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ITALIAN WINE BRANDS
To: Noteholders
From: Italian Wine Brands S.p.A.
Date: 20/05/2026
RE: Italian Wine Brands S.p.A Up to Euro 130,000,000 Senior Unsecured Fixed Rate Notes due 13 May 2027 (ISIN XS2331288212 - Common Code: 233128821) (the "Bond"l
Dear Sirs,
We refer to the terms and conditions of the Bond (the "Conditions"). This is a Compliance Certificate pursuant to Condition 4 (b). Unless otherwise indicated, capitalised terms used in this Compliance Certificate have the meaning given to them in the Conditions.
We confirm that as at the Reporting Date falling on 26/05/2026:
since the previous Reporting Date, the Issuer and each of its Subsidiaries have been and are in compliance with Condition 4(a)(i) and Condition 4(a)(ii) (Covenants - Limitation on Indebtedness);
as at the Certified Date falling on 31 December 2025: (x) we complied with our obligation under the Agency Agreement; and (y) no Event ofDefault orpotential Event of Default existed nor had there existed since the Previous Certified Date; and
the Consolidated Net Leverage Ratio in respect of the Relevant Period ending on the Determination Date falling on 31 December 2025, is 1.17.
Pursuant to Condition 4 (b) we hereby also confirm that, for the purposes of calculating the Consolidated Net Leverage Ratio, the Net Consolidated Financial Position of Operations of the Group and the Consolidated Adjusted EBITDA of the Group in respect of the Relevant Period ending on the Determination Date falling on 31 December 2025 are equal to:
Net Consolidated Financial Position of Operations of the Group: Eu/000 57,621
Consolidated Adjusted EBITDA of the Group: Eu/000 49,117 Yours faithfully,
By: Alessandro Mutinelli
and CEO
ITALIAN WINE BRANDS
ltalian Wine Brands Spa | https://www.italianwinebrands.it | info@italianwinebrands.it Sede legale Viale Abruzzi 94, 20131 Milano. T +39 02 30516516
Società per Azioni con c.s. di Euro 1.124.468,80
Registro Imprese Milano, Monza-Brianza, Lodi N 20S3323 e P.IVA 08851780968
