Financial Astrology of Fortune Brands, Inc.

FINANCIAL ASTROLOGY

First Trade Date for Fortune Brands, Inc.

Company Name	First Trade Date (yyyy-mm-dd)
Fortune Brands, Inc.	1997-06-02

Company Name	Symbol
Fortune Brands, Inc.	FO
History and Business of Company (this information may include date of incorporation)
Fortune Brands, Inc. ("we" or "the Company") is a holding company with subsidiaries engaged in the manufacture, production and sale of home and hardware products, spirits and wine, golf and office products. The Company was incorporated under the laws of Delaware in 1985 and until 1986 conducted no business. Prior to 1986, the businesses of the Company's subsidiaries were conducted by American Brands, Inc., a New Jersey corporation organized in 1904 (American New Jersey), and its subsidiaries. American New Jersey was merged into The American Tobacco Company (ATCO) on December 31, 1985, and the shares of the principal first-tier subsidiaries formerly held by American New Jersey were transferred to the Company. In addition, the Company assumed all liabilities and obligations in respect of the public debt securities of American New Jersey outstanding immediately prior to the merger. On May 30, 1997, the Company's name was changed from American Brands, Inc. to Fortune Brands, Inc. As a holding company, the Company is a legal entity separate and distinct from its subsidiaries. Accordingly, the right of the Company, and thus the right of the Company's creditors (including holders of its debt securities and other obligations) and stockholders, to participate in any distribution of the assets or earnings of any subsidiary is subject to the claims of creditors of the subsidiary, except to the extent that claims of the Company itself as a creditor of such subsidiary may be recognized, in which event the Company's claims may in certain circumstances be subordinate to certain claims of others. In addition, as a holding company, a principal source of the Company's unconsolidated revenues and funds is dividends and other payments from its subsidiaries. The Company's principal subsidiaries currently are not limited by long-term debt or other agreements in their abilities to pay cash dividends or to make other distributions with respect to their capital stock or other payments to the Company. Fortune Brands' success is driven by leading consumer brands in four categories: home and hardware products, spirits and wine, golf equipment and office products. We seek to grow sales and profits by investing in the growth of our leading consumer brands. Our brand investments include support for marketing, advertising and the development of innovative new products. We also seek to gain market share by developing and expanding customer relationships. While our first priority is internal growth, we add to that growth with high-return acquisitions and joint ventures that position our businesses for even stronger growth and higher returns. Accordingly, we have made the following acquisitions and joint venture partnerships in recent years: • Therma-Tru Holdings, Inc., acquired by our home and hardware business in November 2003. Therma-Tru is the leading brand of residential entry doors in the United States. The cost of the acquisition was $924.0 million. In 2003, the Company completed these additional acquisitions with an aggregate cost of $123.7 million: • Capital Cabinet Corporation, a cabinet supplier to builders in the Southwestern U.S., acquired by our home and hardware business (June 2003). • American Lock Company, a manufacturer of commercial locks, acquired by our home and hardware business (April 2003). • Wild Horse Winery, a maker of ultra-premium California wines, acquired by our spirits and wine business (July 2003). • Extension of the rights for our spirits and wine business to manufacture and distribute Gilbey's gin and vodka in the U.S. and acquisition of trademark rights to Kamchatka vodka in California (December 2003). • Omega Holdings, Inc., a leading manufacturer of custom and semi-custom cabinetry, acquired by our home and hardware business in 2002 for $538.0 million. • Future Brands LLC (Future Brands), a joint venture established in 2001 by our spirits and wine business and V&S Vin & Sprit AB (V&S), the maker of ABSOLUT vodka, for the distribution of both companies' spirits brands in the United States. • Maxxium Worldwide B.V. (Maxxium), a joint venture established in 1999 by our spirits and wine business, Remy-Cointreau and Highland Distillers for the distribution of the partners' spirits and wine brands in key markets outside the United States. • Our home and hardware and office businesses completed acquisitions of a cabinet manufacturer and a presentation product company, respectively, in 1999. We have also sold a number of nonstrategic businesses and product lines, including the sale in 2001 of the spirits and wine business's U.K.-based Scotch whisky business for $280 million, and the sale in 2002 of the home and hardware unit's specialty plumbing parts business for $15 million. We review on an ongoing basis the portfolio of brands owned by our operating companies and evaluate our options for increasing shareholder value. Although no assurance can be given as to whether or when any acquisitions or dispositions will be made, we might finance such acquisitions by issuing additional debt or equity securities. The possible additional debt from any completed acquisitions would increase the Company's debt-to-equity ratio and such debt or equity securities might, at least in the near term, have a dilutive effect on earnings per share. We also consider other corporate strategies intended to enhance stockholder value, including share repurchases and higher dividend payments. We cannot predict whether or when any particular strategy might be implemented or what the financial effect thereof might be upon the Company's debt or equity securities.

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