#1△M華潤啤酒 CR BEER CRB Proposed Acquisition of 55.19% Equity Interest in Guizhou Jinsha Winery October 2022 華潤#2Project summary Sauce-flavor Baijiu Market Investment Rationales Baijiu - sizable market with steady growth and high gross profit Sauce-flavor segment has rapid growth with high profitability Scarcity nature establishes high entry barrier for sauce-flavor baijiu industry Industry competitive environment is preliminary formulated with high expected expansion room in future Extensive synergies expected between beer and baijiu industries with empowerment 舉潤啤酒 CR BEER Jinsha Winery Investment Highlights Jinsha Winery is located in the upstream of Chishui River, an unique Sauce-flavor baijiu region O Jinsha Winery is one of national brands with relative comprehensive high-end product layout and established strong brand value and differentiated style than peers Extensive distribution network Great potential for stellar financial returns Leveraging on CRB's comprehensive sales channels as well as marketing and management experience Synergies on Competitive Edge 1#3Transaction overview China Resources Beer (Holdings) Company Limited (the "Company" or "CRB") proposed acquisition of 55.19% equity interest (the "Acquisition") in Guizhou Jinsha Jiaojiu Winery Industry Co., Ltd. ("Jinsha Winery") for a total consideration of RMB12.3 billion. CRB will finance the consideration by way of a combination of the Company's internal resources and external financing The proposed acquisition includes capital increase of newly issued shares of 4.61% of the enlarged share capital of Jinsha Winery at consideration of RMB1.03 billion and purchase an aggregate of 50.58% existing shares of the enlarged share capital of Jinsha Winery for a total consideration of RMB11.27 billion Jinsha Winery is a sauce-flavor baijiu producer located in Guizhou, with a rich brand heritage, focusing on R&D, production and sales of sauce-flavor baijiu. It has a complete portfolio of products, including "Zhaiyao" and "Jinsha Huisha" brands The acquisition of a controlling stake in Jinsha Winery is a rare opportunity and brings synergies to CRB to enlarge business scale and improve profitability Capital increase China Resources Wine Holdings Co., Ltd. Hubei Yihua Group Co., Ltd. 100% Yichang Caiyuan Investment Management Co.,Ltd. 57.23% Capital increase of 4.61% of the enlarged share capital of RMB1.03 billion Shares purchase 1 China Resources Wine Holdings 38.16%* Co., Ltd. 2 Guizhou Jinsha Jiaojiu Winery Industry Co., Ltd. *Shareholding after capital increase Post-transaction shareholding structure Hubei Yihua Group Co., Ltd. 100% Yichang Yihua Investment Management Co., Ltd. 100% Yichang Caiyuan Investment Management Co., Ltd. 44.81% 啤酒 CR BEER Hubei Yihua 100% Group Co., Ltd. Yichang Caiyuan Investment Management Co.,Ltd. 57.23% Purchase of 38.16% shares with consideration of RMB8.50 billion Purchase of 12.42% shares with consideration of RMB2.77 billion CRB (0291.HK) 100% China Resources Wine Holdings Co., Ltd. 55.19% Guizhou Jinsha Jiaojiu Winery Industry Co., Ltd. 38.16%* Guizhou Jinsha Jiaojiu Winery Industry Co., Ltd. *Shareholding after capital increase 2#4啤酒 Baijiu market has large market size with steady growth and high gross profit, and the sauce-flavor segment with rapid expansion Baijiu market size and growth¹ (in RMB billion) Overall baijiu market CR BEER 242 2010 Sauce-flavor baijiu market size and growth¹ (in RMB billion) % of Baijiu 1. Market size based on ex-factory prices Source: BCG database and BCG analysis +8.7% 613 603 Large size Market size exceeds RMB600 billion High GP margin GPM 60%+ for the majority of sauce-flavor baijiu players 2016 2021 Sauce-flavor segment 13% 31% 190 +18.6% 81 Strong growth Sauce-flavor baijiu penetration rate surged in recent years 2016 2021 3#5Transaction valuation and financial performance of Jinsha Winery Implied multiples 金沙酒业 Total consideration of 55.19% equity interest RMB12.3 billion M 華潤啤酒 CR BEER Financial performance of Jinsha Winery1 In RMB billion +106.5% +113.8% 1.76 Net profit in 1H2022 continued to expand Implied 100% equity RMB22.3 billion value of Jinsha Winery 0.85 0.62 Jinsha Winery 2021 Net Profit after Taxation RMB1.31 billion¹ 17.0x 2021 P/E Ratio (Attractive as compared with the market) Note: 1. According to Hong Kong Accounting Standards 2020 Net profit before taxation 2021 1.31 0.88 0.67 1H2022 Net profit after taxation 4#6Future development strategies M 華潤啤酒 CR BEER 金沙酒业 INSH & J Marketing Leveraging CRB's national sales channels to accelerate Jinsha Winery's national presence Channel △△潤啤酒 CR BEER ∧啤酒 Building a well-equipped omni-channel framework leveraging CRB's platform Develop group purchase channels CR BEER Expand online business 20 Upgrade in omni-channel Focusing on premium series of Product Sauce-flavor baijiu to complement Organization Assembling a strong professional team with empowerment from CRB with beer offerings M 摘 Establish a sound incentive mechanism and performance management system Build a professional team for premium baijiu operation Recruit excellent baijiu marketing talents Further improve organizational capabilities 5#7Disclaimer M 華潤啤酒 CR BEER Data and information contained in this presentation is provided for informational purposes only. Neither China Resources Beer (Holdings) Company Limited nor any of its subsidiaries shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon. This presentation and subsequent discussion may contain forward-looking statements that are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of China Resources Beer (Holdings) Company Limited about its business and the industry and markets in which it operates. These forward- looking statements include, without limitation, statements relating to revenues, earnings and stock performance. The words "believe", "intend", "expect", "anticipate", "project", “estimate”, “predict” and similar expressions are also intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, including but not limited to price fluctuations, actual demand, exchange rate fluctuations, development outcomes, market shares, competition, environmental risks, changes in legal, financial and regulatory frameworks, international economic and financial market conditions, political risks, project delay, project approval, cost estimates and other risks, which are beyond the control of China Resources Beer(Holdings) Company Limited and are difficult to predict. Consequently, actual situations could differ materially from those expressed or forecasted in the forward-looking statements. 90 6