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2

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

• pinions 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.

Key Investment Arguments

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• 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 -

volumes of >12 mn cases per year

• 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

investments and consistent margins

• Tie ups with industry majors like ABD, Jagatjit and USL for bottling 3.75 mn

cases per year, who control over 45% of the relevant markets

• Only Company in the Alcobev industry to straddle all segments of the spirits

value chain (consumer and manufacturing)

• 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

Strong Consumer Portfolio Deep Relationships for Franchisee IMFL 360⁰ Business Model

Key Investment Arguments

• Amongst the largest distillation capacity in the country at 84.4mn liters p.a., in

advanced stages of increasing this to 120 mn bulk litres

• Secures access to alcohol for branded operations in a scenario where

demand-supply gap for bulk alcohol is expected to widen considerably

Significant Player in Bulk Alcohol

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• Over the last 3 years, achieved CAGR of 36.4% in gross sales, 37.8% in EBIDTA

and 46.8% in PAT

• 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
• 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

• Strong cash conversion cycle resulting in low working capital investment at

33 days

• Reflected in high Asset Turnover of ~1.9x and ROCE of ~21%, amongst most

favourable in industry

Healthy Financials Capital Efficient Operations

Key Investment Arguments

• Managed by a group of professionals and an experienced management team

with a healthy mix of industry experts and young energetic talent

Strong Management Team

Industry Overview

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India has the largest spirits industry after China…

 Indian spirits industry is ~485 mn cases, valued at ~$23 bn  Globally, it is ranked second in volume terms and third in value terms Yet, per capita consumption in India is still amongst the lowest in the world…

994 484 275 186 133 127 109 64 61 49 200 400 600 800 1,000 1,200 China India Russia USA South Korea Japan Brazil Thailand Philippines Germany

Spirits Consumption in 2010 (mn cases)

Source: WHO, Global Health Observatory Date Repository, Latest Data available for each country (varies between 2007 to 2010) Source: IWSR

11.7 11.1 10.2 9.6 8.7 8.2 7.3 4.7 1.0 3 6 9 12 15 Germany France UK New Zealand USA Canada Japan China India

Per Capita Consumption (Litres p.a.)

8 IMIL, 260 , 38% IMFL, 234 , 34% Wine, 1 , 0% Beer, 197 , 28%

IMIL is the largest alcobev segment

 Indian Made Indian Liquor (IMIL), widely 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  Growing at a steady rate of 6-8%, with some states in North and East India experiencing faster growth at 8-10%  Consistent rise in demand driven by increase in incomes and implementation of rural schemes by the government  Largest consumption centres are in North and Central India

Alcobev Consumption in India in 2010 (mn cases)

…growth is driven by the rural consumption story in India

Source: IWSR, Industry Sources

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IMIL is an established and evolving industry

The market is organized and well regulated – highest contributing to state exchequer

• Caters to the low-income group, usually SEC D, unskilled workers and

population in rural areas

• Highly price sensitive segment and strong preference for local flavours,

making it difficult to create pan-India brands

Addressable Consumer Segment

• High entry barriers as each IMIL producer has to have a distillery in the

state in which it proposes to sell and market IMIL

• Single price point market, wherein price is decided annually by the

government

• Has resulted in market becoming regionalized and fragmented

Regionalized Market

• Markets evolving from quota based systems and distribution controls to

free private markets

• Consumer preferences changing to demand better products, innovative

packaging

• Need for companies to focus on product and brand development

Evolving Landscape

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IMFL is experiencing rapid growth…

 Indian IMFL industry stood at $19.2 bn in 2010 growing at a rapid 18.9% p.a. during the period 2006-10, amongst the highest in the world  Caters to the more affluent consumers, usually Sec A to Sec C  Whisky is the largest category, comprising ~60% of the volumes, while vodka and brandy are the fastest growing at 20%+ levels  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 population, favorable societal perception, higher purchasing power and low penetration levels

Whisky , 137.5, 59% Brandy , 43.4, 18% Rum , 43.8, 19% Gin, 2.2, 1% Vodka , 7.3, 3% Others , 0.2, 0%

IMFL Consumption in India in 2010 (mn cases)

…driven by attractive demographics and changing perceptions

Source: IWSR

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Unique 360⁰ model – sustainable, balanced growth

• Asset driven
• Low risk
• Growth capped by capacity
• Lower margins
• Reduces price risk on bulk

alcohol purchase for brand

• perations
• Brand driven
• High initial risk
• Wider growth opportunities
• Higher margins

Manufacturing Consumer

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Premium Semi- Premium Regular Economy (IMIL)

Consumer portfolio spread across value segments

…strategy has always been geared toward value enhancement

• Serves the lower income group
• MRP is ~Rs.70-100 per 750ml bottle
• Flavored catering to local taste preferences
• GSL brands are Nimboo, Narangi, Heer Ranjha, etc.
• Serves the Sec B/C classes
• MRP is ~Rs.180-250 per 750ml bottle
• GSL presence in whisky, rum and gin
• GSL brands are County Club, Hannibal, White Lace
• Serves the Sec A/B classes
• MRP is ~Rs.250-500 per 750ml bottle
• GSL presence in brandy
• GSL brand is French Castle, launched recently in May’12
• Serves the Sec A class
• MRP is more than Rs.500 per 750ml bottle
• Usually imported blends, solid heritage
• GSL planning to launch products in this segment

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The consumer business has shown robust growth

 Consumer business has grown at a rapid CAGR of 40% during FY08-FY12  Comprises more than 50% of the aggregate company turnover  Has two divisions – Indian Made Indian Liquor (IMIL) and Indian Made Foreign Liquor  IMFL (regular) have grown to a 8% share of the consumer business in just under 4 years

Consumer Business Revenue (Rs. Mn)

1,000 1,208 1,900 2,865 3,883

1,000 2,000 3,000 4,000 5,000 FY08 FY09 FY10 FY11 FY12

Consumer Business Breakup*

*Based on Ex-Distillery Value of sales in FY12

IMIL 92% IMFL 8%

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Largest Indian player in the ‘economy’ segment

 Leadership position in all three states , i.e., Haryana, Rajasthan and Delhi  Retail level value of business is ~Rs. 15 billion  Volume in excess of 12 mn cases per year  Key brands are Nimboo, Narangi, Ghoomar, Heer Ranjha  Pioneered the concept of branding with launch of ‘Nimboo’ brand in Haryana  Markets evolving from ‘commodity’ to ‘brand’ as traditional controls are giving way to free markets  Growth to be driven by favorable industry dynamics (growth at 8-10%) and leveraging strong positioning through introduction of innovative products

Market Share in IMIL State FY12 Sales (Mn Cases) Market Share Haryana 7.2 27% Rajasthan 3.9 25% Delhi 1.5 25%

Solid competitive position – distribution strength, brand equity

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Pioneer in branding IMIL with launch of Nimboo

 Positioning: Pristine appearance, lovely, clean and intense aroma lemon peel in the first whiffs..  Best in class product: High quality grain extra neutral alcohol versus rectified spirit used by all competition  Innovative flavoring: New flavour in a market previously dominated by orange flavours  Premium packaging : Visually appealing  Communication strategy: Visual displays, POS promotions Launched ‘Nimboo’ in Haryana in June 2011… … in a span of less than 1 year, it became a Rs. 3,500 mn brand at retail level … taking GSL market share from 20% to 27%

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Encouraging growth in IMFL business

 Launched IMFL business in 2007-08, introduced brands in regular and semi- premium category  Distribution reach in 8 states, i.e., Haryana, Rajasthan, Chandigarh, Punjab, Himachal Pradesh, Kerala, Andhra Pradesh and Delhi contributing to ~40% of industry  Two-fold growth strategy

• Build robust distribution network through launch
• f brands in regular or mass market segments

and leverage this network for marketing higher value added products

• Build

a premium product portfolio in collaboration with international partners enjoying strong brand equity globally IMFL Brands

Brand Category Price Point French Castle Brandy Semi-Premium County Club Whisky Regular Hannibal Legendary Rum Regular White Lace Gin Regular

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French Castle Brandy

Introduced in parts of Andhra Pradesh, soon to be launched in Kerala Product Description Brandy in semi-premium segment, made from the finest grape spirits Target Segment  Age group of 25 – 35 year olds  Sec A/B Positioning  Person, who is discerning, thinker, enjoys finer things in life, this is a drink for him to relax with  Has French culture embedded in its DNA and every moment of truth with the consumer will have a “French” connection

Launched recently in May’12…

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County Club Whisky

Product Description Whisky in regular segment, blended with rare mature malts, attractively packaged Target Segment  Age group of 25 – 35 year olds  Sec B2/C (e.g. sales professionals, sole traders, etc.) Positioning Reinforces self confidence and belief, meant for aspiring & confident individuals, who are extrovert and who like to socialize – punchline “Har Safar Apne Dum Par” Presence Punjab, Haryana, Chandigarh, Himachal Pradesh, Uttar Pradesh, Rajasthan and Andhra Pradesh

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Hannibal Legendary Rum

Product Description Rum in regular segment Target Segment  Age group of 25 – 40 year olds  Sec B2/C (e.g. sales professionals, sole traders, etc.) Positioning Evokes a perfect feeling of bravery, power and heroism that personifies Hannibal Barca – the taste that conquers Presence Delhi, Haryana, Rajasthan, Punjab, Chandigarh, Kerala

…awarded the SILVER MEDAL at the Monde Selection in 2008

Manufacturing Business

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Steady cash flow generation business…

 Comprises bulk alcohol manufacturing and bottling for third-party IMFL brand owners  Dominance in alcohol manufacturing built through continuous focus on improving quality and reducing costs  Low risk segments – with reasonably assured

• ff-take and steady growth

 Manufacturing operations ensure greater quality control on entire value chain and guaranteed supplies  ‘Cash Cow’ for supporting growth of branded IMFL business

Bulk Alcohol & IMFL Franchisee Sales Trend (Rs. Mn)

1,300 1,502 1,752 2,101 2,336

500 1,000 1,500 2,000 2,500 FY08 FY09 FY10 FY11 FY12

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Amongst the largest distillation capacity in India

Manufacturing Facilities & Capacity

Unit Bulk Litres (mn) Bottling (mn Cases) Samalkha, Haryana 35.0 9.6 Hisar, Haryana 14.4 4.2 Behror, Rajasthan 35.0 4.8

 State-of-the-art plants at Rajasthan (Behror) & Haryana (Samalkha & Hisar) having aggregate annual distillation capacity of 84.4 mn bulk litres with multi-feedstock capability  Deploy zero-discharge technology – environment friendly and higher operating efficiency  Ability to build technologically superior plants at a much lower cost than the industry average  Strong growth expected in this segment given the macro situation vis-à-vis demand-supply gap for potable alcohol and implementation of ethanol blending requirements

28.8 mn 84.4 mn 84.4 mn 120 mn FY10 FY11 FY12 FY13E

Capacity Ramp-up (FY10-FY13E)… 4x capacity in 4 years

Brownfield expansion at Samalkha and Behror Merger of ADL with GSL Brownfield expansion at Samalkha and Behror expected to be completed by FY13 end

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Name Haryana Rajasthan United Spirits 4.3

• *

Allied Blenders & Distillers 0.8 1.5 Jagatjit Industries 1.7

• *

Total IMFL Industry 10.2 8.0

Manufacturing the largest brands in the world

 Established relationships with leading liquor companies viz. United Spirits, Jagatjit Industries and ABD Ltd for supply of high- quality bulk alcohol and bottling of their main brands  Currently, bottling Officer’s Choice and Bagpiper, the largest selling whiskies in the world  Third-party bottling provides for assured off- take of bulk alcohol, ensuring high level of capacity utilization  Sticky business with limited investments and consistent margins  Proxy play on IMFL industry growth; growth dependent

• n

brands performance

• f

customers

Market Volumes of Franchisors in FY12 (mn cases)*

* Bottling relationship with USL, ABD and JIL in Haryana and

• nly ABD in Rajasthan (data based on Globus estimates)

Growth Strategy

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Focus on balanced growth…

Bulk Alcohol

• Enhance operational efficiency and

capacity utilization

• Build exports presence

IMFL Franchisee Bottling

• Strengthen existing alliances
• Add new customers

IMFL

• Leverage existing distribution through

launch of higher value-added brands

• Collaborate with strong international

brands for premium products

• Expand distribution reach and

consolidate regular segment IMIL

• Consolidate position in existing states
• Expand to new states

… by nurturing consumer business, driven by cash flows from manufacturing

Manufacturing Consumer

Shareholding and Organisation

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Ownership Structure

 Listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)

Promoters 67.1% FIIs 1.3% Mutual Funds 14.2% Corp Bodies 5.2% Individuals & Others 12.2%

Shareholding Pattern as on June 15, 2012

Name # Shares % Share IDFC MF 1,820,000 7.9% SBI MF 902,890 3.9% Franklin Templeton MF 354,639 1.5% Mirae Asset India MF 188,269 0.8% India Max Investment Fund 198,728 0.9% ING India Investment Funds 88,416 0.4%

Key Institutional Holding

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Board of Directors

Person Particulars

• Mr. Gautam Premnath

Khandelwal Non-Executive Chairman

Over 23 years of experience in senior managerial positions, Mr. Khandelwal is on the Board of many companies such as Nagpur Power & Industries Ltd., Motwane Mfg. Co.

• Pvt. Ltd., Krohm Solutions Pvt. Ltd., Punjab National Bank etc.
• Mr. Ajay Kumar Swarup

Promoter & Managing Director

Over 24 years of experience in the liquor industry. Mr. Swarup promoted GSL in 1993 and prior to that co-promoted Associated Distilleries in 1983. Mr. Swarup completed his schooling from Doon School, Dehrandun; graduated in Economics from St. Stephens College, Delhi University, and is a PGDBM from IIM Kolkatta. He was President of All India Distillers’ Association during the years 1992 – 95.

• Mr. Manik Lal Dutta

Executive Director

Over 36 years of experience in alcohol industry. Mr. Dutta was earlier with UB Group as production head for North India & Nepal operation.

• Dr. Bhaskar Roy

Director Finance & CFO

Over 21 years of experience in finance and general management with companies such as Dhampur Sugar Mills Ltd and Saraya Industries Ltd.

• Mr. Shekhar Swarup

Executive Director

Over 3 years of experience, Mr. Swarup joined GSL in 2008. Mr. Swarup has graduated in Business and Management from University of Bradford, United Kingdom.

• Mr. Rajesh Kumar Malik

Whole-Time Director

Over 29 years of experience in liquor industry with firms such as Tilaknagar industries, Associated Distilleries, etc.

• Mr. Rameshwar Dayal

Aggarwal Whole-Time Director

Over 25 years of experience in liquor industry with firms such as Royal Distilleries, Som Distilleries, Oasis Distilleries, etc.

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Board of Directors

Person Particulars

• Mr. Joginder Singh Damija

Independent Director

Over 46 years of experience in various industries including liquor. Served with major spirit companies including UB Group in multiple positions and as Director and Vice chairman of SAB India.

• Mr. Santosh Kumar Bishwal

Independent Director

Extensive experience with companies such Union Carbide, UB Group in senior positions.

• Mr. Bishwal is a faculty at XLRI.
• Mr. S.L. Singh

Independent Director

Over 42 years experience in the Distillery, Sugar, Chemical, Pesticide and the Engineering

• Industry. He has worked with Jubilant Life Sciences, Jagatjit Industries, Bajaj Hindustan

Ltd etc. Presently associated with the Distillery & Sugar Industry and advises Power Plants and is also an Associate Consultant with the Ethiopian Government for Ethanol. He is a Chemical Engineer from IIT Delhi.

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Key Management

Person Particulars

Chalam Surampudi Business Head – Projects & Supply Chain

Over 25 years of experience in managing varied businesses, from manufacturing of packaging materials to turnkey systems integration, development & supply of software- and IT-oriented projects and IT education. Mr Surampudi has managed complex technical projects and teams of over 150 people toward strategic goals, in the process working closely with mid- and large-sized customers and suppliers. Mr Surampudi is an Electrical Engineer with a PGDBM from Indian Institute of Management, Kolkata.

Sudhir Chopra CEO- IMFL

Over 25 years of experience, Mr. Chopra joined GSL in 2005. Prior to that, he has worked with several companies in the liquor industry, such as John Distilleries, ABD India, USL. Mr. Chopra has a PG – Advance Marketing, PGDBA from University of Bath, United Kingdom.

Paritosh Bhandari Marketing Head

Over 14 years of experience in the field of marketing, branding and launching new

• products. Prior to joining GSL in 2011, Mr. Bhandari has worked with Modi lllva India,

SAB Miller India, Levi Strauss India & Sony Electronics India. Mr. Bhandari has received coveted awards such as India Spirits Award, SAB Miller Asia Pac Award, Levi's Saddle Man Trophy etc. Mr. Bhandari is a commerce and management graduate.

KP Pande Senior Vice President

Over 49 years of experience in the sugar and alcohol industry, has been associated with the establishment of new distilleries. Mr. Pandey was instrumental in setting up the Hisar distillery, part of erstwhile Associated Distilleries Ltd, now merged in GSL. He is also a guest lecturer in CCSHAU University, Hisar and GJU University, Hisar regarding utilization of distillery effluent for its usage in the agriculture sector. Mr. Pandey is a BSc. graduate with DIFAT from NSI Kanpur.

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Key Management

Person Particulars

Manoj Gupta GM – Finance

Over 15 years of experience in in project financing, taxation, budgeting and taxation . Prior to joining Globus in 2011, Mr. Gupta has worked with several companies in the FMCG industry like Taj Milk Foods Ltd, etc. Mr. Gupta is a Chartered Accountant.

Kavita Sharma GM – Human Resources

Over 18 years of experience in human resources and training. Ms. Sharma joined Globus in 2011 and prior to that was working with Telco Water Technology and Akiko Sherman Infotek Ltd. Ms. Sharma is graduate from Delhi University and has a management degree in Human Resource Management.

Financial Overview

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Strong revenue and profit growth

Particulars (Rs. Million) FY08 FY09 FY10 FY11 FY12

Income from Operations (Gross) 2,353 2,814 3,843 5,216 7,138 Less: Excise Duty Paid and Discount, Allowance & Returns 787 852 1,214 1,433 1,585 Total Income from Operations (Net) 1,565 1,962 2,629 3,783 5,552 EBIDTA 245 286 400 652 750 EBIDTA Margin % 15.4 14.4 15.0 17.0 13.4

• Depreciation

40 57 (73) 69 123

• Interest

11 30 14 28 48 PBT (incl. other income) 195 199 459 554 579 Tax Expenses 69 70 170 155 169 PAT 126 129 289 399 410 PAT Margin % 7.9 6.5 10.9 10.4 7.3 Earnings Per Share (in Rs.) 10.3 10.5 14.6 17.4 17.8

4 year CAGR 37.2% 32.3% 34.3% 14.6%

Note: FY11 onwards, results include financials of ADL, which was merged with GSL effective April 1, 2010

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Particulars (Rs. Million) As on March 31, 2008 As on March 31, 2009 As on March 31, 2010 As on March 31, 2011 As on March 31, 2012

Shareholders Funds 468 598 1,614 2,085 2,473 Debt 150 180 155 587 1,136 Deferred Tax 45 76 184 260 309 Total Liabilities 663 854 1,953 2,939 3,926 Net Block 362 563 894 2,195 2,795 CWIP 38 4 469 129 602 Investments 0.3 0.3 0.3 1.2 1.2 Net Current Assets 263 287 590 614 528 Total Assets 663 854 1,953 2,939 3,926

Amongst the lowest leverage in the industry

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The 360⁰ model ensures better return than the industry

 360⁰ model ensures better utilization of capacities, translating into better than benchmark asset turnover  Lower working capital requirements (due to larger proportion of IMIL business) and higher

• perating efficiency translate into higher ROCE

 Ability to build plants at lower cost making efficient use of capital

ROCE (%) RONW (%)

42.3% 31.9% 44.9% 28.9% 20.9%

0% 10% 20% 30% 40% 50% FY08 FY09 FY10 FY11 FY12

34.9% 24.3% 26.2% 21.6% 17.9%

0% 10% 20% 30% 40% FY08 FY09 FY10 FY11 FY12

Asset Turnover Ratio

3.3 2.7 2.3 1.8 1.9

0.0 1.0 2.0 3.0 4.0 FY08 FY09 FY10 FY11 FY12

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For more information about us, please visit www.globusspirits.com OR contact:

• Dr. Bhaskar Roy/ Ruchika Bansal

Globus Spirits Limited Phone: +91 11 6642 4600 Fax: +91 11 6642 4629 Email: broy@globusgroup.in ruchika@globusgroup.in Ishan Selarka / Mayur Maniyar Citigate Dewe Rogerson Phone : +91 22 6645 1232 / 1220 Fax: +91 22 6645 1213 Email: ishan@cdr-india.com mayur@cdr-india.com

Investor Contact