Namibia Breweries : Unaudited interim summarised consolidated results of the group for the period ended 31 December 2021

Namibia Breweries Limited ("NBL" or "the Group")

(Incorporated in the Republic of Namibia)

(Registration number 2/1920)

Share code: NBS

ISIN: NA0009114944

Summarised Consolidated Results for the 6 months ended December 2021

2021 (Unaudited) Revenue (N$'000) 1 533 229 Operating profit (N$'000) 357 960 Profit for the period (N$'000) 291 765 Ordinary shares in issue (thousands) 206 529 Basic earnings per share (cents) 141.3 Headline earnings per share (cents) 140.0 Ordinary Dividend per share (cents) 0.0

2020 (Unaudited) 2019 (Unaudited) 1 385 659 1 700 476 344 034 339 659 170 733 317 754 206 529 206 529 82.7 153.9 81.4 153.2 56.0 53.0

Performance summary

NBL delivered a solid performance during the six-month period. COVID-19 waves created a restricted trading environment during the period July/August 2021 while significant swings in volume demand were experienced towards the end of 2021. Festive season volumes were muted, with consumer trends still showing healthy demand for higher alcoholic beverages while the mainstream segment saw intense price competition in addition to pervasive economic pressures. South African beer volumes returned to pre-COVID levels, with lively demand for Windhoek and

Heineken in the premium segment.

Net revenue increased by 10.6% to N$1 553 million mainly due to 99.9% growth in NBL production volumes sent to South Africa and royalty income growth from Heineken SA. The latter increased by 27.3% to N$71 million, whereas the equity loss from associate turned positive, delivering N$31 million equity income for the period.

Prospects

NBL is well-positioned to meet a volatile demand curve in production volumes for South Africa, where Windhoek has a significant opportunity for growth.

Following notable interest from and engagement with shareholders pertaining to the potential Heineken transaction, the resolutions tabled at the general meeting on 20 December 2021 were all approved. Distell Group Holdings Limited ("DGHL") released a circular and prospectus to its shareholders in January 2022. On 15 February 2022, DGHL shareholders voted in favour of the

Distell Scheme as presented in the circular.

The HSA disposal transaction and the potential acquisition of Distell Namibia are, without doubt, opportunities to unlock significant value for NBL shareholders and other stakeholders. NBL's priority for the rest of the financial year, is to drive sales volumes through a more visible trade strategy as consumers gain confidence and start enjoying more social interaction.

Dividend Declaration

No interim dividend was declared in accordance with the conditions of the potential HSA disposal transaction. In the event of this not being finally concluded, the Board would revisit this decision.

Short form announcement

This short form announcement is the responsibility of the directors. It is only a summary of the information contained in the full announcement and does not contain full or complete details.

Any investment decision should be based on the full announcement accessible from Wednesday, 30 March 2022 on our website atwww.nambrew.com/investor-hub/ and via the NSX linkhttps://senspdf.jse.co.za/documents/2022/nsx/isse/nbs/NBSDec2021.pdf

Copies of the full announcement are available for inspection at the Group's registered office at no charge, weekdays during office hours.

By order of the Board

30 March 2022

Directors

S Thieme (Chairperson), M Wenk (Managing Director), W von Lieres (Finance Director), H van der Westhuizen, H-B Gerdes, P Grüttemeyer, G Hanke (alternate to S Thieme), L McLeod-Katjirua, VJ Mungunda, A Schimming-Chase, SL Siemer, and R Pirmez).

Secretaries

Ohlthaver & List Centre (Proprietary) Limited Alexander Forbes House 23 - 33 Fidel Castro Street PO Box 16, Windhoek, Namibia

Sponsor

PSG Wealth Management (Namibia) (Pty) Ltd Member of the Namibian Stock Exchange