MONTENEGRO GROUP. The group at a glance Independent Italian holding 100% owned by an Italian family Based in Bologna, in the area of the Italian “Food.

MONTENEGRO GROUP

The group at a glance Independent Italian holding 100% owned by an Italian Independent Italian holding 100% owned by an Italian

familyfamily

Based in Bologna, in the area of the Italian “Food Based in Bologna, in the area of the Italian “Food Valley”Valley”

250 mio. € turnover – 50% food / 50% spirits250 mio. € turnover – 50% food / 50% spirits

Leading brandsLeading brands

More than 300 employeesMore than 300 employees

4 production plants4 production plants

Strategy

High quality/image & premium price positioning

Consumer & marketing oriented attitude

Strong commitment on the international expansion (based on buiding brands)

Growth through mergers of leading and premium brands

“Amaro” category

Amaro (meaning "bitter" in Italian) is a variety of Italian herbal liqueur

Commonly drunk as an after-dinner digestive

It is usually bitter and sweet, (alcohol content must be over 15%)

Typically produced by macerating herbs and roots, in alcohol (neutral spirits or wine), and allowing the mixture to age in casks or in bottle.

Amaro Montenegro: 120 years of italian history

First produced in 1885 in Bologna by a famous Italian spirits manufacturer Stanislao Cobianchi.

The name of this liqueur intended to pay homage to the second queen of Italy, Princess Hellen of Montenegro

In over 120 years of history Amaro Montenegro has become: the most renowned Amaro in Italy the top-selling brand of Amaro in Italy, the most famous symbol of Italian liqueur tradition and culture

Gabriele D’Annunzio (the celebrated Italian poet) defined it the “liqueur of the virtues”

A unique and secret recipe

The original recipe it’s the same now as it was originally in 1885 It is unique and absolutely secret

Uses a blend of over 40 different herbs

The distinct soaking and distillation process make a liquor with a unique taste

The features that make it an icon

Alcohol: 23%

Colour: light brown

Bottle: an exclusive distinctive bottle which made Amaro Montenegro unique and immediately recognizable

Lable: traditional italian vintage

The features that make it an icon

Aroma: palate entry is sweet at first then it quickly turns mildly bitter and botanical; by midpalate, there's a slight sweetness of tangerine/mandarin peel. Aftertaste is moderately bittersweet and citrusy.(Rated: "90-95 Highly Recommended" for magazine “Wine Enthusiast”)

Target consumer: focus target, male 25-45 y.o.

Range: 750 ml, 1000ml, 30 ml (miniatures)

A versatile product, suitable for everybody’s choice

Neat On ice

Base for cocktail (Cocktail menu)

Its delicate density make it a highly versatile and modern product

to be served on all occasions.

Leader in Italy with a strong premium price

Market Brand Market Share € Weighted Distrib.

BitterBitter

(“Amaro”)(“Amaro”)28,8%28,8%

OFF Trade 98%OFF Trade 98%

ON Trade 96%ON Trade 96%

Market leader (brand n° 1 in Italy)Market leader (brand n° 1 in Italy)

premium price positioningpremium price positioning

Is listed in the 98% of Italian retailer shopsIs listed in the 98% of Italian retailer shops

Is the spirit more demanded in the Italian bars and restaurants Is the spirit more demanded in the Italian bars and restaurants

Nielsen data 2011

A WORLD OF EMOTION, FRIENDSHIP AND COMMITMENT

““It has a definite taste, genuine, the flavour It has a definite taste, genuine, the flavour of aromatic herbs”of aromatic herbs”

Consumer’s verbatimConsumer’s verbatim

““It tastes of adventure and true values”It tastes of adventure and true values”Consumer’s verbatimConsumer’s verbatim

A one-of-a-kind bottle that makes it an icon

An unmistakable bottle that brings An unmistakable bottle that brings tradition and uniqueness with its tradition and uniqueness with its recognizable shaperecognizable shape

A vintage label that shows the links A vintage label that shows the links with italian tradition. The medals on it with italian tradition. The medals on it are the acknowledge of the are the acknowledge of the numberless awards obtainednumberless awards obtained

A leader brand even between the strongest competitors

19,5

63,1

17,4

57,5

0

10

20

30

40

50

60

70

Montenegro Jaegermeister

Top of MindTotal

Brand awarness Brand awarness at the top of the at the top of the mktmkt

COMPETITORS

BRAND % alc. Country Market share in Italy

Amaro Montenegro

23 Italy 28,8%

Lucano 29 Italy 12,2%

Amaro Ramazzotti

30 Italy 7,4%

Amaro Averna

32 Italy 20,3%

Jagermeister 35 Germany 15,1%

Nielsen data 2011

COMPETITORS

MARKET SHARE %

AMARO MONTENEGRO

ALTRI

JAGERMEISTER

AMARO AMAZZOTTI

AVERNA

FERNET BRANCA

AMARO MONTENEGRO WAY TO DRINK: WAY TO DRINK:

digestifdigestif aperitifaperitif Base for cocktailBase for cocktail

TARGET GROUP: TARGET GROUP: Young people (amaro is becoming a trendy product)Young people (amaro is becoming a trendy product) Italian ComunityItalian Comunity Women (Amaro Montenegro in Italy is the most drunk Women (Amaro Montenegro in Italy is the most drunk

spirit by women) spirit by women)

SALE CHANNELS: SALE CHANNELS: Off Trade Off Trade On trade ClubOn trade Club