Investor Presentaiton

170 220 270 320 370 420 UNITED Update on pricing and commercial discipline MMALT IMPROVED CROP, RISK ALLOCATION AND COMMERCIAL TERMS PROVIDE BASIS FOR IMPROVEMENT IN CALENDAR 2023 Taking a more proactive approach to risk allocation, with changed pricing and commercial terms to better capture the true cost-to-serve • Barley pricing with customers with more certainty on crop quality/price . More frequent freight price re-set • More disciplined approach to managing customers' volume commitments Inflation cost escalation more appropriately reflected in the processing fee $20 RMI ANALYTICS 470 T8-10-9102 of 60-40 of 10-t 2016-05-31 2016-05-30 Canada Global Malting Barley Prices ($US/Tonne) 2019-05-31 2120-03-31 2020-05-31 Argentina 2020-09-30 Australia (WA) Source: RMI Analytics November 2022 2021-05-31 2021-09-30 2022-01-31 2022-05-31 2023-05-30 France (Rouen) 10,000 8,000 6,000 4,000 2,000 0 Jul-17 Container Benchmark Rate per 40ft container ($US) Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 JuF22 Oct-22 Drewry container benchmark rate per 40ft Source: Bloomberg 8 4 2006 + 2O 18 16 14 12 10 Henry Hub Natural Gas Spot Rate ($US) Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Source: Bloomberg Henry Hub Natural Gas Spot Price Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 ՇՇ-յո Oct-22 23

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