BELVEDERE : First quarter 2007: A very strong start to the year

(*) Integration of Marie Brizard on April 1st 2006 - (**) Integration of Marie Brizard on January 1st 2006 - (***) Excluding the integration of Marie Brizard and the Polish

distributors acquired in 2006.

Pro-forma revenue excluding excise duties: EUR 120.6 million (up 8.6%)

Over the first quarter of 2007, Belvédère generated sales of EUR 202.6 million, up 65.4%.

Pro-forma, the solid progression of sales of spirits (up 9.6% in volume terms) enabled the Group to post sustained growth in activity. As such, pro-forma revenue excluding excise duties was up by 8.6%. At constant exchange rates, this increase came out at 9% to EUR 121.1 million.

Sales by country

In France (48.7% of Q1 20071 revenue), activity was up 0.7% and remains underpinned by the ongoing success of the William Peel and Sir Pitterson brands.

In Poland (31.3% of Q1 20071 revenue), revenue excluding excise duties and like-for-like was up 7.4%. At the end of March, the Group's market share in vodka production remained high at x% (AC Nielsen).

In Lithuania, (3.7% of Q1 20071 revenue), the Sobieski brand continued to have great success which led to an 8.6% increase in sales.

In Spain, (2.9% of Q1 20071 revenue), activity was up 7.2%, bolstered mainly by…

In Bulgaria (1.3% of Q1 20071 revenue), the Group is now beginning to reap the rewards from its investments in wine over several years with a strong progression in domestic sales. As such, revenue in Bulgaria has doubled over one year to EUR 1.6 million (up 101%).

Outlook for growth and profitability

The solid figures posted at the beginning of the year not only underline the perfect integration of Marie Brizard Group and the distributors recently acquired in Poland but also the Group's capacity to generate sustained organic growth.

This trend should be confirmed over the coming quarters and lead to a further significant improvement in margins.

Shares

ISIN Code : FR0000060873

Series A Bonds

ISIN Code : FR0010304774

Series B Bonds

ISIN Code : FR0010304782

BSAR 1

ISIN Code : FR0010134247

BSAR 2

ISIN Code: FR0010304733

Belvédère Contact Person, Jacques Rouvroy : +33 (0)3 80 22 93 83

Shareholder Contact Person, Olivier Balva by mail on [email protected]

Visite our website at www.belvedere.fr