CRB Proposed Acquisition of Jinsha Winery

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

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