p.A.

Nomad

IntesaSanPaolo S.p.A.

3 | CONSOLIDATED HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2021

3 |

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IWB - Italian Wine Brands S.p.A. published this content on 29 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2021 17:01:00 UTC.