2. USL normalised results with Balaji Merger Q3 (Oct – Dec) 2009-10 2010-11 Normalised W/o Balaji TMU Accounting Adjustments Brand Launch Expenses BALAJI Apr-Dec'10 2010-11 Reported Volume 26.59 30.38 0 Growth % 14% 0 NSR 1,347 1,578 14 -367 1,960 Growth % 17% 46% COGS 763 908 - -249 1,157 Gross Margin 584 671 14 - 118 803 % NSR43% 32%41% Growth % 15% 37% A&SP 120 136 14 2024 194 % NSR9% 7%10% Other Expenses 232 241 -82 323 EBIDTA 232 294 - (20) 12 286 % NSR17%19% 3%15% Growth % 27% 23% Non-recurring Income/Exchange Gain/(Loss) (3) (11) - -0 Interest 75 96 - -8 104 Depreciation 9 12 - -1 13 Op.PBT 146 176 - (20) 2 158 % NSR11% 1%8% Growth % 21% 9% Exceptional - 37 - -0 PBT 146 213 - (20) 2 195 Tax 49 65 - -0 PAT 97 148 - (20) 2 130 Growth % 53% 35%

3. USL normalised results with Balaji Merger – 9 months ended Dec’10 2009-10 2010-11 Normalised W/o Balaji TMU Accounting Adjustments Brand Launch Expenses BALAJI Apr-Dec'10 2010-11 Reported With Balaji Volume 74.59 83.57 Growth % 12% NSR 3,653 4,300 122 - 367 4,789 Growth % 18% 31% COGS 2,070 2,395 33 - 249 2,677 Gross Margin 1,583 1,905 89 - 118 2,112 % NSR43%44% 32%44% Growth % 20% 33% A&SP 292 356 64 45 24 489 % NSR8% 7%10% Other Expenses 641 712 25 - 82 819 EBIDTA 651 838 - (45) 12 805 % NSR18%19% 3%17% Growth % 29% 24% Non-recurring Income/Exchange Gain/(Loss) 3 (20) - - - Interest 209 291 - - 8 299 Depreciation 26 31 - - 1 32 Op.PBT 418 496 - (45) 2 454 % NSR11%12% 1%9% Growth % 19% 8% Exceptional 70 37 - - - PBT 488 533 - (45) 2 491 Tax 144 165 - - - PAT 344 368 - (45) 2 326 Growth % 7%

4. USL Sales Performance - Q3 Volume in Million Cases Q3 (Oct - Dec) % Growth Act 09-10 Act 10-11 >Yr. 09>Yr. 10 5.706.517%14% 18.8921.3611%13% I Line24.5927.8710%13% II Line/Franchise1.922.4323%26% USL 26.5130.30 11%14%

5. USL Sales Performance - YTD Dec'10 Volume in Million Cases % Growth Act 09-10 Act 10-11 Yr 09-10 Yr 10-11 15.517.63%14% 52.558.514%12% I Line 68.076.212% II Line 4.55.932%31% Franchise 2.11.411%(32%) USL 74.683.513%12%

6. 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%

7. RM Cost Movement YTD Dec'10 Q1 FY10 – 150.6 FY11 – 142.8 Q2 FY10 – 150.6 FY11 – 137.9 Q3 FY10 – 151.9 FY11 – 143.0 Q4 FY10 – 152.2

8. Dec 2010Mar 2010 Sources of Funds Share Capital130.8125.6 Reserves and Surplus4,945.04,660.2 Secured Loans2,734.02,589.3 Unsecured Loans970.0926.8 Total8,779.78,301.9 Application of Funds Fixed Assets - Net870.2746.2 Investments1,269.11,254.0 Cash & Bank balances153.1246.5 Net Current Assets6,487.46,055.2 Total8,779.78,301.9 USL – Balance Sheet as at 31 st December 2010 (Provisional) Rs.Crs

9. 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 5,537.6 4,863.0 6,362.3 COGS 3,025.055% 2,511.952% 3,319.552% Gross Margin 2,512.645% 2,351.148% 3,042.948% Staff Cost 399.57% 400.210% 531.08% Advertisement & Sales Promotion 645.612% 453.09% 680.311% Other Overheads 645.312% 575.910% 719.211% EBITDA 822.215% 922.019% 1,112.317% Exch. Diff Gain / ( Loss ) 5.70% (168.3)-3% (314.5)-5% Other Income 51.91% 60.01% 84.91% Interest 362.57% 431.29% 606.910% 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 467.28% 215.34% 100.02% Exceptional items 36.81% 70.01% 70.01% PBT 504.19% 285.36% 170.03% Tax 186.63% 150.43% 193.23% PAT 317.56% 134.93% (23.2)0%

10. USL – Consolidated Balance Sheet as at 31 st Dec 2010 (Provisional) Rs. Crs Dec 10Mar 10 SOURCE Share Capital126121 Reserves and Surplus3,8973,653 Minority Interest89 Secured Loans5,4354,870 Unsecured Loans797636 Term Liability towards Franchisee Rights 323344 Total10,5869,633 APPLICATION Fixed Assets - Net1,9511,819 Goodwill on Consolidation4,3254,244 Investments142127 Cash and Bank Balances569769 Net Current Assets3,5602,629 Misc. Exp to the extent not written off3945 Total10,5869,633

11. USL – Debt Position (Consolidated) Rs. Crs Dec-10Mar-10 Secured Loans Capex Loans531.9106.6 Term Loans : Acquisition of SWCL & HL108.1340.6 Term Loans : Acquisition of W & M1,268.01,284.5 Term Loans : FMS Stock Maturation213.1164.6 Working Capital1,071.6784.9 3,192.62,681.2 Unsecured Loans 302.9402.0 Fixed Deposits480.2220.2 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 Balance569.3768.6 Total Net Debt5,663.14,737.6 Note : Market Value of 8.384 mio treasury Stock as on 7.02.2011 is Rs.948.3 Crs.

12. 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 Sales97.8146.3100.7 Gross Profit48.678.748.2 Marketing expenses19.017.3 Contribution29.761.430.9 Overheads7.18.5 EBITDA22.552.922.4 Depreciation3.2 Restructuring costs & Goodwill0.65.5 Interest and Fin Costs7.28.5 P B T11.535.75.3 Contribution Margin30.3%42.0%30.7% EBITDA Margin23.0%36.1%22.3%

13. W & M – Balance Sheet In Million Pounds As at Dec 2010As at Mar 2010 SOURCES Share Capital62.31 Reserves & Surplus28.3216.81 Net Debt116.65114.45 Total Sources207.28193.58 APPLICATION Fixed Assets59.5059.70 Goodwill29.08 Bulk Stock117.88115.01 Other Net Current Assets11.583.08 Net Pension (Deficit)/Gain(10.76)(13.29) Total Application207.28193.58

14. 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% Depreciation560603 Leases559612 Interest and Fin Costs233 210 P B T9246%3993% Growth %132% ‘ 000 Euros

15. 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