Marie Brizard Wine & Spirits

BANKS AGREEMENT - Seite 2

COFEPP and MBWS have also agreed to postpone until 31 January 2020 the deadline for the lifting of the conditions precedent for the transfer of the second tranche of about €7.4 million under Bridge n°1, which will be used for the needs of the business in Poland.

As a reminder, the agreement signed with COFEPP on December 20 2019 also provides for a second current account advance of €17 million (remunerated at the annual capitalized EURIBOR 3-month rate with a floor at zero + 425 bps), which would be made available to MBWS during the first quarter of 2020 (the "Bridge n°2"), subject to (i) the agreement in principle of the public creditors on a moratorium on a part of the Group's tax and social security debts, (ii) the amendment of a bulk Scotch Whisky supply contract with an MBWS supplier and (iii) the stability of forecast cash requirements for 2020. Bridge n°2 would be secured by several additional pledges on the Group's assets, in particular second-rank pledges on the Sobiesksi, Marie Brizard and William Peel brands, as well as on the shares of MBWS France (first-rank) and Cognac Gautier (second-rank).

The terms and conditions (notably the amount, subscription price and COFEPP's guarantee) of the MBWS capital increase described in the press release of December 20 2019, and the conditions precedent to such an operation, remain unchanged. Further details will be provided at a later date on the exact terms of the capital increase according to progress on the lifting of the conditions precedent.

Disclaimer

This press release, the information contained herein, does not constitute an offer to sell or subscribe, if solicited, for securities of MBWS in Australia, Canada, Japan or the United States of America or in any other country in which such offer or solicitation would be prohibited.

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This press release must not be disseminated, published or distributed, directly or indirectly, in Australia, Canada, Japan or the United States of America.

This press release does not constitute a prospectus as defined in Regulation 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing the Prospectus Directive 2003/71/EC (the "Prospectus Regulation").