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1 Ingenuity, Passion, Vision Presented by Lord Bilimoria CBE DL Founder and Chief Executive, Cobra Beer Member, Birmingham Business School Advisory Board Visiting Entrepreneur, Cambridge University National Champion, National Council for Graduate Entrepreneurship Chancellor, Thames Valley University The Cobra Story

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Ingenuity, Passion, Vision

Presented by Lord Bilimoria CBE DLFounder and Chief Executive, Cobra BeerMember, Birmingham Business School Advisory BoardVisiting Entrepreneur, Cambridge UniversityNational Champion, National Council for Graduate EntrepreneurshipChancellor, Thames Valley University

The Cobra Story

A Student’s Dream

Our mission from day one:

To brew the finest ever Indian beer and to make it a global beer brand

The Reality

Against All Odds

Overcoming theCredibility Gap

Growth of Lager

1

19.7

51.4

72.3

1960 1975 1990 2005

Lager as a percentage of total UK beer sales

300600

1,200

3,000

6,600

8,500

1950 1960 1970 1980 1990 2000

Indian Restaurant Sector

Cobra Beer Today

Maxwells

Selected On-Trade Listings

E H Booth and Co Ltd

Off-Trade Listings

Cobra is exported to over 45 countries

Export countries

International offices

Exports

Potential markets

Turning a THREAT THREAT into an OPPORTUNITYOPPORTUNITY

General Bilimoria Wine

12

1998

0.6 1.3 1.7 2.2 3.3 5.3 7.612.8 13.0

19.9

30.9

44.952.1

65.3

81.3

1991 1992 1993 1994 1995 1996 1997 1999 2000 2001 2002 2003 2004 2005 2006

96.2

Jul 89£7K OD

Jul 90 £55K SFLGS Loan

Nov 89£4K OD

Dec 89£5K OD

Feb 91£100K Bills of Exchange

Jan 92£50K Pref

Shares

Feb 9375% Adv

Factoring

Oct 935% Equity for £50K

Dec 93£190 SFLGS Loan

Oct 94200K ConvPref

Shares

Dec 95£500K Private

PlacementSold 23% Equity

May 96OD Incr to

£30K

Jun 96Invoice Finance 80% Adv

Sep 96DD £75K Facility

Dec 97OD Incr to

£60K Jan 98

DD £125K Facility

Jul 98£100K

Convertible Pref Shares

Sep 98NMB Invoice Finance 85%

Adv

Nov 98£750K

Convertible Pref Shares

Apr 99OD Incr to

£150K

Aug 99DD £250K Facility

Jan 00Trade

Finance Facility

£450K UI

Aug 00DD £350K Facility

Feb 01DD £600K Facility

Jan 02DD £1.6m Facility

Oct 02 £400K OD £1.65m

Loan £2.5m Invoice Finance

Apr 03 £4m Convertible Pref Shares

£2m DD Facility

Aug 04 £1m Trade

Finance

Sep 04 £5m Convertible Pref Shares

Jan 04 £250K Loan

Oct 05 £7m Convertible Pref Shares

£4m PrefShares

Redeemed

Jul 06 £25m PIK

£2.5m Ordinary Shares

£12m PrefShares

Redeemed

CAGR 40%

Finance(Jul 06 to May 07 Retail Sales- £126m)

Est

imat

ed R

etai

l Sal

es in

£m

Being Passionate andProud of Our Product

It’s not just what you doIt’s how you do it

Business Principles

Building a Team

Cobra’s Culture

Doing things differently, better…

…and changing the marketplace forever

The Hoffman Group

Putting Back into the Community

Cobra’s OwnCharity

Brand Essence

Doing things differently to be

the best

Brand Muscle IV

Integrity“Cobra believes in living by our

principles”

● Down to earth, unpretentious● Honest, straight-forward● Altruistic● Egalitarian● Cobra Foundation

Independent Spirit

“Cobra believes in going your own way”● Challenges received wisdom

● Open-minded● Pushes the boundaries, passionate● The Cobra story● Entrepreneurial

Brand Muscle III Brand Muscle II

Distinctively Different“Cobra has a noticeably different

taste and product portfolio”● Less gassy, double-filtered, extra

smooth● Brewed to a special recipe from

India● Unique range of products● CobraVIsion

Brand Muscle I

Excellence as our Standard“Cobra believes that only the best is good

enough”● Award-winning (products and packaging)● Restless innovation● No compromise on quality● Creating genuine consumer benefit● Sunday Times - Best Companies To Work

For

Brand Profile – Brand Essence

PR

POS

Advertising

Promotions/Sponsorships

Marketing Support

Indo-British Partnership

Constant Innovation

Never Standing Still

3. CHARMING BEER

2. LEARNING LESSONS IN LAGER

1. THE GENERAL’S SON

4. AGAINST ALL ODDS

6. AROUND THE WORLD

5. FROM BANGALORETO BEDFORD

Repackaging

28

The 2nd Annual CobraVision Awards

The Lift

Sponsorships and Associations

New Product Development

Daily Mirror Taste Test – 9/10“Head and shoulders above the

rest….well-rounded, very drinkable.”

Cobra 0.0%

“Just 96 calories and 4g of carbs... and unlike many lower calorie lagers, it still tastes great.” – The Sun

Cobra Lower Cal

“On the palate it has terrific smoothness and opulence…pristine flavours… 4.5 out of 5” – www.beer-pages.com

King Cobra

Draught

Cobra BiteFruit-flavoured premium lagers

Brewing in the UK, Poland, Netherlands,

Belgium & India

Office in the UK only

Brewing in the UK only

3 Product SKUs

5 years ago Today

Offices in the UK, India,

South Africa

30 Product SKUs

Cobra’s Growth

Future Strategy

Goal to reach a turnover of $1 billion*

*In retail value turnover by 2014

Grand Canyon Plan

UK

India

Rest of World

Exi

stin

g P

rodu

cts

New

Pro

duct

s

New MarketsExisting Markets

X X

X XCobra’s Multiplier Matrix

1

Have a Mission

Research and understandyour market thoroughly

10 Tips for Growth

2

Be DifferentBe Better

Change the Marketplace Forever

10 Tips for Growth

3

Take the leadand do not follow

10 Tips for Growth

4

Be innovative and creative

10 Tips for Growth

5

Look always to the futureand take a long-term view

10 Tips for Growth

. 6

Be passionate and proudof your product

10 Tips for Growth

7

It requires focuscommitment, drive, hard work,

sacrifice

And never giving up

10 Tips for Growth

8

Build a great team andinvest in your people

10 Tips for Growth

9

Balance growthwith responsibility

and be outward-looking

10 Tips for Growth

The sky is the limit

To Aspire and Achieve Against All Odds, with Integrity

Vision