The situation at European level this year reminds the 2015 vintage: France domestic demand for
wines will be high motivated by the fact that the grape harvest due to adverse weather conditions
that characterized the French summer is intended to be limited. We estimate that the national
varietal production will therefore already be sold out by the end of the year. Consequently, prices
will undergo increases of up to 20% more than last year especially on white wines while on reds
should be contained.

Spain continues as always to offer competitive generic wines both white and red. The harvest
could be slightly lower than last year but still valid both in quantity and quality even for concentrates.
The requests are very high at the moment from both Spain and Italy.

Italy had a very diverse season this year: in the north rains and thunderstorms also sustained with
hail episodes, in the south very high temperatures and drought. Hence a surge in prices and
limited availability for Prosecco, Pinot Grigio and wines from the South, including Salento.
Therefore international logistic solutions are foreseen in all respects.

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