1. United Breweries Limited ICICI Investors Conference Singapore March 2007

2. India and the Beer Industry

3. Indian Economy The current year growth rate is 9% The growth is largely propelled by local consumption hence lesser prone to global changes. Inflation currently at 6% giving impetus to growth Substantial increase in the disposable income in the age group of 20 to 30 years

4. Indian Demographics – favorable to growth in beer consumption Current population 1.1 billion Over 50% of the population is below the age of 25 years The demographics to remain almost unchanged till the year 2020 Core target market is 18-30 year olds As initiation to alcohol consumption is through low alcohol beverages like beer – excellent opportunity for growth in beer consumption over the next decade and half.

5. Beer Industry in India Policies & Regulations are driven by State Government Highly regulated with restriction in movement between states 65% of the Indian market is state controlled – Distribution by Govt. Corporations, implications upon pricing Advertising strictly prohibited, advantage for existing players, major barrier to entry

6. Beer Industry in India contd. State governments like Punjab, Rajasthan, Haryana & Chandigarh have in recent past made substantial changes in the previous distribution methods making beer more affordable as well as profitable. Government corporations are now approachable and not averse to make changes There have been recent recommendations by some governing bodies to de link beer from spirit and have a common national duty structure much lower than the current duty levels

7. Beer Industry in India contd AFFORDABILITY Duty not set according to alcohol content Highest duty in the world Expensive alcoholic beverage AVAILABILITY 55,000 licensed outlets across the country 1 per 20,000 people In UK 1 per 350 people Beer is not the alcoholic beverage of the common man

8. Alcohol Consumption India Emerging Markets 21.5%87%Beer Spirits/ Liquor Wine 5% 8% <0.5% 78%

9. Consumption Per Capita IndiaChinaUSA 0.7 litres 23 litres 83 litres 24 litres World Average 12 litres Indonesia

10. Industry Growth 5% 10% 15% 20% 25% 30% 5 Year CAGR 2005 2006 2007

11. Beer Segmentation Dec 05Dec 06 Dec 05 MILDSTRONG Dec 06 +23.1% +35.4%

12. Market Consolidation SAB Miller UBL Circa 83% of market Mohan Meakins MSIL Others Recent new Entrants: APB A – B Carslberg

13. UBL performance in the Indian Beer Story

14. Volume Growth – Combined Business

15. Quarterly - EBITDA trend

16. Key Brands KingfisherSandpiperKingfisher Mild Strong ZingaroUB ExportBullet Kingfisher Mild = No 1 top selling mild beer Kingfisher Strong = No 1 top selling strong beer Kingfisher Strong = No 1 top selling beer in India 20m 22m 1.5m 1.8m 3m 1.8m

17. Market Share Mild Beer Strong Beer 38% 66%

18. Market position by state: UBL is No.1 in 8 out of the top 10 state markets Maharashtra Tamil Nadu Andra Pradesh Karnataka Mumbai Rajasthan Uttar Pradesh Delhi Madhya Pradesh Kerala 16 13 10 8 7 6 5 3 2 % India Val. No.1 No.2 No.1 No.2 No.1 UBL Position

19. Shareholder Return Share price Rs.149.5 to Rs.268.5 Share price Rs.323 to Rs.1495 462% 76% 05/06 06/07* * TSR to date, March 07

20. Legal Structure S&N UBL 37.5% UBHL Public 37.5%25.0% Millennium Alcobev Ltd 50% UBL & MAL Separate Legal entities UBL subsidiaries – KBDL and its 2 subsidiaries which would merge into UBL effective 1 st Apr’06 MAL has 3 Subsidiaries namely – MBIL, Empee and UMBL UBL & MAL Separate Legal entities UBL subsidiaries – KBDL and its 2 subsidiaries which would merge into UBL effective 1 st Apr’06

21. Board Of Directors 2 x UB Group (VJM Chairman) 2 x S & N 2 x Executive Directors (CEO & CFO) 3 x Independent Directors

22. Latest financials December 2006

23. # Dec 06 results include ABDL + MBDL Comparative results for Dec 05 Income Rs. 453.8Cr EBITDA Rs. 88.57 Cr.

24. EBITDA Dec 05 Vs Dec 06

25. Summary Balance Sheet

26. Current Debt Profile

27. Key Ratios

28. Average Realization and Cost of sales

29. Outlook GDP growing at healthier rate Continued growth in disposable income Encouraging demographics for over a decade Anticipated liberalization of policies & duty structures Industry consolidated with high entry barrier UBL is in advantageous position to capitalize on opportunities