Radico Khaitan Limited

3.3%

vourable demographics Sales of Spirits by Category (Volume) Sales of Spirits by Category (Value) 3.3% 12.1% 64.0% 13.3% 63.9% 3.7% Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million

12.1%

le demographics Sales of Spirits by Category (Volume) Sales of Spirits by Category (Value) 3.3% 12.1% 64.0% 13.3% 63.9% 3.7% Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases

64.0%

graphics Sales of Spirits by Category (Volume) Sales of Spirits by Category (Value) 3.3% 12.1% 64.0% 13.3% 63.9% 3.7% Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases 2027:

13.3%

s Sales of Spirits by Category (Volume) Sales of Spirits by Category (Value) 3.3% 12.1% 64.0% 13.3% 63.9% 3.7% Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases 2027: 489 mi

63.9%

s of Spirits by Category (Volume) Sales of Spirits by Category (Value) 3.3% 12.1% 64.0% 13.3% 63.9% 3.7% Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases 2027: 489 million

3.7%

irits by Category (Volume) Sales of Spirits by Category (Value) 3.3% 12.1% 64.0% 13.3% 63.9% 3.7% Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases 2027: 489 million cases

5.7%

ume) Sales of Spirits by Category (Value) 3.3% 12.1% 64.0% 13.3% 63.9% 3.7% Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases 2027: 489 million cases 19.1% Brandy: 4.1%

20.6%

ts by Category (Value) 3.3% 12.1% 64.0% 13.3% 63.9% 3.7% Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases 2027: 489 million cases 19.1% Brandy: 4.1% 11.6% Rum: 7.8% Wh

371 million

(Value) 3.3% 12.1% 64.0% 13.3% 63.9% 3.7% Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases 2027: 489 million cases 19.1% Brandy: 4.1% 11.6% Rum: 7.8% White Spirits: 7.9% 7

489 million

13.3% 63.9% 3.7% Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases 2027: 489 million cases 19.1% Brandy: 4.1% 11.6% Rum: 7.8% White Spirits: 7.9% 7.6% 70.8% 10.0% 10.6% 64

19.1%

Industry CAGR: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases 2027: 489 million cases 19.1% Brandy: 4.1% 11.6% Rum: 7.8% White Spirits: 7.9% 7.6% 70.8% 10.0% 10.6% 64.7% 2022: Rs

4.1%

: 5.7% Whisky: 5.7% 20.6% 2022: 371 million cases 2027: 489 million cases 19.1% Brandy: 4.1% 11.6% Rum: 7.8% White Spirits: 7.9% 7.6% 70.8% 10.0% 10.6% 64.7% 2022: Rs. 2,552 billi

“• It will be available in select retail outlets in Rajasthan, Delhi, Haryana, Goa, and Karnataka.”

Rum

2

White Spirits

2

Tasting Notes

1

White Spirits

7.9% 7.6% 70.8% 10.0% 10.6% 64.7% 2022: Rs. 2,552 billion 12.6% 12.1% 2027: Rs. 3,577 billion o Spirits sales in India is expected to be 371 million cases in CY2022 representing an increase of 12.5% over CY2021 o During 2022-27 period, IMFL sales value is expected to grow at a CAGR of 7.0% and sales volume at 5.7% Vodka industry growth indicates a strong premiumization trend Volume Value 25.0% 36.7% 2022 Growth Source: Euromonitor International (June 2023) Corporate Presentation | December 2023 Indian Single Malt and Blended Scotch markets are expected to see strong growth Blended Scotch Single Malt 11.0% 44.9% 2022-26 Growth Industry CAGR: 7.0% Whisky: 5.1% Brandy: 7.9%

White Spirits

14.4% 3 Spirits Industry in India Strong structural growth drivers in place • Structural change towards premiumization during COVID • Progressive state excise policy framework • • Increasing importance of liquor towards state revenues after the implementation of GST Low per capital IMFL consumption of 2.5 liters in India • Country liquor represents an equally large market segment which is eventually expected to convert into IMFL • White spirits (vodka and craft gin) represents a large opportunity • • Improved consumer shopping experience being a focus in the state policies Focus on value engineering, including more sustainable alternative packaging options Consumers are ready to experiment with experiences beyond the functional social benefits of alcohol Corporate Presentation | December 2023 4 Company Overview One of the largest and oldest spirit manufacturers in India 1943 Year of Incorporation Around 80 years of experience in spirits making. One of the most recognized IMFL brands in

Tasting Notes

Visual/Colour: Golden hue complemented by tint of amber Nose/Aroma: Warm and intense malty aromas make their presence felt followed by sweet floral notes and hints of citrus. At the end subtle forest honey and spicy dried fruits leaves a lasting trail Palate/Taste: Once you allow a sip to linger in the palate it reveals many delicate attributes and holding it long in the mouth, the warmth of the palate entices out a flurry of rich flavours like English muffins, melted butter, plum cake, apple pie, cocoa and a hints of spicy peaty smoke in the background Finish: A long finish that smoothens out with time Corporate Presentation | December 2023 25 Magic Moments Dazzle Vodka Razzle with the Magic of Dazzle The 7 stage filtration process Single Grain Rice Vodka Gold Silver • Filters: Carbon, Silver, Platinum and Gold • Filters: Carbon, Silver and Platinum • A delightful blend infused with crispy textures and a hint of peppery notes • Giving an ultra smooth, fresh, and luxurious taste in eve