Investor Presentaiton

Scottish capacity expansion EXPANDING OUR CAPACITY TO SERVE THE GROWING DISTILLING MARKET Key Processing facility Distillers 1. 2. Inverness MMALT UNITED 79kt expansion of Scottish malting facilities over two facilities • Project overview • Arbroath SCOTLAND Rationale Pencaitland Key highlights Timing of completion remains subject to final construction and commissioning timing Subject to FX Energy security • • Upgrade and expansion of Arbroath (22ktpa) - completed • New malting plant at Inverness (57ktpa) – in dry commissioning stage The Inverness facility is expected to be producing commercial quality malt in the first quarter calendar 20231 Combined project expect incremental EBITDA ~$18m² on full year run rate basis Strong demand for malt from Scottish distillers underpinned by global demand for aged whisky Scottish malting facilities are strategically positioned in close proximity to key customers and high quality barley New capacity underpinned by agreements with key distilling customers, robust demand remains. ~95% of UK volume for FY23 committed New effluent treatment system will reduce water usage . Energy supply and price contracted in the UK Robust energy price pass through mechanism for energy costs in customer supply agreements - minimising cost impact of energy price escalation 17

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