1. United Breweries Limited
Investors Meeting August 2007

2. The Indian Beer Industry

3. Alcohol Consumption Emerging India Markets <0.5% Wine 5% Spirits/
Liquor
78% 8%
Beer is under
represented in
India
21.5%
Beer
87%
Emerging
Markets
India

4. Consumption Per Capita
83 litres
1 litre per capita is a major milestone
achieved in India in the last 12 months,
BUT ………
23 litres
24 litres
12 litres
1 litre
India
Indonesia
China
World Average
USA

5. Industry Growth Future: strong double digit growth 5 Year CAGR 2005
30%
25%
Future:
strong double
digit growth
20%
15%
10% 5%
5 Year
CAGR
2005
2006
2007
2008 +

6. Opportunity for Growth
Current population 1.1 billion
Over 50% of the population is below the age of years, demographics remain until 2020
Increasing personal GDP
The emerging young population hold more liberal views on alcohol, than earlier generations
Higher penetration
Sustainable profit growth

7. UBL’s Capability Iconic brand – KINGFISHER
Balanced portfolio of supporting brands
Manufacturing network across all major states
Leadership in cold chain management, and point of sale visibility
Established trade relationships

8. UBL’s Competitive Advantage- Through our Promoters
Equal to competition
Competitive Advantage
UBL
UB Group
S & N
Strength in distribution
Enhanced recognition through
KFA
Relationship with USL
Buying influence
Route to market influence
One stop portfolio of leading
brands for modern trade
Brewing processes
Procurement synergies
International best practice
Experience in capacity
investment
People resource

9. Competitor Positions SABM Established in India as the No 2 player
Investment in capacity
Brand launches eg Peroni, Castle
International brands have not worked
Castle launched over 2 years ago > No market share
Peroni launched over 6 months ago > No market share
Fosters launched over 5 years ago, pre advertising ban > 2% market share

10. Competitor Positions Carlsberg A – B APB Coors Inbev
Acquired Himneel brewery early 2007, new greenfield breweries in Rajasthan & Maharashtra. Plans to launch a Polish beer.
A – B
JV brewery with Crown in AP, plans to build more greenfield units. Recent launch of Budweiser & Armstrong beer brands
APB
2007 acquisition of Aurangabad brewery, greenfield construction in progress in AP.
Coors
Announced plan to build a greenfield unit in Maharashtra
Inbev
Recently announced JV entry into India. 10

11. Impact of Competitors Invest in the market Invest in capacity
Provide consumers with more choice
Drive improvement through the upstream supply chain
BENEFIT ALL PLAYERS IN THE INDUSTRY

12. Environment for New Competitors
Excessive State regulation and intervention
Route to market
Economics, need to have a brewery in each state
Pricing
Licensing
Driver of growth is Strong beer,
all new International entrants brands are leaders in Mild beer not Strong
Ban on advertising alcohol

13. UBL Reaction to Competition
Maintain profitable Industry leadership
Aggressively invest in new capacity, and upgrade process technology
Lower cost of investment:
Europe $100 per HL
Russia $55 per HL
India $35 per HL
Develop and launch exciting new products
Kingfisher Ultra, Kingfisher wine

14. FULL YEAR FY’07

15. Performance Highlights – FY’07
KF Strong overtakes KF premium to become India’s biggest selling beer, sales of over 26m cases
Invested around Rs200Cr in new capacity, to increase own brewery capacity by 20%, and 2 new greenfield breweries with over 8.5m cases of capacity pa
Completed acquisition of KBDL, and now fully merged into UBL
Market capitalisation exceeds $1bn
Total annual dividend of 25%

16. Market Share
48%
33% 9% 6% 4%
UBL
SABM
Others MM
Mt Shiv 16

17. Profit Performance – FY’07
Rs172 Cr
+24%
Rs162 Cr
+18%
Rs65 Cr
+350%
Rs55 Cr
+550%
EBITDA
Net Profit
EBITDA
Net Profit
UBL
Consolidated

18. Q1’08

19. Performance Highlights Q1’08
KF Strong and KF premium outgrow the industry
New greenfield breweries commissioned and in operation
Capacity investment for on track
Market capitalisation exceeds $1.7bn

20. Kingfisher Performance – Q1’ 08
+28.5%
+7.6%
7.2m
7.15m
June 06
June 07
June 06
June 07
Industry Growth +7.2%
Industry Growth +19.5%
Premium
Strong

21. Profit Performance Q1’ 08
Price increases achieved on around 55% of volume
Results impacted by:
Capped capacity of Hyderabad brewery impacts UBL standalone results by Rs6Cr, profit of Rs6Cr recorded in UMBL
Continuing impacts of prices increases on barley and hops affects margins
UBL stand alone now includes KBDL, MBDL & ABDL, not included in last years numbers

22. Profit Performance – Q1’08
Rs105 Cr
+18%
Rs79 Cr
+54%
Rs71 Cr
+5%
Rs65 Cr
+57%
EBITDA
PBT
EBITDA
PBT
UBL
Combined

23. THANK YOU