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Safe Harbour No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and in their opinion reasonable, including those relating to the Company's general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company's business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward- looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities of the Company by any person in any jurisdiction, including India and the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes. This presentation may not be copied or disseminated in any manner. 2

Key Investment Arguments

Key Investment Arguments • Only Company in the Alcobev industry to straddle all segments of the spirits value chain (consumer and manufacturing) 360 ⁰ Business Model • Insulates from risk in price movement of any one of the products • Enables leveraging growth opportunities across all segments • Ensures greater quality control over the entire value chain • Robust growth - higher than industry average; contributing more than 50% to the top-line • Undisputed leader in North India in IMIL with over a decade of experience - Strong Consumer volumes of >12 mn cases per year Portfolio • Pioneer in branding IMIL, developed Nimboo, Rs. 3,500 mn brand at retail level • Distribution presence for IMFL in 8 states, covering ~40% of the industry • Launched 4 mainstream brands, of which Hannibal Rum has qualified for CSD registration • Proxy play on growth of branded IMFL business - sticky business with limited Deep Relationships investments and consistent margins • Tie ups with industry majors like ABD, Jagatjit and USL for bottling 3.75 mn for Franchisee IMFL cases per year, who control over 45% of the relevant markets • Amongst the largest distillation capacity in the country at 84.4mn liters p.a., in Significant Player in advanced stages of increasing this to 120 mn bulk litres • Secures access to alcohol for branded operations in a scenario where Bulk Alcohol demand-supply gap for bulk alcohol is expected to widen considerably 4

Key Investment Arguments • Ability to build technologically superior plants at a much lower cost than the industry average: Over the last 3 years, ~3x capacity expansion has been achieved without any equity dilution Capital Efficient • Strong cash conversion cycle resulting in low working capital investment at Operations 33 days • Reflected in high Asset Turnover of ~1.9x and ROCE of ~21%, amongst most favourable in industry • Over the last 3 years, achieved CAGR of 36.4% in gross sales, 37.8% in EBIDTA and 46.8% in PAT Healthy Financials • Strong Balance Sheet with low leverage, debt-equity of 0.4x, amongst most favorable in the industry • Scope to increase leverage for organic/inorganic expansion • Managed by a group of professionals and an experienced management team Strong Management with a healthy mix of industry experts and young energetic talent Team 5

Industry Overview

India has the largest spirits industry after China… Spirits Consumption in 2010 (mn cases) 1,200 994  Indian spirits industry is ~485 mn cases, 1,000 valued at ~$23 bn 800 600 484  Globally, it is ranked second in volume 400 275 terms and third in value terms 186 133 127 109 200 64 61 49 0 China India USA Russia South Korea Japan Brazil Thailand Philippines Germany Source: IWSR Per Capita Consumption (Litres p.a.) 15 11.7 11.1 12 10.2 9.6 8.7 8.2 Yet, per capita consumption in India is still 9 7.3 4.7 amongst the lowest in the world … 6 3 1.0 0 Germany France UK New Zealand USA Canada Japan China India Source: WHO, Global Health Observatory Date Repository, Latest Data available for each country (varies between 2007 to 2010) 7

IMIL is the largest alcobev segment  Indian Made Indian Liquor (IMIL), widely Alcobev Consumption in India in 2010 (mn cases) known as country liquor, is the oldest and largest segment in the country  Grew from 195 mn cases in FY2005 to 260 mn cases in FY2010 valued at ~$3.7 billion Beer, 197 , 28% IMIL, 260 ,  Growing at a steady rate of 6-8%, with some 38% states in North and East India experiencing Wine, 1 , faster growth at 8-10% 0%  Consistent rise in demand driven by increase IMFL, 234 , 34% in incomes and implementation of rural schemes by the government Source: IWSR, Industry Sources  Largest consumption centres are in North and Central India …growth is driven by the rural consumption story in India 8

IMIL is an established and evolving industry • Caters to the low-income group, usually SEC D, unskilled workers and Addressable population in rural areas • Highly price sensitive segment and strong preference for local flavours, Consumer Segment making it difficult to create pan-India brands • High entry barriers as each IMIL producer has to have a distillery in the state in which it proposes to sell and market IMIL Regionalized • Single price point market, wherein price is decided annually by the Market government • Has resulted in market becoming regionalized and fragmented • Markets evolving from quota based systems and distribution controls to free private markets • Consumer preferences changing to demand better products, innovative Evolving Landscape packaging • Need for companies to focus on product and brand development The market is organized and well regulated – highest contributing to state exchequer 9

IMFL is experiencing rapid growth…  Indian IMFL industry stood at $19.2 bn in IMFL Consumption in India in 2010 (mn cases) 2010 growing at a rapid 18.9% p.a. during the period 2006-10, amongst the highest in the Vodka , 7.3, world Others , 0.2, 3% Gin, 2.2, 1% 0%  Caters to the more affluent consumers, usually Sec A to Sec C Rum , 43.8,  Whisky is the largest category, comprising 19% ~60% of the volumes, while vodka and brandy Whisky , are the fastest growing at 20%+ levels Brandy , 43.4, 137.5, 59% 18%  Growth is expected to sustain at 12.1% levels during the period 2010-2015, outperforming most other nations  Strong volume growth is led by increasing Source: IWSR population, favorable societal perception, higher purchasing power and low penetration levels …driven by attractive demographics and changing perceptions 10

Unique 360⁰ model – sustainable, balanced growth Consumer  Brand driven  High initial risk Manufacturing  Wider growth opportunities  Asset driven  Higher margins  Low risk  Growth capped by capacity  Lower margins  Reduces price risk on bulk alcohol purchase for brand operations 12

Consumer portfolio spread across value segments  Serves the Sec A class  MRP is more than Rs.500 per 750ml bottle Premium  Usually imported blends, solid heritage  GSL planning to launch products in this segment  Serves the Sec A/B classes  MRP is ~Rs.250-500 per 750ml bottle Semi-  GSL presence in brandy Premium  GSL brand is French Castle, launched recently in May’ 12  Serves the Sec B/C classes  MRP is ~Rs.180-250 per 750ml bottle Regular  GSL presence in whisky, rum and gin  GSL brands are County Club, Hannibal, White Lace  Serves the lower income group  MRP is ~Rs.70-100 per 750ml bottle Economy (IMIL)  Flavored catering to local taste preferences  GSL brands are Nimboo, Narangi, Heer Ranjha, etc. …strategy has always been geared toward value enhancement 13