1. PORTFOLIO MANAGER CONFERENCE CALL February 2014

2. Today’s Agenda PM Org Chart Update National Accounts Update –Key Message from Amy Alderdice New tool in Portal! Brand News Commercial Successes Conference Update

3. NEW PMs! Nancy Priest : New in Baltimore! Natalie Clement: New in Boston! Beverly Hills and FL still open

4. New Tools in the Portal

5. National Accounts Amy Alderdice, National Account Director, MHUSA amy.alderdice@mhusa.com

6.  Despite the lack of formal programming with Marriott Corporate for 2013-14, MHUSA continues to focus on Marriott’s overall business and Gold Standard Program COVERAGE NEEDED FIRST AND FOREMOST IN KEY ACCOUNTS!  WHAT: Focused Tactical Local Program Initiatives in targeted key concepts, by Market/Region  WHO: MH Sales and MH Distributors managed by MHUSA. Additional focus from SWS, Glazers and Charmer-Sunbelt National Account teams as well as concentrated efforts by MHUSA’s PM team  WHEN: 2014 - Year-long brand priorities/initiatives  OBJECTIVES: Build Usage on Mandated Marques Gain Distribution of Optional Marques Drive Case Volume with Beverage Programs Maintain presence and relationship in key markets/units

7. MHUSA - 7 - ACCOUNT 2014 CHAMPAGNE BATTLE GROUND ACCOUNT PLAN OVERVIEW 1.Activate VC in the snow at key winter resort properties 2.Create VC pairing for two feature at key properties 3.Activate Dom Perignon BTG at EOY in key properties 4.Activate winemaker dinners at key properties with VC, Moet, Dom Perignon 5.Ensure Moet Imperial remains in distribution now that it is a core option instead of mandate 2014 ACCOUNT PLAN PORTFOLIO OBJECTIVES OVERVIEW 1.Grow placements in upcoming 2015-16 RC beverage program 2.Activate Grand Marnier with pool features at key properties 3.Activate Belvedere PGA platform at key properties with SEG activation and LTO’s 4.Drive distribution of optional authorizations of Belvedere, Privilege, XO and 10 Cane 5.Accelerate distribution of Glenmorangie Original and EMR’s within lobby bars and high image restaurants at key properties through LTO’s around the Open and Unnecessarily well made dinners 6.Maintain current Estates and Wines BTB / BTG placements and develop programs to accelerate volume 1.Rebuild placements in upcoming 2015-16 gold standard program 2.Activate Grand Marnier with pool features at key properties 3.Activate Belvedere PGA platform at key properties with SEG activation and LTO’s 4.Drive distribution of Hennessy Privilege, X.O with local sales teams 5.Accelerate distribution of Glenmorangie Original and EMR’s within lobby bars and high image restaurants at key properties through LTO’s around the Open and Unnecessarily well made dinners

8. 2014 NATIONAL BRAND ACTIVATIONS

10. Brand News! Glenmorangie – Newton - Krug

11. New Scotch Ambassadors

12. Glenmorangie Companta 5th Private Edition Gaelic for "friendship" Glenmorangie master distiller Dr. Bill Lumsden has married casks from the famous Clos de Tart and Rasteau vineyards to create a whisky that celebrates the shared pursuit of perfection between the Scots and the French. -A highly collectible, limited edition whisky available until stocks are exhausted -Extra matured in a handful of rare French casks which previously contained Grand Cru Burgundy wine from Clos de Tart -Rich, full-bodied, full of luscious berry-like flavors from the rare fortified wine casks of Côtes du Rhône Yes - I've pulled the expected inventory available on Companta from the brand plan strategy slides below. I have not seen any updates to that but sometimes it goes to the regions directly, and assets have been posted on portal as noted. US launch January 1st with 1100 9l cs: Limited Volumes: -31% vs. Ealanta; RSP: $99.99 (-17% vs. Ealanta)

13. FYI: No Action Required “Taghta", this is the first release from the brand's global Cask Master's program (Consumer/PR program The name of the blend, Taghta was chosen by online consumers this past Fall (meaning "Chosen" in Gaelic) ***Glenmorangie's Cask Masters is a unique whisky creation program which aims to get consumers involved in the whisky-making process, launched on March 1st, 2013 and will run for 18 months with the new limited edition Glenmorangie whisky ready for release in fall 2014. www.glemorangiecaskmasters.com.

14. Newton: 2010 UF Merlot receives 90 points The Wine Advocate, Wine Enthusiast and Wine & Spirits. "Newton's Unfiltered Merlot has long been one of the iconic Merlot offerings in Napa Valley...This young, vibrant, seriously endowed Merlot should age 10-15 years." -Robert Parker, The Wine Advocate October 2013 We think you'll love it too. Try it with the Moroccon-Spiced Braised Lamb Shoulder recipe below.

16. 16 Exceptional, Adj. Beyond what is ordinary or usual. “Our Vintages are born to be different and we create them only in those years that have something exceptional to tell.” Olivier Krug

17. 1. KRUG PHILOSOPHY NO HIERARCHY - ALL KRUG ARE ULTRA PREMIUM CHAMPAGNES CUVEE NUMBER 1 AND NUMBER 2 ARE OF THE SAME UNDISPUTED QUALITY AND DISTINCTION KRUG VINTAGE Cuvee n°2 ACCORDING TO THE CIRCUMSTANCES OF A EXCEPTIONAL YEAR. KRUG GRANDE CUVÉE Cuvee n° 1 THE FULLEST EXPRESSION OF CHAMPAGNE RECREATED EVERY YEAR. “A good House of Champagne should only create two cuvees of the same undisputed quality” Joseph Krug, personal notebook, 1848 KRUG VINTAGES ARE RARE They represent 9% of the total production and we craft Krug Vintages only 4 times a decade (in average).

18. 18 2. KRUG VINTAGE 2003 - PRESENTATION THE YEAR 2003: A year like no other, combining so many circumstances: severe frost during the spring, a very early flowering in June, one of the hottest summer in the past 100 years, with record-setting temperatures and a harvest lasting for almost one month. KRUG VINTAGE 2003: “VIVACIOUS RADIANCE” As Krug tracked each plot as an individual, we were able to capture the particular story of the year. We named it “Vivacious Radiance” to relate an unexpected story of a hot year that surprised the House with what we found: fruit, freshness, balance, expressiveness, vivacity and finesse, all at the same time. We found the right expression of the year as we used the three grapes varieties from selected plots: Chardonnay added a rich aromatic expression discreetly blended with a significant participation of the red grapes’ wines. Pinot Noir added freshness and balance and Pinot Meunier brought vivacity. Krug 2003 finesse and elegance is enhanced by close to ten years in the cellars. Krug 2003 is a year without comparison but could be considered among other hot years beautifully created by Krug such as Krug 1959, 1962, 1976, 1979. As all Krug Champagnes, Krug Vintage 2003 will carry an amazing ageing potential. Krug Vintage 2003: UNEXPECTED/ SURPRISING /RARE

19. 19 2. KRUG VINTAGE 2003– SELLING ARGUMENTS 2003: a year with interesting stories to tell 2003 was an eventful year for Champagne and a true example of the Krug philosophy: we were able to capture a particular story of the year, which differs from the general perception of this vintage. Krug Vintage 2003 tells the stories of the magic of nature, a story we were able to discover due to our unique approach to creating Champagne. Respect of principle of individuality At the end of the harvest, we had small yields, healthy grapes, an expected over-ripeness and also unexpected under-ripeness (the vine protected themselves from the heat by stopping the maturation). We discovered this because we respect the individual expression of every plot; nature’s beauty and strength at work in the fields. Nurturing this individuality meant we found surprisingly fresh, aromatic and balanced wines with very vivacious fruit. For Eric Lebel and the team, it was important to express in Krug 2003 what had been revealed in the tasting room. Obviously, only a limited quantity of bottles were created. Krug Vintage 2003: ready to be discovered now We always wait a long time to reveal our vintages, as time is important for the finesse, elegance and harmony of our Vintages. At Krug, one of our principles is time, Krug 2003 was tasted a few times during 2012 and we felt it was ready to leave the cellars to receive its cork in the first quarter of 2013, after 9 years in the cellars. “We feel very comfortable with Krug 2003; we feel it is a unique story of nature captured by Krug, which we want to share.” Maggie Henriquez, President & CEO of Krug “VIVACIOUS RADIANCE”

20. Each Krug Vintage is crafted to be different, revealing the expression of a year’s unique character. A year with a special story to tell captured uniquely by Krug. KRUG 2003 WILL COEXIST WITH KRUG 2000 IN THE MARKET KRUG 2000 Is among the most indulgent of Krug vintages with a rich and seductive elegance. KRUG 2003 Is one of sun-drenched luminosity, liveliness, delicious intensity and finesse. IMPORTANT Very small production : Limited quantities available of Krug 2003 (approximately 356 cs 9L for total US) Priority to Key Accounts and Ambassades (On & Off Premise) On Trade: Modern and Traditional Exclusive Off Trade: Independent Retailers 3. DISTRIBUTION STRATEGY: DUAL VINTAGE

21. 21 KRUG VINTAGES PRICE EVOLUTION - 2014 PRICE INCREASE On March, 1 st the prices of Krug Vintage 2000 and Krug Vintage 2003 will both increase, +4%. + 4% RSP Jan, 27 th to Feb, 28 th  $234 per bottle March, 1 st  $244 per bottle 3. DISTRIBUTION STRATEGY: PRICING

22. 4. LAUNCH IN THE US NEW YORK - JANUARY, 27th TO JANUARY, 29th A 3 day-launch at a Krug Lovers’ Residence in the heart of New York City with Olivier Krug and Eric Lebel Exclusive Trade & Media Tastings Media Event and Krug Lovers Experience TOTAL GUESTS: 260 TRADE: 160 PRESS: 60 KRUG LOVERS: 40 CONCEPT Playing around the spices – evocating the scorching summer in Champagne, the multiple food pairing opportunities and the similarities between Krug’s Art of blending and Spices blending – Krug Vintage 2003 will be revealed to our guests in a warm and intimate atmosphere. Inspired by the new Krug Vintage and Krug Grande Cuvée, the Master Spice Blender, Lior Sercarz designed two samples to pair with food served during the event and as a takeaway gift for attendees. Throughout the event, guests will be invited to travel through warm and surprising music. CALIFORNIA - MARCH, 25th TO MARCH, 27th with Olivier Krug and Carl Heline OBJECTIVE: Leverage Krug 2003 to communicate on the whole portfolio and kick-off the year.

23. 2003 Vintage Release

24. COMMERCIAL SUCCESSES January-February

25. PM CONFERENCE APP!

26. APRIL CALL NE: Wednesday 9:00 AM April 2nd SE: Thursday 8:30 AM April 3 rd West Region: Thursday 9:00 AM April 3 rd Central Region: Friday 9:00 AM April 4 th