Investor Presentaiton

Distribution business GDL WORKING CAPITAL DYNAMICS NET WORKING CAPITAL -11.3ppts NWC as a % of sales 12.3% +1.3ppts 1.0% 1.3% -1.5% 0.04% 2018 2019 2020 H1 2020 H1 2021 INVENTORY TURNOVER Inventory turnover 4.4x +12.9x -3.9x 17.3x 13.4x 14.2x 10.3x 2018 2019 2020 H1 2020 H1 2021 Healthy inventory turnover rate at 10x+ in 1H2021 Significant change in net working capital in 2019 caused by addition of beer as a product category with lower WC requirements GEORGIA CAPITAL 116

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