ALTHOUGH HUNGARY, LIKE THE REST OF THE WORLD, IS FACING A SERIOUS CRISIS AT THIS TIME WHICH HAS AFFECTED EVERYBODY, OUR COMPANY AS WELL, I AM HAPPY TO SHARE WITH YOU SOME GOOD NEWS. AS HONORARY PRESIDENT OF ZWACK UNICUM PLC. AND ALSO AS A FATHER, I AM PROUD OF THE RESULTS THAT THE COMPANY HAS ATTAINED IN THE LAST YEAR UNDER THE LEADERSHIP OF MY SON, SÁNDOR, AND I AM MORE THAN EVER CONVINCED THAT I MADE A WISE DECISION HANDING OVER THE HELM OF THE COMPANY TO THE NEXT GENERATION, WITH TWO OF MY CHILDREN NOW ON THE BOARD. ASACOMPANY, WE HAVE TOGETHER ACHIEVED A NUMBER OF GOALS WHICH HITHERTO WERE ONLY ON THE DRAWING BOARD.

OUR FIRST SUSTAINABILITY REPORT WAS ISSUED THIS YEAR, INCORPORATING THE BASIC PRINCIPLES OF OUR COMPANY VALUES AND OPERATIONS, WHICH AT THE SAME TIME POINTS THE WAY TO FUTURE SUCCESS WITHIN A FRAMEWORK OF SOCIAL RESPONSIBILITY. WE ALSO RECEIVED THE "GREEN OFFICE" AWARD BECAUSE WE ARE NOT ONLY A MARKET LEADER IN THE FIELD OF ALCOHOLIC BEVERAGES, BUT ARE ALSO FULLY AWARE OF OUR RESPONSIBILITY IN TERMS OF SUSTAINABLE DEVELOPMENT AND FUTURE GENERATIONS. OUR NEW BRANDS ARE PRODUCED INVOLVING THE MINIMUM POSSIBLE ENVIRON- MENTAL IMPACT.

AT THE SAME TIME, THANKS TO OUR WELL-CONCEIVED BRAND BUILDING STRATEGIES, WE WERE ABLE TO ACHIEVE SIGNIFICANT RESULTS ON THE AMERICAN, GERMAN AND ROMANIAN EXPORT MARKETS. I AM PARTICULARLY HAPPY ABOUT OUR EXPANSION ONTO THE UNITED STATES MARKET AND THE POSITIVE REACTION OF ZWACK LIQUEUR ON THE OTHER SIDE OF THE ATLANTIC AS THIS IS LIKE A LONG-CHERISHED DREAM COME TRUE FOR ME WHICH I WOULD DEARLY LOVE MY FATHER TO BE HERE TO SHARE. I WOULD LIKE TO THANK MY DAUGHTER, IZABELLA, FOR THE WORK SHE HAS PUT INTO THIS PROJECT, PERSONALLY SUPERVISING OUR INTRODUCTION ON THE AMERICAN MARKET FROM THE VERY FIRST TENTATIVE STEPS. SHE WAS ABLE TO DO THIS WHILE AT THE SAME TIME STEERING OUR COMPANY TOWARDS A SUCCESSFUL FUTURE IN THE WORLD OF WINE. ALL IN ALL, I CAN SAFELY SAY THAT ZWACK UNICUM PLC. AND THE ZWACK BRANDS ARE TODAY IN GOOD HANDS. I AM CONFIDENT THAT THIS SUCCESSFUL WORK WILL CONTINUE IN THE COMPANY SPIRIT OF TRADITION SIDE BY SIDE WITH DYNAMIC INNOVATION.

WHEN I TOOK OVER THE HELM FROM MY FATHER A YEAR AGO, I KNEW THAT 2009 WOULD BE A MILESTONE – NOT ONLY IN MY LIFE, BUT ALSO IN THE LIFE OF ZWACK UNICUM PLC. THE ECONOMIC CRISIS SWEEPING THE WORLD MEANS A CHALLENGE IN OUR LIVES WHICH NO ONE HAD FORESEEN. INVARIABLY, WE CONTINUE TO FOCUS ON OUR PREMIUM BRANDS AND EXPORT ACTIVITIES, WHERE THE RESULTS ON THE AMERICAN, GERMAN AND ROMANIAN MARKETS PROVE THAT WE HAVE TAKEN THE CORRECT ACTIONS.

AT THE SAME TIME, AS THE AMBASSADOR OF PÁLINKA, I CAN GLADLY REPORT ON THE SUCCESSES WE HAVE ACHIEVED AT ACCLAIMED WORLD COMPETITIONS WHERE WE HAVE PROVEN THAT QUALITY HUNGARIAN PÁLINKAS BELONG AMONG THE RANKS OF WORLD CLASS PRODUCTS. IN TERMS OF TRADITION AND INNOVATION, WE HAVE EXPERIMENTED WITH NEW FLAVOURS AND LAUNCHED NEW BRANDS ON THE HUNGARIAN MARKET WITH GREAT SUCCESS.

IN ADDITION TO BRAND BUILDING, WE HAVE ALSO INVESTED IN PRODUCTION. THE UNICUM PRODUCT FAMILY CAN BE FOUND ON STORE SHELVES WITH A NEW PACKAGING. INVESTMENT IS ONE OF THE MOST SUCCESSFUL FORMS OF ANY REAL "HUNGARICUM", STRENGTHENING THE CHARACTER OF THE INTERNATIONAL PREMIUM BRAND, UNICUM. AND WHAT'S NEXT? AS A PROGRESSIVE, MODERN COMPANY, WE KNOW THAT INNOVATION AND THE CONTINUOUS REALIZATION OF NEW IDEAS ARE KEY TO LONG-TERM SUSTAINABILITY AND THE PRESERVATION OF OUR LEADING MARKET POSITION.

3 DECLARATION

We, the undersigned Zwack Unicum Liqueur Industry and Trading Public Limited Company, hereby declare that the facts and statements contained in the Annual Report covering the Company's business year of 2008-2009 (1 April 2008 - 31 March 2009) are true in all respects, and that the Annual Report does not hide any fact that is of importance in assessing the situation of the Company.

Financial reports (Balance Sheet, Profit & Loss, Notes to the Financial Statements) presented in the Annual Report were prepared according to the applicable accountancy regulations and our best knowledge. Financial reports give real and authentic picture of the assets, liabilities, financial situation and profit of the issuing company.

The Business Report, which is part of the Annual Report, gives authentic picture of the situation, development and achievement of the issuing company, reciting the major risks and factors of uncertainty.

The Company has fulfilled the periodic and extraordinary duties of disclosure, as required by the Capital Market law.

The Company's audit has been provided by PricewaterhouseCoopers Llc. This auditing firm has not received any other assign- ments from Zwack Unicum Plc. except for this audit, which adheres to the regulations of Hungarian accounting, as well as those of the International Financial Reporting Standards (IFRS).

Budapest, 27 May 2009

Zwack Unicum Plc.

Sándor Zwack Frank Odzuck Chairman of the Board General Manager

FINANCIAL CALENDAR

EVENT DATE

Publication of the interim report about the first quarter of 2009/2010* 31 July 2009

Payment of dividend As from 31 August 2009

Publication of the interim report about the first half year of 2009/2010* 13 November 2009

Publication of the interim report about the first three quarter of 2009/2010* 12 February 2010

Annual General Meeting 29 June 2010

* not final dates

4 Zwack Unicum Plc. – 31. March 2009

BALANCE SHEET – ASSETS

t HUF t HUF Number Names of items Previous year Reported year ab cd

01. A INVESTED ASSETS 4 672 973 4 842 912 02. I. INTANGIBLE ASSETS 127 384 127 607 03. Capitalised value of foundation and restructuring costs 04. Capitalised value of research and development costs 05. Rights 109 113 110 224 06. Intellectual property 18 271 17 383 07. Goodwill 08. Advance payments on intangible assets 09. Revaluation of intangible assets 10. II. TANGIBLE ASSETS 4 481 679 4 635 927 11. Real property and related rights 3 007 933 2 950 814 12. Technical equipment, machinery and vehicles 759 404 656 715 13. Other equipment, fittings and vehicles 624 735 591 506 14. Breeding stock 15. Capital WIP, refurbishments 86 072 432 662 16. Advance payments on Capital WIP 3 535 4 230 17. Revaluation of tangible assets 18. III. FINANCIAL INVESTMENTS 63 910 79 378 19. Long term investment in related companies 15 718 15 718 20. Long term loans given to related companies 21. Other long term investments 1 850 1 850 22. Long term loans given to other investees 23. Other long term loans provided 46 342 61 810 24. Securities representing long term loans 25. Revaluation of financial investments 26. B CURRENT ASSETS 12 932 061 13 344 580 27. I. INVENTORIES 2 564 232 2 580 551 28. Raw materials 616 906 571 108 29. Work in progress and semi-finished products 870 909 869 233 30. Animals 31. Finished products 498 604 393 622 32. Goods for resale 577 163 746 588 33. Advance payments on inventoires 650 0 34. II. RECEIVABLES 4 773 720 7 714 413 35. Accounts receivable from supply of goods and services 4 270 575 4 569 950 36. Receivables from related companies 1 300 001 37. Receivables from other investees 38. Bills of exchange receivable 39. Other receivables 503 145 1 844 462 40. III. SECURITIES 00 41. Investments in related companies 42. Other investments 43. Own shares, own quotas 44. Securities representing loans held for sale 45. IV. LIQUID ASSETS 5 594 109 3 049 616 46. Cash and cheques 190 950 47. Bank deposits 5 593 919 3 048 666 48. C PREPAYMENTS 141 269 237 497 49. Accrued income 26 168 86 560 50. Prepaid expenses 115 101 150 937 51. Deferred expenses 52. TOTAL ASSETS 17 746 303 18 424 989

According to Hungarian Accounting Standards. 5 Zwack Unicum Plc. – 31. March 2009

BALANCE SHEET – EQUITY & LIABILITIES

t HUF t HUF Number Names of items Previous year Reported year ab cd

53. D EQUITY 11 250 254 14 150 670 54. I. SHARE CAPITAL 2 035 000 2 035 000 55. thereof: treasury shares repurchased at face value 56. II. UNPAID SHARE CAPITAL (-) (26 250) 57. III. CAPITAL RESERVES 264 044 264 044 58. IV. ACCUMULATED PROFIT RESERVE 8 209 440 8 977 460 59. V. NON-DISTRIBUTABLE RESERVES 60. VI. REVALUATION RESERVE 61. VII. PROFIT PER BALANCE SHEET 768 020 2 874 166 62. E PROVISIONS 97 110 313 902 63. 1. Provisions for expected liabilities 97 110 313 902 64. 2. Provisions for future expenses 65. 3. Other provision 66. F LIABILITIES 6 071 775 3 673 003 67. I. SUBORDINATED LIABILITIES 00 68. Subordinated liabilities to related companies 69. Subordinated liabilities to other investees 70. Subordinated liabilities to other enterprises 71. II. LONG TERM LIABILITIES 00 72. Long term credits 73. Convertible bonds 74. Debts on the issue of bonds 75. Investment and development loans 76. Other long term loans 77. Long term liabilities to related companies 78. Long term liabilities to other investees 79. Other long term liabilities 80. III. SHORT TERM LIABILITIES 6 071 775 3 673 003 81. Short term credits 82. thereof: Convertible bonds 83. Short term loans 84. Advances received from customers 85. Accounts payable from supply of goods and services 2 615 651 2 244 901 86. Bills of exchange payable 87. Short term liabilities to related companies 1 100 001 0 88. Short term liabilities to other investees 89. Other short term liabilities 2 356 123 1 428 102 90. G ACCRUED EXPENSES AND DEFERRED INCOME 327 164 287 414 91. Deferred revenues 19 924 34 136 92. ACCRUED EXPENSES AND DEFERRED INCOME 275 790 225 655 93. Deferred income 31 450 27 623 94. TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 17 746 303 18 424 989

According to Hungarian Accounting Standards. 6 Zwack Unicum Plc.

PROFIT AND LOSS STATEMENT “A” For the year ended 31 March 2009

t HUF t HUF Number Names of items 01.04.2007.- 01.04.2008.- 31.31.2009. 31.03.2009. ab cd

01. Net domestic sales revenues 30 120 085 30 232 496 02. Net export sales revenues 1 958 155 2 154 974 I. NET SALES REVENUES 32 078 240 32 387 470 03. Change in self-manufactured inventories 188 028 (106 658) 04. Capitalised value of self-manufactured assets 286 522 249 809 II. CAPITALISED VALUE OF OWN PERFORMANCE 474 550 143 151 III. OTHER REVENUES 264 369 278 663 thereof: reversal of impairment loss provision 14 091 12 031 05. Cost of raw materials 4 222 900 4 008 793 06. Value of material type services used 6 108 757 6 351 322 07. Value of other services 86 445 91 873 08. Cost of goods sold 2 684 312 2 608 706 9 Value of resold services 925 997 IV. MATERIAL TYPE EXPENDITURES 13 103 339 13 061 691 10 Wages 1 856 538 1 863 580 11 Other payments to personnel 816 013 690 978 12 Contributions on wages 726 333 739 858 V. PAYMENTS TO PERSONNEL 3 398 884 3 294 416 VI. DEPRECIATION CHARGE 684 435 672 466 VII. OTHER EXPENDITURES 12 263 416 12 652 290 thereof: impairment loss provision 64 939 61 042 A TRADING PROFIT 3 367 085 3 128 421 13. Dividend received 00 thereof: received from related companies 0 0 14. Gain on sale of investment 00 15. Interest received and gain on financial investments 0 0 16. Other interest received 328 164 397 086 thereof: received from related companies 17. Other revenues from financial transactions 61 825 297 233 VIII. REVENUES FROM FINANCIAL TRANSACTIONS 389 989 694 319 18. Loss on financial investments including: from related party paid 19. Interest paid 375 11 including: from related party paid 20. Impairment loss of financial investment, securities and bank deposits 21 Other expenditures of financial transactions 29 468 191 849 IX. EXPENDITURES OF FINANCIAL TRANSACTIONS 29 843 191 860 B FINANCIAL PROFIT 360 146 502 459 C PROFIT ON ORDINARY BUSINESS 3 727 231 3 630 880 X. EXTRAORDINARY REVENUES 15 255 13 416 XI. EXTRAORDINARY EXPENDITURES 12 926 19 275 D LOSS ON EXTRAORDINARY ITEMS 2 329 (5 859) E PROFIT BEFORE TAXATION 3 729 560 3 625 021 XII. TAX LIABILITY 723 040 750 855 F AFTER TAX PROFIT 3 006 520 2 874 166 22. Dividends paid out of accumulated profit reserve 23. Dividends paid (approved) out of current year profits 2 238 500 G NET PROFIT PER BALANCE SHEET 768 020 2 874 166

According to Hungarian Accounting Standards. 7 NOTES TO THE FINANCIAL STATEMENTS OF ZWACK UNICUM PLC. FOR THE PERIOD FROM 1 APRIL 2008 TO 31 MARCH 2009 A) GENERAL INFORMATION

1. Name and Registered Seat of the Company: Zwack Unicum Likôripari és Kereskedelmi Nyilvánosan Mûködô Részvénytársaság 1095 Budapest, Soroksári út 26. Homepage: www.zwackunicum.hu

2. Legal Status of the Company: Public Company Limited by Shares

3. Date of Incorporation 30 September 1992 The Company's legal predecessor, Zwack Unicum Budapest Likõrgyár és Kereskedelmi Kft. was founded on 10 July 1989. The Company was transformed into a company limited by shares on 30 September 1992.

Incorporation No: 01-10-042048/92 Tax ID: 10795044-2-44

4. Number and Value of Shares Issued

Number Par value Type of share Currency 2 000 000 1 000 ordinary share HUF 35 000 1 000 redeemable liquidation preference share HUF 2 035 000 Total

Each ordinary share grants equal rights to their holders, while the redeemable liquidation preference shares do not grant voting rights.

5. Owners and their Ownership Percentage: Peter Zwack & Consorten HAG (1190 Wien, Heiligenstadter Strasse 43) 50% + 1 share Diageo Holdings Netherlands B.V. (1014 BG Amsterdam, Molenwerf 10-12.) 26% Free-float percentage: 24% - 1 share

According to the data of the share-book, the Company had 1 841 shareholders as at 31 March 2009. Within free-float shares, Intrinsic Value Investors LLP has an investment exceeding 5% (120 549 shares, 5,92%). Seven employees of the Company hold ordinary shares in an aggregate amount of THUF 881 at par value and redeemable liquidation preference shares in an aggregate amount of THUF 35 000 at par value. Among these employees the members of the leadership of the Company are the following: Dr. András Szecskay Supervisory Board Member ordinary shares 651 t HUF Frank Odzuck CEO, Board of Directors redeemable liquidation 16 000 t HUF Member preference shares Tibor Dörnyei Deputy CEO, Board of redeemable liquidation 10 500 t HUF Directors Member preference shares Csaba Belovai Commercial and Export redeemable liquidation 8 500 t HUF Director preference shares

The closing price of the Company's publicly issued shares was HUF 12 100 as at 31 March 2009 on the Budapest Stock Exchange, which is 18,24% lower than the HUF 14 800 closing rate as at 31 March 2008. During the 2008-2009 business year 102 346 Zwack Unicum shares changed owners, and the turnover-weighted average share price was HUF 12 998.

6. The Company's Core Activities according to the Articles of Association: Production of alcohol and alcoholic drinks Food wholesale and retail trade Foreign trade Advertisement activity Warehousing and storing Real estate utilisation Repair of machines and equipment

According to Hungarian Accounting Standards. 8 7. Short Description of the Accounting Policy

7.1.Date of the Financial Statements: The Company's business year lasts from 1 April to 31 March. The date of balance sheet preparation is 15 April 2009.

7.2.Basis of Preparation of the Financial Statements: The Company prepared the financial statements in conformity with the regulations set forth in the currently in force Hungarian Act on Accounting (Act C of 2000).

7.3.Bookkeeping Method: The Company keeps double-entry books. Costs and expenses are primarily accounted for in account class 5 and account classes 6 and 7, in parallel.

7.4.The Selected Format of the Balance Sheet and the Profit and Loss Account: The Company prepares version "A" balance sheet. The Company prepares version "A" profit and loss account by the cost by nature method.

7.5.Audit According to Section 155 of Act C of 2000 the Company is subject to audit obligation. The Company's auditor is PricewaterhouseCoopers Kft (PwC). The fee for the audit of the financial statements prepared according to the provisions of the Hungarian Act on Accounting and the accounting principles generally accepted in Hungary with issuance of an audit report on that is THUF 8 000; besides that PwC performs the audit of the financial statements prepared according to International Financial Reporting Standards (IFRS) and the generally accepted accounting principles with issuance of an audit report on that and the review of the 4/A and 4/B summary reports prepared for Öko-Pannon Kht. with issuance of an audit report on that.

7.6.Regulations Applied by the Company: • Accounting Policy • Cash Management Regulations • Inventory-keeping and Inventory-taking Regulations Applicable to Assets and Liabilities • Valuation Regulations Applicable to Assets and Liabilities • Cost Accounting Regulations • Other Regulations

7.7.Tax Audit: The Tax Authority conducted a comprehensive tax audit at the Company in the previous financial year. The tax authority may examine the books and records and raise additional assessments and penalties at any time for up to six years after the respective taxation year. The Company's management is not aware of any circumstances that might result in a tax liability for the Company in such a case.

7.8.Applied Valuation Principles: The guiding principle of valuation is the going concern assumption. The law prescribes that the valuation should be based on historical data, therefore assets may not be recorded in an amount higher than their acquisition or production cost, except for cases specifically named by law. Assets are valued at historical cost, net of recognised depreciation charge and impairment loss, plus any written back extraordinary depreciation and impairment loss. Specific cost factors are included in the purchase price if those can be individually allocated to the assets.

Valuation of Invested Assets Invested assets are valued at acquisition or production cost, net of depreciation charge and impairment loss, plus any written back extraordinary depreciation and impairment loss. The historical cost of invested assets is determined in conformity with the provisions of Sections 47-51 of the Act on Accounting, with taking into consideration of the following: • Subsections (3), (4) of Section 25 of the Act on Accounting allow the capitalisation of the costs of foundation-restructuring and research & development. When such costs reach HUF 10 million, the Company exercises individual judgement whether to capitalise the costs or to charge those to the profit or loss in the year when incurred. In all other cases the Company does not capitalise these costs, but charges those in one amount to the profit or loss of the year when incurred.

According to Hungarian Accounting Standards. 9 • Equity investments held in business organisations are stated at the value prevailing as at the date of foundation as stated in the articles of association, or in the case of purchase at the purchase price, or in an amount net of recognised impairment loss. • The purchase price of goodwill implies the difference between the consideration paid for the acquired company and the value of the company's assets net of liabilities, if the paid consideration is the higher. If the paid consideration significantly exceeds the market value in the case of acquisition of an interest exceeding 75.1%, the companies account for this difference as goodwill. • The purchase price of interest-bearing securities stated among invested assets or current assets may not include the amount of interest included in the purchase price. • The purchase price of assets received free of charge implies the carrying amount stated at the transferor (or the realisable or market value). In the case of assets received as gift or heritage and assets identified as surplus, the purchase price is the market value prevailing as at the date of recording of the asset. • In the case of business organisations the purchase price of the assets received as non-cash contribution is the value of the assets, including non-deductible VAT, as stated in the articles of association. A more detailed definition of the acquisition cost is included in the Valuation Regulations prepared as part of the Accounting Policy.

Valuation of Current Assets Within inventories, goods and materials are disclosed at weighted average price, work in progress, semi-finished goods and finished goods are disclosed at production cost, with regard to the market value. If the market value exceeds the carrying amount, impairment loss must be accounted for. Assets that do not satisfy the relevant regulations or are not suitable for their original purpose, or whose sale or use is doubtful, qualify as redundant inventories, and must be disclosed at impaired value. Furthermore, the closing material and goods balances whose recorded purchase price is higher than their actual market value known as at the date of balance sheet preparation must also be stated in the balance sheet at impaired value. Determination of the market value is done in conformity with the provisions of the Valuation Regulations. The valuation of receivables is done in conformity with the provisions of Section 65 of the Act on Accounting. In the case of receivables below HUF 35 000 the Company's standpoint is that the costs of collection would be incom- mensurate with the recoverable amount. Outstanding forint and foreign currency receivables qualified as bad or past due debts must not be disclosed in the balance sheet, with adherence to the foreign exchange regulations. For determination of the acquisition cost of securities recorded among current assets, purchased as not long-term investments, the general provisions of the Act on Accounting are applicable. Accordingly, the acquisition cost includes all expenses incurred in connection with the acquisition of the security and directly allocable to the asset, except for the paid commission fee or the fee paid for purchase of the buy option. Interest-bearing securities are exceptions, whose purchase price may not include the amount of interest included in the purchase price. In the case of repurchased own shares or business stakes the acquisition cost is the repurchase price as per the underlying contract. It is a guiding principle for the year-end valuation of securities, that the value disclosed in the balance sheet is the net book value of the securities net of the amount of the impairment loss allowable according to the Act on Accounting. It is a guiding principle for the valuation of liquid assets, that liquid assets should be stated in the balance sheet at net book value. Liquid assets include cash, electronic money instruments, cheques and bank deposits.

Valuation of Shareholders' Equity and Liabilities The general valuation principle applicable to shareholders' equity and liabilities says that the shareholders' equity, the provisions and the liabilities, excluding liabilities denominated in foreign currency, must be stated in the balance sheet at net book value. The components of shareholders' equity are valued at net book value both interim and at year-end. The valuation of liabilities should be carried out with keeping the following in view and keeping in mind that the primary condition of the disclosure is that the liability be acknowledged by the user. Forint credits and loans are recorded in the amount specified in the underlying contract, and are reduced by the amount of repaid instalments. FX credits and loans are stated in the actually disbursed FX amount, or the FX amount net of the amount of repaid instalments as translated at the official foreign exchange rate quoted by the National Bank of Hungary as at the date of fulfilment. The year-end balance of credits and loans must agree with the bank statement as at the balance sheet date of the financial institution that provided the credit or the loan, and with the forint or FX amounts included in the confirmation letters received back. Advance payments received from customers in forint are stated in the amount actually received as long as the performance takes place in a way acknowledged by the customer. Advance payments received from customers in foreign currency are recorded at the foreign exchange rate quoted by the National Bank of Hungary prevailing as at the date of performance. The valuation of liabilities denominated in foreign currency is done in conformity with the provisions of Subsection (5) b of Section 68 of the Act on Accounting.

According to Hungarian Accounting Standards. 10 Forward FX transactions open as at the balance sheet date are valued at the foreign exchange rate of the National Bank of Hungary in accordance with the Valuation Regulations.

Special Valuation of Items Denominated in Foreign Currency Foreign currency amounts held in the foreign currency petty cash, FX amounts held on FX accounts, receivables denominated in foreign currency, FX financial investments, FX securities and liabilities denominated in foreign currency are disclosed at their forint value as translated at the foreign exchange rate of the National Bank of Hungary prevailing as at the date of being included in the records or the contractual performance date, excluding foreign currency amounts purchased for forint, which are stated in the accounting records in the amount actually paid, and for which the foreign exchange rate at which those will be included in the records must be determined on the basis of the actually paid forint amount. Assets and liabilities denominated in foreign currency must be revalued in the balance sheet at the foreign exchange rate of the National Bank of Hungary prevailing as at the balance sheet date of the business year regardless of the size of revaluation differences arising from the revaluation. This means that the companies consider the effect of all revaluation differences on the assets, receivables or liabilities denominated in foreign currency or on the profit or loss to be material. If the aggregate amount of the revaluation difference is a loss, it must be recorded among other expenditures of financial transactions. If the aggregate amount of the revaluation difference is a gain, it must be recorded among other revenues of financial transactions.

Accounting for Depreciation The Company determines the wear-out time of intangible and tangible assets considering its own circumstances, and determines the annual amount of ordinary depreciation at the date of capitalisation subject to the gross value net of residual value and the economic useful life. The amount of ordinary depreciation is determined every month for each asset on a straight-line basis with prorated daily depreciation calculation. The recording of depreciation begins on the day of putting into operation and depreciation is accounted for on a monthly basis. The Company determines residual value only for the asset group of cars (see depreciation rates). The residual value for all other asset groups is zero, because the Company uses these assets until the end of their economic useful life, or it is likely that the residual value will not be noteworthy. The residual value is considered immaterial if it is not likely to reach 10% of the historical cost of the asset. Asset groups with outstanding importance for the business include: real properties, where the Company carries out its production activity, production equipment, computers, software products and trade marks. When an accessory that can be used with other equipment, as well, is mounted on an asset, the group members determine the expected economic useful life of the accessory, and charge amortisation on the accessory on that basis. Any extension, change of original function, transformation or renovation of an asset that cannot be utilised on its own, independently from the asset, enhances the historical cost of the original asset. In such cases the group members revise the economic useful life and the residual value of the asset, and if the change is fundamental on that basis, the annual ordinary depreciation is modified. In the case of a tangible asset with outstanding importance for the business, if the difference between the annual depreciation charge as calculated before and after the capitalisation of subsequent changes is significant, the effect on the profit or loss should be disclosed in the notes to the financial statements. The Company considers a change to be fundamental, if the change in the value of the asset is higher than 30% of the original cost, or if the change in the expected economic useful life is greater than 30%. The historical cost of an asset must be modified, if a document received subsequently shows noteworthy difference (bigger than 10%, min. HUF 20 000) in relation to the historical cost already accounted for. The acquisition or production cost of tangible assets with an individual acquisition or production cost below HUF 100 000 can be fully depreciated in one amount on taking into use on the basis of individual judgement.

Assets subject to individual judgement: Radio-telephones, computers and intangible assets below an individual purchase price below HUF 100 000 purchased before 1 April 2007 were not fully depreciated in one amount. Beverage cooler refrigerators installed before 1 April 2005 are depreciated over two years, with regard to the short wear-out time, regardless of the brand. Trade-marks are recorded among capital WIP in the amount of payments incurred from the date of application for registration to the date of registration. Given that the registration has retroactive effect, the depreciation charges incurred so far are recognised immediately as of the date of registration and the useful life of trademarks lasts until the expiry date. The Company accounts for extraordinary depreciation for intangible and tangible assets, if the carrying amount of the tangible and intangible assets permanently (for more than one year) and significantly (at least by 20% of the net book value) exceeds the market value of the assets. The Company writes back any

According to Hungarian Accounting Standards. 11 extraordinary depreciation accounted for before, if more than 20% difference arises between the carrying amount and the market value in favour of the market value.

Depreciation rates: • Trademarks 5-10 years subject to date of registration • intangible asset rights related to real estates 50 years • domain name 6 years • invention 5 years • software programs 3-7 years • telephone lines 7 years • land 0 year • buildings and structures 3-50 years • machinery and equipment 2-11 years • cliché 2-7 years • computers 2 years • vehicles (purchased before 1 April 2005) 5 years • vehicles (of sales managers) 3 years + 25% residual value • vehicles (other) 4 years + 20% residual value • works of art 0 year • capital WIP 0 year

Calculation and Recognition of Impairment Loss The Company accounts for impairment loss on equity investments in business organisations, debt securities with over one year maturity, purchased and own manufactured inventories, if their carrying amount is permanently (for more than one year) and significantly (by more than 10%) exceeds the market value. If an inventory item is no longer suitable for its original function, or it has been damaged, has become redundant, or if its carrying amount permanently and significantly differs from the market value as detailed above, the acquisition cost of purchased inventories and the production cost of own manufactured inventories must be reduced to the market value prevailing as at the date of balance sheet preparation. This type of impairment loss can be recognised on the basis of individual judgement. The Company accounts for impairment loss on receivables outstanding as at the balance sheet date of the business year and financially not settled by the date of balance sheet preparation. The impairment loss for customers with an annual turnover in excess of HUF 200 million and in extraordinary cases is determined on the basis of individual judgment, and otherwise in all other instances the impairment loss up to the amount of insurance is 15%, for the balance exceeding the insurance is recognised according to the following rates, if the receivable amount per customer or debtor is low: Classification Rate Within maturity 0% Overdue by: 1-30 days 5% 30-60 days 15% 60-90 days 25% 90-120 days 50% 120-180 days 75% 180-360 days 100% over 360 days 100% Litigated debts 100%

Any impairment loss accounted for before must be written back, if the market value significantly (by more than 10%) and permanently (for more than two years) exceeds the carrying amount. When an impairment loss is written back, the net book value may not exceed the original net book value or the acquisition cost, or the nominal value, or the originally acknowledged and accepted amount or the historical cost.

Recognition as Non-hedging Transaction The Company accounts for the expected, calculated yield of its derivative transactions open as at the balance sheet date among the expenditures of the period with application of the accounting rule applicable to non-hedging transactions.

Material Errors The Company considers an error to be material if, in the year when disclosed by various reviews, the total of all errors and the impacts thereof (whether negative or positive) disclosed for a given year – increasing or decreasing the profit (or loss) or the equity – exceeds 2% of the balance sheet total of the reviewed business year or HUF 500 million, if the 2% of the balance sheet total is higher than HUF 500 million.

According to Hungarian Accounting Standards. 12 An error is not considered to be material if, in the year when disclosed by various reviews, the total of all errors and the impacts thereof (whether negative or positive) disclosed for a given year- increasing or decreasing the profit (or loss) or the equity – does not exceed the materiality level referred to in the previous paragraph. Errors significantly distorting the true and fair presentation, i.e. if as a result of the findings of the review the equity stated in the balance sheet of the business year preceding the year when the error was disclosed changes (increases or decreases) by 20%, the published financial statements, along with the audit opinion must be republished.

8. Ratios Reflecting the Company's Equity, Financial and Income Position are included in Appendix 1.

9. A cash-flow statement is included in Appendix 3.

B) SPECIFIC INFORMATION

1. Notes to the Balance Sheet The balance sheet items are compared to the balances as at 31 March 2008 in the analyses.

t HUF t HUF Description Previous year Current year Intangible assets 127 384 127 607 Tangible assets 4 481 679 4 635 927 Financial investments 63 910 79 378 Total 4 672 973 4 842 912

1.1.Intangible assets, tangible assets and financial investments, as well as their depreciation

Intangible assets t HUF t HUF Description Previous year Current year Property rights 109 113 110 224 Intellectual properties 18 271 17 383 Total 127 384 127 607

Within rights the Company recognises domain names, as well as software products with no ownership right. Within intellectual properties the Company recognises product trademarks registered at different points of the world.

Tangible assets t HUF t HUF Description Previous year Current year Real estate 3 007 933 2 950 814 Plant machinery, vehicles 759 404 656 715 Other equipment, fittings, vehicles 624 735 591 506 Assets under construction 86 072 432 662 Payments on account for assets in course of construction 3 535 4 230 Total 4 481 679 4 635 927

In the category of tangible assets the Company recognises • real properties including land, buildings and structures; • technical equipment and machinery including machines, equipment and containers directly used in production; and • other equipment including office and other equipment, computers and vehicles. During the business year Zwack Unicum Nyrt. spent HUF 871 million on capital investments. This investment cost level basically corresponds with that of the prior year. The investments implemented during the current business year were typically supplementary in their nature, since in the prior years significant investments were made in

According to Hungarian Accounting Standards. 13 the area of production. Within the investments made in the area of production, the most significant development was the purchase of labelling machinery at year-end, whose acquisition cost was around HUF 332 million. The movements schedule of assets is presented in Appendix 2, including the recognition of extraordinary depreciation.

Financial investments t HUF t HUF Description Previous year Current year Shares on related party 15 718 15 718 Other shares, securities 1 850 1 850 Given loan on related party 46 342 61 810 Total 63 910 79 378

Shares on related party include the Company's 35,43% investment in Morello Kft. Other shares, securities include the interest the Company acquired in Öko- Pannon Kht. in the value of THUF 1 850, representing 2,94% ownership interest. Loans provided represent the long-term portion of the housing loans the Company provided to its employees.

CURRENT ASSETS t HUF t HUF Description Previous year Current year Stocks 2 564 232 2 580 551 Receivables 4 773 720 7 714 413 Securities 00 Liquid assets 5 594 109 3 049 616 Total 12 932 061 13 344 580

1.2 Stocks t HUF t HUF Description Previous year Current year Raw materials 616 906 571 108 Semi-finished products and work in progress 870 909 869 233 Finished products 498 604 393 622 Goods for resale 577 163 746 588 Advance payments on inventories 650 0 Total 2 564 232 2 580 551

The Company recognised impairment loss on products whose sale has become doubtful and on slow-moving inventories and inventories showing no movements at all.

1.3 Trade accounts receivable (debtors) t HUF t HUF Description Previous year Current year Trade accounts receivable 4 339 374 4 620 440 Domestic trade accounts receivable 3 998 575 4 296 945 Foreign trade accounts receivable 340 799 323 495 Impairment loss of receivables (68 799) (50 490) Total 4 270 575 4 569 950

93% of total trade accounts receivable comprise domestic trade accounts receivable, whose balance did not change materially in comparison with the prior year. The Company recognised impairment loss on receivables existing as at the balance sheet date of the business year, which have not been financially settled as of the date of balance sheet preparation. In accordance with the principle of prudence, the impairment loss is calculated individually in case of customers with a yearly turnover of more than HUF 200 million and in extraordinary cases, and by classes in other cases.

According to Hungarian Accounting Standards. 14 The following table shows the aging analysis of receivables:

t HUF t HUF t HUF t HUF Domestic debtors Foreign debtors Total Within maturity 4 109 881 283 171 4 393 052 1-30 days 117 115 21 014 138 129 31-60 days 2 234 13 597 15 831 61-90 days 25 180 5 717 30 897 91-120 days 1 076 (4) 1 072 121-180 days 6 0 6 181-364 days 0 0 0 Over 365 days 0 0 0 Under litigation 41 453 0 41 453 Total 4 296 945 323 495 4 620 440

1.4 Movements schedule of impairment loss of inventories and receivables The movements schedule of impairment loss of inventories and receivables is presented in Appendix 6.

1.5 Debts on related parties t HUF t HUF Description Previous year Current year Peter Zwack & Consorten HAG 0 1 300 001 total 0 1 300 001

Receivables from related parties include the interim dividend paid on the basis of the interim balance sheet

1.6 Debts on related parties t HUF t HUF Description Previous year Current year Advance payments given 36 610 22 964 Other interim dividend 0 1 345 197 Receivables from employees 9 653 14 292 Other receivables from suppliers 299 182 305 478 Receivables from the government 9 741 1 522 Local taxes 133 554 43 892 Corporate and special tax 0 67 142 Miscellaneous other receivables 14 405 43 975 Total 503 145 1 844 462

Other receivables from trade creditors include the debit balances of current accounts with trade creditors. Other receivables include the interim dividends paid for minority interests on the basis of the interim balance sheet approved on 14 January 2009.

1.7 Liquid assets (Cash and bank deposits) t HUF t HUF Description Previous year Current year Cash in hand, cheques 190 950 Cash at bank 5 593 919 3 048 666 total 5 594 109 3 049 616

The balance of liquid assets increased by HUF 2,5 million in comparison with the corresponding balance as at 31 March 2008. The Company held its free liquid assets in term deposits.

According to Hungarian Accounting Standards. 15 Bank deposits consist of the following: t HUF t HUF Description Previous year Current year HUF deposits 83 840 863 678 FX deposits 8 023 51 988 Therm deposits 5 502 056 2 133 000 Total 5 593 919 3 048 666

1.8 Accruals t HUF t HUF Description Previous year Current year Accruals on income 26 168 86 560 Accruals on costs 115 101 150 937 Total 141 269 237 497

Within accruals, the balance of accruals of costs shows a growth owing to the fact that several customer costs which partially relate to the period following the current business year have been already paid by the Company in the current business year. The accrual of income includes the realised gain of open forward position closed until the date of balance sheet preparation. The details of the open forward transactions are presented under the note 1.19.

1.9 Equity

t HUFt HUFt HUFt HUFt HUF Description Opening Increases Decreases Reclassi- Closing balance fication balance Issued capital 2 035 000 2 035 000 Issued, but unpaid capital (26 250) 26 250 0 Capital reserve 264 044 264 044 Profit reserve 8 209 440 768 020 8 977 460 Illiquid reserve 0 0 Revaluation reserve 0 0 Balance sheet profit or loss figure 768 020 2 874 166 (768 020) 2 874 166 Total 11 250 254 2 900 416 0 0 14 150 670

The issued capital comprises 2 000 000 dematerialised ordinary shares with a par value of HUF 1 000 each and 35 000 redeemable liquidation preference shares with a par value of HUF 1 000 each. The accumulated profit reserve increased by the profit per balance sheet for the period ended 31 March 2008 (+ HUF 2 874 million). The dividend for the financial year 2008/2009 has not been deducted from the profit per 31 March 2009. The dividend will be booked after the approval of the general meeting.

1.10 Provisions t HUF t HUF Description Previous year Current year Provision for expected liabilities 97 110 313 902 Total 97 110 313 902

The balance of provision for expected liabilities was HUF 314 million as at 31 March 2009, which comprises the following major items: • HUF 152 million provision for redundancy costs expected to arise in the business year beginning on 1 April 2009. • HUF 8 provision in respect of the agreement made for the use of the Malatinszky brand name. The agreement is valid until 2010. • HUF 20 million provision for potential tax penalty due to the underpayment of the advance corporate tax liability. • The Company's management has decided on the redesign of the bottles of several products while the production of some others will be delisted. HUF 32 million provision was made for future liabilities from early termination of contracts concluded with glass manufacturing companies. The increase of this balance sheet line is attributable to this item. • HUF 102 million provision for tax liabilities.

According to Hungarian Accounting Standards. 16 1.11 Liabilities

t HUF t HUF Description Previous year Current year Short-term loans 00 Payments received on account from debtors 0 0 Trade accounts payable (trade creditors) 2 615 651 2 244 901 Short-term liabilities to related parties 1 100 001 0 Short-term liabilities to other related companies 0 0 Other short-term liabilities 2 356 123 1 428 102 Total 6 071 775 3 673 003

The Company had no long-term liabilities.

1.12 Trade accounts payable (Trade creditors) t HUF t HUF Description Previous year Current year Domestic trade accounts payable 702 552 580 560 Deliveries not invoiced 156 704 101 300 Foreign trade accounts payable 475 249 164 523 Accrual of costs relating to the period preceding the balance sheet data 723 685 831 719 Accrual of customer relating to the period preceding the balance sheet data 557 461 566 799 Total trade accounts payable 2 615 651 2 244 901

The balance of accounts payable from supply of goods and services includes the following items in the amount of HUF 2 245 million as at 31 March 2009: • Domestic trade accounts payable in a total amount of HUF 682 million. • Costs and expenses relating to the period preceding the balance sheet date, but to be paid only in the next period in a total value of HUF 1 399 million. • The balance of foreign trade accounts payable was HUF 165 million as at 31 March 2009.

1.13 Short-term liabilities on related parties

t HUF t HUF Description Previous year Current year Peter Zwack & Consorten HAG 1 100 001 0 Total 1 100 001 0

From the amount of HUF 2 239 million dividend approved by the general meeting on 26 June 2008, amount of HUF 1 100 million relates to related company, which has been paid during the financial year. The dividend for the current financial year will be decided by the general meeting on 30 June 2009 consequently no liability is presented for the current financial year.

According to Hungarian Accounting Standards. 17 1.14 Other short-term liabilities

t HUF t HUF Description Previous year Current year Liabilities to employees 83 669 66 199 National Customs and Finance Office 0 26 Personal income tax 123 396 145 263 Special tax of private individuals 4 442 7 021 Liabilities to private pension funds 11 465 16 208 Excise tax 477 895 555 716 Contributions 140 349 165 870 Local taxes 15 857 13 627 VAT 243 902 362 032 Corporate tax 13 497 0 Innovation contribution 10 508 6 039 Vocational training contribution 5 481 1 670 Other supports 0 2 892 Tax penaltie default fines, late paxment aharge 8 026 0 Dividend to Diageo Holdings Netherlands BV 572 000 0 Other dividend payable 636 875 66 904 Miscellaneous other liabilities 8 761 18 635 Total 2 356 123 1 428 102

From the amount of HUF 2 239 million dividend approved by the general meeting on 26 June 2008, amount of HUF 1 139 million relates to minority interests, which has been paid during the financial year. The dividend for the current financial year will be decided by the general meeting on 30 June 2009 consequently no liability is presented for the current financial year.

1.15 Accruals and deferred income t HUF t HUF Description Previous year Current year Accruals on income 19 924 34 136 Accrual on cost 275 790 225 655 Other accruals 31 450 27 623 Total 327 164 287 414

Accrual of costs, expenses as at 31 March 2009 includes public utility charges, bonuses and cash rewards payable to employees, and related taxes and contributions.

1.16 Liabilities with maturity over five years The Company had no liabilities with maturity over five years.

1.17 Liabilities secured by collaterals The Company had no liabilities secured by collaterals.

1.18 Liabilities not recognised by the Company The Company disputes the rightfulness of the USD 51 080 invoice issued by Pennie & Edmonds law firm in 1998 as compensation for legal services performed in connection with the action brought by Mast/Jägermeister in the USA for infringement concerning the "Hubertus" trademark. This invoice has not been paid to date.

1.19 Off-balance sheet, contingent and future liabilities Mast/Jägermeister brought an action in Italy regarding the application for registration of the trademark "stag's head and crucifix" on the label of St. Hubertus product. The Roman Civil Court refused the claim of Mast/Jägermeister at first instance. The appeal lodged by Mast/Jägermeister was also dismissed by the Roman Court of Appeal, but Mast/Jägermeister lodged another appeal, and therefore the decision is not final yet. No loss is anticipated in connection with litigations.

According to Hungarian Accounting Standards. 18 Open forward positions on the balance sheet date Open forward F/X deals (not hedge accounted) were contracted on the OTC market with the original aim of delivery. Exchange Foreign currency Foreign currency Fair value rate buy (EUR) sale (HUF) Value data (HUF) 271 5 500 000 1 490 500 000 2009.04.03-2010.01.06. 240 166 245 299,5 4 000 000 1 198 000 000 2009.04.16-2009.07.15. 50 311 714 Fair value (+/-) 290 477 959 Gain recorded related to these current financial year (+/-) 48 380 000 2. Notes to the Profit and Loss Account The profit and loss account items are compared to the balances for the business year ended 31 March 2008 in the analyses.

INCOME t HUF t HUF Description Previous year Current year Net income from domestic sales 30 120 085 30 232 496 Net income from export sales 1 958 155 2 154 974 Net sales income 32 078 240 32 387 470 Other income 264 369 278 663 Own work capitalised 474 550 143 151 Total income 32 817 159 32 809 284 2.1 Net sales income t HUF t HUF Description Previous year Current year Domestic sales revenues from supply of goods 30 085 565 30 195 149 Domestic sales revenues from supply of services 28 767 31 857 Other domestic sales 5 753 5 490 Total net income from domestic sales 30 120 085 30 232 496

Net income from domestic sales increased by HUF 112 million, which represents a 0,4% growth. The Company realised a significant, around 5% growth in sales revenues on the domestic market in the first half of the business year. Opposite to this, the Company was affected by the effects of the economic crises already in the second half of the year, as a result of which its sales revenues decreased (by 3%) in this period. Within the portfolio, sales of the two most important product groups – own-manufactured premium products and quality products - were above the average and showed a growth on annual level too. Within products only marketed by the Company, sales of Diageo products slightly diminished. Sales revenues from other product sales and sales revenues from commodity product sales decreased by 8% each. Within net income from export sales, HUF 1 305 million derives from export goods sales, representing a 17% growth as compared to the previous year. The dominant part of the growth is attributable to the current introduction of Zwack liqueurs in the United States. In addition, the more than 10% volume growth of Unicum sales in Romania and Germany is also worth mentioning. As regards the Company's major export markets, it is only the Italian market on which the Company was unable to increase its sales, there was a nearly 9% reduction in sales volume on this market. Sales revenues from export services totalled HUF 848 million in the business year. This line includes the marketing costs spent on sale of import brands on the domestic market which are financed by the foreign brand owners (Diageo, LVMH, and Danone-Evian).

2.2 Net income from export sales analysed by geographic market t HUF t HUF Geographic market Previous year Current year EU 1 003 124 1 010 147 Other within Europe 13 411 4 569 USA 84 721 280 666 Other 13 868 11 304 Total export goods sales 1 115 124 1 306 686

t HUF t HUF Geographic market Previous year Current year EU 839 405 817 094 Other 3 626 31 194 Total export goods sales 843 031 848 288

According to Hungarian Accounting Standards. 19 2.3 Own work capitalized t HUF t HUF Description Previous year Current year Change in stock from own work 188 028 (106 658) Capitalized value of assets from own work 286 522 249 809 Total own work capitalized 474 550 143 151

2.4 Other income t HUF t HUF Description Previous year Current year Proceeds from sale of intangible and tangible assets 77 103 31 941 Late payment interests and compensations received 72 294 99 170 Revenues related to accidental damages 17 718 24 221 Grants received from special funds 4 744 0 Subsequent discounts received 28 907 67 987 Release of provisions 30 667 43 037 Reversal of impairment loss 14 091 12 031 Miscellaneous other revenues 17 665 13 Income from trade receivables written off 1 180 263 Total other income 264 369 278 663

Other income increased by HUF 14 million, representing a 5% growth. The Company received compensations from credit insurance companies on its insured overdue trade receivables. The balance of compensations increased considerably in comparison with the previous year due to the compensation received for the liabilities of a major cash & carry chain. Subsequent discounts were received based on the turnover realised by the Company with its suppliers, where the Company managed to increase considerably the bonuses it received. The company did not receive state subsidy in the current financial year.

COSTS AND EXPENDITURES t HUF t HUF Description Previous year Current year Material expenditures 13 103 339 13 061 691 Payroll and related expenditures 3 398 884 3 294 416 Depreciation 684 435 672 466 Other expenditures 12 263 416 12 652 290 Total costs and expenditures 29 450 074 29 680 863

2.5 Development of material expenditures t HUF t HUF Description Previous year Current year Cost of raw materials 4 222 900 4 008 793 Direct raw materials 3 122 006 2 960 370 Indirect raw materials 797 651 719 545 Energy consumption 303 243 328 878 Material- type services 6 108 757 6 351 322 Maintenance 249 141 250 414 Comission work 89 372 89 902 Transportation and store charges 629 121 632 106 Lease fee 209 316 217 471 Marketing costs 4 003 116 4 235 264 Expert activity, advisory services 210 045 216 247 Other 718 646 709 918 Other services costs 86 445 91 873 Cost of goods sold 2 684 312 2 608 706 Cost of domestic sales 2 672 610 2 585 978 Cost of export sales 11 702 22 728 Cost of services sold 925 997 Material expenditures 13 103 339 13 061 691

According to Hungarian Accounting Standards. 20 Cost of raw materials decreased by HUF 42 million (0,3%). The value of material-type services used increased by HUF 243 million. The increase can be fully explained by the growth of marketing and trade marketing costs, while other cost of operational type could be kept on the basis level. Other services include bank charges, insurance and authority fees.

2.6 Import purchases broken down by geographical markets t HUF t HUF Geographical markets Previous year Current year EU 3 811 808 3 993 981 Non-EU 43 261 28 160 Total import product purchase 3 855 069 4 022 141 t HUF t HUF Description Previous year Current year EU 203 444 378 220 Non EU 133 572 17 421 Total import service purchase 337 016 395 641

2.7 Average statistical staff number, wage costs and other payments to personnel t HUF t HUF Description Previous year Current year Wages and salaries 1 856 538 1 863 580 Employee's benefits 816 013 690 978 Social contribution 726 333 739 858 Payroll and related expenditure 3 398 884 3 294 416

Wage costs practically remained on the basis level. The wage development of 5% at the beginning of the year was counterbalanced by the restructuring of job contents. Other payments to personnel fell back due to the sample tests of smaller volume.

Staff number Wage cost Description (Person) (tHUF) Full-time blue collar 84 232 163 Full-time white collar 204 1 595 159 Part-time blue collar 1 2 198 Part-time white collar 6 18 232 Employment shorter than 60 work hours 2 2 519 Not on the payroll 0 13 309 Total wages and salaries in 2008 297 1 863 580

2.8 Depreciation t HUF t HUF Description Previous year Current year Depreciation 684 435 672 466 Total 684 435 672 466

According to Hungarian Accounting Standards. 21 2.9 Development of other expenditures t HUF t HUF Description Previous year Current year Net book value of fixed assets sold 79 845 33 878 Fines, penalties 47 576 8 232 Default interests and indemnity paid 12 428 6 775 Discounts, bonuses given subsequently 847 380 1 210 998 Making provisions 43 543 259 828 Impairment loss accounted for (inventories and receivables) 53 691 59 742 Extraordinary depreciation 11 248 1 300 Taxes paid to local municipalities 321 580 336 185 VAT to be paid by the company 10 761 7 376 Environment protection fee 27 560 57 871 Excise tax 10 642 057 10 466 020 Innovation contribution 38 729 35 191 Inventory shortages, scrapping of inventories, inventory losses 86 230 49 944 Missing, destroyed and scrapped intangible and tangible assets 7 985 8 929 Customer related credit loss 1 794 78 588 Other expenditures of different type 31 009 31 433 Other expenditures 12 263 416 12 652 290

Other expenditures increased by HUF 389 million (3%). The change in the balance was mainly due to the following positions: • As a result of the increased bonus levels and the change in the composition of sales revenues (growth of the turnover of retail channels, which are associated with higher costs) the bonuses paid to customers grew by HUF 364 million. • The provisions made increased by more than HUF 200 million, of which considerable part is related to the staff reduction announced at the end of the fiscal year. • Primarily due to the fell back of sales of commodity alcoholic drinks the excise tax payable decreased by HUF 176 million. • Increase in the balance of customer related credit loss is due to the write-off of receivable against a significant cash & carry company in the amount of HUF 78 million. Details on the making of provisions are included in section 1.10.

2.10 Operating profit

t HUF t HUF Description Previous year Current year Total income 32 817 159 32 809 284 Total costs and expenditures 29 450 074 29 680 863 Total Operating (trading) profit 3 367 085 3 128 421

Income did not change significantly and costs and expenditures increased by 0,8% as compared to prior period. Overall, the two factors resulted in the HUF 239 million - 7% – drop of the operating profit.

2.11 Development of income from and expenditures of financial transactions t HUF t HUF Description Previous year Current year Dividend received 00 Interest received 328 164 397 086 Foreign exchange gain 61 825 297 233 Income from financial transactions 389 989 694 319 Interest paid 375 11 Foreign exchange loss 29 468 191 849 Expenditures of financial transactions 29 843 191 860 Financial profit 360 146 502 459

According to Hungarian Accounting Standards. 22 The financial profit increased by 39,5% (+HUF 142 million) as compared to prior period. Half of the growth is attributable to the higher interest received, which is the result of larger free liquid assets during the first ten months of the year and the higher interest level. The other half of the growth of the financial profit can be explained by the balance of the more favourable foreign exchange gain and loss.

2.12 Ordinary profit or loss The profit on ordinary business is composed of the operating profit and the financial profit as follows: t HUF t HUF Description Previous year Current year Operating (trading) profit 3 367 085 3 128 421 Financial profit 360 146 502 459 Ordinary profit or loss 3 727 231 3 630 880

2.13 Development of extraordinary income and expenditures t HUF t HUF Description Previous year Current year Extraordinary income 15 255 13 416 Extraordinary expenditures 12 926 19 275 Extraordinary profit or loss 2 329 (5 859)

The amount of extraordinary income and expenditures is not material either in the reporting or in the prior period.

2.14 Profit or loss before tax The net profit before taxation is composed of the profit on ordinary business and the loss on extraordinary events and it adds up to as follows: t HUF t HUF Description Previous year Current year Ordinary profit or loss 3 727 231 3 630 880 Extraordinary profit or loss 2 329 (5 859) Profit or loss before tax 3 729 560 3 625 021

The Company's net profit before taxation amounts to HUF 3 625 million in the financial year from 1 April 2008 until 31 March 2009.

2.15 Tax The calculated corporate and special tax liability totals HUF 751 million, of which composition is included in Appendix No 7.

2.16 Balance-sheet profit or loss figure The net profit per balance sheet stated in the financial statements amounts to HUF 2 874 million, as reported prior to dividend payment.

C) ADDITIONAL INFORMATION

1. Remuneration of senior executives In the financial year ending 31 March 2009, the Company paid emoluments totalling HUF 30 million to members of the Board of Directors, management and Supervisory Board. The closing balance of the loans provided to members of the Board of Directors, management and Supervisory Board is HUF 32 million as of 31 March 2008 and loans amounting to HUF 26 million were provided in 2009. Debts recorded total HUF 57 million as at 31 March 2009. The Company charges the prevailing base rate of the note bank for the loans provided to members of the Board of Directors, management and Supervisory Board.

2. Persons entitled to representation Frank Odzuck 1121 Budapest, Csillagvölgyi út 4/F.

According to Hungarian Accounting Standards. 23 Tibor András Dörnyei (person in charge of the accounting tasks) 8000 Székesfehérvár, Királykút lakónegyed 21.I.2. Registration No: 161317

3. Information on related companies Morello Kft. 8200 Veszprém, Kórház u. 2. Share capital: tHUF 35,590 Shareholders quota: 35.43%

On 21 November 1990, Budapesti Likôripari Vállalat, Balatonfüred-Csopak Tája MGTSZ and NOVOFRUCT Kft. set up a joint investment in order to ensure the fruit fund. For this purpose, Morello Kft. was founded, in which BULIV Kft. had a share of 35.43%. Following the liquidation of BULIV Kft., this share was vested in the Company.

Development of Morello Kft.'s equity as at 31 December 2008 (tHUF): 2008.12.31 Equity 290 040 Chare capital 35 590 Capital reserve 36 726 Profit reserve 210 219 Non-distributive reserve 3 689 Net profit per balance sheet 3 816

Morello Kft. does not prepare financial statements as at 31 March 2009.

4. Off balance sheet financial liabilities (tHUF)

The Company undertook the following guarantees: Bank Beneficiary Content Guarantee No Amount Expiration date UniCredit Customs office Activity related permission to deferred VAM06040666 100 000 30.07.2009 No 17 payment of customs duty UniCredit VPOP Reg. Customs surety made for products 08071290 150 000 30.06.2009 Excise Centre excluded from tax payment, which are forwarded for export purposes related to excise permission UniCredit VPOP Reg. Customs surety made for products 08122557 200 000 30.06.2010 Excise Centre excluded from tax payment, which are forwarded for export purposes related to excise permission

The Company received following guarantees: Bank Beneficiary Content Guarantee No Amount Expiration date UniCredit Market Építô Rt. Warranty cover BRB05050872 57 500 31.07.2009 Raiffeisen Le-Siker Kft. Promise of payment IGTE026878 30 000 15.01.2010

5. Inventory data on dangerous waste material Waste material occurred during the technology are recorded broken down by EWC codes in line with the decree of the Ministry of Environment Protection (KÖM) No 16/2001, which does not include - regarding dangerous waste material – danger categories. The details on dangerous waste materials are included in Appendix No. 4. The movements schedule of tangible assets serving environment protection directly is included in Appendix No 5.

Budapest, 27 May 2009

Frank Odzuck Tibor Dörnyei General Manager Deputy General Manager Cheif Financial Officer

According to Hungarian Accounting Standards. 24 Appendix 1.

PROFITABILITY, LIQUIDITY AND GEARING RATIOS 2008–2009.

2009 No. Ratios 2008 2009 /2008 Ratios on financial position % % % 1. Asset structure Current assets / Fixed assets 276,74 275,55 99,57 2. Investment ratio Investments / Fixed assets 1,37 1,64 119,71 3. Depreciation ratio Accumulated depreciation / GBV of tangible assets 35,25 37,48 106,33 4. Renewal of tangibles Additions to tangible assets / GBV of tangible assets 8,20 5,90 71,90 5. Investment coverage Annual depreciation / Additions to tangible assets 83,30 68,13 81,79 Gearing ratios %% % 1. Gearing ratio Debt / Equity 53,97 25,96 48,10 2. Gearing ratio Debt / Debt + Equity 34,21 19,93 58,26 3. Maturity ratio Short term liabilities / Liabilities 100,00 100,00 100,00 4. Reserves ratio Reserves / Equity 72,97 63,44 86,94 Liquidity ratios 1. Cash liquidity Cash / Short term liabilities 0,92 0,83 90,22 2. Quick ratio Cash + Receivables + Marketable shares / Short term liabilities 1,71 2,93 171,35 3. Liquidity ratio Current assets + Prepayments / Short term liabilities 2,15 3,70 172,09 4. Coverage of non current assets Equity + Long term liabilities / Fixed assets 2,41 2,92 121,16 Profitability ratios %% % 1. Operating profit margin Operating profit / Revenue 10,50 9,66 92,00 2. Net profit margin Net profit / Revenue 9,37 8,87 94,66 3. Return on equity Profit before tax / Equity 33,15 25,62 77,29 4. Return on assets Profit before tax / Total assets 21,02 19,67 93,58 5. Profit ratio Net profit / Capital 147,74 141,24 95,60 6. Profitability of fixed assets Revenue / Fixed assets 686,46 668,76 97,42

According to Hungarian Accounting Standards. 25 Appendix 2.

INTANGIBLEINTANGIBLE AND FIXED ASSETS 2008-2009. t HUF

Research & Intellectual Development Restructuring Intangible assets Rights Goodwill property expenditures expenditures Total GROSS BOOK VALUE Opening balance 664 972 0 46 755 0 0 711 727 Additions 76 993 0 2 569 0 0 79 562 Additions (self rev.) 000000 Disposals 2 34300002 343 Disposals (self rev.) 000000 Reclassifications 000000 Closing balance 739 622 0 49 324 0 0 788 946 AMORTIZATION Opening balance 555 859 0 28 484 0 0 584 343 Annual amortization 75 882 0 3 457 0 0 79 339 Extraordinary amortization 000000 Increase (self rev.) 000000 Decrease 2 34300002 343 Decrease (self rev.) 000000 Reclassifications 000000 Closing balance 629 398 0 31 941 0 0 661 339 NET BOOK VALUE Opening balance 109 113 0 18 271 0 0 127 384 Change 1 111 0 (888) 0 0 223 Closing balance 110 224 0 17 383 0 0 127 607

Land and Technical Other Construction Tangible assets Building equipment equipment in progress Total GROSS BOOK VALUE Opening balance 3 300 090 1 826 237 1 696 262 93 322 6 915 911 Additions 42 710 106 323 287 988 870 549 1 307 570 Additions (self rev.) 0 50 7 428 110 7 588 Disposals 255 27 149 271 211 524 214 822 829 Disposals (self rev.) 00000 Reclassifications 00000 Closing balance 3 342 545 1 905 461 1 720 467 439 767 7 408 240 AMORTIZATION Opening balance 292 157 1 066 833 1 071 527 7 250 2 437 767 Annual amortization 99 818 204 316 281 540 0 585 674 Extraordinary amortization 0 0 1 300 0 1 300 Increase (self rev.) 0 50 7 403 0 7 453 Decrease 245 22 453 232 809 145 255 652 Decrease (self rev.) 00000 Reclassifications 00000 Closing balance 391 730 1 248 746 1 128 961 7 105 2 776 542 NET BOOK VALUE Opening balance 3 007 933 759 404 624 735 86 072 4 478 144 Change (57 118) (102 689) (33 229) 346 590 153 554 Closing balance 2 950 815 656 715 591 506 432 662 4 631 698

According to Hungarian Accounting Standards. 26 Appendix 3.

CASH-FLOW STATEMENT 2008–2009.

01.04.2007 01.04.2008 Description - 31.03.2008 - 31.03.2009 Change t HUF t HUF %

I. Cash flows from operating activities (lines 1-13) 1 727 042 (1 732 033) (200,29)

1 Profit before income tax (adjusted) 3 729 560 3 625 021 (2.80) 2 Depreciation and amortization 684 129 672 466 (1.70) 3 Impairment losses charged and reversed 50 849 49 010 (3.62) 4 Change in provisions 13 016 216 792 1565.58 5 Profit or loss on the sale of non current assets 15 170 10 473 (30.96) 6 Change in accounts payable 436 101 (370 750) (185.01) 7 Change in other current liabilities 256 279 (2 028 022) (891.33) 8 Change in accruals (15 141) (39 750) 162.53 9 Change in accounts receivable (60 205) (301 771) 401.24 10 Change in current assets (without accounts (372 941) (73 221) (80.37) receivable and cash and cash equivalents) 11 Change in prepayments (48 235) (96 228) 99.50 12 Income tax paid (723 040) (750 855) 3.85 13 Divididens paid and payable (2 238 500) (2 645 198) 18.17

II. Cash flows from investing activities (lines 14 - 16) (625 645) (838 710) 34,06

14 Acquisition of fixed assets and financial investments (702 748) (870 651) 23.89 15 Proceeds from sale of non current assets 77 103 31 941 (58.57) 16 Dividend received 0 0 n.a.

III. Cash flows from investing activities (lines 17 - 25) 8 750 26 250 200,00

17 Proceeds from issue of shares 8 750 26 250 200,00 18 Loans received 0 0 n.a. 19 Change in liabilities to founders and other 0 0 n.a. non current liabilities 20 Redemption from non current loans granted 0 0 n.a. and bank deposits 21 Share capital decrease 0 0 n.a. 22 Repayment of bonds 0 0 n.a. 23 Repayment of loans 0 0 n.a. 24 Non-repayable donations given 0 0 n.a. 25 Treasury stock repurchases 0 0 n.a.

IV. Change in cash (lines I+II+II.) 1 110 147 (2 544 493) (329.20)

According to Hungarian Accounting Standards. 27 Appendix 4. HAZARDOUS WASTE 1. April 2008 – 31. March 2009

quantity kg value (tHUF) Opening inventory 0 0 Addition 32 453 2 111 Decrease 32 453 2 111 Closing balance 0 0

Appendix 5. TANGIBLE ASSETS WITH ENVIRONMENTAL PROTECTION PURPOSES 31. March 2009

Tangible assets for environmental protection purposes t HUF GROSS BOOK VALUE Opening balance 9 092 Additions 0 Additions (self rev.) 0 Disposals 0 Disposals (self rev.) 0 Reclassifications 0 Closing balance 9 092 DEPRECIATION Opening balance 5 601 Annual amortization 1 318 Extraordinary amortization 0 Increase (self rev.) 0 Decrease 0 Decrease (self rev.) 0 Reclassifications 0 Closing balance 6 919 NET BOOK VALUE Opening balance 3 491 Change (1 318) Closing balance 2 173

Appendix 6. IMPAIRMENTIMPAIRMENT MOVEMENTMOVEMENT TABLETABLE 2009. t HUF Description opening balance increase decrease reversal closing balance Advance payments 15 000 15 000 Advance payments 15 000 0 0 0 15 000 Raw materials 29 054 20 396 (3 010) 46 440 Work in progress and semi-finished products 8 625 18 932 (2 263) 25 294 Finished products 4 052 174 (1 779) 2 447 Goods for resale 55 619 17 843 (20 453) 53 009 thereof: returnable packing materials 30 835 0 (824) 30 011 INVENTORIES 97 350 57 345 (27 505) 0 127 190 Trade debtors 68 799 71 195 (68 799) (20 705) 50 490 Other receivables 127 320 0 0 0 127 320 RECEIVABLES 196 119 71 195 (68 799) (20 705) 177 810

According to Hungarian Accounting Standards. 28 Appendix 7. CALCULATION OF CORPORATE TAX 2009 t HUF

Profit before tax 3 625 021

Tax base decreasing items 1 500 234 Reversal of provisions 43 037 Depreciation according to the Tax Law and derecognition of intangible and tangible assets 664 461 Dividend income 0 Irreocoverable receivables, income recognised on recovery of receivables classified as irrecoverable 767 in prior years. Bad debt write-off acknowledged by the Tax Law 0 Income recognised as a result of tax audit or self revision 473 669 100 % of local tax 307 113 Donations 11 187

Tax base increasing items 1 591 365 Recognition of provisions 259 828 Depreciation according to the Act on Accounting and derecognition of intangible and tangible assets, 716 601 reclassification to current assets Expenses not incurred in the course of business 35 974 Penalties 5 028 Bad debt write off in the current year and amounts taken into account in prior year as tax base decreasing item 23 258 Write off of irrecoverable receivables in the current year and amounts taken into account in prior year 99 292 as tax base decreasing item Non-repayable donations, assets and services given free of charge, assumed liabilities 15 523 Expenses recognised as a result of tax audit or self revision 435 861

Corporate tax base 3 716 152 Tax rate 16% Tax calculated 594 585 Self revision correction 9 809 Tax liability 604 394

CALCULATION OF SOLIDARITY TAX 2009

t HUF

Profit before tax 3 625 021

Tax base decreasing items 474 705 Non-repayable donations received, assets and services received free of charge, assumed liabilities 1 036 Income recognised as a result of tax audit or self revision 473 669

Tax base increasing items 473 462 Non-repayable donations given, assets and services given free of charge, assumed liabilities 37 601 Expenses recognised as a result of tax audit or self revision 435 861

Solidarity tax base 3 623 778 Tax rate 4% Tax calculated 144 951 Self revision correction 1 510 Tax liability 146 461

According to Hungarian Accounting Standards. 29 BUSINESS REPORT FOR BUSINESS YEAR ENDED 31 MARCH 2009 ZWACK UNICUM PLC.

1./ Market Position The Company's net sales revenues are HUF 32 387 million, which is 1% higher than the prior year figure. The Company realised HUF 2 874 million after-tax profit, which is 4% below the profit figure of the comparative period.

The Hungarian alcoholic drinks market shrank by 2.3% in the period from April 2008 to March 2009. The changes in certain segments were in line with prior year tendencies, but the growth of the premium quality alcoholic drinks market slowed down (to 7% from the prior year's 10%). The quality alcoholic drinks segment practically stagnated (+0.9%) and the economy alcoholic drinks segment drastically decreased (-6.9%), similarly to the tendency a year before.

In the first six months of the business year, the Company realised remarkable increase in sales revenues (+5%) on the domestic market. Whereas, in the second six months of the year the global economic crisis already had its effect felt, and as such the sales revenue in this period decreased (-3%). Performance of the two most important product groups within the portfolio, the own produced premium and quality alcoholic drinks segments were above average and showed an increase on an annual level. Out of the products sold, the sales of Diageo products slightly dropped. The sales revenue of the rest of the traded brands and of the economy products decreased equally by 8%.

2./ Production, Logistics The Company has three production plants. Production of the Unicum mixture begins in the plant in Soroksári street, with an initial phase of the aging process taking place also there. In the plant in Dunaharaszti the aging of Unicum continues, than bottling of the drink follows along with a great majority of the Company's own produced products. The plant in Kecskemét performs the distillation of fruit distillates (palinka) and the bottling of small-series products.

The inventory balance as at 31 March 2009 practically agrees with the prior year's closing inventory balance (+0.64% increase).

Waberer's Holding provides comprehensive logistics services (warehousing, warehouse services and distribution of goods to customers) to Zwack Nyrt.

3./ The Company's Activities The Company's primary activity is the production and sale of alcoholic drinks in Hungary, including various distinct market segments.

Zwack Unicum Nyrt is the only prominent domestic manufacturer of premium quality products, therefore the only competition it faces in this segment comes from import products. In this segment, the Company's most important competitors are Bols Kft, Pernod Ricard Hungary Kft and Bacardi-Martini Hungary Kft.

The Company is the exclusive trader of the products of Diageo Plc. (formerly: Guinness UDV) in Hungary since 1 January 1999. Thus, in addition to the Baileys Irish Cream Liqueur and the Smirnoff Vodka already traded by the Company, Zwack Nyrt. is the trader of, among other things, the Johnnie Walker Scotch Whisky and the Gordon's Gin. From January 2002, the range of the products traded by the Company further expanded with the Captain Morgan Rum.

4./ Raw Material Supply The key supply markets of raw materials are the same as were before. The Company's biggest raw material supplier is Hungrana (alcohol, isosugar) and Egyesült Magyar Csomagolóüveg Kft. and Vetropack (bottles).

5./ Capital Projects Zwack Unicum Nyrt. made capital expenditures in a total amount of HUF 870 million during the business year, which basically agrees with prior year's investment volume. The projects implemented were typically substitutions, given that large-scale production investments had been made in previous years. Out of the production investments, the most important investment was the purchase of a labelling machine at the end of the business year with a purchase price running to some HUF 332 million.

6./ Environment Protection, Quality Control and Food Safety In the 2008/2009-es business year, the key focus area of the control system was risk management. Beyond the normal annual work safety and food safety risk assessments we reviewed compliance with the requirements of the new food store chain law and its related regulations, and worked out risk mitigating measures in order to ensure statutory compliance.

According to Hungarian Accounting Standards. 30 The Company prepared its first ever report on corporate social responsibility and environmental activity in the 2008/2009 business year. For the purposes of the report we performed an analysis of the environmental performance indicators in order to assess the Company's environment protection activity.

The Company is continuously developing it waste management process in respect of waste collection, keeping records of waste, waste accounting and waste utilisation. As a result of this we made an additional step forward in the area of selective waste collection: in our factory in Kecskemét we compost green waste using our own technology, furthermore we have organised the regular removal of redundant electronic data media. We organised the latter program in the frame of the Green Office Competition organised by KÖVET (Hungarian Association for Environmentally Aware Management). We entered for the Competition in February 2009. In the competition, participants had two months to make their offices "greener". As part of this our Company primarily took efforts to increase the staff's environmental awareness, to utilise cost-saving opportunities and to spread useful ideas. We managed to involve staff in a successful brainstorming program, as a result of which we received recommendations for the operation of a more socially responsible and environmentally friendly office. The competition closed with a success for our Company, as we were awarded the "Office Going the Greenest" Title in the big corporations category.

In the food safety system the main focus is still on the training of staff and raising their awareness, with which the primary objective is to ensure the appropriate level of operational hygiene, and the timely detection and management of potential food safety emergency cases.

Our quality and environment oriented control system and our food safety system was found to be successfully performing by the annual audit.

We perform a regular review of the controls over our processes, and lay special emphasis on measuring the processes. We carry out continuous developments in order to enhance the IT support of work in order to improve efficiency.

7./ HR Policy The Company's staff number is 291 persons (it was 289 persons as at the end of the 2007/2008 business year). The Company announced on 26 March 2009 a near 6% staff cut with effect from April 2009 in order to ensure operational efficiency.

8./ Ownership Structure, Corporate Structure Out of the ordinary shares of Zwack Unicum Nyrt. 50%+1 share is held by Peter Zwack & Consorten HAG and 26% is held by Diageo Holding Netherlands B.V. The remaining 24%-1 share ownership is shared between domestic and foreign institutional and private investors.

The closing BUX rate of the Zwack Unicum share on the Budapest Stock Exchange was HUF 12 100 as at 31 March 2009, which was 18.24% lower than the closing rate as at the end of the previous business year.

9./ Financial Position The Company's financial position is sound and stable, it maintained a depositor position all around the business year, despite that the Company distributed HUF 2 238 million dividend and HUF 2 645 million interim dividend. The Company used the services of Unicredit Bank and Erste Bank from among the greatest commercial banks to execute its financial transactions.

10./ Risk Factors A significant risk factor for the Company is the expansion of the illegal market. The decrease in domestic solvent demand also implies significant risks.

The Company's activities are exposed to different financial risks: market risk, credit risk and liquidity risk. Keeping in view the volatility of the financial market the Company is making efforts to minimise potential harmful effects that may have an impact on the Company's financial performance. In conformity with the Accounting Policy the Company uses derivative financial instruments to ward off certain financial risks.

In order to mitigate foreign currency risks out of its market risks, arising from its export and import activities and from certain euro deposits, the Financial Department in conformity with its hedging policy is continuously monitoring FX liabilities and keeps a foreign currency amount on its bank accounts as required. In addition, the Company is making derivative transactions in order to mitigate the above risks. As a result of these measures, changes of the foreign exchange rates do not have any substantial impact either on the profit and loss account or on the shareholders' equity.

According to Hungarian Accounting Standards. 31 The currency risks of future purchases made in euro will be counterbalanced by the impact of the fair value changes of derivative transactions.

The Company is not exposed to any noteworthy commodity market or other price risks, or interest rate risks, because the amount of its available-for-sale investments was HUF 18 million as at 31 March 2009 (2008: HUF 18 million), and furthermore the Company holds assets bearing fix interest rates, whose net book value in terms of size agrees with the fair value of those, and besides the Company does not have any interest-bearing borrowings. The Company is not exposed to any major credit risk in connection with its trade accounts receivable balance owing to the great diversity of its customers. On the other part, the dominant part of trade accounts receivable is guaranteed by financial institutions up to 85% of the individual receivable amounts. The Company does not apply credit rating methods, because it considers its credit insurance policy efficient enough to manage credit risks.

The Company's liquid assets and term deposits are mainly held in forint. The credit risk is low, because Zwack Unicum Nyrt. places and keeps its liquid assets with reputed financial institutions.

The Company's liquidity risk management extends to the maintenance of a sufficient amount of liquid assets and to the secur- ing of a sufficient level of credit facility. The management is continuously monitoring the required liquidity reserve (which includes the unused credit facility and the liquid assets) on the basis of the expected cash flow.

11./ Future Plans Zwack Unicum Nyrt's goal is to maintain its market leader role in the premium and quality alcoholic drinks segment on the domestic market, being the Company's key segments.

12./ Share Capital, Voting Rights, Corporate Government Report

1. Number and Value of Shares Issued

Number Par value Type of share Currency 2 000 000 1 000 ordinary share HUF 35 000 1 000 redeemable liquidation preference share HUF 2 035 000 Total

Each ordinary share entitles its holder to equal rights, while the redeemable liquidation preference shares do not grant voting rights. The ordinary shares are traded on the Budapest Stock Exchange (BÉT), while redeemable liquidation preference shares are privately issued shares.

2. Owners and their Ownership Percentage Peter Zwack & Consorten HAG 50.00% + 1 share Diageo Holdings Netherlands B.V. 26.00% Intrinsic Value Investors 5.92% Owned by the public 18.08% - 1 share

3. Amendment of Statutes, Appointment of Executive Officers, Issue of Shares Amendment of the Statutes, election of executive officers and the issue of shares is the exclusive competence of the General Meeting. The Company's General Meeting in its Resolution No 17 dated 28 June 2007 empowered the Company's Board of Directors to increase the Company's share capital in one or more instalments in total by maximum 10 percent (10%) of the share capital, and exclusively through private issuance of redeemable liquidation preference shares. The Board of Directors is authorised to carry out the capital increase for five (5) years counted from 28 June 2007. The limit amount by which the Board of Directors is authorised to increase the Company's share capital in total (in either one or more instalments) is HUF 200 000 000, say two hundred million forints.

4. Corporate Governance Report Section 312 of the Act on Business Organisations prescribes for Hungarian companies limited by shares the preparation of a Report on Responsible Corporate Governance, with specification of the contents and the approval process of that.

According to Hungarian Accounting Standards. 32 The Budapest Stock exchange issued its Recommendations for Responsible Corporate Governance ("Recommendations") in 2004, which includes recommendations for the corporate governance of companies listed on the Hungarian Stock Exchange, taking into account the internationally most frequently applied principles, the Hungarian experiences and the characteristics of the Hungarian market.

In conformity with the above two regulations, the Board of Directors of Zwack Unicum Nyrt. approved in advance and submitted to the General Meeting its Report on Responsible Corporate Governance, which is available or accessible to the public on the Company's website (http://www.zwack.hu), under Investor Relations/Guidelines of Corporate Governance. The Report includes information on compliance with the Recommendations for Responsible Corporate Governance.

The Report introduces the Board of Directors, the Supervisory Board, the Audit Committee and the Management, with description of their functions and the division of work between them. The Report includes the Declaration on Remuneration, a description of the Company's internal control system, disclosure policy, policy related to insider trading, the mode of exercising shareholder's rights and the rules of holding or convening the General Meeting, as well as reasons for any non-compliance with or derogation from certain Recommendations.

According to Articles 12.3. and 14.3 of the Statutes, Members of the Board of Directors and the Supervisory Board are selected by the General Meeting maximum for a period of four years.

Drafting or amendment of the Statutes (except, when amended by the Board of Directors), including increase of the share capital (except, when increased by the Board of Directors) or reduction of the share capital (unless otherwise regulated by the Act on Business Organisations) is exclusive competence of the General Meeting (Article 11.2.). Detailed guidelines on increase of the share capital and the repurchase of own shares are included in Items (a) and (k) of Article 11.2. of the Statutes.

Detailed guidelines regarding the competence and operation of the Board of Directors are included in Article 12.4. of the Statutes, which is accessible on the Company's website, under Investor Relations/Shareholder Information/Statutes.

13./ Subsequent Events Appreciation of HUF after the balance sheet date

The HUF-EURO cross rate was 309.22 as at 31 March 2009 the balance sheet date. With regard to the promising macroeconomic prospects and perceptions, the HUF-EURO cross rate temporarily reached 278.71, which means 10 percent strengthening.

Budapest, 27 May 2009

Frank Odzuck Tibor Dörnyei General Manager Deputy General Manager Chief Financial Officer

According to Hungarian Accounting Standards. 33 AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS OF ZWACK UNICUM PLC.

34 35 REPORT ON THE ECONOMIC ACTIVITY OF THE BUSINESS YEAR 2008-2009 (according to IFRS)

Zwack Unicum Plc. closed a successful year exceeding its original plans despite the tangible effects of the economic crisis. Total gross sales were HUF 30.36 billion which is 0.43% more than the figures of the previous year. The HUF 4,134 million result before taxation was 6.5% higher than that of the corresponding period of previous year (HUF 3,881 million). This year's profit figure includes two extraordinary items: • In compliance with the requirements of the IFRS, the Company revaluated the derivate deals for the exchange rate that was valid on the balance-sheet day. It generated HUF 290 million unrealized profit. • The provisions generated for the staff reduction, which were announced on 26 March 2009, reduced the profit of the business year by HUF 140 million.

In the period under review the Company's profit before taxation without the above-mentioned extraordinary items stood at HUF 3 984 million, which was higher than that in the previous business year by HUF 103 million (2.6%) and was higher than the plan target by HUF 99 million (2.5%).

The market dynamics were favourable in the first half of the year. The consumption of premium spirit products increased by about 10 % at that time while the consumption of the quality and commodity products slightly decreased. In the second half of the year, however, the performance of the premium and commodity segments were weaker: the economic crisis influenced the consumption immediately. In the premium and quality segments beside the significant marketing investment, the price competition is gaining importance because of the decreasing incomes of the consumers therefore price increases are practically impossible. Despite all difficulties the Company still keeps its leading position in these segments. The structure of the commodity market changed similarly to earlier years. The commercial brands continued to gain a bigger segment in the market so by now they are one quarter of the total commodity market. The volume of manufactured brands is decreasing continuously, by more than 11% last year. Our Company could not be independent of these market processes either and we had to register a volume decrease equivalent to the market average.

Our Company has launched several different products this year in the domestic premium spirit market. The appearance of the Kosher Pálinka on a Fruit Bed products and the Hírös Kecskeméti pálinka have greatly contributed to the big extension of the pálinka market. With the introduction of Zwack Maximilian we have appeared in the premium distillate market with a truly Hungarian speciality. These innovations with the efficient marketing supporting of our three leading brands (Unicum, Fütyülôs and Vilmos) have greatly contributed to reaching our aims.

Our export sales have significantly increased thanks particularly to the launch of Zwack Liqueur in the USA in the autumn of 2008. Thus the USA has become our second biggest export market (after Italy) giving almost 15% of our total export sales. The second success story of this business year was Romania where the sales of Unicum have increased by 25%. Therefore the sales in Romania are close to those in the German and Slovakian market.

The production cost has practically remained the same as last year mainly due to the successful search for alternative supply companies and the enforcement of our market presence. This way the gross margin has not changed either, comparing the previous year's figures. Our operation costs were characterized by the strict company cost control policy which also contributed to the successful business results. As a result of the efficient cash-flow management which was started several years ago, this year our financial results have increased by almost 30 % and it was possible to pay an extraordinary dividend of 130% nominal value.

All things considered our Company closed a successful 2008-2009 business year. I would like to emphasize that despite the economic crisis within the business year Zwack Unicum Plc. managed to increase its results comparing the previous year and exceeded the expected aim as well.

36 Main financial figures of the Zwack Unicum Plc. (in million HUF): Plan 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 bussiness bussiness bussiness bussiness bussiness year* year year year year Gross sales HUF mill 26 410 29 306 30 231 30 362 27 451 Net sales HUF mill 17 513 18 965 19 778 20 015 18 374 Gross margin HUF mill 10 774 11 336 12 197 12 361 10 343 Profit before taxation HUF mill 3 625 3 541 3 881 4 134 3 000 Profit after taxation HUF mill 2 811 2 730 2 817 3 072 Dividend HUF mill 1 900 2 000 2 239 4 681

Gross margin % 61.52% 59.77% 61.67% 61.76% 59.56% Net profit margin % 16.05% 14.39% 14.24% 15.35% Earnings per share HUF 1 406 1 365 1 384 1 510

* also includes the HUF 452 million profit (before taxation) from sale of real estate

Market situation

Considering the whole business year the domestic spirit market decreased by 2.3%. The changes of the different segments are the same as those of the previous year but the increase of the premium market slowed down (7% as opposed to the 10% last year). The quality segment practically stagnated (+0.9%), the commodity market decreased significantly (-6.9%) just like the previous year. As I have already mentioned the second half of the year brought significant, negative changes in the market trends. In the first half of last year the increase rate of the premium market extending at a rate of 10% decreased to 5%. The market of quality products shows a more optimistic image, probably the customers consuming premium products earlier chose the cheaper product range. The commodity market, showing a slight decrease earlier, turned into a sharp decline - in the second half of the year the decrease was more than 10%. The domestic retail sales kept on decreasing while the market concentration continues with more and more new acquisitions. In 2008 a new market participant appeared. As a summary we can say that more and stronger market players fight for the continuously decreasing market of which cost the traders would partly like to transfer to the suppliers. In the gastronomy channel an even bigger sales decrease can be seen since the beginning of the crisis. It means a great challenge for the domestic drink wholesale traders. The financing possibilities of some of our partners declined significantly which forecasts further concentration in this sales channel too.

Marketing activities

Unicum, the leader of branded products in Hungary, was in the centre of attention several times in 2008 due to its uniquely colourful and innovative marketing activity. The Unicum Next campaign containing three parts was launched in April. Its basic aim was to alter the perception of the bitter taste and to communicate the particular, specially sweet taste of Unicum Next. During the summer festivals more than 500 thousand people had a chance to see the Unicum Next truck. The Unicum Water-polo Cup was really special, as it was the last occasion that the Hungarian National Team played matches before the Beijing Olympic Games. During the Christmas season the Unicum brand was built on the campaign with the following messages: "Memories are the most beautiful presents for me and Thanks, Dad". Fütyülôs is the most dynamically growing premium spirit brand in Hungary. Since its launch the new Honey Sour Cherry flavour brand has gained huge popularity. The 2-litre size Fütyülôs party bottle has also been introduced. To make the Vilmos product range more colourful we created and launched Spicy Vilmos. The introduction was supported by TV campaign and we offered samples to be tasted in pubs and disco promotions.

We introduced several innovations in the Zwack pálinka portfolio. The homepage www.zwackpalinka.hu was renewed. It was the first time that in 2008 the Zwack Kecskemét Distillery took part in the festivals. The flavour of Sándor Zwack Noble Strawberry won the first prize in two national competitions. In January 2009 Hírös Kecskeméti pálinka family was introduced on the market and had great results already in the first months. The five different flavours aim at the customers primarily in the field of gastronomy and the different festivals. The introduction of

37 Zwack Maximilian Spirit of Tokaj was supported by several activities. In September outdoor campaigns, press advertisements and the new website of the product drew the attention of the potential customers to this speciality. Our mentors made the product more popular in pubs and restaurants and offered samples for tasting in hypermarkets. Kalinka started the years 2008/2009 with a new media campaign emphasising the Russian origin of this vodka. This brand closed the year with excellent results due to the several year-long on trade activities and campaigns. The Diageo portfolio also introduced a new member: Baileys with a hint of coffee. We offered samples to be tasted several different times in hypermarket chains and we had coffee house programs as well in the gastronomy segment. The campaign called "Johnnie Walker for Drinking in Moderation" continued this year too. Also, we established two new Johnnie Walker reference outlets in the on trade.

The commitment of the Izabella Zwack Wine Selection to artisan wines has been further strengthened, our portfolio became wider. Mylitta Álma, a Tokay wine with aszú essence content, which is made by Dobogó Winery won a gold medal at the Decanter World Wine Awards in London.

Important events in the Life of the Company

This business year was again one of eclectic sponsorships and corporate events. Again this year, the Unicum Cup Water Polo Tournament was held in the summer, to which our most important business associates were invited where they were able to meet personally the members of the Hungarian men's national team prior to the Beijing Olympics. In the increasingly popular world of ice hockey, we worked together with the successful Alba Volán Club of Székesfehérvár. Then in December, Zwack Unicum sponsored the Budapest Horse Show where leading figures in equestrian sports took part.

Again this year, both the Budapest and Kecskemét Visitors' Centres participated in the Museum White Nights event on Midsummer Night. Nearly 4,000 nocturnal guests attended the open air concerts and special drinks presentations and tastings.

In 2008, as part of Company tradition, the Family Day was held in the Open Air Museum of Szentendre and was a huge success. Our employees and their children all enjoyed an unforgettable experience with the puppeteers, candle-makers and gingerbread-makers, as well as participating in games. Approximately 1,500 people spent a very pleasant day together with their families.

The past business year also saw the first issue of our Social Responsibility Report. Those interested in this Sustainability Report may view it on our home page: www.zwackunicum.hu The Company also campaigned for responsible alcohol consumption over the last year, supporting the efforts of social organizations and participating in joint programs with our partners, Diageo.

Financial report

The gross sales of Zwack Unicum Plc. have increased by 0.43%. Within domestic sales, the turnover of self-manufactured products was at the same level as in the year before. The domestic sales of premium and quality products increased during the year by 1-2%, while that of the non-branded products dropped by 8%. Turnover from products the Company distributed decreased by 5%.

The export revenues from spirits are at HUF 1 468 million, 19.3% higher than last year. A considerable part of the increase is due to the on-going introduction of the Zwack Liqueur in the United States. It should also be noted that the volume of Unicum exported to Romania and Germany increased in excess of 10%. The Italian market was the only outstanding export destina- tion to which the Company could not further increase exports. In that market the Company's export sales declined by nearly 9%.

The costs of materials went up by nearly 1%, which was slightly behind the 1.2% increase in the net sales. Consequently, the gross margin improved modestly (by HUF 164 million, +1.34%) by comparison to the previous business year.

Payroll expenditure increased by 6% (HUF 181 million). Within that figure the above-mentioned one-off expenditure accounted for HUF 140 million, which means the ordinary growth was a mere 1.36% (HUF 41 million).

The total depreciation decreased by HUF 97 million (11.55%). That was chiefly because tools that the Company is using under financial lease were posted for the first time in the Company's books at the end of the previous business year. Thus the report about the previous business year indicated both the gross value (HUF 123 million) and the allowance for depreciation (HUF 68 million) of those tools, and that gave a one-off considerable increase to those figures of the previous business year.

38 The other operating expenses went up by 6.57% (HUF 372 million) due to the increase in the costs of marketing and trade marketing, while the Company managed to keep the other components of the other operating expenses on the level of the previous business year.

The financial result of the Company increased over the previous business year by nearly 28%. That was due in part to the fact that during the first ten months of the business year the available funds were on average higher by HUF 800 million and in part to the higher deposit interest rate.

Zwack Unicum Plc. spent HUF 914 million on capital expenditures, which is practically identical with the investment figure of the previous business year. The last quarter saw a considerable increase because the Company bought a new labelling machine at a price of about HUF 350 million. The rest of the investments were primarily of a supplementary character.

The trade and other receivables increased by HUF 1,726 million (28.73%), in which the increase in trade accounts receivable accounted for HUF 302 million. The interim dividend paid in February increased the balance of the other receivable by HUF 2,645 million. The Company posts the interim dividend on that line until the Annual General Meeting (which is going to make a resolution on the full amount of the dividend payable for the entire business year). The sum of the other accounts receivable decreased by HUF 1,500 million because during the previous business year, bank deposits fixed for periods longer than three months were posted on that line, while during the present business year no such bank deposit fixing occurred. The remaining increment of nearly HUF 280 million consists of several minor items.

The decrease of HUF 1,044 million (25.51%) in liquid assets is the consequence of the above-mentioned payment of interim dividend. The non-current liabilities consist of financial lease liabilities (which refer to specific manufacturing tools) and the liabilities related to redeemable liquidation preference shares. Liabilities related to the new bottles of Unicum and Unicum Next account for a considerable part of the increase at 82% (HUF 73 million). The Company will launch the newly designed bottles during the summer of 2009. By comparison to the previous business year, the provisions increased considerably (the increase – as shown on two lines of the balance sheet – amounts to HUF 209 million in all). Of that sum, provisions generated for severance payments related to the above-mentioned staff reduction accounts for HUF 140 million.

Structural and personal changes

At the Annual General Meeting closing the 2007-2008 business year held on 26 June 2008 the Company created the honorary president position which is filled by Mr Peter Zwack as a recognition of his long devoted and successful work in the company. Mr Peter Zwack resigned from his position as a member of the board management, to which position his daughter, Isabella Zwack was elected. At the first meeting after the AGM Mr. Sándor Zwack was elected as President of the Board of Directors.

The Company announced structural and personal changes at the end of the business year (26 March 2009) as follows: • As of 1 April 2009 the Company established a Production and Technical Directorate. The branches pertaining to said division are: the Dunaharaszti and Kecskemét facilities, the Unicum factory, the Technical Office, the Central Laboratory and the Product Development Department. This new diractorate is lead by Mr. László Seprôs, production-technical director. • The Export Management ceased to exist after the reorganization on 3 April 2009. Since that day, the export activity has belonged to the Commercial Management directly under the leadership of the Commercial Director. From the same day the position of Mr. Balázs Vass (Export Director) ceased to exist. • In the interest of a more streamlined structure the company dismissed 17 employees.

The total number of employees at the Company is 291 people on 31 March 2009. (At the end of the 2007/2008 business year this number was 289.) Prospects for the 2009-2010 business year

Our Company is facing the most difficult and challenging business year of the past 10 years. The deepening of the world economic crisis in the autumn of 2008 affected the domestic sales influencing the spirit market as well. Consumers became much more cautious thus slightly decreasing their food consumptions but the forecasts for this year speak of a decrease of 6-8%. A significant shift can be seen towards the retail business, the consumption in

39 the field of gastronomy in the first months of 2009 decreased significantly by 20-30%. Because of the lower sales and the more expensive selling channels the profitability of the Company is under pressure from two sides. Unfortunately this process has not finished yet. The new tax measures announced by the government in May (the increase of VAT and excise tax) will have their impact in July. As a consequence of this the shelf price of the premium products will rise with 6.5-7%, while the price of the cheaper products will increase to an even bigger extent. At the same time the financial situation of the consumers will not change until the end of 2009. On the basis of these facts there is only one thing to be stated with great confidence - the whole market will shrink but nobody knows now to what extent. The pace of the market decrease will probably be smaller on the premium product market, although there are serious risks that the consumers will choose cheaper products. The commodity market will shrink significantly and according to our experience tax inrease always boost black market activities. The shrinking commodity market means cost-coverage, scale-economy risk to the Company.

Similar difficulties are expected in our export markets as well but hopefully the extent of decrease will be smaller. Therefore we are not expecting Zwack Liqueur to increase greatly in the USA. We can see the possibility to keep the former year's sales on the Romanian and Slovakian markets or there even might be a slight increase. On the other important export markets (Italy and Germany) as much as 10% decrease is possible. On the whole the export sales figures will most probably be under those of the previous year. The missing gross margin will be compensated at least partly by the more efficient usage or decrease of our operational and marketing expenses.

Significant financial risks are present or might appear in the new business year. We took steps against the unpredictable forint exchange rate to an extent of 2/3 of our exposure but the unrealized profit at the end of last year will appear as a loss in this year from these derivative deals and will decrease the results by HUF 290 million. It is difficult to estimate at what exchange rate we can secure the remaining one third but it is already sure that the Euro exchange rate hardly exceeding HUF 250 the previous years will be at least 10% more expensive for the Company. A certain part of our customers' paying risks will also significantly increase this year, against which we have protected ourselves using credit-insurance but the expenses of this service will increase too.

The financial results of Zwack Unicum Plc. is expected to be halved because of the extraordinary dividend paid in February 2009 (more than HUF 2.6 billion) which itself will result a 200 million HUF decrease comparing the previous year.

Our Company supervised its operational and marketing expenses in the last quarter of the previous year. As a result the rationalization of these expenses has been carried out and we have also prepared for further cost cutting. These steps will partly compensate the profit decrease coming from the above mentioned risk factors. In the case of the currently estimated volume decrease even with the help of the decisions already made we have to face a decrease in figures before taxation. The extent of the decrease on the level of normal operation can be about 10%, on the level of before-taxation due to the above mentioned financial items it can be even higher than 20%. In these market circumstances these aims might sound ambitious but with this result level we think there is a chance to pay a dividend close to the nominal value of the shares after the 2009-2010 business year as well.

Our Company expects a permanent decrease of the domestic consumption and we do not expect bigger improvement before 2011. Product innovation will play an even bigger role in the shrinking market which so far has already been a central part of our strategy too. In accordance with this we are launching several new things in the new business year, hoping that we will be able to compensate the generally shrinking market. Further decrease of the operational costs is another key element in our activity especially in this market environment. Therefore efficiency improving projects will be continued in the fields of production, logistics and administration. The recently experienced positive signs in the foreign economies might mean that the impact of the world economic crisis on Hungary will not be as serious as we formerly expected. This – in addition to the above mentioned – can have result improving impacts in the case of our Company as well.

Frank Odzuck Chief Executive Officer

40 SUSTAINABILITY IN EVERYDAY LIFE

Sustainablility plays a significant role in our company’s life since long term achievement of economic success cannot be realized without corporate social reponsibility and environmental protection.

In the 2008 financial year, in additon to our social and cultural objectives, the main focus was on environmental protection and several steps were taken in this direction. 2009 marks the 10-year anniverary of our company’s environmental management system.

In addition to the continual reduction and remedying of negative environmental impact resulting from production, great emphasis was placed this year on the topic of environmentally friendly office initiatives as well. We signed up for the Green Office Competition organized by the KÖVET, Association for Sustainable Economies. Participants were allowed two months in which to establish environmentally sound methods of office procedure, develop office surroundings which are both environmentally friendly and pleasant for the employees as well, increase the environmental awareness of the employees, serve as an example to business associates and reduce office expenses by environmentally friendly behaviour.

Within two months, the Company widened the scope of its selective waste collection in the handling of office data. In addition, useful information is continuously provided to employees to enhance their environmental awareness and cost-cutting measures were introduced in the usage of energy and human resources. Employees successfully took part in a brainstorming programme in which we received suggestions for economical and environmentally friendly office measures, awarding prizes for the best ideas. Throughout the project there were a number of interesting activities and contests. The competition proved to be a success for the Company: after an audit and evaluation of the measures adopted by the organizers of the contest our Company was awarded the title of "Office with the Greenest Potential" in 2009 in the large corporation category.

Following European policy and also organized by KÖVET, Hungary hosted the CSR (Corporate Social Responsibility) MarketPlace Initiative 2009 this Spring. This provided Hungarian companies with the opportunity to demonstrate their progress in the field of social responsibility within the framework of a whole-day innovative exhibition and exchange of experiences. The event was preceded by a competition in which a jury of experts selected the companies and the solutions for corporate social responsibility to be featured at the event.

Our company won with two projects in the category of environmental solutions. One of the entries was "The environmentally nourishing usage of organic waste in terms of strategic partnership", introducing the usage of herbal residue collected as waste in the process of liqueur production. The other entry regarded the role of stillage in soil improvement in poplar forests. The Next REC Party promotion competed in the category of responsible marketing, in which decorative objects were made of marketing tools which had become useless, calling the attention of participants to the importance of recycling. Zwack Unicum Plc. won the CSR MarketPlace Audience Award for its methods of utilizing organic waste.

41 REPORT OF THE SUPERVISORY BOARD ON THE 2008-2009 BUSINESS YEAR

42 43 ZWACK UNICUM PLC. FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2009 PREPARED IN COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS

BALANCE SHEET FOR THE FINANCIAL YEAR ENDED 31 MARCH 2009

31 March 31 March Notes 2009 2008 HUF mill HUF mill ASSETS Non current assets Property, plant and equipment 5 4 327 4 152 Intangible assets 6 144 139 Packaging materials 7 61 58 Available-for-sale financial assets 8 18 18 Non current receivables 9 39 31 Deferred tax asset 21 178 130 4 767 4 528 Current assets Inventories 10 2 417 2 444 Trade and other receivables 11 7 733 6 007 Cash and cash equivalents 12 3 050 4 094 13 200 12 545

Total assets 17 967 17 073

Shareholders' equity Share capital 2 000 2 000 Share premium 165 165 Retained earnings 11 356 10 522 Total shareholders' equity 13 521 12 687

LIABILITIES Non current liabilities Other financial liabilities 13 162 89 Provision for other liabilities and charges 15 4 12 166 101 Current liabilities Trade and other liabilities 14 3 970 4 192 Provision for other liabilities and charges 15 310 93 4 280 4 285

Total liabilities 4 446 4 386

Total equity and liabilities 17 967 17 073

The Financial Statements were accepted by the Board of Directors on 27 May 2009 and signed on their behalf by:

Sándor Zwack Frank Odzuck Chairman of the Board Chief Executive Officer

44 STATEMENT OF INCOME FOR THE FINANCIAL YEAR ENDED 31 MARCH 2009

Notes 2009 2008 HUF mill HUF mill

Revenue 16 20 015 19 778

Material cost of goods sold (7 654) (7 581) Employee benefits expense 17 (3 196) (3 015) Depreciation and amortization 5-6 (741) (838) Other operating expenses 18 (6 041) (5 668) Operating expenses (17 632) (17 102)

Other operating income 19 1 366 903 Profit from operations 3 749 3 579

Interest income 402 329 Interest expense and other similar charges (17) (27) Net financial income 20 385 302

Profit before tax 4 134 3 881

Income tax expense 21 (1 062) (1 064) Profit for the year 3 072 2 817

Earnings Per Share (HUF/Share) basic and diluted 1 536 1 409

STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2009

Share Share Retained Capital premium Earnings Total HUF mill HUF mill HUF mill HUF mill

Balance at 1st April 2007 2 000 165 9 705 11 870 Dividend relating to 2007 (2 000) (2 000) Profit for the year - - 2 817 2 817

Balance at 31st March 2008 2 000 165 10 522 12 687

Balance at 1st April 2008 2 000 165 10 522 12 687 Dividend relating to 2008 - - (2 238) (2 238) Profit for the year - - 3 072 3 072

Balance at 31st March 2009 2 000 165 11 356 13 521

The total of authorized number of ordinary shares is 2 000 000 (31 March 2008: 2 000 000) with a par value of HUF 1 000 per share (31 March 2008: HUF 1 000 per share). All issued shares are fully paid. Each share carries the same voting rights.

According to International Financial Reporting Standards. 45 CASH-FLOW FOR THE FINANCIAL YEAR ENDED 31 MARCH 2009

2009 2008 HUF mill HUF mill

Profit from operations 3 749 3 579

Adjustment for depreciation and amortization 741 838 Gain on sale of fixed assets 3 59 (Decrease)/increase in trade creditors (180) 636 Decrease/(increase) in inventories 24 (390) Decrease/(increase) in trade and other receivables 891 (1 657) Loss on unrealized foreign exchange rate difference 1 0 Other changes 209 19 Cash generated from operations 5 438 3 084

Interest paid (17) (27) Corporate income tax paid (1 113) (976) Cash flow from operating activities 4 308 2 081

Purchases of property, plant and equipment (831) (820) Purchases of intangible assets (83) (76) Interest received 416 335 Proceeds from sale of property, plant and equipment 32 77 Cash flow from investing activities (466) (484)

Dividends paid (4 886) (2 000) Cash flow from financing activities (4 886) (2 000)

Change in cash and cash equivalents (1 044) (403)

Cash and cash equivalents, beginning of the year 4 094 4 484 Exchange gains on cash and bank 0 13 Cash and cash equivalents, end of the year 3 050 4 094

Consists of: Cash in banks and on hand 3 050 4 094 Balance end of year 3 050 4 094

According to International Financial Reporting Standards. 46 NOTES TO FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2009 PREPARED IN COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS

NOTE 1 - GENERAL BACKGROUND (a) The Company and the nature of its operations The Zwack Unicum Nyrt. (hereafter referred to as "the Company") is incorporated in the Republic of Hungary and it is manufacturer and distributor mainly of alcoholic beverages. The Company seat is located at 26 Soroksári út, Budapest, 1095.

Zwack Unicum Nyrt. is listed on the Budapest Stock Exchange.

PZ HAG is the ultimate majority owner of Zwack Unicum Nyrt. holding 50% + 1 share of the issued shares. The ultimate controlling parties are the Zwack and Underberg families together.

Company ownership structure 2009 2008 % t HUF % t HUF

PZ HAG 50%+1 share 1 000 001 50%+1 share 1 000 001 Diageo Holdings Netherlands B.V. 26% 520 000 26% 520 000 Public 24% -1 share 479 999 24% -1 share 479 999 Total 100% 2 000 000 100% 2 000 000

(b) Basis of preparation The financial statements have been prepared in millions of Hungarian Forints (HUF) under the historical cost convention, except for the revaluation of available-for-sale financial assets, as well as financial assets and liabilities (including derivative financial instruments) at fair value through profit or loss, in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2 (s). In common with all other Hungarian businesses, the Company prepares its accounting, financial and other records in accordance with local statutory requirements. In order to present financial statements which comply with IFRS, appropriate adjustments have been made to the local statutory accounts.

1. Standards early adopted by the Company No standards were early adopted by the Company.

2. Standards, amendments and interpretations effective in 2008 but not relevant The following standards, amendments and interpretations are mandatory for accounting periods beginning on or after 1 January 2008 but are not relevant to the Company's operations: • IFRS 2 (amended). In January 2008 the IASB published the amended Standard IFRS 2 Share-based Payment. Main changes and clarifications include references to vesting conditions and cancellations. The changes to IFRS 2 shall be applied in periods beginning on or after 1 January, 2008. Changes are not applicable to the Company. The European Union has also endorsed the standard. • IFRIC 11 – Group and Treasury share transactions (effective from 1 March 2007). Under IFRS 2 it was not defined exactly how it should be calculated where the employees of a subsidiary received the share of a parent. IFRIC 11 is not relevant since the Company does not have these type of arrangements. • IFRIC 14 Interpretation on IAS 19 – The Limit on Defined Benefit Assets, Minimum Funding Requirements and their Interaction. IFRIC 14 provides general guidance on how to assess the limit in IAS 19 Employee Benefits on the amount of the surplus that can be recognized as an asset. It also explains how the pensions asset or liability may be affected when there is a statutory or contractual minimum funding requirement. This Interpretation is not applicable to the Company as the Company has no funded defined post-retirement benefit schemes.

According to International Financial Reporting Standards. 47 3. Standards, amendments and interpretations effective and adopted by the Company in 2008 • IAS 39 (Amended) - Financial Instruments: Recognition and Measurement. The IASB published on October 14, 2008 amendments to IAS 39 and IFRS 7 – Financial Instruments: Disclosures. The amendments relate to the possibility to reclassify financial instruments measured at fair value through profit of loss. So far, reclassifications in and out of this category were not allowed. The amendment now enables under certain circumstances a reclassification. If based on the new rules a reclassification is done, the amended IFRS 7 demands additional disclosures. The amendments had no effect on the Company's equity or Net income or implications for reporting as the Company did not make and does not intend to make such reclassifications. The amendment is effective from July 2008, and endorsed by the EU.

4. Standards, amendments and interpretations that are not yet effective and have not been early adopted by the Company • IAS 1 (revised) – Presentation of Financial statements. Revised IAS 1 introduces overall requirements for the presentation of financial statements, guideline for their structure and minimum requirements for their contents. The Company is currently analysing the potential changes revised IAS 1 may cause in the presentation of the Company's financial statements. The Company will apply this standard from 1 April, 2009, as the standard is applicable for annual periods beginning on or after 1 January, 2009. The European Union has also endorsed the revised standard. • IFRS 7 (Amended) – Financial instruments: Disclosures. The amendment forms part of the IASB's response to the financial crisis. The amendment increases the disclosure requirements about fair value measurement and reinforces existing principles for disclosure about liquidity risk. In addition, the amendment clarifies and enhances existing requirements for the disclosure of liquidity risk primarily requiring a separate liquidity risk analysis for derivative and non-derivative financial liabilities. This amendment is effective for accounting period starting on or after 01 January 2009 with no compa- ratives for the first year of application. The European Union has not yet endorsed this standard. • IFRS 8, Business segments (effective from 1 January 2009). IFRS 8 replaces IAS 14 and adjusts segment reporting to internal reporting procedures of each entity. Under IFRS 8, segments are components of an entity regularly reviewed by an entity's chief operating decision-maker. IFRS 8 also sets out requirements for related disclosures about products and services, geographical areas and major customers. Management is still considering the effect of the standard and will apply it from 1 April 2009, as the standard is applicable for annual periods beginning on or after 1 January 2009. The European Union has also endorsed the standard.

5. Standards, amendments and interpretations that are not yet effective and are not relevant to the Company's operations • IFRS 1 First-time Adoption of IFRS (revised). In November 2008 the IASB issued the revised version of IFRS1. As the Company has been reporting according to IFRS for many years, neither the original standard, nor any revision to that are relevant for the Company. The European Union has also endorsed the revised standards. • IFRS 3, IAS 27 (amended). In January 2008 the IASB published the amended Standards IFRS 3 – Business Combinations and IAS 27 – Consolidated and Separate Financial Statements. The European Union has endorsed the amended IAS 27, while the amended IFRS 3 has not been endorsed yet. • IAS 23 (revised), Borrowing costs (effective from 1 January 2009). The standard removes the option of immediately recognising as an expense borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset. The European Union has also endorsed the revised standard. The Company does not have loans of this type, therefore the standard is not relevant. • IAS 32 (amended). In February 2008, the IASB amended IAS 32 with respect to the balance sheet classification of putt able financial instruments and obligations arising only on liquidation. As a result of the amendments, some financial instruments that currently meet the definition of a financial liability will be classified as equity. The amendments have detailed criteria for identifying such instruments. The amendments of IAS 32 are applicable for annual periods beginning on or after January 1, 2009. As the Company currently does not have such instruments that would be affected by the amendments, the amendments to the standard are not expected to have any impact on the Company's financial statements. The European Union has also endorsed the amended standard. • IAS 39 (amended) – The IASB published an amendment in August 2008 to IAS 39 with respect to hedge accounting. The amendment "Eligible Hedged Items" allows to designate only changes in the cash flows or fair value of a hedged item above or below a specified price or other variable. The amendment of IAS 39 shall be applied retrospectively for annual periods beginning on or after July 1, 2009. The amendment will not have any impact on the Company's accounts as the Company does not apply hedge accounting. The European Union has not yet endorsed the amended standard. • IFRIC 13 Customer Loyalty programs. This Interpretation addresses accounting by entities that grant loyalty award credits to customers who buy other goods or services. This is not relevant for the Company since such programs do not exist. The European Union has also endorsed this interpretation. • IFRIC 15 Agreements for the Construction of Real Estate. IFRIC 15 refers to the issue of how to account for revenue and associated expenses by entities that undertake the construction of real estate and sell these items before construction is completed. The European Union has not yet endorsed the interpretation.

According to International Financial Reporting Standards. 48 • IFRIC 16 Hedges of a Net Investment in a Foreign Operation. IFRIC 16 refers to the application of Net Investment Hedges. Mainly, the interpretation states which risk can be defined as the hedged risk and where within the group the hedging instrument can be held. As the Company does not apply such hedges and does not apply hedge accounting, IFRIC 16 will have no impact on the Company's accounts. The European Union has not yet endorsed the interpretation. • IFRIC 17 Distributions of Non-cash Assets to Owners. This interpretation issued in November 2008 refers to the issue when to recognize liabilities accounted for non-cash dividends payable (e.g. property, plant, and equipment) and how to measure them. The European Union has not yet endorsed the interpretation. • IFRIC 18 Transfers of Assets from Customers. The Interpretation clarifies the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant and equipment (or cash to be used explicitly for the acquisition of property, plant and equipment) that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services. The European Union has not yet endorsed this interpretation. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

(a) Segment reporting A business segment is a Company of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and returns that are different from those of segments operating in other economic environments.

(b) Foreign currency translation Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in HUF, which is the company's functional and presentation currency. Monetary assets and liabilities denominated in foreign currencies are translated into HUF at the official rates of exchange prevailing at the balance sheet date. Items of income and expense in foreign currencies are translated at an appropriate rate, prevailing on the date of the transaction. All resulting differences are included in operating expenses.

(c) Property, plant and equipment Property, plant and equipment are stated at cost less depreciation. Depreciation is calculated on a straight line basis from the time the assets are deployed over their estimated useful lives. Assets in the course of construction are stated at cost, reflecting their state of completion as of the balance sheet date. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. No interest is capitalised in the cost of fixed assets. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows: Buildings 20 - 50 years Plant and equipment 10 years Motor vehicles 3 - 4 years Other assets 5 years Land is not depreciated. The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the income statement in other operating expenses.

(d) Intangible assets Trademarks and licences are shown at historical cost. Trademarks and licences have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of trademarks and licences over their estimated useful lives 6 and 10 years.

According to International Financial Reporting Standards. 49 Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives 3 and 6 years.

(e) Impairment of non-financial assets Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.

(f) Financial assets The Company classifies its financial assets in the following categories: loans and receivables, available for sale and derivative financial assets. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition and re-evaluates this designation at every reporting date.

Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are carried at amortised cost using the effective interest rate method. Employee loans are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Difference between the nominal value of the loan granted and the initial fair value of the employee loan is recognized as prepaid employee benefits. Interest income on the loan granted calculated by using the effective interest method is recognized as finance income, while the prepaid employee benefits are amortized to Employee related expenses evenly over the term of the loan.

Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non current assets unless the Company intends to dispose the investments within 12 months of the balance sheet date.

Available for sale financial assets are initially and subsequently carried at fair value. Changes in the fair value of monetary and non-monetary securities classified as available-for-sale are recognised in equity. The fair value of quoted investments is based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Company establishes fair value by using valuation techniques. The Company assesses at each balance sheet date whether there is objective evidence that a financial asset or a Company of financial assets is impaired.

(g) Derivative financial instruments and hedging activities IAS 39 requires that every derivative instrument be recorded in the balance sheet as either an asset or a liability measured at its fair value. The statement requires that changes in the derivative's fair value be recognised through the income statement unless specific hedge accounting criteria are met. The Company does not apply hedge accounting for its financial instruments, all gains and losses are recognised in the income statement.

(h) Packaging materials Returnable packaging materials are stated at actual cost less a depreciation charge to reflect the useful life of the packaging material.

The useful lives applied in the preparation of these financial statements are as follows: Pallets 3 years Crates 4 years Bottles 4 years

(i) Inventories Inventories are stated at the lower of cost or net realisable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses.

Inventories of spare parts and equipment are stated at cost less a provision for obsolete and slow moving items.

According to International Financial Reporting Standards. 50 (j) Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the income statement within 'other operating expenses'. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against 'other operating expenses' in the income statement.

(k) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.

(l) Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using effective interest method.

(m) Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Company's activities. Revenue is shown net of value-added tax, excise tax, returns, rebates and discounts. Revenue is recognised as follows: Sales of goods are recognised when a group entity has delivered products to the customer, the customer has accepted the products and collectibility of the related receivables is reasonably assured. Sales of services are recognised in the accounting period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be provided. Reimbursement of marketing expenses is recognised as other operating income when the invoiced expenditure arise and the services are rendered. Interest income is recognised on a time-proportion basis using the effective interest method.

(n) Provisions for liabilities A provision for liabilities is recognised when and only when the Company has a present obligation (legal or constructive) as a result of past events, it is probable that the outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The Company recognises a provision for onerous contracts when the expected benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract.

(o) Financial lease Leases of equipments where the Company assumes substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalized at the commencement of the lease at the lower of the fair value of the leased equipment and the present value of the minimum leases payments. Based on the requirements of IFRIC 4 – Determining whether an Arrangement contains a Lease, if a contract includes embedded lease elements the transaction is treated according to the regulation of IAS 17 Leases. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The finance lease obligations, net of finance charges, are included in the balance sheet (other financial liabilities). The interest element of the lease payment is charged to the income statement (finance expense) over the lease period. Equipments acquired under finance lease are depreciated over the shorter of the useful life of the asset or the lease term.

(p) Income taxes

(1) Corporate income tax Corporate income taxes are payable to the tax authorities. The basis of the tax is the accounting profit adjusted for non-deductible and non-taxable items. The corporate tax rate is 16%, and the Solidarity tax is an extra 4% tax on a base very similar to the corporate tax base.

According to International Financial Reporting Standards. 51 (2) Deferred taxes Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using income tax rates that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset realized or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is generally provided on temporary differences arising from the depreciation of fixed assets and packaging materials, impairment for receivables and from provisions made against assets and for future liabilities.

(q) Employee benefits (1) Short term employee benefits Short term employee benefits are recognized as a current expense in the period when employees render their services. These include wages, social security contributions, bonuses, paid holidays, meal and holiday contributions and other fringe benefits and the tax charges thereon.

(2) Jubilee payments Employees are entitled for jubilee payments working at the Company from 10 years in every five years. The Company recognises actuarial gains and losses on long term employee benefits in profit and loss, the value of this actuarial gain and loss is immaterial to the financial statements.

(3) Pensions Payments to defined contribution pension and other welfare plans are recognized as an expense in the period in which they are earned by the employees.

(4) Share based compensation IIFRS 2 – Share-based Payment requires the Company to reflect in its income statement and balance sheet the effects of share based payment transactions, including expenses associated with transactions in which share options are granted to employees. Accordingly, the Company recognises the cost of services received from its employees in a share based payment transaction when services are received. Since the services are received in a cash-settled share based payment transaction, the Company recognises the expense against a liability, re-measured at each balance sheet date

(5) Termination benefits Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy.

(r) Dividend distribution Dividend distribution to the Company's shareholders is recognised as a liability in the Company's financial statements in the period in which the dividends are approved by the Company's shareholders. Share capital and share premium are not available for dividend distribution purposes.

(s) Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expecta- tions of future events that are believed to be reasonable under the circumstances.

(i) Impairment of property, plant and equipment The Company assesses the impairment of property, plant, equipment and intangibles whenever there is a reason to believe that the carrying value may materially exceed the recoverable amount and where impairment in value is anticipated. The recoverable amounts are determined by value in use calculations, which use a broad range of estimates and factors affecting those. Among others, we consider future revenues and expenses, technological obsolescence, discontinuance of services and other changes in circumstances that may indicate impairment. If impairment is identified using the value in use calculations, we also determine the fair value less cost to sell (if determinable), to calculate the exact amount of impairment to be charged. As this exercise is highly judgmental, the amount of potential impairment may be significantly different from that of the result of these calculations.

(ii) Useful lives of assets The determination of the useful lives of assets is based on historical experience with similar assets as well as any anticipated technological development. The appropriateness of the estimated useful lives is reviewed whenever there is an indication of significant changes in the underlying assumptions.

According to International Financial Reporting Standards. 52 (iii) Impairment of trade receivables The Company calculates impairment for doubtful accounts based on estimated losses resulting from the inability of our customers to make required payments. The basis of the estimate is the aging of account receivables balance and customer credit-worthiness. These involve assumptions about future customer behaviour and the resulting future cash collections.

(iv) Provision for impairment of inventories The Company calculates impairment for inventories based on estimated losses resulting from the future sale of own produced and traded products. The basis of the estimate is the ageing of inventories, obsolescence and other information relating to the position of those products on the market. These involve assumptions about future market conditions.

(v) Payments to retailers The Company incurs fees that are payable to retailers and other distributors of the Company's products for various services including showing the products on attractive or advantageous shelf spaces, gondola head payments, advertising in the retailer's newspaper and various other services. These payments should be shown as a reduction of the sales revenue from the respective retailers if no substantial services are provided by the retailers in exchange for these payments. Management's opinion is that the fees represent actual services provided by the retailers, and therefore the Company recognized the payments as expenditures in the financial statements, among other operating expenses.

(vi) Embedded leases Depreciation of the tools used for the production of Zwack bottles is built in their selling prices by glass manufacturing companies. The Company estimates the net present value, finance lease liability, interest charges of current year, cost of sales and depreciation based on the tools' gross value and total number of production.

(t) Comparative information In order to maintain consistency with the current year presentation, certain items have been reclassified for comparative purposes.

In the 2009 financial statements of Zwack Unicum Nyrt., the reimbursement of marketing expenses have been reclassified and now are shown as Other operating income as opposed to the disclosure in prior years, when these were disclosed as Net revenue. The current disclosure reflects better the economic substance of underlying transactions. Prior year disclosures have been restated accordingly. For the reason of its material balances the foreign exchange gains and losses are disclosed in gross amounts in 2009 financial statement as Other income and other expenses respectively. Due to comparability, the prior year balances were reclassified as well. The reclassifications had no impact on equity, net income or EPS.

The table below shows the impact of the above change in disclosure.

2008.03.31

Revenue As reported 20 621 Charge (843) As restated 19 778

Other operating expenses As reported (5 608) Charge (60) As restated (5 668)

Other operating income As reported 0 Charge 903 As restated 903

According to International Financial Reporting Standards. 53 NOTE 3 - DISCLOSURES ON FINANCIAL INSTRUMENTS

The table below shows the categorization of financial assets as at March 31, 2008.

31 March 2008 Assets Total Total Loans and at fair value Available on net at fair receivables through P&L for sale book value value HUF mill HUF mill HUF mill HUF mill HUF mill

Available-for-sale financial assets 0 0 18 18 18 Trade receivables 4 084 0 0 4 084 4 084 Employee loans 37 0 0 37 37 Other financial receivables 1 600 0 0 1 600 1 600 Cash and cash equivalents 4 094 0 0 4 094 4 094 Total 9 815 0 18 9 833 9 833

The table below shows the categorization of financial liabilities as at March 31, 2008.

31 March 2008 Liabilities Financial at fair value liabilities Total Total through measured at on net at fair P&L amortised cost book value value HUF mill HUF mill HUF mill HUF mill

Trade and other payables 0 2 598 2 598 2 598 Lease payable 0 58 58 58 Other financial liabilities 0 77 77 77 Total 0 2 733 2 733 2 733

The table below shows the categorization of financial assets as at March 31, 2009.

31 March 2009 Assets Total Total Loans and at fair value Available on net at fair receivables through P&L for sale book value value HUF mill HUF mill HUF mill HUF mill HUF mill

Available-for-sale financial assets 0 0 18 18 18 Derivative financial instruments 0 290 0 290 290 Trade receivables 4 387 0 0 4 387 4 387 Employee loans 50 0 0 50 50 Other financial receivables 100 0 0 100 100 Cash and cash equivalents 3 050 0 0 3 050 3 050 Total 7 587 290 18 7 895 7 895

The table below shows the categorization of financial liabilities as at March 31, 2009.

31 March 2009 Liabilities Financial at fair value liabilities Total Total through measured at on net at fair P&L amortised cost book value value HUF mill HUF mill HUF mill HUF mill

Trade and other payables 0 2 240 2 240 2 240 Lease payable 0 115 115 115 Other financial liabilities 0 67 67 67 Total 0 2 422 2 422 2 422

Assumptions for fair value estimations see at Note 4 (b).

According to International Financial Reporting Standards. 54 The table below shows the income and expenses relating to financial instruments in the 2007 - 2008 financial year.

31 March 2008 Financial Assets at liabilities fair value measured at Loans and through Lease amortised receivables P&L payables cost Total HUF mill HUF mill HUF mill HUF mill HUF mill

Interest income 329000329 Exchange gain 31 0 0 29 60 Fair value measurement 0 0000 Total income relating to financial instruments 360 0 0 29 389 Interest expense 0 0 26 0 26 Exchange loss 8 0 0 22 30 Impairment loss 1400014 Fee expense 3900039 Total expense and other similar charges relating to financial instruments 61 0 26 22 109 Total income and expense relating to financial instruments 299 0 (26) 7 280

The table below shows the income and expenses relating to financial instruments in the 2008 - 2009 financial year.

31 March 2009 Financial Assets at liabilities fair value measured at Loans and through Lease amortised receivables P&L payables cost Total HUF mill HUF mill HUF mill HUF mill HUF mill

Interest income 402000402 Exchange gain 178 0 0 71 249 Fair value measurement 0 290 0 0 290 Total income relating to financial instruments 580 290 0 71 941 Interest expense 0 0 43 0 43 Exchange loss 26 0 0 166 192 Write-off 7900079 Impairment loss 2 0002 Fee expense 6100061 Total expense and other similar charges relating to financial instruments 168 0 43 166 377 Total income and expense relating to financial instruments 412 290 (43) (95) 564

According to International Financial Reporting Standards. 55 NOTE 4 - FINANCIAL RISK MANAGEMENT

(a) Financial risk factors The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's financial performance. In accordance with its accounting policy, the Company may use derivative financial instruments to hedge certain risk exposures. Sensitivity analyses include potential changes in profit before tax. The impacts disclosed below are subject to an average income tax rate of approximately 20%, i.e. the impact on Profit for the year would be 80% of the before tax amount. The potential impacts disclosed (less tax) are also applicable to the Company's Equity.

(i) Market risk (a) Foreign exchange risk Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity's functional currency. The Company operates internationally and is exposed to exchange rate movements on one hand due to its import and export activity on the other hand due to its bank accounts and term deposits denominated in EUR. The following tables show the currency denomination of the Company's financial assets and liabilities.

31 March 2008 CAD EUR USD GBP ZLT HUF Total HUF mill HUF mill HUF mill HUF mill HUF mill HUF mill HUF mill Available-for-sale financial assets 000001818 Derivative financial instruments 0000000 Trade receivables 11 172 19 0 0 3 882 4 084 Employee loans 000003737 Other financial receivables 000001 6001 600 Cash and cash equivalents 17 5750003 5024 094 Total financial assets as 28 747 19 0 0 9 039 9 833 per balance sheet

Trade and other payables 1 734 1 10 30 1 822 2 598 Lease payable 0 58000058 Other financial liabilities 000007777 Total financial liabilities as per balance sheet 1 792 1 10 30 1 899 2 733 Total financial assets and 27 (45) 18 (10) (30) 7 140 7 100 liabilities as per balance sheet

31 March 2009 CAD EUR USD GBP ZLT HUF Total HUF mill HUF mill HUF mill HUF mill HUF mill HUF mill HUF mill Available-for-sale financial assets 000001818 Derivative financial instruments 0 2900000290 Trade receivables 7 1748004 1984 387 Employee loans 000005050 Other financial receivables 00000100100 Cash and cash equivalents 0 520002 9983 050 Total financial assets as 7 516 8 0 0 7 364 7 895 per balance sheet

Trade and other payables 0 488 85 10 2 1 656 2 240 Lease payable 0 1150000115 Other financial liabilities 000006767 Total financial liabilities as per balance sheet 0 603 85 10 2 1 723 2 422 Total financial assets and 7 (87) (77) (10) (2) 5 641 5 473 liabilities as per balance sheet

The finance department continuously monitors the liabilities in foreign currency and it holds the necessary amounts on its bank accounts or as term deposits in order to mitigate the currency risk arising in connection with those liabilities. Exchange rate fluctuations therefore have no significant effect on profit or loss, or equity.

The Company occasionally enters into derivative contracts for risk reduction purposes. These foreign currency forward contracts are taken to reduce the exchange rate risk related to the foreign exchange denominated payment obligations.

According to International Financial Reporting Standards. 56 The fair value of the open short term forward positions was HUF 290 million gain as of March 31, 2009. The Company had no open forward positions as of March 31, 2008.

Compared to the spot FX rate as of March 31, 2009, a 9,08% weakening of HUF against EUR would cause approx. HUF 24 million loss in the net balance of financial assets and liabilities excluding derivative financial instruments. A reasonably possible 20,91% strengthening of HUF against EUR would cause approx. HUF 55 million gain in the net balance of financial assets and liabilities excluding derivative financial instruments.

Compared to the spot FX rate as of March 31, 2009, a 20,91% strengthening of HUF against EUR would cause approx. HUF 604 million loss in the balance of derivative financial instruments. A reasonably possible 9,08% weakening of the HUF would cause the fair value of the derivative assets to increase by approximately half of this amount. The change in the fair value of derivative financial instruments is compensating the foreign exchange risk of future purchases denominated in EUR.

The foreign exchange exposure arising from the net position denominated in other foreign currencies is not material.

Management's estimations on the possible change of exchange rates are based on the historical time series of the Hungarian National Bank. The maximum deviation from the average of one year historical data is the expected change for each balance sheet date.

(b) Other price risk The Company's exposure to other price risk is immaterial because the investments held by the Company and classified on the balance sheet as available for sale financial assets are amounting to HUF 18 million as of March 31, 2009 (2008: HUF 18 million). The Company is not exposed to commodity price risk.

(c) Interest rate risk The Company does not have interest-bearing assets with variable interest therefore the Company is not exposed to cash flow interest rate risk. However, it has significant interest-bearing assets with fixed interest rates which would expose the Company to fair value interest rate risk. The Company does not have interest-bearing borrowings.

(ii) Credit risk Credit risk is the risk of counterparties defaulting. The maximum exposure to credit risk is represented by the carrying amounts of the financial assets that are carried in the balance sheet. The Company is not exposed to significant concentration of credit risk related to trade receivables due to the diversity of its customers. On the other hand, major part of trade receivables is insured by financial institutions in 85% of the individual amounts of receivables from customers. There is no independent rating or assessment of the credit quality of customers because the Company considers its credit insurance policy effective enough to mitigate credit risk. Cash and cash equivalents and bank deposits held by the Company are primarily denominated in Hungarian Forint and concentrations of credit risk are limited as the Company places its cash with substantial credit institutions. The following tables give information about the past due and impaired receivables.

31 March 2008 Domestic Foreign Related Other trade trade parties Employee financial receivables receivables receivables loans receivables Total HUF mill HUF mill HUF mill HUF mill HUF mill HUF mill

Neither past due nor impaired receivables 3 723 115 189 37 1 600 5 664 Past due but not impaired receivables 000000 Past due and impaired receivables 381720057 Total 3 761 132 191 37 1 600 5 721

31 March 2009 Domestic Foreign Related Other trade trade parties Employee financial receivables receivables receivables loans receivables Total HUF mill HUF mill HUF mill HUF mill HUF mill HUF mill

Neither past due nor impaired receivables 3 924 89 197 50 100 4 360 Past due but not impaired receivables 000000 Past due and impaired receivables 14037000177 Total 4 064 126 197 50 100 4 537

None of the financial assets has been renegotiated in the past years.

According to International Financial Reporting Standards. 57 Movements on the Company provision for impairment of trade receivables and other financial assets are as follows.

Domestic Foreign Related Other Impairment of trade trade parties Employee financial receivables receivables receivables receivables loans receivables Total HUF mill HUF mill HUF mill HUF mill HUF mill HUF mill 1 April 2008 61 1 7 0 127 196 Reversal (61) (1) (7) 0 0 (69) Provision 68 3 0 0 0 71 Write-off (21) 0 0 0 0 (21) 31 March 2009 47 3 0 0 127 177

The other classes of financial assets do not contain impaired assets. The following tables summarize the collaterals held by the Company.

Guarantee given Content Type Bank Garantee Amount Falling due HUF mill Deferred duty permission to activity guarantee UniCredit 17. Customs Office 100 30.07.2009 Customs bond of untaxed guarantee UniCredit Customs and Excise Guard 150 30.06.2009 excise product Customs bond of untaxed guarantee UniCredit Customs and Excise Guard 200 30.06.2010 excise product

Guarantee received Content Type Guarantor Grantee Amount Falling due HUF mill Guarantee of employee's mortgage employee employer 16 expiry of housing loans contract

(iii) Liquidity risk Liquidity risk is the risk that an entity may encounter difficulty in meeting obligations associated with financial liabilities. Prudent liquidity risk management implies maintaining sufficient cash, cash equivalents and term deposits as well as available funding through adequate amount of committed credit lines. Management monitors rolling forecasts of the Company's liquidity reserve (comprises undrawn borrowing facility and cash and cash equivalents) on the basis of expected cash flow. The Company has ongoing overdraft facilities of HUF 1 020 million as of March 31, 2009 (2008: HUF 1 139 million).

Consist of: facility of Consists of: 31 March Bank Facility bank overdrafts Interest rate others Maturity 2009 HUF mill Erste Bank Nyrt 1 570 520 Month 1 050 15 May 2009 0 BUBOR+0,20% UniCredit Bank ZRt 2 500 500 Month 2 000 10 August 2009 0 BUBOR+0,10% 4 070 1 020 3 050 0

The following two tables summarize the maturity structure of the Company's financial liabilities as of March 31, 2008 and 2009.

Financial liabilities Domestic Foreign Related trdae trade parties Lease Other 31 March 2008 payables payables payables liabilities liabilities Total HUF mill HUF mill HUF mill HUF mill HUF mill HUF mill Less than 1 year 1 888 272 438 24 77 2 699 Over 1 year 0 0 0 45 0 45 Total 1 888 272 438 69 77 2 744

Financial liabilities Domestic Foreign Related trdae trade parties Lease Other 31 March 2009 payables payables payables liabilities liabilities Total HUF mill HUF mill HUF mill HUF mill HUF mill HUF mill Less than 1 year 1 720 178 342 30 67 2 327 Over 1 year 0 0 0 120 0 120 Total 1 720 178 342 150 67 2 457

According to International Financial Reporting Standards. 58 Open forward positions’ gross cash flows Gross cash Gross cash 31 March 2009 outflow in inflow in HUF mill EUR mill Less than 1 year 2 689 9,5 Over 1 year 0 0 Total 2 689 9,5

(b) Fair value estimation The nominal value less impairment provision of trade receivables and payables approximate their fair values, due to their short maturity. The fair value of financial instruments traded in active market is based on quoted market prices at the B/S date. The quoted market prices used for financial assets held by the Company are the current bid prices. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. Cash and cash equivalents, trade receivables, other current financial assets, trade payables and other current financial liabilities have short times to maturity. For this reason, their carrying amounts at the reporting date approximate the fair values.

(c) Capital risk management The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Company continuously monitors whether it meets the requirements of laws and regulations applicable in Hungary. The Company complied with all the relevant laws and regulations in the financial years ended 31 March 2008 and 2009. The capital, which the Company manages, amounted to HUF 13 521 million on March 31, 2009 (2008: HUF 12 687 million).

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT Freehold land Plant and Leased Other and property Equipment equipment assets Total HUF mill HUF mill HUF mill HUF mill HUF mill At 31 March 2007 Cost 3 332 2 305 0 1 843 7 480 Accumulated depreciation 565 1 414 0 1 266 3 245 Net book value 2 767 891 0 577 4 235

Year ended 31 March 2008 Opening net book amount 2 767 891 0 577 4 235 Additions 70 220 123 410 823 Disposals (2) (88) 0 (58) (148) Depreciation charge (149) (232) (68) (309) (758) Closing net book amount 2 686 791 55 620 4 152

At 31 March 2008 Cost 3 393 2 512 123 1 812 7 840 Accumulated depreciation 707 1 721 68 1 192 3 688 Net book value 2 686 791 55 620 4 152

Year ended 31 March 2009 Opening net book amount 2 686 791 55 620 4 152 Additions 67 455 83 265 870 Disposals 0 (10) 0 (21) (31) Depreciation charge (145) (205) (30) (284) (664) Closing net book amount 2 608 1 031 108 580 4 327

At 31 March 2009 Cost 3 460 2 939 206 1 800 8 405 Accumulated depreciation 852 1 908 98 1 220 4 078 Net book value 2 608 1 031 108 580 4 327

According to International Financial Reporting Standards. 59 Assets in course of construction and not yet taken into use amounted to HUF 433 million (31 March 2008: HUF 86 million) and are included in the related categories of property, plant and equipment (HUF 348 million in plant and equipment, 34 million in freehold land and property and HUF 31 million in other assets and HUF 20 million in intangible assets). The Company accounted for an impairment charge of HUF 1 million for cars (31 March 2008: HUF 11 million for marketing assets and cars). The recoverable amount represents the expected net selling price. Scrapped assets and shortages amounted to HUF 15 million (31 March 2008: 9 million) and are included among other operating expenses (Note 18). Gross book value of tools held under finance lease was HUF 206 million. (31 March 2008: 123 million). Their accumulated depreciation was HUF 98 million as of March 31, 2009. (31 March 2008: 68 million) Despite the current financial crisis the Company did not face sufficient indication of impairment which would have required to perform an impairment test.

NOTE 6 - INTANGIBLE ASSETS Trademarks Intellectual licences and others property Total HUF mill HUF mill HUF mill At 31 March 2007 Cost 99 626 725 Accumulated depreciation45 537 582 Net book value 54 89 143

Year ended 31 March 2008 Opening net book amount 54 89 143 Additions 20 58 78 Disposals (2) 0 (2) Depreciation charge (17) (63) (80) Closing net book amount 55 84 139

At 31 March 2008 Cost 119 682 801 Accumulated depreciation64 598 662 Net book value 55 84 139

Year ended 31 March 2009 Opening net book amount 55 84 139 Additions 27 56 83 Disposals 0 0 0 Depreciation charge (17) (61) (78) Closing net book amount 65 79 144

At 31 March 2009 Cost 143 738 881 Accumulated depreciation78 659 737 Net book value 65 79 144

Intellectual property includes mainly softwares.

Despite the current financial crisis the Company did not face sufficient indication of impairment which would have required to perform an impairment test.

NOTE 7 - PACKAGING MATERIALS 31 March 31 March 2009 2008 HUF mill HUF mill

Bottles 29 16 Crates 11 21 Pallets and barrels 21 21 61 58

According to International Financial Reporting Standards. 60 NOTE 8 - AVAILABLE-FOR-SALE FINANCIAL ASSETS (NON CURRENT)

31 March 31 March 2009 2008 HUF mill HUF mill

Domestic shareholdings 18 18 18 18

Name Nature of 31 March 31 March business Holding 2009 2008 % HUF mill HUF mill

Morello Kft. Fruit production, processing 35.43 16 16 ÖKO-Pannon Kht. Packaging waste recovery 2.94 2 2 18 18 NOTE 9 - NON-CURRENT RECEIVABLES 31 March 31 March 2009 2008 HUF mill HUF mill

Employee loans 39 31

The effective interest rate used in the calculation was 9.7%. NOTE 10 - INVENTORIES 31 March 31 March 2009 2008 HUF mill HUF mill

Raw materials and consumables 573 620 Semi-finished and finished products 1 263 1 368 Purchased finished products 581 456 2 417 2 444

The provision for obsolete and slow - moving stock at 31 March 2009 amounts to HUF 127 million (31 March 2008: HUF 97 million). NOTE 11 - TRADE AND OTHER RECEIVABLES 31 March 31 March 2009 2008 HUF mill HUF mill

Trade receivables 4 387 4 084 Overpayment of tax 111 120 Other receivables 2 683 84 Derivative financial instruments 290 0 Other financial receivables 111 1 606 Prepayments 151 113 7 733 6 007

In order to maintain consistency with the current year presentation, certain items have been reclassified of the 2008 year end balances between Prepayments and Other financial receivables in an amount of HUF 26 Million. The Company paid advance dividend in an amount of HUF 2 645 million during the period. Other financial receivables include HUF 11 million short term employee loans (Note 3). On 31 March, 2009 the Company did not have bank deposits with original maturity more than 3 months while the HUF 1 500 million balance of the prior period was included in Other financial receivables. The provision for impairment of trade and other receivables are disclosed in Note 4 (a). Related party receivables are disclosed in Note 22.

According to International Financial Reporting Standards. 61 NOTE 12 - CASH AND CASH EQUIVALENTS Cash and bank includes cash in banks, at hand and bank deposits with original maturity less than 3 months. Cash and cash equivalents are primarily denominated in Hungarian Forint.

31 March 31 March 2009 2008 HUF mill HUF mill

Cash at bank and in hand 917 92 Short term bank deposit 2 133 4 002 3 050 4 094

NOTE 13 - NON CURRENT FINANCIAL LIABILITIES

31 March 31 March 2009 2008 HUF mill HUF mill

Financial lease liabilities 95 38 Share-based payment liabilities 67 51 162 89

31 March 31 March Financial leasing liabilities 2009 2008 HUF mill HUF mill

No later than 1 year 30 24 Later than 1 year and no later than 5 years 120 45 Minimum lease payments 150 69 Future finance charges (35) (12) Present value of finance lease liabilities 115 58

31 March 31 March Present value of finance lease liabilities 2009 2008 HUF mill HUF mill

No later than 1 year 20 20 Later than 1 year and no later than 5 years 95 38 115 58

NOTE 14 - TRADE AND OTHER LIABILITIES 31 March 31 March 2009 2008 HUF mill HUF mill

Trade and other payables 2 240 2 598 Value added and excise tax 650 496 Wage and salary 602 593 Other taxes 181 177 Taxes and other accruals 78 104 Payable to owners 67 70 Lease liabilities 20 20 Other liabilities 132 134 3 970 4 192

According to International Financial Reporting Standards. 62 NOTE 15 - PROVISION FOR LIABILITIES

31 March 31 March 2009 2008 HUF mill HUF mill Provision for liabilities 314 105

Severance Other Total HUF mill HUF mill HUF mill 1 April 2008 12 93 105 Additions 152 108 260 Utilised 12 39 51 31 March 2009 152 162 314

31 March 31 March 2009 2008 HUF mill HUF mill Non-current 4 12 Current 310 93 314 105

The Company concluded a contract with Malatinszky Kft. for the use of the brand name Malatinszky, effective until 2011. The Company is committed to pay a fee of HUF 5 million per annum. Due to the high inventory level of Malatinszky wines and the concurrent fall in the sales of such wines, the expected benefits to be derived from the contract are less than the unavoidable costs of meeting the obligations under the contract. It has been concluded that the contract is onerous and HUF 8 million (31 March 2008: HUF 13 million) provision was provided for the future obligation.

Other provision is partly due to the unavoidable cost (HUF 32 million) resulting from early termination of contracts concluded with glass manufacturing companies (31 March 2008: HUF 29 million), other part of the provision results from future expected tax liabilities (HUF 102 million). NOTE 16 - REVENUE Gross sales represent the value of goods invoiced to customers gross of indirect excise taxes and net of packaging materials held by costumers and discounts allowed. Income arising from the reimbursement of marketing expenses is disclosed as operating income (Note 19) as opposed to the disclosure in prior years, when this was disclosed as Net revenue. Note 2/t shows detailed information about the reclassification.

2009 2008 HUF mill HUF mill

Sales 30 362 30 231 Excise tax (10 347) (10 453) Revenue 20 015 19 778

The basis of calculation of excise tax is the alcohol content of the products multiplied by a fixed fee. The excise tax rate changed to HUF 2 206 Ft/hlf from HUF 1 920 Ft/hlf (alcohol strength per hectolitre) for alcohol products on 1 January 2006 and further increased to HUF 2 360 Ft/hlf as of 1 September 2006. NOTE 17 - EMPLOYEE BENEFITS EXPENSE 2009 2008 The average number of persons employed 297 296

The total cost of their remuneration amounted to HUF mill HUF mill Wages and salaries (including bonus payments) 2 304 2 277 Severance provision 152 12 Social security contributions (excluding pension contribution) 239 267 Pension contribution 501 459 3 196 3 015

According to International Financial Reporting Standards. 63 An accrual for jubilee payments of HUF 128 million as at 31 March 2009 (31 March 2008: HUF 117 million) is included in trade and other liabilities, Note 14. NOTE 18 - OTHER OPERATING EXPENSES 2009 2008 HUF mill HUF mill

Advertising costs 3 721 3 648 Marketing costs 804 824 Rental fees 213 206 Expert fees 198 191 Warehousing costs 216 204 Operating expenses 58 56 Bad debts written off 78 2 Impairment of trade receivables 2 13 Security charges 100 94 Insurances 68 70 Scrap, shortage and disposal of fixed assets 15 9 Foreign exchange losses 192 30 Other operating expenses net 376 321 6 041 5 668

Advertising and marketing costs include fees that are payable to retailers and other distributors of the Company's products for various services including showing the products on attractive or advantageous shelf spaces, gondola head payments, advertising in the retailer's newspaper and various other services amounted to HUF 2 171 million in this year. (HUF 2 202 million in last year) Net of other expenses includes other taxes, authority fees, educational expenditures and other overheads.

NOTE 19 - OPERATING INCOME 2009 2008 HUF mill HUF mill

Reimbursement of marketing expenses 826 843 Foreign exchange gains 250 60 Gains on valuation of derivative financial instruments 290 0 1 366 903

Reimbursement of marketing expenses includes income arising from the invoiced marketing expenditures which was disclosed as Net revenue in prior years. Note 2/t shows detailed information about the reclassification.

Further information on gain on derivative financial instruments are disclosed in Note 4/a.

NOTE 20 - NET FINANCIAL INCOME

2009 2008 HUF mill HUF mill

Interest income 402 329 Finance lease interest expense (17) (27) Net financial income 385 302

According to International Financial Reporting Standards. 64 NOTE 21 - INCOME TAX

2009 2008 2007 HUF mill HUF mill HUF mill

Tax on statutory profit based on Tax rates set out below 750 724 467 Local tax 360 333 317 Deferred tax (48) 7 27 1 062 1 064 811

2009 2008 2007 HUF mill HUF mill HUF mill

IFRS profit before tax 4 134 3 881 3 543 Tax at 20%/20%/16% 827 776 567 Items not subject to tax (193) (86) (127) Items not deductable for tax 68 41 85 Local tax 360 333 317 Solidarity tax effect 0 0 (30) Taxation under IFRS 1 062 1 064 811

The Company's deferred tax balances are as follows:

31 March Income stat. 31 March Income stat. 31 March 2009 effect 2008 effect 2007 HUF mill HUF mill HUF mill HUF mill HUF mill

Different depreciation of fixed assets 0 3 (3) 2 (5) Different valuation of employee loans 6 3 3 2 1 Different impairment of accounts receivable 68 (3) 71 (2) 73 Different depreciation packaging material 20 9 11 (10) 21 Provision for expected liabilities 50 34 16 3 13 Different valuation of derivative financial instruments (48) (48) 0 0 0 Liabilities for packaging materials held by costumers 23 23 0 0 0 Liabilities for embedded leases 23 23 0 0 0 Other (jubilee, holiday accrual, trade bonuses) 36 4 32 (2) 34 Total deferred tax assets 178 48 130 (7) 137

Local income taxes are levied in Hungary on the companies' net margins, determined at a substantially higher level than the corporate tax base. These taxes are deductible expenses for corporate tax purposes. In addition, 100% of the local business tax paid is deductible further from the corporate tax base. The local business tax has no impact on the calculation of the deferred tax as none of the above temporary differences are included in the tax base of local business tax calculation.

Under Hungarian law, tax returns are never formally agreed by the tax authority and a system of self-assessment operates. Under this system, tax years are left open for six years and can be subject to a full audit by the tax authority.

The preparation of the financial statements in accordance with IFRS has required adjustments to the Hungarian statutory accounts. These adjustments principally relate to the values attributable to the Company's assets and the reflection in profit before tax of certain non-taxable income and disallowable expenses. To the extent that they are included in income in any year, the statutory tax charge for the year (which remains unaffected by such adjustments) no longer reflects the rate of tax prevailing for the year.

The temporary differences caused by the IFRS adjustments arise mainly, but not only, from the provisions for liabilities and receivables, depreciation differences and derivative financial instruments. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

According to International Financial Reporting Standards. 65 NOTE 22- RELATED PARTY TRANSACTIONS Transactions with related parties are carried out on an arm's length basis. The Company carried out the following transactions with related parties:

31 March 2008 Receivable from Payable to Revenues from Expenditures to Zwack-Underberg Group 2 78 140 222 Diageo Magyarország Kft. 0 0 2 0 Diageo Scotland Ltd. 129 4 797 7 Diageo Great Britain 0 5 0 5 Diageo North America Inc. 0 0 0 37 Diageo Brands B.V. 2 247 9 1 936 Diageo Italia S.p.A 58 100 405 213 Dobogó Pincészet Kft. 0 0 1 22 Szecskay Ügyvédi Iroda 0 4 0 31 Total 191 438 1 354 2 473

31 March 2009 Receivable from Payable to Revenues from Expenditures to Zwack-Underberg Group 14 97 160 158 Diageo Magyarország Kft. 0 0 2 0 Diageo Scotland Ltd. 133 1 814 4 Diageo Great Britain 0 0 0 0 Diageo North America Inc. 0 0 0 0 Diageo Brands B.V. 0 57 195 1 920 Diageo Italia S.p.A 49 99 374 114 Diageo USA 0 85 0 0 Dobogó Pincészet Kft. 1 0 2 23 Szecskay Ügyvédi Iroda 0 3 0 22 Összesen 197 342 1 547 2 241

Diageo Group has a 26% interest in Zwack Unicum Nyrt. through its fully owned subsidiary (Diageo Holdings Netherlands B.V.). Zwack Unicum Nyrt. is the sole distributor of Diageo spirits in Hungary and also provides marketing services to the Diageo Group. Trading parties of Diageo: • Marketing services are provided to Diageo Scotland Ltd. from 1 July 2004 as a result of the new agreement made with Diageo. • Spirits are purchased from Diageo Brands B.V. from 1 July 2004. • Diageo Magyarország Kft. rents from us office space. • Diageo Great Britain organizes study tours. • From March 2007, our American distributor is Diageo North America (receivables and revenues includes product sales and payables and expenditures include marketing services) • From August 2006, our Italian distributor is Diageo Italy.

The business relations with the Zwack and Underberg Group include distribution of products, providing marketing and various expert services. Dr Hubertine Underberg-Ruder is member of the Underberg family, Chairwoman of the Supervisory Board. Dobogó Pincészet Kft. (owned by Zwack family) sells own produced wines to the Company, and pays for the marketing expenses that are incurred on its behalf by the Company. Szecskay Iroda acts as the legal representative of the Company in all significant matters and Dr Szecskay András is a member of the Supervisory Board.

2009 2008 Key management compensation HUF mill HUF mill

Short term benefits 496 403 Post employment benefits 107 75

Almost the total amount of the change in short term benefits is due to organisational changes (the number of management members increased by one person) and the annual general increase of wages. Post employment benefits increased due to the changed regulations of social contributions. Short term benefits include termination benefits in the proportion of 5% while in the previous year this rate was 10%.

According to International Financial Reporting Standards. 66 In November 2007 the Company issued 35 000 redeemable liquidity preference shares to its top managers for a value of HUF 35 million, which shares provide the Company with a call option and the registered holders of such share with a put option as well as a liquidation preference. This is a cash-settled share based compensation plan. Total liabilities arising from share based payment transactions amounted to HUF 67 million as at March 31, 2009 which includes the value of redeemable preference shares (classified as other financial liabilities in accordance with IAS 32) and the current year expense. The fair value of the employees services received in exchange for the grant of the options is recognised as an expense over the vesting period. HUF 16 million was recognised as an expense in the current financial year relating to the option plan. Significant assumptions used for the valuation of the liability: • discount rate of 8% • average remaining vesting period of 7 years • dividend growth rate of 3% • average share price increase of 0% No option was exercised by March 31, 2009. At each balance sheet date, the Company re-measures the fair value of the liability and recognises the impact in the income statement.

Loans given to key management amounted to HUF 62 million (31 March 2008: HUF 38 million).

NOTE 23 - CONTINGENT LIABILITIES Lawsuits have been initiated by Mast/Jägermeister in Italy with regard to the trademark registration application of the St. Hubertus stag design with a cross. The Civil Court of Rome, acting as a court of first instance, has rejected the claim by Mast/Jägermeister. The Appellate Court of Rome has rejected the appeal filed by Mast/Jägermeister, which was appealed by Mast/Jägermeister again. The probability of any future loss in connection with these legal cases is low. At 31 March 2009 the Company had contingent liabilities amounting to HUF 450 million in respect of bank and other guarantees arising in the ordinary course of business from which it is anticipated that no material liabilities will arise. The Company has contingent liabilities of HUF 36 million related to a machinery acquired during the 2009 financial year.

NOTE 24- SEGMENT REPORTING The Company considers that it has two business segments traded products and own produced products.

Traded Traded Own Own products products produced produced Total Total 2009 2008 2009 2008 2009 2008 HUF mill HUF mill HUF mill HUF mill HUF mill HUF mill

Gross sales 4 086 4 308 26 276 25 923 30 362 30 231 less tax (773) (782) (9 574) (9 671) (10 347) (10 453) Segment revenue 3 313 3 526 16 702 16 252 20 015 19 778 Operating profit 201 210 3 548 3 369 3 749 3 579

Net financial income 402 329 Corporate income tax (1 062) (1 064) Income for the period 3 072 2 817

Fixed assets belong mainly to the own produced products segment. Other assets, except for inventories of purchased finished products (31 March 2009: HUF 581 million; 31 March 2008: HUF 456 million), and liabilities have not been allocated to segments due to the fact that those assets and liabilities are generated by joint distribution of the products. The Company does not present a secondary segment, because more than 90% of proceeds of its sales revenue were originated from the domestic market and more than 90% of assets are located in Hungary.

NOTE 25 - SUBSEQUENT EVENTS The Company proposes to pay dividends for the financial year ended 31 March 2009, but the amount is not yet announced and will be subject to approval by the forthcoming Annual General Meeting.

According to International Financial Reporting Standards. 67 AUDITORS’ REPORT on the Financial statements in accordance with International Financial Reporting Standards

68 69 Supervisory Board

DR. HUBERTINE UNDERBERG-RUDER Chairwoman of Supervisory Board, GILBERT GHOSTINE Chairwoman of the Board of GERD PESKES Diageo Continental Europe Directors of Underberg AG. Delegate of the Board of Directors Managing Director of Underberg AG.

DR. GYÖRGY GEISZL DR. ISTVÁN SALGÓ Diageo DBSC General Manager Group Planning and Reporting of ING Bank Hungary Director DR. ANDRÁS SZECSKAY Lawyer Legal Advisor of Zwack Unicum Plc. Szecskay Law Firm

70 Board of Directors

PÉTER ZWACK SÁNDOR ZWACK Honorary President Chairman of the Board of Directors of the Board of Directors of Zwack Unicum Plc. of Zwack Unicum Plc.

DANIEL BRETT RADICE IZABELLA ZWACK DR. RUDOLF KOBATSCH General Manager Member of the Board of Directors Member of the Supervisory Board 3rd Party Markets of Zwack Unicum Plc. of Schlumberger AG. Wien

VASSILIS ANDRIKOPOULOS FRANK ODZUCK TIBOR DÖRNYEI Finance Director General Manager Deputy General Manager, Diageo Eastern Europe of Zwack Unicum Plc. Chief Financial Officer Zwack Unicum Plc.

71 ManagementManagement ofof thethe CompanyCompany

Left to right:

Márta Márfi Balázs Vass Frank Odzuck Marketing Export General Manager Director Director*

Csaba Belovai Tibor Dörnyei Gábor Segesváry Commercial and Export Deputy General Manager Human Resource Director Chief Financial Officer Director

* until 03rd April 2009

72 TheThe EventsEvents ofof thethe 2008-20092008-2009 BusinessBusiness YearYear

UNICUM AND UNICUM NEXT

Thanks to its singularly imaginative and innovative marketing activities in 2008, Unicum, Hungary's leading premium brand, found itself the focus of public attention over and over again. With undiminished success, Zwack Unicum PLC continues to emphasize and enhance the role of its flagship brand, Zwack Unicum.

The most decisive event of the summer was the "Unicum Next Rec Live Truck", which made its debut this year at the five most popular festivals in Hungary, reaching more than 500 000 people. In addition, we continued to strengthen brand presence in key restaurants and terraces in the countryside by strategically placing our red Unicum Next terrace furniture.

In July, the Unicum Cup Water Polo Competition was held on Margaret Island once again, attracting the enormous following it has aroused over the years. This was a very special year as the Hungarian team played its last match here immediately before leaving for the Olympics in Beijing. We treated our business partners to a full program, including the opportunity of meeting members of the winning Hungarian team. We also launched two new promotions in the gastronomy, both a major triumph among their target groups.

September saw the premiere of a series of stand-up comedies, sponsored by Zwack Unicum, which were very well received by the audience, coupled with ample TV coverage.

2008 was the year of many innovations from the ATL point of view as well. A three-part Unicum Next campaign was launched in April with the object of changing the product image as a bitter-tasting drink and promoting Unicum Next's uniquely sweet flavour. The campaign received an unusually broad media coverage with TV commercials, public and press coverage, as well as a strong internet backing.

The Christmas season featured an extraordinarily intense and far-reaching communications campaign, primarily the new, emotive message: "Memories are the most precious of presents. Thank you, Father!" The season's success was largely due to this campaign, which was supported by TV and cinema advertisements, as well as a strong public campaign. The unusually innovative and elegant gift boxes also contributed to the outstanding results of the Christmas season.

As regards our export activities, we can report equally remarkable annual results. The most prestigious event of the year was in September 2008 when Unicum Next (known as Zwack Liqueur in its export form) received a coast-to-coast listing in the United States. In addition, great success in brand building was also achieved in Germany and Romania and we were able to further strengthen our position with Unicum in Italy as well.

FÜTYÜLÔS

Fütyülôs is the most dynamically growing brand in Hungary today. Now in its fifth year since its re-introduction on the market, it continues its uninterrupted progress and at the end of 2008 we can say that among premium alcoholic beverages, the Fütyülõs brand has shown the highest growth in value.

A large part of our success in 2008 can be attributed to the introduction of the Honey Sour Cherry flavour, which is the fifth member of the family. Within a short time, it enjoyed great popularity among consumers with its delicate fruity taste.

November marked the premiere of another brand innovation when the Fütyülôs party bottle was launched. The shape of the bottle is over 200 years old and has today been introduced in a unique two litre party bottle in retail and gastronomy. The new Fütyülôs party bottle brings a Western European trend to Hungary as in the most fashionable pubs in London, Marbella and Paris the latest fad is to order a party's favourite spirits in a hugely spectacular bottle.

73 The main focus of our activities continues to be in the field of gastronomy, targeting the most frequented haunts in Budapest and the countryside, music events and concerts, where the brand can be popularized among young adults with promotions including crowd- pleasing stunts.

VILMOS

In 2008, the Vilmos family was further extended with a new entry, Spicy Vilmos. This new flavour was aimed at an even broader consumer group to boost the Vilmos brand, an outstanding drink with a lighter, easy on the palate variation.

To popularize the new flavour, we launched a 20 second commercial which introduces Spicy Vilmos in an easy-going, youthful style with the slogan "Live Tastefully". The TV campaign ran during the Easter and Christmas seasons and was supplemented in November by a nation-wide city lights promotion.

In addition, promotions were carried out in pubs and small discos on a nation-wide level throughout the whole year, reaching a large number of people. In September, nearly 140 000 consumers were able to taste Spicy Vilmos, served by hostesses in 40 hypermarkets.

SÁNDOR ZWACK NOBLE PÁLINKA

Numerous innovations occurred to enhance the image of this line of pálinkas in 2008 and 2009. In recognition of Sándor Zwack's excellent work, the name of the product family has been changed to Sándor Zwack Noble Pálinka.

During the summer, we announced a tender for new packaging for the pálinkas. With the professional support of Design Room magazine, we searched for solutions worthy of an excellent Hungarian product which, although very much part of the 21st century, is still an artisan product made with 100% pure fruit. Furthermore, the homepage www.zwackpalinka.hu has been recreated, providing an overview of the entire Zwack Pálinka portfolio under the umbrella of the Sándor Zwack Noble Pálinka family. It contains not only information about the products, but also current news, suggestions for cocktails, as well as a brief introduction to the Zwack Pálinka Distillery in Kecskemét and the mentor programs.

Another feature of the summer was the appearance of the brand at music festivals. The Zwack Kecskemét Distillery Pálinka House participated for the first time in 2008 in the VOLT, Balatonsound and Sziget festivals, all extremely popular with young people.

Meanwhile, the Sándor Zwack Noble Pálinkas continued to be honoured with awards at national and international competitions. The Noble Strawberry was awarded two prizes, a gold medal and a Champion Prize at both the HunDeszt Pálinka Competition and the Hungarian Pálinka and International Fruit Distillate Competition in Gyula. Another six gold medals were won at the HunDeszt for our Noble Black Currant Pálinka, Noble Marc Pálinka, Noble Plum Pálinka, Noble Aged Sour Cherry Pálinka and Noble Quince Pálinka, as well as the World Spirits Award for our Noble Mulberry Pálinka at the World Spirits Award International Competition in London, as well as thirteen silver and four bronze medals.

ZWACK KOSHER PÁLINKA

The main focus of the year was promoting and holding tastings of our Kosher Pálinka on a Fruit Bed products which were first introduced last year. All flavours of the product family were also present at the music festivals and we even tested two types of honey pálinkas as well: the Kosher Honey Apricot and the Kosher Honey Pear. These were surprisingly popular in the festival circuit, in spite of the fact that the products were completely unknown to the public previously.

This year an enormous amount of preparatory work was also done. Based on the success of the Fruit Bed and Honey variations, we began the development of a new flavour, which was released in April 2009.

74 HÍRÖS KECSKEMÉTI PÁLINKA

The year's most important product launch was the Hírös Kecskemét product family. The brand has existed since 1937 and is trademarked. It was a popular export brand in the first half of the last century, primarily to the US market.

The product family appeared on the market in January 2009 and already in the first few months after its launch it showed excellent results.

The line, consisting of five flavours fills a small gap in the Company's pálinka portfolio. Targeting younger consumers particularly in eateries and at various festivals, the products have a macho image, but thanks to their honey flavour they are still easy on the palate. Besides the Apricot Pálinka, Honey Cranberry, Honey Pear and Honey Grape flavours are also available.

ST. HUBERTUS

Once again, in 2008, heightened emphasis was placed on the promotion of Hubertus 33 in student clubs and at university events.

Our main summer activity was the "Hubertus Adventure Park" at the five leading festivals. In addition to a strong market presence, our target was to provide a memorable experience for all those who participated in the Deer Hunt, an exceptional crowd-pleaser among festival visitors.

A powerful TV campaign supported the Hubertus brand in 2008. In addition to the traditional commercial channels, this year we broadcast for the first time the familiar and well-loved Hubertus commercials on channels specifically targeted at our audience.

Hubertus was the first among all Zwack brands to start using alternative media channels. Our commercials were shown at the busiest shopping centres, while our unique three-dimensional floor stickers were used in crowded public transport areas. These alternative communications were exceptionally successful since we were able to reach nearly 100 000 people within two weeks with our eye-catching door stickers at the West End City Centre.

ZWACK MAXIMILIAN

In March of 2008, Zwack Maximilian Spirit of Tokaj was launched with a gratifying positive response as it is a unique product in every way. A number of activities boosted its success such as outdoor campaigns in September, press appearances and a homepage for the new product.

In May, December and March, a nationwide promotion was launched in the gastronomy to enhance the product's popularity when it was served in pubs for on the spot tastings. From

75 April to June and in November, our mentor program actively did its share in presenting the new product to those operating in gastronomy, to waiters, restaurant managers and barmen, highlighting the uniqueness of the product and the way in which it should be served and consumed. In the retail sector, the Christmas season was rung in by spearheading promotions in hypermarkets, placing the product in a prominent position or offering tastings with hostesses.

KALINKA

After a design make-over the previous year, 2008-2009 also brought changes to the brand. After an interval of many years, a media campaign was launched with a bang. A young Russian called Slava is trying to initiate his Hungarian friends into the secrets of Russian vodka consumption. Some of his ideas were new to Hungarians, such as tasting Kalinka with pickles. However, the campaign was a roaring success with its target group, to such an extent that we received reports that the consumption of pickles had also increased! This new communications strategy and Slava himself appear on the new home page and in all point of sale for the gastronomy. This successful campaign and its supplementary activities contributed to the fact that Kalinka closed the year with outstanding results and the brand continues to grow.

BAILEYS

After the launch of two new flavours in 2007, the product family welcomed its fourth member during this business year. Baileys with a hint of coffee. The new entry was introduced by Peter O'Connor, Bailey's International Brand Ambassador. Subsequent tastings in hypermarket chains reached over 75 000 consumers.

In the gastronomy, we pursued our Coffee House Program through which continuous visibility was guaranteed by our brand's ambassadors in 250 key locations.

During the Christmas and Easter seasons, our consumers were offered exclusive gift packages, the most successful being Baileys with two glasses.

Furthermore, November 20th was the Third Baileys Visibility Day, providing a broad range of activities and with an impressive public turn-out. Promotional events for consumers were held in retail locations, in restaurants, in the Zwack offices and in the Diageo Business Services Centre.

JOHNNIE WALKER

In July 2008 during the Formula One Hungarian Grand Prix weekend, the Johnnie Walker Responsible Alcohol Drinking Campaign was held for the fourth time. A double-decker bus emblazoned with the brand name drove through the streets of Budapest, manned by volunteers from the Diageo staff who distributed mineral water and flyers with information on responsible alcohol consumption during the day. In the evenings, the bus served as a shuttle between various major pubs in the city. People expressed their commitment to the cause of responsible alcohol consumption by signing their names on the side of the bus. In the gastronomy, two new Johnnie Walker theme restaurants and bars were established. The decor of the Gotti restaurant in Ráday Street is exclusively Johnnie Walker Black Label and Club Caribe in Kecskemét has a dynamic interior with a Red Label design.

76 This year the Christmas holidays were celebrated with splendid Johnnie Walker gift boxes. The Johnnie Walker Red Label metal or cardboard gift box included glasses while the elegant Black Label gift box also with two glasses was the epitome of the brand's premium style.

CAPTAIN MORGAN

The Captain Morgan Boat was once again a big success in summer 2008. This pub on the Petõfi Sétány in Siófok in the heart of the Lake Balaton area attracted a wide range of visitors. Throughout the year, more than 22 000 consumers were entertained by the "Captain and Morganettes" in 62 locations.

BUSHMILLS

Bushmills is Ireland's first whiskey distiller and celebrated its 400th anniversary last year. This year's brand communication was centred primarily around this message, strengthening the product's origins. On St. Patrick's Day, we involved Guinness to boost promotion of Bushmills nationwide.

During the Christmas and Easter seasons, our consumers were offered exclusive gifts in Bushmills Original cardboard gift boxes.

SMIRNOFF

Smirnoff Russian premium vodka was the initial catalyst for the American cocktail revolution. As a basic ingredient for refreshing long drinks, Smirnoff with ginger ale is the oldest cocktail in the world. Not to mention James Bond's favourite tipple, the Vodka Martini – shaken not stirred – a stimulating cocktail savoured by the guests at the premiere of the newest James Bond movie, Quantum of Solace.

IZABELLA ZWACK WINE SELECTION

"Back to the roots... – an old document has been found which bears witness to the fact that the Zwack Company was dealing with wines as early as 1945 – ... and on to our dreams": Thus began our new website (www.zwackborok.hu) which has brought the domestic online wine world into a completely new dimension. The commitment of the Izabella Zwack Wine Selection to artisan wines has been further strengthened, having added, among others, the Kislaki Winery, featuring Géza Légli's master wines. One of our biggest treasures, the Dobogó Winery, has also added new items to its collection. For example, only one barrel was produced of a wine called Mylitta Álma, a Tokay wine with aszú essence content, which won a gold medal at the Decanter World Wine Awards in London. We are very proud to be able to deal with wines like these!

77 78 79 80 81 82 83 Izabella Zwack Wine Selection

84 Izabella Zwack Wine Selection

85 Key telephone and telefax numbers

Zwack Unicum Public Limited Company

Tel.: 36-1-476-2300 Fax: 36-1-456-5222 Internet: www.zwackunicum.hu e-mail: [email protected]

Share Accounting/Investment Relations

György Guttengéber Tel.: 36-1-476-2315 e-mail: [email protected]

Zwack Unicum Heritage Visitors’ Centre

Tel.: 36-1-476-2383 Fax: 36-1-476-2319 e-mail: [email protected]

Zwack Kecskemét Pálinka Production Facility (Zwack Kecskeméti Pálinka Manufaktúra) Tel.: 36-76-478-711 Fax: 36-76-478-110 E-mail: [email protected]

Export Department

Tel.: 36-1-456-5285 Fax: 36-1-216-0995

Marketing Department

Tel.: 36-1-476-2358 Fax: 36-1-216-1006

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