Investor Presentaiton

Jan-23 Mar-23 Yearly Central Bank FX Sales (USD bn) Nigerian Breweries FX debt and exposure to devaluation losses are driven by FX shortages in recent years 60 42 39 34 FX shortage in the 40 29 22 22 17 17 20 official window has resulted in high FX debt for Nigerian companies Jun-23 2015 2016 2017 2018 2019 2020 2021 2022 FX Rate Development NB FX Debt and WC Payables Development (EURm) 221 191 170 166 114 1.250 30 88 26 81 Strong devaluation 755 950 within 1 year coupled with high 756 2018 2019 2020 2021 FX debt has 461 resulted in heavy FX losses for Nigerian FX Purchases FX Needs FX Debt Companies Aug-23 Oct-23 Parallel Actual Official FX Actual Dec-23 88 168 119 211 187 204 191 180 2022 2023 NB 22

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