Ann: December 2022 Quarterly Update and Appendix 4C, page-6

Webinar takeaways;

Confirmation they are slowing limited rare release and being more selective to ensure they can deliver core range on shelf year round, and deliver to more shelves (i.e. increase retail distribution). This is inline with my previous thoughts. Laura confirmed that the limited release isn't so limited if they are releasing a new limited release every other week, so reigning that in and focusing on growing core range and volume.

They noted that H1 2022 had some large one off sales of older branded bottles/ SKU's and bulk orders of gin, hence the reference to organic growth in the result (i.e. that is growth with these one offs excluded).... Underlying is growing quite strongly - they seemed very pleased with this.

They also confirmed that they are, subject to final engineering and design, on track with distillery spend, steel and copper was purchased prior to recent increase in global pricing, So capex looking to not blow out on the new distillery.... TBC though.

Re Export, they are being selective on the export expansion as they don't want too fast and run out of stock.
Re China - all ranges are being exported through GNT fine Wines with their distribution seeming to be quite selective.
Rest of Asia - they have commenced sales but only for limited and rare release and Gin, they basically said they wont deliver core range into those markets until they relaunch the core range. Export activities seem volume constrained - we need to remember that they weren't really planning to launch export until this CY, so they have jumped the gun so to speak, and they were able to because of the whisky acquired from Pontville.

New separate websites for Lark and Gin are coming.

A lot of reference has been made re Chair and New CEO having regular dialogue prior to his 1 May commencement which is good to hear.