Page 1

10_03_21 FINANCIAL NEWS Time is on our side TFF GROUP 9 - MONTH TURNOVER 3RD QUARTER : SUSTAINED ACTIVITY IN AN UNPRECEDENTED CONTEXT OVER 9 MONTHS : A STRONG RESISTANCE OF THE ACTIVITY 2020/2021 THE GROUP'S OUTLOOK IS CONFIDENT OVER THE MEDIUM TERM March 10 , 2021 - 17h45 Consolidated turnover 2020/2021 2019/2020 Brut Change Organic Change M € 1st Semester 3rd Quarter TOTAL 141.5 156.6 -9.6 % -8.8 % 54.1 61.2 -11.6 % -8.1 % 195.6 217.8 -10.2 % -8.6 % By the end of January 2021 , the Group had recorded sustained activity levels despite the effects of the global pandemic : -8.1 % in sales for Q3 at identical scope and exchange rates . A change that translated over nine months into an organic decline in activity of -8.6 % . The monetary effects had an unfavorable impact of -2.2 % and the net effect of the change in scope was + 0.6 % ( GAUTHIER stave mill and cooperage ) . The Wine Division over 9 months : € 116.3m , down 12.1 % ( -12 % like - for - like ) The expected and observed downward trend in Q3 was well contained , in line with that of S1 : In France , a contraction in the volumes of barrels was linked to the small size of the harvest . In the United States , the end to the 2020 campaign was impacted by fires . Q4 activity will also be affected by the consequences of the fires in Australia and California , with high inventory levels of new unused barrels weighing on new orders . The wood for oenology businesses held up well over the nine month period . The Alcohol division over 9 months : € 79.3 million , down 7.2 % ( - 3.3 % like - for - like ) On the bourbon market , turnover continued to grow over the 9 months , despite a one - off decline recorded during Q3 which was linked to the pandemic . The outlook remains encouraging for the end of the year , as the Group continues to diversify its activity into the sale of timber . On the whisky market , the decline in activity eased once again in Q3 . While volumes are holding up well , prices remain on a downward trend , penalizing our levels of activity . Our Group is confident for the medium and long - term even as it continues to adapt to short - term health constraints In a context that remains complicated , the orientation of the alcohol market remains buoyant . The Group , which has benefited from the massive investments made over the past four years , is in good working order as it looks to supporting the recovery and resuming its profitable growth path . despite the effects of the global pandemic : - 8.1 % of sales for Q3 at identical scope and exchange rates . PUBLICATION OF OUR ANNUAL RESULTS ON JULY 12 , 2021