AGH Investor Relations Day
Oceania Business Briefing
Wednesday March 30 2022

Recap on Oceania Regional Business2

We have regional scale across Oceania with strong positions in each of ourmarkets and grew Core Operating Profit by 73% in F211
REGIONAL OVERVIEW% ofRegional
NSV

1 See Asahi Group Holdings 2021 Financial Results Presentation 2021_4q_presentation.pdf (asahigroup-holdings.com)
2 Represents Branded Label Net Sales Value growth, i.e. excludes retailer Private Label
3 CUB share represents ATO beer market share
BCC

201130 CEO Update 2 Dec_V2

F21 Net Sales
Value GrowthMarketShare+6.3%2

21%

+5.9%

48%3

+7.7%

14%

3

Our clear, focused strategy provides our business with clarity on how we will
deliver shareholder value
REGIONAL OVERVIEW

BCC

201130 CEO Update 2 Dec_V2

4

We have clear, sustainable competitive advantages versus our peer set that
underpin our value proposition as the regional multi-beverage champion
REGIONAL OVERVIEW

Our engaged people and culture that harness a growth and sustainability mindset are our biggest strengthand differentiator; we move with scale and speed
We are the leading beverage company in ANZ and one of the largest consumer goods companies in theregionOur portfolio of loved & iconic brands, with strong positions in all key categories and beverage value pools,
is supported by our proven ability to innovate at scale to target new occasions and consumer trends

Our LongTerm Value
Proposition

Customer-centric operating model & scaled multi-beverage offering provides a superior ability to partnerwith customers for mutual growth
Our market-leading operational scale provides superior efficiency & productivity opportunities, supply chain
flexibility, and advanced route-to-market capabilities that underpins our long-term competitivenessOur disciplined balance sheet management and robust free cash flow generation enables the accelerated
allocation of capital towards strategic growth investments to drive improving return on invested capital
Our long history of strong governance and unrelenting commitment to sustainability, safety & quality
provide the foundation for enduring success

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201130 CEO Update 2 Dec_V2

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We have an experienced and diverse leadership team collectively driving the
growth of our region
REGIONAL OVERVIEW
Asahi Beverages Oceania Region

Asahi Beverages Business Divisions

Danny Celoni
Carlton & United
Breweries,
Chief Executive
Officer

Supply Chain

Digital &Disruption

Sandra Gibbs
Group Chief Supply
Chain Officer

Kellie Barnes
Group Chief Digital &Disruption Officer

Procurement &Sustainability

John Tortora
Group Chief Procurement &Sustainability Officer

Nigel Parsons
Asahi Lifestyle
Beverages,
Chief Executive
OfficerAndrew Cambpell
Asahi Beverages
New Zealand,
Chief Executive
Officer

Finance

Human Resources

Strategy &GrowthAmanda Sellers
Group Chief
Financial Officer

Roz LeverGroup Chief Human
Resources Officer

Brian Phan
Group Chief Growth &Strategy Officer

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201130 CEO Update 2 Dec_V2

6

Re-Cap on our
Oceania Mid-Term Strategy

7

We have made significant progress against our strategy, and our momentum isbuilding as we continue to leverage our market-leading scale
STRATEGY OVERVIEWDelight our Consumers & Customers

Build Resilience & Adaptability

Leverage our Scale with Speed

Strategic Progress✓ Market Share growth across all
Business Divisions1✓ Growth in Asahi Super Dry andPeroni global brands✓ Safety-first culture driven acrossbusiness✓ Investing for future growth tomeet new consumer needs &occasions (including expanding
into coffee via Allpress & #1 Zero
Alc Beer Share)✓ Strong supply chain resiliencethrough continued headwinds✓ Accelerated development of key
commercial capabilities(Revenue Growth Management,
Customer Experience, Consumer
Connections)✓ Progressive Hybrid Future of Workmodel supporting our people
post-COVID✓ Exceptional engagement acrossorganisation (> than benchmark)✓ Year 1 Alliance for Growth
integration benefits delivered ontarget✓ Establishment of regional
capability centres of excellence(commercial, growth, disruption)to accelerate organic growth✓ Sustainability Strategy delivered
and key initiatives progressed

1 Our Business Divisions grew volume share by 30bps – 100bps in 2021 as reported by ATO (CUB), IRI
MarketEdge (Asahi Lifestyle Beverages), Nielsen (Asahi Beverages New Zealand)
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201130 CEO Update 2 Dec_V2

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Our strategy is winning in market and we are continuing to re-invest ahead of ourpeers to accelerate this advantage
STRATEGY OVERVIEWGreat Northern
Zero expansion –including throughGrocery

Continued Vodka
Cruiser growth

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201130 CEO Update 2 Dec_V2

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We are proactively driving our Heath & Wellbeing agenda
STRATEGY OVERVIEW

Our ambition

Consumers are looking to food andbeverages as a means of managing
long-term health
Health & Wellbeing is constantly
changing, with new spaces emerging
in functional, mental & immune health

Our initiatives

Our action

Our strategy will focus on:

We plan to deliver this through:✓ Reducing sugar content across ouralc and non alc portfolios✓ Accelerating ‘zero’ alternatives(zero sugar & zero alc) across ourcategories✓ Building a range of non-alc andlow-alc alternatives✓ Providing healthier options including
low carb and low calorie

As a business, Asahi is commited tobuilding a Health & Wellbeing portfolio
to respond to these evolving needs✓ Ensuring a meaningful proportion of
our portfolio is designed to meet
emerging Health & Wellbeing needs

BCC✓ Optimising our core range to deliver
against current health needs✓ Disruptive innovation in emerging
Health & Wellbeing horizons✓ Creating a health centred business,both internally & externally201130 CEO Update 2 Dec_V2

10

We are making progress against achieving our sustainability commitments
STRATEGY OVERVIEW

Asahi Beverages Oceania has a clear
sustainability agenda

We have already made significant progress against ourcommitments

12-year renewable PPA in place for theentire CUB electricity usage! (74k MWh)

$45m r PET recycling &production Joint Venture –Asahi, CCEP, Pact & Cleanaway

VB Solar Exchange – beer for solar!

First Volvo Electric truck inAustralia delivering packaged
beer (July 7, 2021)

Victoria Bitter, brewed with 100% off
set solar electricity since 2020!

On site solar across 5 sites – 7,547
MWh

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201130 CEO Update 2 Dec_V2

Championing r PET with
consumers with Cool Ridge

Signatory to the ANZPAC Plastics PACT &Commenced integrating sustainability into
JBP sessions with customers

11We are focussed on ensuring a diverse and inclusive environment for our people
and are making good progress against our agenda
STRATEGY OVERVIEWOur Diversity, Equity &Inclusion Vision

Our progress in 2021
▪ 85% of our employees are inspired by our Diversity andInclusion (D&I) agenda

Asahi Oceania continuously aspires to be a diverse
organisation where everyone can be theirauthentic self.

▪ 41% female representation in our Senior Leadership GroupWe believe inclusion is an expression of ourculture. We strive to be as diverse as thecommunities we serve, and we are better when
everyone feels empowered to flourish and thrive.

▪ Partnered with the Australian Network on Disabilities (AND),and piloted an internship program at Asahi

We believe everyone has an important role toplay.

In 2022, we will build on our strong foundations andexpand our employee education and broader
organisational initiatives to deliver on our vision▪ Established and maintained proud partnerships with
Diversity Council of Australia, Pride in Diversity and theAustralian Network on Disability▪ Launched a new domestic and family violence leave
policyBCC

201130 CEO Update 2 Dec_V2

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We are achieving strong employee engagement through investing behind ourPeople and their safety
STRATEGY OVERVIEW

Oceania People
Ambition

Our progress in 2021
▪ 85% Employee Engagement Score, with over 2,700 employees
participating▪ Continued to focus on safety education and mental health education
through learning events, Safe Work Month and specialised programs.
▪ 273% increase in hazard reporting and more than 8500 Behavioural
Based Safety Interactions (WALKs) in 2021.
▪ Hosted the first annual 'Leadership Week' with over 1600 employees
attending events▪ Launched our leadership capabilities across the business, enabling acapability assessment with 89% of our employees attending▪ Launched our talent and succession planning process across thebusiness with over 130 sessions held to enable future talent planning▪ Welcomed 10 graduates and 10 interns in our first year of the Asahi
Graduate Program
In 2022, we will continue to improve and evolve our employee experience
across engagement, development and learning and talent management

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201130 CEO Update 2 Dec_V2

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We have five clear priorities for our region that will unlock delivery of our 2022
objectives and accelerate our growth strategy over the mid-term plan period
STRATEGY OVERVIEW

Deliver our financial commitments & drive sustainable growth –underpinned by premiumisation, excellence in execution andcost leadership through our Alliance for Growth integration
Continue to drive the commercial momentum of our Business
Divisions

Unlock our Multi-Beverage value proposition
Drive accelerated investment behind development of ourleading consumer & customer capabilities
Ensure the ongoing health, safety and well-being of our people

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201130 CEO Update 2 Dec_V2

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Delivering superior growth through ourmulti-beverage portfolio

15Per Capita Consumptionof Beverages

In mature markets (like Oceania) growth becomes highly dependent onpremiumisation, mix and participation in segments which meet emerging needs

Australia (1990)

Japan
Czech Republic

China
Philippines
Vietnam
Malaysia
India
Cambodia
Indonesia

South Korea
Singapore

Romania
Hungary

PolandAustralia (2019)

Australia (2000)

Netherlands
Slovakia
Italy

UK

NZ

USA

CanadaAustralia and New Zealandrepresent two of the mostdeveloped and sophisticatedbeverage markets globally (bothConsumer Goods and Retail) withkey trends often being heightenedin our markets

Market Maturity
Indicator1

Low & Middle Maturity Markets

High Maturity Markets

MarketDynamics

High growth, focus on margin expansion

Lower growth – but stable cash generation and high profitability

Share ofThroat2“Traditional” categories compete strongly (e.g. Beer & CSD)

Beer & CSDs share reduces as occasions fragment & consumer repertoires
expand; new segments emerge which better meet needs

Category
Drivers

Availability and affordability key growth drivers

Volume growth plateaus – category growth focused on consumption
expansion and premiumisation

1. Market Maturity Indicator is an internal measure, generated as a measure of drinks consumed per capita and household
expenditure on goods & services.
2. Share of Throat (SoT) – Proportion of typical beverage consumption by category

16

Our position as the leading regional multi-beverage champion provides us witha unique value proposition for both our consumers and customers
MULTI-BEVERAGE

Create Demand

Capture Demand

Drive Growth

We have an unmatched
portfolio that meets consumer
needs across all consumption
occasions

Our superior customer
partnerships provide anenhanced ability to capture
demandThis positions us with strength tocapitalise on growing market
segments and channels (e.g.
Premium, Zero Alc, Coffee,
RECA1)

1 RECA stands for Restaurants & Cafes
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201130 CEO Update 2 Dec_V2

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Our strategy: There are three key levers to how we will unlock incremental value
from this unique multi-beverage proposition
MULTI-BEVERAGE

1
1

2

3

Deliver superior topline
growth through our multibeverage portfolio,
meeting current,
evolving and new
consumer needs &occasions

Leverage our scale &modern business model
to drive sustainableproductivity & efficiency
benefits, unlocking bestin-class operational
leverage

Re-invest for growth indifferentiatedcapabilities that deliver
sustainable competitive
advantage

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201130 CEO Update 2 Dec_V2

18

Our progress to date: We are growing our multi-beverage categories while
reinvesting efficiency benefits into differentiated capabilities to drive future growth
MULTI-BEVERAGE

1
1

TOP LINE GROWTH

1. Portfolio cross-sell penetration on
track with expectations
2. Developed a deep, proprietary
understanding of consumer
behaviours & total beverage
consumption trends
3. Now #1 in Zero Alc and leading
position in Low & No Sugar CSDs
4. Expanded into Coffee with Allpress
Espresso

2

PRODUCTIVITY & EFFICIENCY

1. Resilience in spite of headwinds:>300bps margin enhancement
across region (‘21 vs ’20)
2. Significant benefits from multicategory procurement scale(cans, raw materials, utilities)
3. Regional shared business service
model consolidation wellprogressed

3

INVEST FOR GROWTH

1. Enhanced Revenue GrowthManagement capabilities
2. Significant investment indigitisation of customer
experience (B2B, CRM)
3. Establishment of commercial
centre of excellence inc.
innovation hub
4. Investment in leading beverage& packaging technology

5. Accelerated momentum of Seltzer& RTDs (inc. Ginger Beer)

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201130 CEO Update 2 Dec_V2

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Looking forward: We will lead and expand our categories to create value for our
consumers and customers, with focused resource allocation to enable growth
MULTI-BEVERAGE

1
1

TOP LINE GROWTH

1. Accelerate cross-sell of ourleading multi-bev portfolio
2. Leverage our mutli-beverage
portfolio & advantaged
distribution network to target thefast growing RECA channel
3. Execute on our coffee strategy
through new venue growth andcross-sell

2

PRODUCTIVITY & EFFICIENCY

1. Supply Chain benefits via makelocation and efficiency
optimisation
2. Scale driven procurement
benefits across our direct andindirect input costs

3

INVEST FOR GROWTH

1. Multi-year Revenue GrowthManagement execution plan
2. CRM enhancement to enable asingle view of customer acrossour multi-beverage landscape
3. Best practices for optimising our
SKUs and innovation pipeline

3. Consolidate regional sharedbusiness service model

4. Enhancement of our consumer
connections capability (digital,
experiential, media)

4. Augment our strong position
within zero–alc and “beyondbeer” via outlet and channel
expansion

5. Investment tailored to pack andbeverage differentiation

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201130 CEO Update 2 Dec_V2

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Background on the CUB Alcohol Business
Division & Growth Strategy

21Premiumisation is the dominant theme of growth across beer in AUS, and CUB’s
portfolio is well positioned to capitalize on thisCUB REVIEW

Premiumisation is occurring across all
liquor categories

The Australian beer market ispremiumising driven by market
maturity and consumption habits

CUB’s portfolio is well position acrossthe Premium segment vs peers1Premium

4.2

2.5

2.3

0.8

Beer

RTD

Cider

Mainstream

Discount
Spirits

10

59

CUB

Key Competitor Other

Premium

59%

27%

14%

Mainstream

55%

35%

9%

16

58

31

26

2015

2021

Discount

38%

38%

24%

$/L CAGR 2015 to 2021

Total Category $/L GrowthBeer Category by Price Tier^

Beer Price Tier by Supplier

1 IRI Liquor Weighted to 30/06/2021
2 IRI Liquor Weighted – March 2021
Excludes Stella Artois, Beck’s, Strongbow, Little Green and Bonamy’s
Note: Reliable competitor data is not reliable beyond June 2021 due to a material reduction in the source IRI dataBCC
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201130 CEO Update 2 Dec_V2

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Our portfolio strategy is underpinned by iconic, loved brands across a range ofconsumer needs & price points – with sustained growth since 2015
CUB REVIEW

We have a strong portfolio of brands withleading market positions1
Brand+700bps Market Share since 2015 (Total Beer)

RSV Share

1

Great Northern Super Crisp
Lager

8.4%

2

Victoria Bitter

6.9%

3

XXXX Gold

6.4%

4

Carlton Dry

5.8%

5

Corona Extra

5.3%

6

Great Northern Original Lager

5.1%

7

Tooheys New

3.7%

8

Carlton Draught

2.7%

9

Tooheys X-dry

2.6%

10

Pure Blonde Premium

2.2%

Asahi

1 Source: IRI Scan Data MAT June 2021. Reliable data not available beyond June 2021 and will not be
repeatable in future periods due to a material reduction in the source data set

Competitor
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201130 CEO Update 2 Dec_V2

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Through our distribution and scale, we have successfully grown Great Northern into
the leading national beer brand and remain well positioned for sustained growth
CUB REVIEW

We have leveraged our scale to quickly gain
national distribution

1

2

We supported our expansion with a strong media plan to growbrand health and awareness – now #2 behind Corona

90%

8
6

80%

4

70%

Great Northern Super Crisp

2

Established Competitor

60%
2015

2018

Great Northern Brand Power

0
2015

2021

2021

Brand Health1

Distribution %This has resulted in Great Northern sustainably growing
value share ahead of the competition

3

2018

Driving a 3x increase in Net Sales Valuesince the brand launched in 2015420%
5-year CAGR:
27%

15%
10%
5%

Great Northern Brand

0%
2015

Established Competitor

2018

Net Sales Revenue

2015

2021

Value Share %2

2018

2021

Net Sales Value $1 Brand Health represents Brand Power from Beer Brand Guidance Tracking, Kantar
2 IRI Liquor Weighted Total Market Share
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201130 CEO Update 2 Dec_V2

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We have strong momentum across all facets of the portfolio
CUB REVIEWEXTEND MARKET LEADERSHIP IN BEER

▪ Maintain #1 market share by
growing value and power of
our iconic brands▪ Accelerate GNBCs position as#1 brand in market

ESTABLISH CHALLENGER
POSITION IN “BEYOND BEER”▪ Upweight investment to build
brand power▪ Lead premium activation anddistribution in On-Premise▪ Innovate to renew anddifferentiate our portfolio▪ Establish clear premium
positioning in market▪ Capitalise on H&W trends andlead Zero Alc▪ Deliver leading innovation✓ #1 market leadership andgrowing market share✓ Premiumization driving growth✓ GNBC #1 beer share✓ #1 in Zero Alc Beer, inc.
successful Great Northern Zeronational launch✓ Positive momentum of Brand
Power over last QTR✓ Strong on-premise distribution
growth (+29% and +42% vs2020 for PNA and ASD)
✓ Local production to enhancequality & freshness^ ATO Ex Brewery Market Share to end Dec ’21* Source IRI MAT to 4.7.21 (Beer, Cider, RTD, Exc Wine & Spirits)** IRI Liquor-weighted volume QTR-Jan’22# KANTAR Brand Tracker end Q4 ‘21

TAKE A CATEGORY LEADERSHIPPOSITION IN CRAFT▪ Maintain leadership in cider▪ Accelerate our share of
emerging seltzer segment▪ Execute our craft portfolio
strategy▪ Grow brand awareness▪ Be the #1 contributor to RTD
category growth▪ Grow at a price premium✓ Somersby remains mostdesirable cider brand in market✓ Strengthening position in seltzer
through NPD✓ Vodka Cruiser is the #1
contributor to category growth✓ Balter brand power leading
craft category performance✓ Extremely strong volume
growth in 2021, growing 83% vs
2020

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201130 CEO Update 2 Dec_V2

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We are supporting our CUB premiumization ambitions through enhanced RGM
capability
CUB REVIEW

RGM @
ASAHI

Optimising sustainable, profitable revenue growth for Asahi and ourcustomers through strategic investment choices

PORTFOLIOPRICING STRATEGYPACK PRICE
ARCHITECTURE

ACTIVE MIXMANAGEMENTPROMOTION
MANAGEMENTTRADE TERMSMANAGEMENT

Capturing the fullvalue of our brands
sustainably

Right packs andprices to tap into
shopper missions andconsumption
occasions

Maximising ourportfolio & channel
mix to deliver revenue
and profit growth

Ensuring that our
promotions deliver
against our revenue
objectives

Incentivisingcustomers to support
our growth objectives

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201130 CEO Update 2 Dec_V2

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Alliance for Growth integration update27

Our Alliance for Growth Program is delivering in line with our
synergy plan and we remain on track meet our 2024 target
RECENT MAJOR ACHIEVEMENTS

Accelerate
Alcohol
Commercial
GrowthLeverage
Operating Model
Scale

2022 PRIORITIES•Multi-beverage value creation throughcross-sell of joint portfolio•

Continue to leverage regional multi-beverage
growth opportunities•

Extended leadership in beer throughstrong performance across all beer
categories•

Drive premiumisation through craft andinternational offerings

Unlocking benefit within PremiumInternational Beer•

Further strengthen position in ‘Beyond Beer’••

Grow share in Zero-Alc category•

Accelerated non-beer revenue growth•

Accelerate growth of Allpress•

Sourcing scale benefits driven throughcentralised procurement••

Make location1 and efficiency benefits
unlocked through Supply Chain optimisation

Supply Chain cost reduction via further
optimising make location across combined
footprint & logistics efficiencies•

Centralisation of shared business services & IT
infrastructure is on track•

Additional procurement synergies throughleveraging combined scale•

FTE synergies realised through removal of
duplicate roles•

Accelerate shared business services integration& IT infrastructure simplification

1 Make Location benefits are derived through leveraging our expanded manufacturing footprint to optimise the locationin which our products are made to reduce logistics costs and increase manufacturing efficiencies at our sites
BCC

201130 CEO Update 2 Dec_V2

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Post / Weetabix

Arca / Grupo Continental

12.9%

Tyson Foods / AdvancePierre

10.9% 11.7% 11.8%

McCormick / French’s Food

Conagra / Pinnacle Foods

Cott / Primo Water

9.8% 10.3%10.3%
8.8% 9.3%
8.3%
7.0% 7.6%
6.0% 6.0% 6.2%
5.1% 5.1% 5.7% 5.8%
5.0%
4.9%
3.9% 4.0%
2.7% 3.1% 3.6%
AB InBev / Grupo Modelo

J. M. Smucker/ BlueMedian
(6.1%)

Asahi / CUB

Church & Dwight / Avid Health

H.J. Heinz/Kraft Foods

Reckitt Benckiser / Mead Johnson

Campbell Soup / Snyder’s-Lance

Clearwater Paper / Cellu Tissue

Nomad / Findus Sverige

Tyson Foods / Hillshire Brands

Lower quartile(<4.7%)

Arca / Corporación LindleyDanone / The WhiteWave Foods

Kellogg / The Wimble

Conagra Brands / TreeHouse

General Mills / Blue Buffalo

Natura &Co / Avon

Embotelladora / Embotelladoras

Spectrum Brands / Russell Hobbs

TreeHouse / Ralcorp

Altia / Arcus

Cott / Cliffstar

Molson Coors / Miller

1.1% 1.6%

Cott / Eden Springs

Greencore / Peacock Foods

0.6%

Fuji Oil / Blommer Chocolate

Royal Unibrew / Oy Hartwall

We are delivering on a best practice synergy plan that will place in theupper quartile for value creation benchmarks

Announced cost synergy as a % of target company cost base (opex)
Sample of Consumer deals 2010-20, all figures in AUD millions1
Upper quartile(>10.3%)

18.3% 18.4%

14.5%

Source: EY Consumer cost synergy benchmarks
29Market Outlook Update30

Long term outlook remains strong as ANZ recovers from COVID-19, however
rebound has been impacted by sporadic outbreaks and lockdowns
Projected GDP growth during COVID-19 period

Projected household consumption growth

Annual growth % p.a., 2019-2022

Annual growth % p.a., 2020-2022

Source: Reserve Bank of Australia, Westpac

Source: Reserve Bank of Australia, NZ Treasury

+5.8%

6.0%
4.0%

+4.0%

+2.4%

2.0%

+4.5%

6.0%

+4.3%

4.0%

+5.0%

2.0%

+2.8%

+6.0%

+2.0%
2019

-2.0%

-4.0%

2020

2021

2022

-2.4%
-2.9%

+3.0%

-0.9%
GDP Growth - Aus

2020

-2.0%

GDP Growth - NZ

Strong economic rebound expected after initial decline

2021

2022

Household consumption - Aus-2.7%

Household consumption - NZ1

Household spending to rise as consumer confidence grows▪

Significant government stimulus (e.g. JobKeeper) and low rates of infection
have enabled the economy to be resilient through the pandemic▪

The initial shockwave of COVID-19 led households to reduce consumption,
as they chose to save while disposable income remained strong▪

Some uncertainty in the near-term however remains, driven by sporadic
lockdowns (e.g. NSW, Victoria) in response to new sources of infection andrelatively slow vaccine roll-out▪

Consumer spending has rebounded strongly, underpinned by increased
disposable income and low unemployment

1. NZ Consumption figures to June financial year-end
BCC

201130 CEO Update 2 Dec_V2

31

Australian on-premise beer volumes have continued to recover as COVID
restrictions ease in each State and Territory
While total beer volumes remain slightly below pre-pandemic
levels, we are seeing a recovery in the on-premise segment

Australian States & Territories that experienced the lowest levelsof COVID government restrictions have recovered quickest

100

100
96

100

During months with no restrictions, ourperformance was at or better than 2019 levels

92

79

70
2019
Off-Premise

2020

2021

On-Premise

Total Category Volume (Indexed to 2019)

Total

Level of COVID restrictions ineach State & Territory

2019

2020

Heavy COVID Restrictions

2021
Light COVID Restrictions

Total On-Premise Category Volume (Indexed to 2019)1.

Data represents Total Category ATO beer volume indexed to 2019. On-Premise = Bulk Beer; Off-Premise = Packaged Beer

2.

“Heavy COVID Restriction” States = Victoria, New South Wales, Queensland; “ Light COVID Restriction” States = Western
Australia, South Australia, Tasmania, Northern Territory
BCC
201130 CEO Update 2 Dec_V2

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We are actively managing input cost pressures through regional management
initiatives, however this is becoming more challenging
Market and cost headwinds impacting the businessWe have strategies in place; however, it is becoming
increasingly difficult to mitigate mounting headwinds

1. Commodity price pressures driving up supply
side raw material costs, in particular for key
inputs such as aluminum and sugar

1. Revenue Growth Management is enhancing
our ability to strategically leverage Revenue
Growth Management levers, protecting andgrowing our margins. We are seeing thisacross the entire beverage industry in the
Oceania region

2. Supply Chain costs rising (eg, international
shipping, local freight cost pressures,increased diesel prices, higher labour costs)
3. Extraordinary impact of natural disasters andglobal geopolitical climate (eg, QLD and
NSW floods, Ukraine invasion)

2. A sharp focus on discretionary spend acrossthe region
3. Our Alliance for Growth synergy program is
helping manage heightened business costs
through leveraging our enhanced
procurement scale and flexible supply chain
footprint

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201130 CEO Update 2 Dec_V2

33

We reaffirm our outlook for revenue and profit growth in 2022

2021
Results

ChangeRevenue

446.6

107.5

Core OP

74.2

41.2

(JPY billion)

vs
Forecast

2022
Forecast

Change

31.7%

1.9

532.5

32.5

6.5%

125.1%

0.1

98.0

15.0

18.0%

YoY

Reaffirming our direction for 2022

YoY

• Continue to promote multi-

beverage strategy including
Revenue Growth Management
and creation of integration growthsynergies*constant currency basis (based on previous year’s FX rates)

2021
ResultsYoY *3

vs
Forecast

2022 Forecast

Alcohol Beverages *1

2,966

41%

0%

3,185

7%

Non-alcohol Beverages *1

1,185

7%

1%

1,248

5%

Net Sales (exc liquor tax) *1

4,150

29%

0%

4,433

7%

Core OP *2

1,037

73%

0%

1,188

15%

(AUD million)

YoY• Creation of new revenue

opportunities by strengthening
investment in growing categories
such as non-alcohol beer,strengthening our health andwellbeing agenda*1 Based on net sales value excluding container deposit*2 Core OP before deduction of one-off cost
*3 Figures for the prev. year of the former CUB reflect from Jun to Dec 2020 results after the acquisition

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201130 CEO Update 2 Dec_V2

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Bring enjoyment & connection to everyday moments in life
Our five key priorities to deliver superior shareholder value in 2022

01

02

03

Deliver F22:
premiumisation,
relentless
execution & costleadershipCommercial
momentum acrosseach businessdivision

Multi-beverage
growthopportunities

04
Creating competitive advantage
through our consumer &customer capabilities

05
Safety, highly
engaged team35

Thank You

36