Investor Presentaiton

Market observations BEER DEMAND REMAINS RESILIENT, CONTINUE TO MANAGE SHORT TERM FACTORS • • Beer demand remains resilient despite inflation US consumer remains resilient to date Premiumisation of the beer market continues with consumers trading up Craft brewers managing tight labour markets Monitoring the potential impacts of recessionary concerns on beer demand Beer consumption has not typically been significantly impacted in periods of recession Distilling demand remains strong, with 95% of our UK capacity committed for FY23 UNITED MMALT • Easing of supply chain constraints and container freight costs 24

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