2009 Q1 sales

1 Change in sales Q1 2009

Sales (€ millions) (€ millions) (**)Breakdown of forex impact (*) Breakdown of forex impact Net sales €(13.9)m Poland €(29.6)m Florida Distillers €3.0m -27.2 Florida Distillers €3.0m Russia+Ukraine €(0.7)m 265.9 Russia+Ukraine €(0.7)m (-10.2%) -46.3 (-17.4%) -11.5 166.4 (-6.9%) -21.0 192.4 (-12,7%) 133.9 -27.6% -19.6%

Q1 2008 Forex Organic at Q1 2009 Q1 2008 Forex Organic at Q1 2009 impact* unchanged impact** unchanged Forex Forex

¾ Forex impact: 1/3 of the Q1 sales decrease ¾ Impact of the global economic crisis ¾ Safeguard procedure: reduction of financial resources

(Q1 sales are not audited)

2 Net sales: sales excluding excise duties Net sales breakdown Q1 2009

By region By product

Lithuania 4,1% Spirits 2,8% Bulgaria 39,7%

Poland 36,8% 39,6% 23,1% Wine

France 12,6% Others *

16,7% 24,7%

New Markets ** Distributed (Included USA = 12.6%) Beverages

(Q1 sales are not audited)

(*) Mostly USA Bulk alcohol

(**) New markets: USA, Ukraine, Brazil, Turkey, Russia, Denmark…

3 Net sales: sales excluding excise duties Net sales by region Q1 2009

Net sales (€ millions) Net sales using the same scope of consolidation and exchange rate (€ millions)

166.4 166.4

145.4 133.9 -16.0 -0.3 +0.2 -5.4 -0.7 +1.1 (-4.4%) -27.6 -0.3 +0.2 -5.4 -0.7 +1.1 (-20.9%) (+7.1%) (-9.2%) (-4.0%) (+24.8%) (-35.9%) (-4.4%) (+7.1%) (-9.2%) (-4.2%) (+0.7%)

-19.6% -12.7%

Q1 2008 Poland Lithuania Bulgaria France USA Others Q1 2009 Q1 2008 Poland Lithuania Bulgaria France USA Others Q1 2009

(Q1 sales are not audited)

4 Net sales : sales excluding excise duties Ranking of the main Polish distillers

(% market share in volume) Brands DEC. 07 DEC. 08 MAR. 09 Polska, Belvedere, France Sobieski, Zawisza,.. 25.8 22.6 20.5

CEDC, USA Zubrowka, , 29.2 26.9 26.3 Polmos , Oaktree Capital, USA Zoladkowa Gorzka 12.2 19.8 25.1 SA, Pernod Ricard, France (includ VS) Wyborowa, Lodowa, 13.4 13.1 11.4 Finlandia Polska, Oy Alko, Finlandia 4.2 4.3 3.6 Polmos B Biala 2.8 2.4 2.2 Polmos Jozefow 2.8 1.5 1.2

¾ Aggressive price policy from Polmos Lublin (Oaktree Capital) ¾ As a result, the market share has decreased for almost all other players over the period

5 (Q1 sales are not audited) Focus on Poland Q1 2009

Change in net sales (€ millions)

+2.4 -13.9 (+3.1%) 76.9 (-18.1%) -16.0 (-20.8%)

49.3 -35.9%

Q1 2008 Change in Forex Organic Q1 2009 perimeter Impact growth at unchanged Forex

¾ Half of the decrease due to forex impact ¾ Competitors’ price policy has an instant but temporary impact ¾ Q1 sales represent less than 20% of the full year sales

6 (Q1 sales are not audited) Focus on France Q1 2009 -9.2%

2.6 58.4 53.0 X 2.9

0.9

Q1 2008 Q1 2009 Q1 2008 Q1 2009

Net Sales Ebitda (€ millions) (€ millions)

¾ Reduction in non-profitable activities: decrease in Wine sales by 19.4% ¾ Increase in Wine gross margin ratio of 4 points compare to Q1 2008 ¾ Significant growth in spirits activity (sales up 4.8%) ¾ The subcontract for Pulco represents €5.4m in sales (vs. €6.2m) 7 Focus on Bulgaria & Lithuania Q1 2009

Bulgaria Lithuania

+7.1 % -4.4% 3.5 3.7 5.8 5.5

Q1 2008 Q1 2009 Q1 2008 Q1 2009

Net Sales Net Sales (€ millions) (€ millions)

¾ In line with the 2008 positive trend ¾ Slow down mainly due to the global trade weakness in the Baltic countries

8 (Q1 sales are not audited) Focus on the USA Q1 2009

Evolution of net sales Evolution of Sobieski Vodka sales in the US (9 L cases)

285,000 120,000

-0.7 % X 4 X 2.7

17.6 16.8

68,000 44,000

12 months 12 months Q1 2008 Q1 2009 Q1 2008 Q1 2009 2007 2008

¾ Very high growth in Sobieski Vodka sales in the USA ¾ Increase of vodka and bulk alcohol sales of 21% ¾ Reduction of bottling service of 43% (Q1 sales are not audited) 9