CRB Proposed Acquisition of Jinsha Winery

Transaction valuation and financial performance of Jinsha Winery Implied multiples 金沙酒业 Total consideration of 55.19% equity interest RMB12.3 billion M 華潤啤酒 CR BEER Financial performance of Jinsha Winery1 In RMB billion +106.5% +113.8% 1.76 Net profit in 1H2022 continued to expand Implied 100% equity RMB22.3 billion value of Jinsha Winery 0.85 0.62 Jinsha Winery 2021 Net Profit after Taxation RMB1.31 billion¹ 17.0x 2021 P/E Ratio (Attractive as compared with the market) Note: 1. According to Hong Kong Accounting Standards 2020 Net profit before taxation 2021 1.31 0.88 0.67 1H2022 Net profit after taxation 4

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