SWCL/Primo/Zelinka merger process has been completed and the accounts have been done for March on merged basis Merger effective from , the Appointed date The merger has been accounted for as per Scheme – Fair value of assets as of of the merging entities – Shares in trust have been valued at Rs. 9,256 Mio as prescribed in the Scheme. Per share carrying value Rs.798. Impairment of assets of Rs. 80 mio provided for Net addition to Reserves on account of the Scheme related entries Rs. 4,851 Mio. USL - Update

Subsequent to year end the allotment of shares have also been completed and the Issued & paid-up capital of USL stands at Rs 1079 Million. USL benefit Trust was to receive Mio shares of the Company at a carrying value of Rs.9,248 Mio ( ) Prior to effective date SWCL sold 10.2 mio share of USL for a Net Consideration of Rs Cr. Currently the Trust holds Mio shares of USL valued at Rs. 3,321 Mio ( ). 6 Overseas Subsidiaries hold Mio shares in USL Valued at Rs. 4,728 Mio ( ) USL - Update Continued…..

Q1 – USL Sales Performance

Q1 – RPC-wise Sales Performance

USL – Q1 Performance Q1 = USL Q1 of FY-10Q1 of FY-09 Audited USL% of NSR Standalone as Published Proforma as Merged Rs.Crs% of NSR Net Sales /Income1, , , ,139.7 Growth17% COGS % % Gross Margin % % Staff Cost68.15% % Advertising & Sales Promotion 88.37% % Other Overheads % % EBITDA % % Growth10% Exch. Diff Gain/(Loss) / Oth. Income 1.90% % Interest59.25% % Depreciation8.01% % PBT before exceptional item % % Exceptional items70.06%0.00% PBT % % Growth28% Tax55.34% % PAT % % Growth53%

31-Mar Jun-09 TERM LOANS : Term Loans Unsecured Loans Working Capital W & M ACQUISITION DEBT : W &M acquisition Loan with Recourse3,1401,851 # W &M acquisition Loan without Recourse 2,4362,800 Total7,3646,794 Consolidated Debt Position In Rs. Crore # After considering prepayment of USD 186 mio (Rs Crs)

Cost Push - Spirits

Cost Of Goods - Cost Push Blended cost for products manufactured at Own location as well as TMUs

Below The Line spends

Whyte & Mackay – Q1 Highlights in GBP Mio. Quarter ending June FY 09FY 10Gth % Net Sales % Contribution % EBIDTA % Cntrbn margin26.5%28.6% EBIDTA Margin14.8%18%