USL normalised results with Balaji Merger Q3 (Oct – Dec) Normalised W/o Balaji TMU Accounting Adjustments Brand Launch Expenses BALAJI Apr-Dec' Reported Volume Growth % 14% 0 NSR 1,347 1, ,960 Growth % 17% 46% COGS ,157 Gross Margin % NSR43% 32%41% Growth % 15% 37% A&SP % NSR9% 7%10% Other Expenses EBIDTA (20) % NSR17%19% 3%15% Growth % 27% 23% Non-recurring Income/Exchange Gain/(Loss) (3) (11) - -0 Interest Depreciation Op.PBT (20) % NSR11% 1%8% Growth % 21% 9% Exceptional PBT (20) Tax PAT (20) Growth % 53% 35%

USL normalised results with Balaji Merger – 9 months ended Dec’ Normalised W/o Balaji TMU Accounting Adjustments Brand Launch Expenses BALAJI Apr-Dec' Reported With Balaji Volume Growth % 12% NSR 3,653 4, ,789 Growth % 18% 31% COGS 2,070 2, ,677 Gross Margin 1,583 1, ,112 % NSR43%44% 32%44% Growth % 20% 33% A&SP % NSR8% 7%10% Other Expenses EBIDTA (45) % NSR18%19% 3%17% Growth % 29% 24% Non-recurring Income/Exchange Gain/(Loss) 3 (20) Interest Depreciation Op.PBT (45) % NSR11%12% 1%9% Growth % 19% 8% Exceptional PBT (45) Tax PAT (45) Growth % 7%

USL Sales Performance - Q3 Volume in Million Cases Q3 (Oct - Dec) % Growth Act Act >Yr. 09>Yr %14% %13% I Line %13% II Line/Franchise %26% USL %14%

USL Sales Performance - YTD Dec'10 Volume in Million Cases % Growth Act Act Yr Yr %14% %12% I Line % II Line %31% Franchise %(32%) USL %12%

Key Brands Performance – All India Q3 Gth %YTD Gth % Black Dog Scotch55%35% Antiquity Whisky20%23% Signature Rare Whisky22%19% McDowell's No. 114%16% DSP Black40%45% McDowell's Green Label Whisky22%26% Old Tavern Whisky33%36%

RM Cost Movement YTD Dec'10 Q1 FY10 – FY11 – Q2 FY10 – FY11 – Q3 FY10 – FY11 – Q4 FY10 – 152.2

Dec 2010Mar 2010 Sources of Funds Share Capital Reserves and Surplus4,945.04,660.2 Secured Loans2,734.02,589.3 Unsecured Loans Total8,779.78,301.9 Application of Funds Fixed Assets - Net Investments1,269.11,254.0 Cash & Bank balances Net Current Assets6,487.46,055.2 Total8,779.78,301.9 USL – Balance Sheet as at 31 st December 2010 (Provisional) Rs.Crs

USL – Consolidated Profit Statement for 9 months ended Dec’10 (Provisional) Rs. Crs 9 Months endedAudited Dec-10%NSRDec-09%NSR March 2010 %NSR Sales 5, , ,362.3 COGS 3, % 2, % 3, % Gross Margin 2, % 2, % 3, % Staff Cost % % % Advertisement & Sales Promotion % % % Other Overheads % % % EBITDA % % 1, % Exch. Diff Gain / ( Loss ) 5.70% (168.3)-3% (314.5)-5% Other Income 51.91% 60.01% 84.91% Interest % % % Pension Cost (17.9)0% 80.01% 57.71% Onerous Lease / Leases (2.0)0% 19.20% 23.10% Depreciation 69.91% 67.91% 95.01% PBT before exceptional item % % % Exceptional items 36.81% 70.01% 70.01% PBT % % % Tax % % % PAT % % (23.2)0%

USL – Consolidated Balance Sheet as at 31 st Dec 2010 (Provisional) Rs. Crs Dec 10Mar 10 SOURCE Share Capital Reserves and Surplus3,8973,653 Minority Interest89 Secured Loans5,4354,870 Unsecured Loans Term Liability towards Franchisee Rights Total10,5869,633 APPLICATION Fixed Assets - Net1,9511,819 Goodwill on Consolidation4,3254,244 Investments Cash and Bank Balances Net Current Assets3,5602,629 Misc. Exp to the extent not written off3945 Total10,5869,633

USL – Debt Position (Consolidated) Rs. Crs Dec-10Mar-10 Secured Loans Capex Loans Term Loans : Acquisition of SWCL & HL Term Loans : Acquisition of W & M1,268.01,284.5 Term Loans : FMS Stock Maturation Working Capital1, ,192.62,681.2 Unsecured Loans Fixed Deposits From Others14.0 Sub -Total3,989.73,317.4 W & M Acquisition Loan - W/o recourse2,242.72,188.9 Total Debt6,232.45,506.2 USL - Consolidated : (Including W & M) Total Gross debt ( consolidated)6,232.45,506.2 Cash & Bank Balance Total Net Debt5,663.14,737.6 Note : Market Value of mio treasury Stock as on is Rs Crs.

W & M – Profit Statement In Million Pounds - Interest on loan domiciled in USGB not considered Dec-10Dec-09 Dec-09 W/o Bulk Sale Net Sales Gross Profit Marketing expenses Contribution Overheads EBITDA Depreciation3.2 Restructuring costs & Goodwill Interest and Fin Costs P B T Contribution Margin30.3%42.0%30.7% EBITDA Margin23.0%36.1%22.3%

W & M – Balance Sheet In Million Pounds As at Dec 2010As at Mar 2010 SOURCES Share Capital62.31 Reserves & Surplus Net Debt Total Sources APPLICATION Fixed Assets Goodwill29.08 Bulk Stock Other Net Current Assets Net Pension (Deficit)/Gain(10.76)(13.29) Total Application

Bouvet Ladubay - Profit Statement Profit Statement 9 Months Apr-Dec 2010 % of NSR 9 Months Apr-Dec 2009 % of NSR Net Sales15,732 12,698 Cost Of Goods8,2806,127 Overheads5,176 4,747 EBIDTA2,27614%1,82414% Growth % 24.8% Depreciation Leases Interest and Fin Costs P B T9246%3993% Growth %132% ‘ 000 Euros

Bouvet Ladubay - Balance Sheet As at December 2010 As at March 2010 SOURCES Share Capital10,800 Reserves & Surplus4,0933,305 Net Debt9,6569,919 Total Sources24,54924,024 APPLICATION Fixed Assets10,76211,264 Net Current Assets13,78712,760 Total Application24,54924,024 ‘ 000 Euros