Investor Presentaiton

Capital expenditure CAPEX SPEND NEARING END OF ITS PEAK CYCLE UNITED MMALT Other Growth including Sustainability & Efficiency Improvement Key capital expenditure initiatives in FY22 Arbroath (22ktpa) completed and producing at business case levels. Inverness (57ktpa) - in its final stages of completion with dry commissioning underway • Arbroath and Inverness expansion expected to generate incremental EBITDA of approximately $181 million on full year run rate basis New speciality ingredient processing plant in Calgary - targeting growing demand for new products in craft beer, hard seltzer and food - nearing completion Completed Optisteep - Water reduction technology, installed at Pocatello - water reduction up to 30% Completed combined heat & power plant in Calgary - more efficient energy usage $m FY22 FY21 Scottish Distilling Expansion 50.2 36.9 Scottish Distilling Expansion Other Growth including Sustainability & Efficiency 14.5 24.4 Improvement Total Growth Capital 64.7 61.2 Expenditure Asset Optimisation 7.4 17.0 Perth Kiln Stay in Business/Safety 19.1 25.1 Perth Kiln Completed Total Capital Expenditure 91.2 103.3 • FY22 capex spend lower than expected due to timing of spend on Scottish distilling project and lower SIB due to timing of delivery 1. Subject to FX Stay in Business/ Safety Stay in business capex lower than expectations due to timing of delivery 11

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