Ann: 2022 Interim Results Investor and Analyst Presentation, page-11

Tim Ford has done a spectacular job on three fronts:

1. The 28% growth in underlying earnings shows we can F...China and keep on trucking. Much of Asia is a rising middle class so there is still a market to be filled by aspirational Vietnamese, Indians and other nationalities.

2. The premiumisation strategy with the continued push upmarket will give above average margins and the ability to pass on costs through higher pricing. Budget wine drinkers, when faced with rising costs, will only look to either drink less or revert to even cheaper wine. Premium drinkers on the other hand aren't so heavily influenced by rising prices.

3. The engagement of Snoop and more recently Martha Stewart in the US has been brilliant and I'm sure is exceeding the projections TWE staff had for the growth in sales from these two identities.