CEDC BARGAIN FOR THE VALUE INVESTOR

Central European Distribution Corporation (CEDC) operates primarily in the alcohol beverage industry. CEDC is a producer of vodka and is Central and Eastern Europe's integrated spirit beverages business. During the year ended December 31, 2010, it is measured by total volume, with approximately 32.7 million nine-liter cases produced and distributed. The Company's business primarily involves the production and sale of its own spirit brands (principally vodka), and the importation on a basis of a range of spirits, wines and beers. Its operations are conducted in Poland, Russia and Hungary. During 2010, it opened up a new operation in the Ukraine to import and sell its vodkas, primarily Green Mark. In February of 2011, CEDC completed purchasing of the remaining stake of the Whitehall Group. On January 20, 2010, CEDC completed its acquisition of Russian Alcohol. In August 2010, CEDC closed the sale of 100% of its wholesale business in Poland to Eurocash SA. 233.43M N/A 51.03B 26.06B 1.08B Employees: 4,153 41,4021 23,786 70,000 2.21K Qtrly Rev Growth (yoy): 45.10% N/A 0.90% 11.10% 19.00% Revenue (ttm): 825.89M 10.68B1 15.71B 22.95B 997.10M Gross Margin (ttm): 39.43% N/A 59.64% 37.98% 41.27% EBITDA (ttm): 90.90M N/A 4.57B 4.52B 179.00M Operating Margin (ttm): 8.64% N/A 26.48% 12.80% 12.68% Net Income (ttm): -938.92M 1.06B1 3.00B 1.81B N/A EPS (ttm): -13.11 N/A 4.80 1.53 0.96 P/E (ttm): N/A N/A 17.05 14.44 16.67 PEG (5 yr expected): -0.79 N/A 1.34 3.64 1.34 P/S (ttm): 0.30 N/A 3.21 1.14 0.95