Italian Wine Brands S.p.A.

Review report on interim condensed

consolidated financial statements
as of June 30, 2022

VCP/AMR/lsm - RC061842022BD0394
 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, 2022.

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, 2022 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 30, 2022

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.
Table of contents

Composition of the Administrative and Supervisory Bodies 3

Directors' Report on Operations 4

Consolidated Half-Year Financial Report

Consolidated Statement of Financial Position 37
Comprehensive Income Statement 38
Statement of Changes in Shareholders’ Equity 39
Statement of Cash Flows 40
Form and content of the Consolidated Financial Report 41
Notes to the Financial Statements 64

| CONSOLIDATED HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2022